Peter H Jones

(Author)

The Falling Rate of Profit and the Great Recession of 2007-2009: A New Approach to Applying Marx's Value Theory and Its Implications for Socialist StrategPaperback, 29 November 2022

The Falling Rate of Profit and the Great Recession of 2007-2009: A New Approach to Applying Marx's Value Theory and Its Implications for Socialist Strateg
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Part of Series
Historical Materialism
Print Length
226 pages
Language
English
Publisher
Haymarket Books
Date Published
29 Nov 2022
ISBN-10
164259332X
ISBN-13
9781642593327

Description

In this ground breaking contribution to Marxist economic theory, Peter H. Jones provides a comprehensive analysis of profit rates in the lead up to the Great Recession.

The Falling Rate of Profit and the Great Recession of 2007-2009 develops a new interpretation of Marx's labour theory of value rooted in non-equilibrium, and applies this theory to US national accounting data. In so doing Jones shows that, when measured correctly, the profit rate falls in the lead up to the Great Recession due to the rising organic composition of capital--the primary reason for crises in Marx's own account.

From there Jones also details a new theory of finance, showing how cycles in the profit rate relate to stock market booms and slumps, and movements in the interest rate. He then discusses the implications of this analysis, and Marx and Engels' work generally, for a democratic socialist strategy.

Product Details

Author:
Peter H Jones
Book Format:
Paperback
Country of Origin:
US
Date Published:
29 November 2022
Dimensions:
22.61 x 15.24 x 1.78 cm
ISBN-10:
164259332X
ISBN-13:
9781642593327
Language:
English
Pages:
226
Publisher:
Weight:
381.02 gm

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