The Marxian theory of crisis, capital and the state∗

Abstract

An interpretation of the Marxian theory of crisis that rejects the ‘Keynesianism’ of most post-war contributions on the topic. Various criticisms of Marx's position are examined and two popular but incorrect versions of the theory are discussed; the underconsumptionist and disproportionality theory of crisis. An attempt is made to begin an analysis of the role of state intervention in the economy and indicate the limitations of intervention by the capitalist state implied by Marx's theory of crisis.

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