Can Capitalists Afford Recovery? Three Views on Economic Policy in Times of Crisis

Can Capitalists Afford Recovery? Three Views on Economic Policy in Times of Crisis
Nitzan, Jonathan and Bichler, Shimshon. (2014). Review of Capital as Power. Vol. 1. No. 1, October. pp. 110-155. (Article - Journal; English).

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Abstract or Brief Description

Economic, financial and social commentators from all directions and of various persuasions are obsessed with the prospect of recovery. The world remains mired in a deep, prolonged crisis, and the key question seems to be how to get out of it. The purpose of our paper is to ask a very different question that few if any seem concerned with: can capitalists afford recovery in the first place? The article contextualizes and examines this question from the viewpoint of economic policy. The analysis is divided into three parts. The first part deals with the mainstream macroeconomic perspective. This approach claims to have already solved all the theoretical riddles, so the main emphasis here is on the practical question of how to engineer a recovery. The second part deals with the Marxist view. Marxists stress the inherent contradictions of accumulation, so the question for them is the very possibility of sustained growth. The third and final part takes the view of capital as power. Capitalized power hinges not on growth, but on strategic sabotage. So from this viewpoint, the key question is not how capitalists can achieve and sustain a recovery, but whether they can afford it to start with.

Language

English

Publication Type

Article - Journal

Keywords

crisis DA economic policy economic theory expectations growth income distribution Keynesianism Marxism monetarism neoclassical economics profit underconsumption

Subject

BN State & Government
BN Power
BN Region - North America
BN Business Enterprise
BN Value & Price
BN Crisis
BN Production
BN Macro
BN Conflict & Violence
BN Money & Finance
BN Ideology
BN Distribution
BN Methodology
BN Capital & Accumulation
BN Policy
BN Class
BN Labour
BN Growth

Depositing User

Jonathan Nitzan

Date Deposited

16 Oct 2014

Last Modified

08 Apr 2016 15:49

URL:

http://bnarchives.yorku.ca/id/eprint/414

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