From the Crisis of Surplus Value to the Crisis of the Euro

Guglielmo Carchedi

Research output: Contribution to journalArticle

Abstract

"The financial crisis that erupted in 2007 and the subsequent crisis of the euro have
received enormous attention both in the media and in specialized journals. One of the features
of the recent literature is that the relation between Marx’s law of the tendential fall in the rate
of profit and the earthquake that has stricken the euro zone has been, with a few exceptions,
overlooked. The basic reason for this failure is that it has become almost a matter of common
sense to regard Marx’s law as internally inconsistent and empirically disproved. What follows
submits empirical material supporting the validity of the law. It then proceeds to sketch the basic
lines of Marx’s analysis of crises. Finally, it relates this analysis to the present financial turmoil
and to the euro crisis."
Original languageEnglish
Pages (from-to)288-312
Number of pages24
JournalWorld Review of Political Economy
Volume3
Issue number3
Publication statusPublished - 2012
Externally publishedYes

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surplus value
Euro
Law
financial crisis
natural disaster
profit
present

Keywords

  • falling profitability
  • financial crises
  • euro crisis
  • competitive devaluation

Cite this

From the Crisis of Surplus Value to the Crisis of the Euro. / Carchedi, Guglielmo .

In: World Review of Political Economy, Vol. 3, No. 3, 2012, p. 288-312.

Research output: Contribution to journalArticle

Carchedi, Guglielmo . / From the Crisis of Surplus Value to the Crisis of the Euro. In: World Review of Political Economy. 2012 ; Vol. 3, No. 3. pp. 288-312.
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