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Henryk Grossman Works, Volume 3
The Law of Accumulation and Breakdown of the Capitalist System, Being also a Theory of Crises
Series: - Historical Materialism Book Series, Volume: 233
Long awaited, the first full translation of Henryk Grossmanâs The Law of Accumulation and Breakdown of the Capitalist System, Being also a Theory of Crisis has been published in English. It was the most important, influential and yet most denounced of Grossman's works and recovers not only Marxâs primary explanation of capitalismâs economic crises and breakdown tendency but also his method in Capital.
Henryk Grossman (1881â1950) was the preeminent Marxist economist of the twentieth century. He was the founding theoretician and secretary of the Jewish Socialist Party of Galicia; a Professor at the Free University of Warsaw; then, as a member of the Institute for Social Research, at the University of Frankfurt; and later at the University of Leipzig.
Rick Kuhn is a member of Socialist Alternative in Australia. In addition to numerous other publications, he wrote the Deutscher Prize winning biography Henryk Grossman and the Recovery of Marxism (University of Illinois Press, 2008), co-authored Labor's Conflict: Big Business, Workers and the Politics of Class (Cambridge, 2011) and edited Class and Struggle in Australia (Pearson, 2005).
Rick Kuhn is a member of Socialist Alternative in Australia. In addition to numerous other publications, he wrote the Deutscher Prize winning biography Henryk Grossman and the Recovery of Marxism (University of Illinois Press, 2008), co-authored Labor's Conflict: Big Business, Workers and the Politics of Class (Cambridge, 2011) and edited Class and Struggle in Australia (Pearson, 2005).
Acknowledgements
List of Figures and Tables
Editorâs Introduction
âRick Kuhn
âContext
âGrossmanâs Argument
âInitial Reception, Translations, Republications and Later Literature
âCriticisms and Responses
âConventions
Introduction
1 The Downfall of Capitalism in Previous Discussions
â1âThe Points at Issue
â2âThe Conception of Breakdown in Previous Literature
â3âThe Final Abandonment of Marxâs Theory of Accumulation and Breakdown by Karl Kautsky
2 The Law of Capitalist Breakdown
â1âIs There a Theory of Breakdown in Marx?
â2âPreliminary Methodological Remarks. Economic Coordinate System: The Necessity of Simplifying Assumptions; The Assumption of Constant Prices as the Starting Point for the Analysis (Constant Value of Money; Equilibrium State of the Capitalist Mechanism, under Which Prices Coincide with Values; Exclusion of Competition)
â3âThe Equilibrium Theory of the Neo-harmonists. Otto Bauerâs Reproduction Schema
â4âThe Conditions and Tasks of the Analysis Using the Schema
â5âWhy Were the Classical Economists Disquieted by the Fall in the Rate of Profit. Despite Growth in the Mass of Profit?
â6âThe Views of the Classical Economists on the Future of Capitalism, Ricardo. and John Stuart Mill
â7âMarxâs Theory of Accumulation and Breakdown
â8âMarxâs Theory of Breakdown Is Simultaneously a Theory of Crisis
â9âAn Anti-Critical Interlude
â10âThe Logical and Mathematical Basis of the Law of Breakdown
â11âCauses of the Misunderstanding of Marxâs Theory of Accumulation and Breakdown
â12âThe Factors of the Breakdown Tendency. The Problem of the Periodicity of Crises. The Course of the Cycle and the Problem of Establishing the Duration of Its Phases â The Cycle Research Institutesâ Symptomatology. â The Provisional Exclusion of Credit. â The Tempo of Capital Accumulation (in the Upswing) and the Extent of Population Growth
â13âThe Crisis and Underconsumption Theory. â Incorporating Credit into the Analysis. â The Cycle within the âThree Marketsâ: The Impetus to the Boom within the Sphere of Production (Business). The Spillover of the Wave Movement from Production into the Money Market (Money), Finally to the Stock Exchange (Speculation)
â14âThe Elasticity of Accumulation. The Problem of Sudden Leaps and One-Sided Development in Individual Branches of Production. The Relationship between the Extent of the Apparatus of Production and the Extent of Sales Turnover
â15âFetters on the Development of the Productive Forces under Capitalism
â16âMarxâs Theory of Insufficient Valorisation Due to Overaccumulation and Luxemburgâs Theory of the Impossibility of âRealising Surplus Valueâ under Capitalism
3 Modifying Countertendencies
Verification of the Abstract Theoretical Analysis by Concrete Appearances of Capitalist Reality
â1âRestoring Profitability through Internal Structural Changes in the Mechanism of Capitalist Countries
â2âThe World Market
Concluding Observations
â1âThe Breakdown Tendency and the Class Struggle (Marxâs Theory of Wages. The Factors That Determine the Wages. The Historical Tendency of Wage Levels. The Class Struggle and the Final Goal)
â2âThe Collapse of Capitalism and the General Cartel
Appendix: Corrections of Grossmanâs Calculations
References
Index, including Abbreviations and Micro Biographies
List of Figures and Tables
Editorâs Introduction
âRick Kuhn
âContext
âGrossmanâs Argument
âInitial Reception, Translations, Republications and Later Literature
âCriticisms and Responses
âConventions
Introduction
1 The Downfall of Capitalism in Previous Discussions
â1âThe Points at Issue
â2âThe Conception of Breakdown in Previous Literature
â3âThe Final Abandonment of Marxâs Theory of Accumulation and Breakdown by Karl Kautsky
2 The Law of Capitalist Breakdown
â1âIs There a Theory of Breakdown in Marx?
â2âPreliminary Methodological Remarks. Economic Coordinate System: The Necessity of Simplifying Assumptions; The Assumption of Constant Prices as the Starting Point for the Analysis (Constant Value of Money; Equilibrium State of the Capitalist Mechanism, under Which Prices Coincide with Values; Exclusion of Competition)
â3âThe Equilibrium Theory of the Neo-harmonists. Otto Bauerâs Reproduction Schema
â4âThe Conditions and Tasks of the Analysis Using the Schema
â5âWhy Were the Classical Economists Disquieted by the Fall in the Rate of Profit. Despite Growth in the Mass of Profit?
â6âThe Views of the Classical Economists on the Future of Capitalism, Ricardo. and John Stuart Mill
â7âMarxâs Theory of Accumulation and Breakdown
â8âMarxâs Theory of Breakdown Is Simultaneously a Theory of Crisis
â9âAn Anti-Critical Interlude
â10âThe Logical and Mathematical Basis of the Law of Breakdown
â11âCauses of the Misunderstanding of Marxâs Theory of Accumulation and Breakdown
â12âThe Factors of the Breakdown Tendency. The Problem of the Periodicity of Crises. The Course of the Cycle and the Problem of Establishing the Duration of Its Phases â The Cycle Research Institutesâ Symptomatology. â The Provisional Exclusion of Credit. â The Tempo of Capital Accumulation (in the Upswing) and the Extent of Population Growth
â13âThe Crisis and Underconsumption Theory. â Incorporating Credit into the Analysis. â The Cycle within the âThree Marketsâ: The Impetus to the Boom within the Sphere of Production (Business). The Spillover of the Wave Movement from Production into the Money Market (Money), Finally to the Stock Exchange (Speculation)
â14âThe Elasticity of Accumulation. The Problem of Sudden Leaps and One-Sided Development in Individual Branches of Production. The Relationship between the Extent of the Apparatus of Production and the Extent of Sales Turnover
â15âFetters on the Development of the Productive Forces under Capitalism
â16âMarxâs Theory of Insufficient Valorisation Due to Overaccumulation and Luxemburgâs Theory of the Impossibility of âRealising Surplus Valueâ under Capitalism
3 Modifying Countertendencies
Verification of the Abstract Theoretical Analysis by Concrete Appearances of Capitalist Reality
â1âRestoring Profitability through Internal Structural Changes in the Mechanism of Capitalist Countries
â2âThe World Market
Concluding Observations
â1âThe Breakdown Tendency and the Class Struggle (Marxâs Theory of Wages. The Factors That Determine the Wages. The Historical Tendency of Wage Levels. The Class Struggle and the Final Goal)
â2âThe Collapse of Capitalism and the General Cartel
Appendix: Corrections of Grossmanâs Calculations
References
Index, including Abbreviations and Micro Biographies
Those interested in economic crises, the future of capitalism, the role of class struggle in social development or the history of Marxist theory.