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Chapter Summary

Some of the essential elements of a theory of crisis are based on the tendential fall of the average profit-rate. This chapter deals with this topic by examining the present crisis. What is first required is an evaluation of the most influential theses that purport to reveal its causes, consequences and possible remedies. In short, for Marx, technological innovations tend to decrease the average rate of profit because they tend to replace labourers with machines. The long-term decline in the average rate of profit in the productive (nonfinancial) sectors has provoked a series of financial crises, the last one being the present crisis. If neither neoclassical theory nor Keynesian theory can find the real cause of the crisis, it stands to reason that neither one of them can find the means to jump-start the economy again. The imperialist nations display great ingenuity in finding, or creating, new enemies.

Keywords: financial crises; Keynesian theory; Marx; neoclassical theory



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