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The Necessity of Value Theory: Brenner's Analysis of the ‘Long Downturn’ and Marx's Theory of Crisis

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The publication last year in New Left Review of Robert Brenner's book-length essay ‘Uneven Development and the Long Downturn: The Advanced Capitalist Economies from Boom to Stagnation, 1950-1998’ has already provoked more discussion and controversy on the socialist Left than any other political-economic analysis in recent memory. Predictably, it has also elicited a number of highly critical response from proponents of Marx's theories of labour value and economic crisis. Amongst other things, Brenner has been charged with a one-sided preoccupation with capital-to-capital (competitive) relations at the expense of the capital-wage labour (class struggle) relation, with misinterpreting and dismissing Marx's law of the falling tendency of the rate of profit, and with ignoring Marx’s value categories entirely.


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