Jeong, Sangjun (2012): Right conclusion with weak evidence: A review of <The Failure of Capitalist Production>. Published in: Marxism 21 , Vol. vol.9, No. no.4 (12. November 2012)
Download (198kB) | Preview
This paper reviews Andrew Kliman's The Failure of Capitalist Production (2011) with a focus on his critique of the underconsumptionist account of the current crisis. He innovatively refutes the underconsumptionist claims that the deterioration of income distribution and hence the decline of demand is the root causes of the crisis. However, his counterevidence based on the alleged rise in the share of workers' income is not strong enough to support his relevant criticism of the underconsumptionist theory and its political implications. Rather, we suggest an outline of alternative critique which would refute underconsumptionism more effectively.
|Item Type:||MPRA Paper|
|Original Title:||Right conclusion with weak evidence: A review of <The Failure of Capitalist Production>|
|Keywords:||Andrew Kliman; Underconsumptionist; Worker’s income share; Alternative critique|
|Subjects:||B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B14 - Socialist; Marxist
G - Financial Economics > G0 - General > G01 - Financial Crises
Y - Miscellaneous Categories > Y3 - Book Reviews (unclassified) > Y30 - Book Reviews (unclassified)
|Depositing User:||Sangjun Jeong|
|Date Deposited:||15. Nov 2012 15:25|
|Last Modified:||16. Feb 2013 06:45|
Bleaney, M. 1976, Underconsumption Theories: A History and Critical Analysis, Lawrence and Wishart.
Devine, J. 1983, "Underconsumption, Over-Investment and the Origins of the Great Recession", Review of Radical Political Economics, 15(2).
Dumenil, G. and Levy, D. 2012, "The Crisis of the Early 21st Century: Marxian Perspectives", in Bellofiore, R., Vertova, G. (eds.), The Great Recession and the contradictions of contemporary capitalism, forthcoming, Edward Elgar, www.jourdan.ens.fr/levy
Foster, J.B. and Magdoff, F. 2009, The Great Financial Crisis: Causes and Consequences, Monthly Review Press.
Glyn, A. 2009, "Fuctional Distribution and Inequality", in Salverda, W., Nolvan, B. and Smeeding, T.M. (eds.), Oxford Handbook of Economic Inequality, Oxford University Press.
Jeong Sang-jun, 2012, "An Empirical Refutation of the Underconsumptionist Account of the Global Financial Crisis", Marxism 21, 9(2). (in Korean)
Kliman, A. 2011, The Failure of Capitalist Production: Underlying Causes of the Great Recession. London: Pluto Press.
Krueger, A. 1999, "Measuring Labor's Share", American Economic Review, 89(2).
Marx, K. 1976, Capital: A Critique of Political Economy, vol. I, Penguin.
--------. 1978, Capital: A Critique of Political Economy, vol. II, Penguin.
Miller, J. 1992, "A Negative Social Wage and the Reproduction Crisis of the 1980s", in Moseley, F. and Wolff, E.N. (eds.), International Perspectives on Profitability and Accumulation, Edward Elgar.
Mohun, S. 2006, "Distributive Shares in the US Economy, 1964-2001", Cambridge Journal of Economics, 30(3).
Shaikh, A. and Tonak, E.A. 2002, "The Rise and Fall of the U.S. Welfare State", in Baiman, R., Boushey, H. and Saunders, D. (eds.), Political Economy and Contemporary Capitalism, M.E. Sharpe.
Williams John. 2004, “Government Economic Reports: Things You've Suspected but Were Afraid to Ask!--The Consumer Price Index”, www.shadowstats.com
Available Versions of this Item
- Right conclusion with weak evidence: A review of <The Failure of Capitalist Production>. (deposited 15. Nov 2012 15:25) [Currently Displayed]