Right conclusion with weak evidence: a review of the failure of capitalist production

Jeong, Sangjun (2012): Right conclusion with weak evidence: a review of the failure of capitalist production. Published in: Marxism 21 , Vol. 9, No. 4 (12 November 2012)

Abstract

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
• Language: English
• 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)

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