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A Marxist Interpretation of the Current Crisis
Abstract
This article proposes a Marxist interpretation of the current crisis of capital, mobilizing in particular Marx's concept of fictitious capital. It analyses the origins, manifestations, and effects of the crisis, and presents a critique of the orthodox anti-crisis policies, as well as of the recent so-called return to “Keynesianism.” According to the author, there is a very high probability that the present crisis will become more acute as a systemic crisis of capital, since all the conditions are there for that to happen. This will force us to reconsider the alternatives of post-capitalist social transformation, which more and more of us, in spite of our differences, hope to be socialist.
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Notes
Unfortunately, this does not mean that, on certain points, some neoclassical analyses do not do better than the Marxists, because on these points, orthodox economists can grasp better what is going on—e.g., concerning the complex transmissions of the effects of the financial sphere to the real economic sphere or even in (mathematical) finance, as Marxists are not very well up in this subject (Herrera 2011).
Personally, on February 2004, I wrote, “The very deep disequilibriums of the U.S. economy have presently reached the extreme limits of the bearable. Their correction, taking the form of a devalorization of capital, certainly brutal, is unavoidable” (Herrera 2004b). See also Herrera (2007).