The Marxist theory of overaccumulation and crisis
DOI:
https://doi.org/10.32399/ICSYH.bvbuap.2954-4300.2025.6.12.842Keywords:
overaccumulation, crisis, falling rate of profit, disproportionality theory of crisisAbstract
In this paper I intend to contrast the “falling rate of profit” crisis theories of the 1970s with the “underconsumptionism” of the orthodox Marxist tradition. The central argument is that in rejecting traditional underconsumptionist theories of crisis contemporary Marxism has thrown the baby out with the bathwater, with unfortunate theoretical and political consequences. A more adequate critique of traditional underconsumptionism leads not to the falling rate of profit, but to a disproportionality theory of crisis, which follows the traditional theory in seeing crises not as epochal events but as expressions of the permanent tendencies of capitalist accumulation.
Downloads
References
Aglietta, Michel (1979). Theory of Capitalist Regulation. London: New Left Books. Traducción al español: Aglietta, Michel (1999). Regulación y crisis del capitalismo. La experienc.ia de los Estados Unidos. México: Siglo XXI.
Bell, Peter (1977). “Marxist Theory, Class Struggle, and the Crisis of Capitalism”. En Schwartz, Jesse (Ed.), The Subtle Anatomy of Capitalism, Santa Monica: Goodyear Publishing Company.
Boddy, Raford and Crotty, James (1975). “Class Conflict and Marco Policy”. Review of Radical Political Economics, 7(1).
Clarke, Simon (1980). “The Value of Value”. Capital and Class, 10, 1-17.
Clarke, Simon (1988a). Keynesianism, Monetarism and the Crisis of the State. Aldershot: Edward Elgar and Vermont: Gower
Clarke, Simon (1988b). “Overaccumulation, Class Struggle and the Regulation Approach”. Capital and Class, 36, 59-92 [“Sobreacumulación, lucha de clases y el enfoque de la regulación”, en AAVV., Los estudios sobre el Estado y la reestructuración capitalista (pp. 97-141). Buenos Aires: Tierra del Fuego, 1992].
Clarke, Simon (1989). “The Basic Theory of Capitalism”. Capital and Class, 37, 133-150.
Cogoy, Mario (1972). “Les théories néo-Marxistes, Marx et l’accumulation du Capital”. Les Temps Modernes.
Cogoy, Mario (1973a). “A Reply to Paul Sweezy’s ‘Some Problems in the Theory of Capital Accumulation”. Bulletin of the CSE, Autumn.
Cogoy, Mario (1973b). “The Fall in the Rate of Profit and the Theory of Accumulation”. Bulletin of the cse, Winter.
Engels, Friedrich (1962). Anti-Dühring. Moscow: flPH [2014. Anti-Dühring. La revolución de la ciencia por el señor Eugen Dühring. España: Fundación Federico Engels].
Glyn, Andrew and Sutcliffe, Bob (1972). British Capitalism, Workers and the Profit Squeeze. Harmondsworth: Penguin.
Itoh, Makoto (1980). Value and Crisis. London: Pluto; New York: Monthly Re-view.
Itoh, Makoto (1988). The Basic Theory of Capitalism. London: Macmillan.
Mage, S. H. (1963). “The Law of the Falling Tendency of the Rate of Profit”. Tesis doctoral. Columbia University. University Microfilms International.
Mandel, Ernest (1968). Marxist Economic Theory. 2 vols. London: Merlin [1969. Tratado de economía marxista. 2v. México: Era].
Marx, Karl (1961). Capital. Volume I. Moscow: flPH.
Marx, Karl (1981). Capital. Volume III. Harmondsworth: Penguin [2009. El Capital. Crítica de la Economía Política. El proceso global
de la producción capitalista, Libro III, Vol. VII. México: Siglo XXI.]
Marx, Karl (1973). Grundrisse. Harmondsworth: Penguin [2007. Elementos fundamentales para la crítica de la Economía política (Grundrisse) 1857-1858, V. 1. México: Siglo XXI.].
Marx, Karl n.d., (1968, 1971). Theories of Surplus Value. 3 Vols. Moscow: FLPH, Progress Publishers. [1980. Teorías sobre la plusvalía
II. Tomo IV de El Capital. México: Fondo de Cultura Económica.]
Mattick, Paul (1969). Marx and Keynes. Boston: Porter Sargent. [1975. Marx y Keynes. México: Era]
Preiser, Erich (1924). “Das Wesen der marxschen Krisentheorie”. Reprinted in Politische Oekonomie im 20. Jahrhundert, Munich 1970.
Rosdolsky, Roman (1977). The Making of Marx’s Capital. London: Pluto [2004. Génesis y estructura de El Capital (estudio sobre los Grundrisse). México: Siglo XXI].
Schwartz, Jesse (Ed.). (1977). The Subtle Anatomy of Capitalism. Santa Monica: Goodyear.
Sweezy, Paul (1946). The Theory of Capitalist Development. London: Dobson [1974. Teoría del desarrollo capitalista. México: Fondo de Cultura Económica].
Walker, Richard (1988). “The Dynamics of Value, Price and Profit”. Capital and Class, 35, 143-182.
Weeks, John (1979). “The Process of Accumulation and the ‘Profit Squeeze’ Hypothesis”. Science &f Society, Fall.
Weeks, John (1981). Capital and Exploitation. Princeton: Princeton UP; London: Edward Arnold.
Weeks, John (1982). “Equilibrium, Uneven Development and the Tendency for the Rate of Profit to Fall”. Capital and Class, 16, 62-77.
Wright, Erik Olin (1977). “Alternative Perspectives in the Marxist Theory of Accumulation and Crisis”. En Schwartz, Jesse (Ed.), The Subtle Anatomy of Capitalism, Santa Monica: Goodyear Publishing Company.
Yaffe, David (1972). “The Marxian Theory of Crisis, Capital and the State”. Bulletin of the CSE, Winter [“Crítica de la economía política”. Edición latinoamericana. N. 16/17. El Caballito, México, 1980, 71-137]
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 BAJO EL VOLCÁN. REVISTA DEL POSGRADO DE SOCIOLOGÍA. BUAP

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
BAJO EL VOLCÁN. REVISTA DEL POSGRADO DE SOCIOLOGÍA. BUAP
