The Falling Rate of Profit and the Great Recession of 2007-2009 : A New Approach to Applying Marx's Value Theory and Its Implications for Socialist Strategy

Peter H Jones

ISBN 10: 9004325336 / ISBN 13: 9789004325333

Published by Brill Apr 2021, 2021

About this Item

Neuware - In The Falling Rate of Profit and the Great Recession of 2007-2009, Peter H. Jones develops a new non-equilibrium interpretation of the labour theory of value Karl Marx builds in Capital. Applying this to US national accounting data, Jones shows that when measured correctly the profit rate falls in the lead up to the Great Recession, and for the main reason Marx identifies: the rising organic composition of capital. Jones also details a new theory of finance, which shows how cycles in the profit rate relate to stock market booms and slumps, and movements in the interest rate. He discusses the implications of the analysis and Marx and Engels' work generally for a democratic socialist strategy.

Seller Inventory # 9789004325333

Bibliographic Details

• Title: The Falling Rate of Profit and the Great Recession of 2007-2009 : A New Approach to Applying Marx's Value Theory and Its Implications for Socialist Strategy
• Publisher: Brill Apr 2021
• Publication Date: 2021
• Language: English
• ISBN 10: 9004325336
• ISBN 13: 9789004325333
• Binding: Buch
• Condition: Neu
• Dimensions: 239W x 160H x 20D millimeters 239 millimeters width by 160 millimeters height by 20 millimeters depth
• Weight: 544 grams

About this title

Synopsis

In The Falling Rate of Profit and the Great Recession of 2007-2009, Peter H. Jones develops a new non-equilibrium interpretation of the labour theory of value Karl Marx builds in Capital. Applying this to US national accounting data, Jones shows that when measured correctly the profit rate falls in the lead up to the Great Recession, and for the main reason Marx identifies: the rising organic composition of capital.
Jones also details a new theory of finance, which shows how cycles in the profit rate relate to stock market booms and slumps, and movements in the interest rate. He discusses the implications of the analysis and Marx and Engels’ work generally for a democratic socialist strategy.

About the Author

Peter H. Jones is an independent scholar based in Canberra. He completed his Ph.D. in 2014 at the Australian National University, and has been active in many political campaigns, including for refugee rights and against cuts to health care and universities.