Analytical Marxism and the Marxian Theory of Crisis

Michael A Lebowitz

Cambridge Journal of Economics, 1994, vol. 18, issue 2, 163-79

Abstract: Although, on methodological individualist grounds, analytical Marxists reject Marx's exploration of supraindividual entities (e.g., 'capital') as prior to individuals in the explanatory order, their own emphasis on the fallacy of composition points to the necessity of considering the limits and constraints within which individuals function. Arguing that Marx's focus on supraindividual entities was (among other things) a means of identifying structural limits, this paper explores Marx's consideration of realization crises and sets out a holistic thought-experiment (One Capital) in order both to clarify Marx's theory of crisis and to show its relation to structural limits and a fallacy of composition. Copyright 1994 by Oxford University Press.

Date: 1994
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