Crises in theory and in reality

Geoffrey M. Hodgson ()

Chapter 3 in From Marx to Markets, 2025, pp 38-60 from Edward Elgar Publishing

Abstract: Chapter 3 covers the period from late 1968 to early 1975. In those years, Geoffrey Hodgson studied both mainstream and Marxist economics. After four years as a schoolteacher of mathematics, he returned to study economics at the University of Manchester in 1972. In an unpublished book, completed in late 1972, he developed a Marxist theory of economic dynamics and crises while being critical of Marx's theory of the falling rate of profit. While studying for a master's degree, he became involved in debates about the critical impact of the economics of Piero Sraffa on Marxist economic theory. The Chilean refugee Raul Espejo explained his work on cybernetics under the left government of Salvador Allende. The year 1974 was a year of crisis in the UK. Increasingly critical of the far left, Hodgson abandoned the fractious sects and re-joined the Labour Party.

Keywords: Marxist economics; Theories of economic crisis; Economics of Piero Sraffa; Coup against Salvador Allende in Chile; UK crisis of 1974 (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035350094
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