A Marxian Model of the Breakdown of Capitalism

Howard Petith ()

UFAE and IAE Working Papers from Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC)

Abstract: Abstract: This paper sets out a Marxian model that is based on the one by Stephen Marglin with one sector and continuous substitution. It is extended by adding technical progress and land as a factor of production. It is then shown that capital accumulation causes the preconditions for the breakdown of capitalism to emerge; that is, it causes the organic composition of capital to rise, the rate of profit to fall and the rate of exploitation to rise. A compressed history of the idea of the breakdown of capitalism is then set out and an explanation is given as to how the model relates to this and how it may serve as the basis for further research.

Keywords: Marx; rate of profit; rate of exploitation; composition of capital (search for similar items in EconPapers)
JEL-codes: B24 E11 O41 (search for similar items in EconPapers)
Pages: 32
Date: 2001-04-19
New Economics Papers: this item is included in nep-ent, nep-net, nep-pke and nep-tid
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Persistent link: https://EconPapers.repec.org/RePEc:aub:autbar:484.01

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