TOWARDS A UNIFIED THEORY OF THE CAUSES AND LIMITS TO THE INDUSTRIAL CYCLE

12 January 2019 — theplanningmotivedotcom

Capitalism is society’s first chaotic industrial society which by tending to recurring crises demonstrates its transitory nature. Marx was not the first to note the industrial cycle, it was well known to Smith and Ricard. Marx provided a primary and subsidiary explanation for these recurrences, but because this explanation was disjointed, it led those who followed him to adopt contradictory positions on why capitalism stumbled periodically. These explanations ranged from the tendency for the rate of profit to fall, to under-consumptionism and on to disproportionality. This paper will demonstrate that they all are part of the unified theory and the way they connect offers a full explanation why production, under the whip of profit, will always be convulsive.

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