Following a survey of Marx and Engels’ major writings on crisis from the early 1840s to the 1860s (Section II) we set out a systematic exposition and interpretation of their theory of capitalist accumulation and its…
Following a survey of Marx and Engels’ major writings on crisis from the early 1840s to the 1860s (Section II) we set out a systematic exposition and interpretation of their theory of capitalist accumulation and its crises (Sections III - VIII). Our principal objective is to show, first, how their theoretical work grew out of, and was integral to, their political struggles; second, how they came eventually to formulate their theories of crisis in terms of class conflict. Our systematic exposition of their theories of crisis offers a new interpretation and demonstrates how that interpretation is both internally consistent and semantically meaningful. Our analysis differs from the presently competing schools of crisis theory, in understanding the Marxian theories of accumulation and crisis as socio-political theories of the development of the social relations of capitalist society. Within this interpretation, the categories of value, surplus value, variable and constant capital, the organic composition of capital and so
on, are all categories of the class relations of struggle. The development of capital is the
development of the class relation, not just the development of the capitalists.
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