Peter H. Jones
The Falling Rate of Profit and the Great Recession of 2007-2009: A New Approach to Applying Marx's Value Theory and Its Implications for Socialist Strategy
The Falling Rate of Profit and the Great Recession of 2007-2009: A New Approach to Applying Marx's Value Theory and Its Implications for Socialist Strategy
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Excellent- More about The Falling Rate of Profit and the Great Recession of 2007-2009: A New Approach to Applying Marx's Value Theory and Its Implications for Socialist Strategy
Peter H. Jones' book analyzes profit rates before the Great Recession, challenging Marxs labor theory of value and proposing a new theory of finance. It suggests a democratic socialist strategy based on his findings.
Format: Paperback / softback
Length: 226 pages
Publication date: 12 January 2023
Publisher: Haymarket Books
Peter H. Jones' groundbreaking contribution to Marxist economic theory, "The Falling Rate of Profit and the Great Recession of 2007-2009," offers a comprehensive analysis of profit rates in the lead-up to the Great Recession. Jones develops a new interpretation of Marx's labor theory of value based on non-equilibrium and applies it to US national accounting data. He demonstrates that when measured correctly, the profit rate falls in the lead-up to the Great Recession due to the rising organic composition of capital, which is the primary reason for crises in Marx's own account. Jones also presents a new theory of finance, explaining how cycles in the profit rate relate to stock market booms and slumps and movements in the interest rate. He then discusses the implications of this analysis and Marx and Engels' work for a democratic socialist strategy.
Dimension: 228 x 152 (mm)
ISBN-13: 9781642593327
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