Marxian Crisis Theory: Structure and Implications

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Abstract
This paper constructs a specifically Marxian theory of economic crisis from scattered but sufficient theoretical arguments in Marx's work. This theory integrates the following conceptual elements viewed as central: capital accumulation, falling rate of profit, realization problem, the efficiency structure of firms within an industry, and capitalists' expectations. Implications of this theory for assessments of government economic policy and of recent economic history are briefly suggested.

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