Classic Marxist Theoretical Framework Of The Economic Crisis And Empirical Research

On root causes of the economic crisis,Generalized Marxism provide variety of perspectives, the more affected are:the capitalist system, the basic contradictions of capitalism, production overcapacity, declining margins, imbalance theory, lack of effective demand, and so on. While Western Economic give some following points: lack of liquidity, lack of effective demand, innovation destroy, government intervention, the government relaxed supervision and so on. From experience perspective, the crisis of capitalist society is still periodically staged, which in itself proves that the Western economic crisis theory failed in repeated practice.In order to better clearance of classical Marxist theory of the economic crisis to resolve differences over ideas, and explore capitalist society the root causes of the economic crisis, the author attempts to tease out the classic Marxist theoretical framework of the economic crisis, the main proposition, and make empirical research.In this paper, to focus on the following problems:classical theoretical framework of Marxist economic crisis; the main proposition of the classic Marxist crisis theory; empirical facts and research on U.S. financial crisis in 2008.Our preliminary findings:1, Marx has its own theoretical framework of the economic crisis, when speculative capital absorbed into the above framework, in theory, can explain the vast majority of crisis in capitalist society:monetary and financial, economic crisis, debt crisis, social crisis, etc.2,the classic Marxist theoretical framework of the economic crisis, is divided into four levels:First, the framework of the capitalist social formation, mainly from the economic, political, cultural, ideological and other three dimensions were studied, obtained with the relationship between capitalist system characteristics; two cyclical economic crises theoretical framework is the classical Marxist economic crisis theory important component contains a cyclical economic crisis of the monetary and financial crisis in sub-frame; Third, currency or financial crisis-induced economic crisis framework; Fourth special currency, the financial crisis sub-frame. Four organic integrated into the framework of the Marxist theory of capitalist society, political and economic theories being studied.absolute rule of Capitalist production mode in which play a decisive role in the performance of capital profit-driven nature.3, the capitalist economic crisis is the root cause of the capitalist system. When capital into non-productive areas of speculation, it can lead to special currency crisis (early), late into the virtual economy in the field of speculative capital in the initiation of special currency crisis, may also lead to economic crisis (both closely related enhancements); when capital into the production areas, will lead to cyclical economic crises.4, USA 2008 financial crisis, in essence, is the production of relative surplus crisis. Look from the predisposing factors, should be called the mortgage crisis. Serious default rate of non-subprime lenders is twice much larger than that of subprime lender, the number is about 10 times as that of the latter.5, empirical studies have shown:the margin decline in the economic crisis played a key role; margin impact on output through two ways:First, by investing affect future output, the second is through the employment impact of the current output; profit rate through two pathways affect output volatility. The empirical research proves that the first approach.Main innovation:1, the crisis caused by speculative capital absorbed into the classic Marxist theoretical framework of the economic crisis, and in the theoretical feasibility for a full explanation of capitalist crises of economic activity, and even social crisis, made a preliminary exploration.2, the empirical findings of the U.S. financial crisis of the 2008 U.S is the mortgage crisis, in essence, a crisis of overproduction, and give a reasonable interpretation of Marx’s perspective.3, the empirical research proves that Marx mechanism of cyclical economic crisis, declining margins played a key role and mechanism of action.4, theoretically demonstrated the capitalist economic crisis is rooted in the capitalist system; and underconsumption theory imbalance theory, overproduction of falling profits trends are reviewed, they are not the root cause of the economic crisis. Inadequacies:No in-depth study mechanisms of subprime mortgage -backed securities and U.S. government crisis management behavior; no in-depth study of economic globalization and technology division of the U.S. financial crisis; did not study the imbalances of development between virtual economy and real economy. Thus more space left, waiting to be explored.