A Study Of The History Of Marxist Theories Of Economic Crisis

This paper focuses on a study of the history of Marxist theories of economic crisis after Marx. With a review of the research status in this aspect, the meaning as well as the methodology of such a study has been expounded.The paper then looks at different criteria concerning the classification of crisis theories into various historical stages. For the first time, a two-period frame has been proposed to describe the history of Marxist theories of economic crisis, the Early Period from 1880 to 1940 and the Modern Period from 1940 to 2000.Theoretical development in the Early Period is described as a theoretical innovation cycle, with its preparation stage, peak stage and echoing stage. The characteristic paradigm of the period is the forging of revolutionary weapons in the seeking of the demise of capitalism, manifested in a theoretical form as the breakdown theory.Sweezy opens up the Modern Period of the Marxist theories of economic crisis and transforms the characteristic paradigm into an explanation of capitalist stagnation. Deeply moulded by the tide of contemporary changes in capitalist reality, the foundation of economic crisis theory shifts from the post-war underconsumption to the falling of the rate of profit during the 1970s, with the subsequent advent of the trend of theoretical synthesis. After a relatively low ebb in the 1980s and the 1990s, Brenner's theory pushes crisis theory into an era of global perspectives.The largely limited critical spirit in modern crisis theories subjects the characteristic paradigm to new historical shift. This paper makes an effort in transcending the epochal limit of crisis theories and searching for the possibility of a new theoretical paradigm. Based on an analysis of the foundation of material production, it is argued that the social propoties of value in use determines the stability of the aggregate social value in use in a certain period, while contradictions between the unlimited nature of value in exchange and the limited nature of value in use cause the alienation of value in use. The development of productive force will bring about a tendency of diminishing aggregate social value, giving rise to stagnation of aggregate demand and falling of the rate of profit. The gradual shrinking of activities for exchange value and the expansion of non-value exchange activities may prove to be a form of capitalist disappearance.