Marx's Crisis Theory And Its Contemporary Revelation

After over one year of development, the financial crisis brought by the U.S. subprime mortgage crisis has successively exercised profound influence on economy, politics, society and even the economic systems of different countries. For the outbreak of this crisis, the western economists use the phenomenal assertions such as "the vacancy of government supervision", "faulty monetary policy" and "overdraft of consumer credit", the explanatory power of the argument is unconvincing. People turned to the Marx's theory of economic crisis born 150 years ago. Marx scientifically predicted the periodic outbreaks of the capitalist economic crisis that once again shows the theory of Marx is still the best explanation of the world economic crisis on the history of economics. Owing to lack of work specialized in illustrating economic crisis, his crisis theory became the concerns and the points at issue. Under the new historical conditions, this paper reviewed Marxist theory of economic crisis. After further study of his analysis on economic crisis, knowing the historical line of its forming and development, summarizing its main content and generation mechanism, this paper made some attempt in establishing an integrated and continuative Marxist theory of economic crisis. Through a comparative study with Keynes'theory of economic crisis, further revealed the Marx's theory of economic crisis is forward-looking and scientific, making a theoretical contribution for Marx's theory with the times and maintaining the vitality. So far as the practical significance is concerned, by using its related content and method, this paper provide a theoretical reference for exposing the origin of the crisis, recognizing its essence and even resolving the dilemma we are facing now.