bourgeois economists and Marx, Brendan M. Cooney, Capitalism, Economic Crisis, Ideology, inherent social antagonisms, Kapitalism 101, Karl Marx, Law of Value, Law of Value series, market freedom, Theoretical Responses to crises
Norm’s note: just so you don’t miss any of the videos and transcripts in Brendan M. Cooney’s “Law of Value series,” here are the links to them:
Part 1 of the Law of Value series.
An economic crisis is also a time of ideological crisis. It’s a time when people start to reevaluate their ideas about the world, questioning some of the most basic assumptions they once had. Every capitalist crisis in history has brought about a rethinking and regrouping of mainstream economic thought. Interestingly this rethinking has always happened within the context of some sort of radical challenge to the economic order.
Marginal Utility theory, which still serves the basis of modern mainstream economic theory, emerged from the Great Depression of the late 1800s (yes there was another Great Depression prior to 1929) as an answer to the challenge of Karl Marx’s thorough critique of capitalism. Keynesianism emerged from the Great Depression of the 1930’s as a response to the failures of liberal economics, the challenge of a successful Bolshevik revolution and…
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