Prabhat Patnaik: The Structural Crisis of Capitalism

by Prabhat Patnaik
August 3, 2010

There is a very pervasive view that the current capitalist crisis consists exclusively of the financial crisis and, in so far as the financial crisis is now over, the crisis as a whole is over.  This, I believe, is erroneous, and this is because, like Bob Brenner, I also believe that the current financial crisis itself is embedded within a deeper structural crisis of capitalism.  This structural crisis has no signs of getting over, and as a result what we are going to see now is in fact a fairly protracted crisis, a crisis which one would be quite justified even in calling an impasse as far as capitalism is concerned at this moment.  But before that let me try and develop a few things.

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