Grossmann claimed capitalist overaccumulation forces profit-rate decline and terminal crisis
Evidence
The Law of Accumulation and Collapse begins with an excellent analysis of the previous literature on the question. Then, following an exposition of Marx’s own views culled from his various writings, Grossmann attempted to build on Otto Bauer’s mathematical models a deductive system to prove the correctness of Marx’s predictions. The pauperization he pointed to was not that of the proletariat, but that of the capitalists, whose tendency to overaccumulation would produce an unavoidable decline in the profit rate over a certain fixed period of time. Although admitting countertendencies such as the more efficient use of capital, Grossmann confidently asserted that they might mitigate but not forestall the terminal crisis of the capitalist system. — Martin Jay, The Dialectical Imagination, 131
Categorization
- XREF: connects to: The falling rate of profit forces capitalists to intensify labor exploitation — Antonio Gramsci, Selections from the Prison Notebooks, 2376; Marx overemphasized economics while neglecting power and technical detail — Bertrand Russell, History of Western Philosophy, 2847; Lost profits privatize while losses nationalize in statist capitalism. — Antonio Gramsci, Selections from the Prison Notebooks, 1153 (+2 more)
Broader Connections
- The falling rate of profit forces capitalists to intensify labor exploitation
#expands(0.82) — Antonio Gramsci, Selections from the Prison Notebooks, 2376 - Marx overemphasized economics while neglecting power and technical detail
#responds-to(0.75) — Bertrand Russell, History of Western Philosophy, 2847 - Lost profits privatize while losses nationalize in statist capitalism.
#exemplifies(0.72) — Antonio Gramsci, Selections from the Prison Notebooks, 1153