Re: [Marxism] Query on Henryk Grossman

[Louis Proyect <lnp3@xxxxxxxxx>]

Andrew Pollack wrote:
> I haven't read Grossman, or Kuhn on Grossman (and really want 
>   to thanks to Louis' query and previous ones about him). But, unless I'm 
> misconstruing the
>   question, the organic composition/falling rate of profit has everything to 
> do with
>   crises based on fictitious capital -- because capital flows into those 
> nonmanufacturing
>   sectors in the first place (including dot.com) for lack of profitable 
> outlet elsewhere  
>   (by coincidence there's a great quote in the Times yesterday expressing 
> skepticism that the
>   banks being bailed out would do anything with that money that would help 
> the economy).
>   Of course all of that just sets the stage for what happens afterward, and 
> each 
>   financial crisis is unique, even if they all share their origins in the 
> crisis in manufacturing.
>   I'm sure I'm putting this way too crudely...

I understand your logic and agree with the general sense, but I still 
wonder if this was fully theorized in Grossman or any other Marxist 
economist who were confronted by economies dominated by heavy industry, 
such as Germany in the 1920s. I guess maybe my question is whether there 
is a "crisis theory" that directly relates to the events of the past 50 
years or so, which have been mostly based in the financial sector.

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