Andrew Kliman’s “The Failure Of Capitalist Production”

Andrew Kliman’s new book makes at least three interesting claims: That present crisis is the result of the decline of the rate of profit, that an increase in the rate of profit could come from a sufficient destruction of capital and that the US working class actually experienced an increase in the share of the GDP in the last two decades. Now, I would agree with first claim. Jehu made a reasonable comment concerning the second point (which I further comment on at the bottom of the page), and the question of the truth of the third claim gets batted about in gruesome detail here (I think it loses, I think towards the end I’ve shown Kliman is misinterpreting the national accounts tables). Anyway, just to add concerning the third point, that Paul Krugman has a blog including fine chart illustrating labor’s declining share of GDP over the last forty years. That too could be cocked-up too but I’m doubtful.

 

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