In this ground breaking contribution to Marxist economic theory,
Peter H. Jones provides a comprehensive analysis of profit rates in
the lead up to the Great Recession. The Falling Rate of Profit and
the Great Recession of 2007-2009 develops a new interpretation of
Marx's labour theory of value rooted in non-equilibrium, and
applies this theory to US national accounting data. In so doing
Jones shows that, when measured correctly, the profit rate falls in
the lead up to the Great Recession due to the rising organic
composition of capital-the primary reason for crises in Marx's own
account. From there Jones also details a new theory of finance,
showing how cycles in the profit rate relate to stock market booms
and slumps, and movements in the interest rate. He then discusses
the implications of this analysis, and Marx and Engels' work
generally, for a democratic socialist strategy.
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