,PREFACE 

,PEOPLE 3 

,AU?OR 3 ,PAUL ,MATTICK 

,TEXT 3 

,IT WAS NOT SO LONG AGO ?AT ,KEYNESIAN ECONOMICS SEEM$ 
TO (F] 9/RUM5TALITIES NOT ONLY TO OV]COME DEPRESSIONS BUT TO 
AVOID !M ALTOGE!R4 ,?IS IS NO LONG] TRUE1 AS WE F9D \RSELVES 9 
A PO/-,KEYNESIAN WORLD 9 :I* NEI!R ! EQUILIBRIUM T5D5CIES ( 
SUPPLY & DEM& NOR ,KEYNESIAN 9T]V5TIONS 9 ! ECONOMIC PROCESSES 
>E ABLE TO PREV5T ! /EADY DET]IORATION ( ! ECONOMY ?R\< 
RIS+ 9FLATION & GR[+ UNEMPLOYM5T4 ,DUE TO ! LONG PO/W> 
PROSP]ITY 9 ! LEAD+ CAPITALI/ NATIONS1 ?IS HAS COME TO MANY 
PEOPLE AS AN UNPLEASANT SURPRISE & HAS L$ TO A NEW CONC]N ) ! 
PROBLEM ( ! CAPITALI/ CRISIS4 ,AL?\< L>GELY IGNOR$ BY B\RGEOIS 
ECONOMI/S BE=E #a#i#b#i1 CRISES ACCOMPANI$ ! :OLE ( CAPITALI/IC 
DEVELOPM5T AS ! DECISIVE 0REGULATOR0 ( ! CAPITAL 
ACCUMULATION PROCESS4 ,IT IS ?US WOR?:ILE TO TAKE AN OV]ALL LOOK AT 
! CRISIS CYCLE BO? AS IT HAS ASS]T$ ITSELF HI/ORICALLY & ) 
RESPECT TO ! RESPONSES IT EVOK$ 9 ECONOMIC !ORY4 

,AS REG>DS B\RGEOIS ECONOMICS1 H[EV]1 !RE IS V]Y LITTLE TO 
SAY1 AS ITS G5]AL EQUILIBRIUM !ORY HAS NO ROOM = ! DYNAMICS ( 
! DIS-EQUILIBRAT+ PROCESS ( CAPITAL EXPANSION4 ,ACCUMULATION 
APPE>S H]E AS A MATT] ( 0SAV+10 OR AS A PH5OM5ON ( 
0GR[?10 = :I* AN EQUILIBRIUM PA? MU/ BE F\ND 9 
ORD] TO ESCAPE ! P]SI/5T 0BUS9ESS CYCLE40 ,?AT ! 
PROBLEM IS CONSID]$ AT ALL REFLECTS ! 9ESCAPABLE RECOGNITION ?AT 
MANY1 OR ALL1 ( ! CATEGORIES ( B\RGEOIS ECONOMIC !ORY HAVE NO 
MORE BE>+ ON LONG-RUN CAPITALI/IC DEVELOPM5T ?AN ON ! EV]YDAY 
PRODUCTION & EX*ANGE RELATIONS ( ! CAPITALI/ M>KET4 ,!RE IS A 
/RONG T5D5CY TO LOOK BACK TO CLASSICAL POLITICAL ECONOMY1 OR EV5 TO 
,M>X1 9 SE>* = A MORE USEFUL !ORETICAL APPROA* = SOLUTIONS TO 
! PROBLEMS ( CAPITAL PRODUCTION4 ,9 ?IS CONNECTION IT IS 
9T]E/+ TO NOTE ?AT ! QUE/IONS RAIS$ BY PRES5T-DAY ECONOMI/S 
M]ELY REPEAT1 BUT 9 A %ALL[] =M1 ! DISCUSSIONS >\ND ! 
CRISIS PROBLEM C>RI$ ON 9 ! ,M>XI/ CAMP >\ND ! TURN ( ! 
C5TURY4 ,!SE CONTROV]SIES1 TOO1 CONC]N$ ! POSSIBILITY ( AN 
0EQUILIBRIUM PA?0 LEAD+ TO A CRISIS-FREE1 H>MONI\S 
DEVELOPM5T4 

,! DIFF]5T & CONTRADICTORY 9T]PRETATIONS ( ,M>X'S 
CRISIS !ORY MAY PROVIDE SOME COM=T TO ITS OPPON5TS1 BUT !Y 
9DICATE NO MORE ?AN ! 9FILTRATION ( B\RGEOIS ECONOMIC CONCEPTS 
9TO ,M>XIAN DOCTR9E AS ! !ORETICAL COMPLEM5T TO ! PRACTICAL 
9TEGRATION ( ! SOCIALI/ MOVEM5T 9TO ! CAPITALI/ SY/EM4 ,!RE 
WAS1 & IS1 A TWO-PRONG$ 5DEAVOR TO RECONCILE1 AT LEA/ TO SOME 
EXT5T1 ! HI/ORICAL ANTAGONISM BETWE5 ,M>XISM & B\RGEOIS 
ECONOMIC !ORY1 :I* F9DS ITS REFLECTION 9 AN 9CREAS+ 
ECLECTICISM 9 BO? QU>T]S4 ,?AT ! CRISIS ( ,M>XISM IS /ILL 
DEEP5+ MAY BE SURMIS$ FROM ! >TICLE ON ,]NE/ ,M&EL'S 
BOOK ON 0LATE CAPITALISM10 :I* BR+S ! DISCUSSION1 SO 
TO SPEAK1 UP TO DATE & CONFRONTS IT ) UNDILUT$ ,M>XI/ CRISIS 
!ORY4 

,P4,M4 

,FROM 3 ,M>XI/S4ORG4 

,*RONOLOGY 3 
,M>* #c1 #bba 3 ,PREFACE -- ,ADD$4 

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