Boom Crunch Crash

The classical Marxist blog about the crisis


Told you so!“His [Marx’s] way of seeing things is not a doctrine but a method. It does not provide ready-made dogmas, but criteria for further research and the method for this research. Here therefore a certain amount of work has to be carried out …”
Engels to Sombart, March 11 1895

Boom, Crunch, Crash analyzes and explains the current crisis of capitalism from the perspective of classical Marxism.

What do we mean by ‘Classical Marxism’? We mean Marx’s Marxism, rooted in Marx’s method, especially his critique of political economy. Marx got it right: supposed problems with the law of labour value, the so-called “transformation problem” and disputes over the tendency of the rate of profit to fall – such criticisms are founded on basic misunderstandings of Marx. Debating these criticisms is as ridiculous as debating whether the Earth is round or revolves around the Sun.

However, we will be discussing and explaining marxist theory. This is necessary for a number of reasons: first, since Capital dealt with practical events as they stood 140 years ago, the current crisis of a decaying capitalism needs a fresh application of marx’s scientific method if we are to to expose its propagandists, deceits and ploys. Second, because of the actual development of capitalism, Marx’s analysis needs to be extended and applied to problems which were peripheral or had yet to emerge: imperialism, the role of the state for example. Third, there are widespread misconceptions on the left about Marx’s critique which we will be refuting.

Some of this work has already been done. Lenin, for example, accurately described the latest stage of capitalism as imperialist and explained its features. Isaak Rubin, Henryk Grossman, Vitaly Vygodsky, Roman Rosdolsky and Paul Mattick have provided major clarifications and extensions of  Marx’s critique. Evgeny Preobrazhensky and Che Guevara have made major contributions to the theory of imperialism and to solving the concrete economic problems of post-capitalist societies.

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