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Marx All Vindicated - Falling Rate of Profit

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  • Economics
  • Mathematics
  • Political Science


Marx All Vindicated - Falling Rate of Profit Takao Fujimoto I was right, am right, will be right, but certainly not for ever. Karl Marx, "Old Left Review", October, 1993. 1 . Introduction While people talk about the end of Marxism, seeing the disruption of the socialist countries, we have to stress the economic system which Marx analyzed more than one century ago was the "typical" capitalist system, whatever it means, and not the socialist countries which has ever existed after Marx's death. Here I am going to summarize, in a series of notes, neither what Marx said, nor what Marxist economists interpreted 'in a correct manner' about what he said. On the contrary, sometimes we have to neglect what Marx had in mind when he defined a certain set of concepts. We are seeking for ways in which Marx's efforts to define, to analyze, and to condemn a capitalist system can be rehabilitated in a modern 'capitalist' economy in order to know the working of capitalist system better. Even in such a 'modest' attempt, there are a considerable number of limits. Today's capitalist economy as one nation is far more complicated than ever; all systems are interrelated with one another, and this network helped by, and threatened by incredibly rapid diffusion of -425- 752 large amount of variegated information. Changes taking place every minute, new findings this year about the last five decades will be out of date quickly, and unfortunately cannot be applicable to the coming future. We also know the existence of economic externalities most of which escape from functional fields of markets. In spite of many constraints, this note is the starter of a series in which some of Marx's studies are re-examined, and modified models are proposed to show that those studies are really useful in understanding the present-day capitalism. Our treatment will be occasionally mathematical, but not to the degree at which the reader may be discouraged. We try to construc

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