The Enigma of Capital

harveyDavid Harvey’s Enigma of Capital a book-length example of Marxian crisis theory addressed to the current situation. Few writers could be better qualified than Harvey to test the continuing validity of a Marxian approach to crisis, a situation he helpfully defines – dictionaries of economics tend to lack any entry for the word – as ‘surplus capital and surplus labour existing side by side with seemingly no way to put them back together’. This is at once reminiscent of Keynes’s ‘underemployment equilibrium’ and of the news in the daily papers: in the US, corporations are sitting on almost two trillion dollars in cash while unemployment hovers just below 10 per cent.

Benjamin Kunkel, London Review of Books, Feb. 2011

 

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