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The Rate of Profit and Crises in a Socialist Economy

Published online by Cambridge University Press:  11 June 2009

Theodore P. Lianos
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Extract

In a recent paper (1994) in this journal, Elias L. Khalil makes two claims. First, he contends, the law of the tendency of the rate of profit to fall is not unique to the capitalist mode of production but it is equally valid in a socialist economy. Second, a decline in the rate of profit in a socialist economy would engender crises as would be the case in a capitalist economy. Even more, he argues that crises would be necessary in any social form if there is a secular tendency of the organic composition of capital to rise.

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Articles
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Journal of the History of Economic Thought , Volume 17 , Issue 2 , Fall 1995 , pp. 307 - 313
Copyright
Copyright © Cambridge University Press 1995

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References

REFERENCES

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