Stagnation.

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Stagnation.: Fassung

Author:: Steindl, Josef

Scope:: Typoskript, 12 Blätter

Year of publication:: 1987

Language:: English

Note:: Entstehungsdatum erschlossen. - Zusatz zum Titel fingiert.

Topic:: Growth,cycle and stagnation

JEL Classification:: E32 [Business Fluctuations, Cycles]

Shelfmark:: S/M.39.1

DOI:: https://doi.org/10.48671/nls.js.AC14446311

2 The alternative interpretation of aging is social. With the evolution of capitalism it is seen to pass from its competitive to its monopolistic (and imperialistic) phase. The pioneers of this outlook have been Hilferding ( 1910 ) and Luxemburg (1913) by their affirmation of the existence of a new phase of capitalism, characterised by monopoly elements and by imperialism. The elaboration of a theory of stagnation on this basis has been possible only after Kalecki and Keynes had provided the analytical tools in the form of a consistent theory of effective demand. The third inspiration of stagnation may be called dogmatic. It was the conviction of Karl Marx that all class systems sooner or later must decay and die on account of inner contradictions. Actually the approach just described which is based on monopoly capitalism might be regarded as filling in this Marxian program with a concrete and consistent theory. For Marx himself it was not possible to develop such a theory because he did not anticipate the stage of monopoly capitalism. Instead of it we find in Marx quite a different theory which in fact does not fit into the above program of decay arising from inner social contradictions at all: It is the theory of the declining rate of profit, based on nothing but a supposed technological law ( increasing organic composition of capital ) which acts from the outside, as it were like a deus ex machina, on the develoment of capitalist society. This is, in spite of its authorship, a very un-Marxian theory.

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