Circuits of Capital and Overproduction: A Marxist Analysis of the Present World Economic Crisis

Abstract

At the present time the world economy continues to struggle amidst its worst slowdown in more than thirty years. Adopting a Marxist perspective, this article argues that these difficulties should be seen as the latest phase of an inherently recurring crisis of overproduction deriving from the capitalist mode of production itself. This is demonstrated through an examination of crises during the interwar and postwar periods and by setting the present crisis within this wider historical context.