Crisis of Capitalism

Discipline: Economics, Political Science

Prediction in Marxism of the collapse of capitalism.

A species of catastrophe theory, envisaging that the inherent contradictions of the capitalist system will lead, through political conflict, to the collapse or overthrow of capitalism.

Twentieth century versions of this theory see the crisis of capitalism as being a legitimacy crisis rather than a simple economic or political one.

Source:
Jon Elster, An Introduction to Karl Marx (Cambridge, 1986);
P M Kenway, 'Marx, Keynes and the Possibility of Crisis', Cambridge Journal of Economics, 4, 1 (March, 1980), 23-26

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