Australian Left Review

Article Title

Review - The Second Slump: A Marxist Analysis of Recession in the Seventies


Nixon Apple


In his major study Late Capitalism, Ernest Mandel undertook the task begun by Marx in the Grundrisse and Capital of providing an integrated historical and theoretical analysis of the development of the capitalist mode o f production. This work with its rigorous usage o f marxian economic categories (which avoided both monocausal reductionist explanations and the abstract utilisation o f Marx’s reproduction schemas) constituted the first systematic marxist account of what may be termed the three fundamental conjunctures of 20th century capitalism: (I) the transition from competitive to monopoly capitalism (1890-1935); (2) the consolidation o f monopoly capitalism (1936-1965): (3) the coming crisis of monopoly capitalism (1966...).