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1、SocialStructuresofAccumulation,theRateofProfit,andEconomicCrisesByDavidM.KotzDepartmentofEconomicsUniversityofMassachusettsAmherstandSchoolofEconomicsShanghaiUniversityofFinanceandEconomicsAugust,2011EmailAddress:dmkotz@econs.umass.eduThispaperwaswrittenforaFestschriftinhonorofThomasE.Weisskopfa
2、ttheUniversityofMassachusettsAmherstonSeptember30toOctober1,2011.27SocialStructuresofAccumulation,theRateofProfit,andEconomicCrises,August20111.IntroductionFromtheearly1980sthroughtheearly1990s,TomWeisskopfpublishedaseriesofarticlesandtwobooks--mostofthemcoauthoredwithSamBowlesandDavidGordon--th
3、atanalyzedthecrisisofthepostwarsocialstructureofaccumulation(SSA)intheU.S.basedonmovementsoftheprofitrate.TheearlierSSAliteraturehadviewedtherelationbetweenaSSAandcapitalaccumulationascenteredaroundtheproblemofinstabilityinacapitalistsystem.Basedonthatview,theSSAcrisisphaseresultsfromtheendofanS
4、SA'sabilitytopromotestabilityandpredictability(Gordonetal.,1982,ch.2).ThecentralroleoftheprofitrateinWeisskopf'sworkbroughttheSSAtheoryclosertotraditionalMarxistcrisistheory.TheMarxistcrisistheoryliterature,whichgoesbacktothelatenineteenthcentury,hasproducedanumberofdifferenttheoriesaboutthecaus
5、eofcapitalistcrises,knownas"crisistendencies."AfterMarx,atfirstthebest-knownMarxistanalystsstresseddisproportionalityorunderconsumptionastherootofeconomiccrisis.Inthe1920s-30sanothercrisistheoryarosebasedonthetendencyoftherateofprofittofallduetoarisingorganiccompositionofcapital.Inthe1970sthe"pr
6、ofitsqueeze"crisistendencywasputforward,.MuchearlierSweezy(1942,ch.9)hadcalledattentiontotheprofitsqueezecrisistendency,notingthatitisfoundinMarx(1957,ch.25),butitdidnotfindafollowingintheliteratureuntilthe1970s.whichagreedthatafallingrateofprofitwasthekeytocrisisbutpointedtorealwagesthatrisefas
7、terthanlaborproductivityastheculprit..TheadvocatesofalloftheMarxistcrisistendenciescitedhere,aswellasseveralothers,canpointtoquotesfromMarxthatseemtoendorsetheirfavoredcrisistendency.Sincethedisproportionalitycrisistendencyh