#048 Whither Underconsumptionism?

This week we have the second part of our interview with Professor Andrew Kliman. We continue our discussion about his latest book - ‘The Failure of Capitalist Production’ - and in particular focus on Andrews critique of the Underconsumptionist Theory of Crisis, which is pretty dominant on the Marxist and non-Marxist left alike. We hear how the empirical evidence sits squarely in the face of this theory, what role financialisation has actually played in the economy, and the similarities between Keynesianism and Underconsumptionism. We also talk about the new book Andrew is working on, and just how impressed I am by how well Marx’s theories are able to explain the world around us today.

You can find the article for the New Left Project that Andrew mentions in the interview, critiquing Sam Gindin's view of the crisis as financial, here:

http://www.newleftproject.org/index.php/site/article_comments/clarifying_secular_stagnation_and_the_great_recession

And you can find Sam Gindins response to Andrew here:

http://www.newleftproject.org/index.php/site/article_comments/underestimating_capital_overestimating_labour_a_response_to_andrew_kliman

Enjoy!