A Reply to Fine, Lapavitsas and Milonakis

Author: Smith, Tony

Source: Historical Materialism, Volume 6, Number 1, 2000 , pp. 139-144(6)

Publisher: BRILL

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Abstract:

I should like to thank Ben Fine, Costas Lapavitsas and Dimitris Milonakis for their stimulating and detailed comments. In the limited space available, I cannot respond to every criticism. A number of criticisms appear to be a matter of mere semantics. In the Marxian literature, the term `crisis' is often used to refer to extended downturns as well as to short and sharp declines. And Marx himself defines the organic composition of capital as the value composition considered `in so far as this is determined by its technical composition and reflects it', which is how the value composition is considered in my paper. Nor will I respond to the charge that my `use of Grossmann is mechanical and unpersuasive', since I am not sure what exactly the objection is. Firstly, I will take up the criticisms regarding the logical structure of Capital. Then I move on to consider one substantive issue raised regarding the tendency for the falling rate of profit. I will next respond to criticism of my treatment of the relation between systematic and historical dialectics. Finally, I respond to criticism of my main thesis overall.

Document Type: Research article

DOI: http://dx.doi.org/10.1163/156920600100414614

Publication date: 2000-01-01