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Crisis theory is a debate within the Marxian theory of political economy. It is concerned with explaining the business cycle in capitalism, particularly recession, drawing on Karl Marx's account of value relations.

Marx believed he had provided a comprehensive account of the inner dynamics of capitalist social organization. According to those who understand him to have offered a complete crisis theory, Marx demonstrated that the particular form social investment takes under capitalism, c:v (constant capital : variable capital), works initially to accelerate, but latterly to strangle the long-wave development of mankind's means of production proportional to our labour power, M:L. Given that the advancement of M:L is the foundation of all material progress and thus social progress for Marx, proving that capitalism retards M:L is all the proof Marx needed that capitalism was becoming obsolete. The alternative to replacing capitalism would be for its ever-present crisis to drag......

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Approximate Word Count: 353
Approximate Pages: 2 (250 words per double-spaced page)

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