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Is it enough to refer merely to rising labor productivity? Arguments can indeed be made that rising productivity, and factors that eventually cause the growth rate of productivity to decline, are important elements in the theory of capitalist crisis. To do justice to this line of thought, however, we need to grasp not just productivity growth, but also changes in the structure of production; the relation of investment in physical capital to the quantity of labor in production. The concept of a bias of technical change, 1 stemming from the choice of technical changes by individual capitalists pursuing their goals within a specifically capitalist framework, has important implications for long-term crisis- the length of capitalism's lifeline.

For recent summaries of the latter literature suggesting that money and credit supplies are endogenous, see Sherman and Evans (1984 Chap. 17) and Lavoie (1984:771-797). 16. Note that Engels referred to crises that arise autonomously in the credit system (in Marx 1967c:236n). Minsky (1982) and post-Keynesians see fragility as mostly arising from within finance itself. 17. James O'Connor's The Fiscal Crisis of the State (1973) emphasizes the contradiction between promoting accumulation and the legitimation of the system.

13. See Brenner (1986). Cohen and Zysman (1987) argue the importance of manufacturing to national prosperity. 14. See Parboni (1981) and Cohen and Rogers (1983). 15. Marx wrote at the time of the gold standard. Nonetheless, he agreed with the Banking school of his time, which saw the money supply as hard to control. Crotty's article below suggests that modem leftists share many assumptions of the post-Keynesian school when it comes to monetary issues. For recent summaries of the latter literature suggesting that money and credit supplies are endogenous, see Sherman and Evans (1984 Chap.

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