Introduction: Constant Capital and Crises
An understanding of constant capital is an overlooked, but necessary component of crisis theory. This paper uses the experience of the 19th century U.S. economy illustrate the relationship between constant capital and economic crises. The rapid technological advances of the time led to a lethal combination for capital. Investment in constant capital suffered rapid devalorization, while growing productivity saturated markets, creating what was then known as The Great Depression. Constant Capital and Labor, Living and Dead
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-- Michael Perelman Economics Department California State University Chico, CA 95929
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