Marv Gandall asked:
Frankly, if someone could explain to me the immediate practical implications of these conflicting crisis theories, I?d be grateful. Otherwise, the debate is mainly scholastic.
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To listen to someone like Andrew Kliman, the political implications are no less than reform v. revolution. If one argues that underconsumption is the cause of the crisis, then Keynesian consumption-boosting government policies are a possible remedy. If, on the other hand, the FROP is the cause, there is no remedy outside the abolition of capitalism itself. This is not my view, just one I have heard stated.
Jim