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David Harvey, Piketty and the central contradiction of capitalism

“Marx’s law of profitability explains the central contradiction of capitalism, not Piketty’s r, nor Harvey’s ‘no means of consumption’.”

Michael Roberts Blog

David Harvey is the well-known Marxist Professor of Anthropology and Geography at the Graduate Center of the City University of New York.  Harvey has a new book out and has also reviewed Thomas Piketty’s (  Harvey is pretty critical of Piketty’s book.  Harvey recognises that Piketty provides powerful data on the inequality of wealth and income in the major capitalist economies since the capitalism became the dominant mode of production and social relations from about 1750.  “What Piketty does show statistically (and we should be indebted to him and his colleagues for this) is that capital has tended throughout its history to produce ever-greater levels of inequality. This is, for many of us, hardly news. It was, moreover, exactly Marx’s theoretical conclusion in Volume One of his version of Capital.”

But, as Harvey says, Piketty says nothing about recurrent crises of production and investment in capitalism.  Piketty

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This entry was posted on May 26, 2014 by in 【Social Theory】 and tagged , .
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