Mike Treen: A critique of crisis theory

Mike Treen has A critique of crisis theory.

There is no natural end to Capitalism:

But there is no final crisis in this system — other than a descent into nuclear war, or barbarism arising from the sort of ecological winter or runaway ecological collapse that capitalism appears to be preparing for us. Short of such a disastrous outcome, the system will continue to carry on with its booms and busts until it is overthrown and replaced.

That can only be carried out by a conscious social and political force, by a class that is not bound to the system by material interest. That is why the working class is the only class that can overthrow this system. It is the only class not bound by property and profit to its perpetuation. It is the only class with the numbers and social power, if organised, if conscious enough, to effect this outcome and bring about real majority rule.

Feudalism had to end because the Capitalists needed the Serfs to become Workers. Otherwise Capitalist expansion could not take place.

The ruling class of a Socialist society already exists: the Proletariat. There is no need to transform the workers into something else. They only need to seize power.

As for crises, Treen remarks that:

Marx had identified the essence of the periodic crises of capitalism as crises of overproduction very early on, even in the Communist Manifesto in 1848.

Treen contrasts this idea of Marx with two (2) competing theories of Capitalist crises: tendency of the rate of profit to fall (TROPF); and the Keynesian idea of under-consumption.

I have fallen into the trap of treating over-production and under-consumption as being synonomous.

Treen rejects the idea of a fiat currency:

I think that is a big mistake. Ultimately, all non-commodity money — that is, token money and credit money — must have a relationship to a real money commodity like gold. This is true whether a formal gold standard exists or not. This lawful economic relationship still exists and therefore continues to be the underlying cause of crises of overproduction.

This is because the exchange of commodities is the basis of all Capitalist economic activity. When the exchange happens, the commodities have equal value. Because real money commodity can be exchanged for all other commodities, it because the basis of universal valuation.

Treen encourages all of us to study Marxist Crisis Theory:

I think we all should pay respect to the founders of scientific socialism and give this issue of crisis theory the attention and importance it deserves. We cannot leave it to others, to so-called experts.

I am not an “expert” on this stuff. It has been a continuing interest of mine, because it is important that we understand it and because it is important we understand who we are, what our role is, what we expect will happen to this system, who the agent of social change is going to be, and what the prospects are for making that happen in the world today. Those are all issues we can begin to address.