MARKET ECONOMY DOWNFALL. A MARXIST POLITICAL ECONOMY ANALYSIS

Códigos JEL: B14, B51, O5, P16

Abstract

The economic, political, and social current situation-2022- is concerning. Society suffers a recurrent and different crisis. To study this situation is necessary to search economics literature that provides comprehensive coverage. Twilight capitalism: Karl Marx and the decay of the profit system (2021) developed by Murray E. G. Smith, Jonah Butovsky y Josh Watterton present a framework to understand the market economy or capitalism. The focus of analysis uses the labor theory of value and recent empirical studies. The authors expose clearly and precisely the economic categories from this approach. They conclude that capitalism generates a crisis. The system causes ecological crises and social crises. The Covid-19 crisis was the fulminant element of the profit system crisis. They propose a modification of the capitalist system because humanity is at the risk to disappear.