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14th Annual Conference of the European Society for the History of Economic Thought (ESHET) (Amsterdam School of Economics at the University of Amsterdam in Amsterdam, The Netherlands, 2010) HISTORY OF PERIODIC CRISES IN CAPITALISM: IS MARX’S APPROACH STILL SIGNIFICANT? Stefano Agnoletto ABSTRACT Ever since the new financial crisis broke out, we have been witnessing an unexpected revival of the Marxist crisis-theory. This renewed interest in the Treviri thinker’s views applied to better understand the phenomena behind the current crisis is sometimes misleading and often concerns a vaguely Keynesian, statist oriented, naïvely deterministic theoretician. In other words, a false Marx. Today’s rediscovery of the Marxist approach, in fact, does not offer a real confrontation with Marx’s original interpretative categories. What I propose in this study, therefore, is to apply Marx’s views on periodic crises to contemporary history, as a laboratory to test the thinker’s theories. The paper is not meant to offer a new or original Marxist-oriented interpretation of the current economic disruption but to establish whether Marx’s thought still represents a useful theoretical tool to understand past and present crises of this kind. A further purpose of this paper is to compare the possible significance of the Marxist viewpoint on this issue to that of current mainstream analyses. In particular, the present study intends to counterpose Marx’s ideas on the subject with both the laissez faire and the Keynesian traditions. While the former maintains that capitalism is capable of automatic self-reproduction even in times of crisis thanks to its self-equilibrating capacity, the latter claims that capitalism can overcome periods of crisis and economic cycles if properly tackled. The assessment starts with a review of Marx’s elaborations on the nature of crisis as a physiological rather than a pathological event in capitalistic cycles; in this section I will make use of an interpretative dualism: structural elements vs conjunctural circumstances. The second part seek to analyze the Marxist interpretation of the causes of crisis, with special focus on the concepts of “overproduction” and “falling rate of profit”; with regard to this matter, I propose yet another interpretative dualism: endogenous vs. exogenous causation. The third section presents a comparative analysis between Marx’s approach to the nature and causes of periodic crises and the mainstream explanations of the present situation. The fourth and last attempts to draw a conclusion.