{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","title":"Zombie Capitalism Global Crisis and the Relevance of Marx","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9781608461042","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","id":"4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","uuid":"4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","title":"Zombie Capitalism Global Crisis and the Relevance of Marx","normalized_title":"zombiecapitalismglobalcrisisandtherelevanceofmarx","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9781608461042","isbns":["9781608461042"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":426,"navigation_url":"https://workshop.closeclaw.top/ai/book/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","title_url":"https://workshop.closeclaw.top/ai/title/Zombie%20Capitalism%20Global%20Crisis%20and%20the%20Relevance%20of%20Marx","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","page_url":"https://workshop.closeclaw.top/api/ai/books/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe/page","search_url":"https://workshop.closeclaw.top/api/ai/books/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe/search"},"page":{"printed_page":150,"pdf_page":150,"physical_index":150,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"1cf0bf2e17205b6c4dcd8f4d3e9ecabf667b9b143ea3350b87256a7024909712"},"chapter":"Zombie Capitalism Global Crisis and the Relevance of Marx","content":"He believed the declining \"marginal efficiency of capital\" to be an empirical fact which could be found, for instance, in the interwar \"experience of Great Britain and the United States\". The result was that the return on capital was not sufficiently above the cost to the entrepreneurs of borrowing as to encourage new investment, so tending \"to interfere . . . with a reasonable level of employment and with the standard of life which the technical conditions of production are capable of furnishing\" . 35\n\nThis he sees as both a long-term trend and a short-term efect turning the boom into a slump in each cycle:\n\nthe essence of the situation is to be found in the collapse of the marginal efficiency of capital, particularly . . . of those types of capital which have been contributing most to the previous phase of heavy new investment.36\n\nKeynes's explanation for this was grounded in his overall \"marginalist\" approach, with its acceptance that value depended on supply and demand. As the supply of capital increased it would grow less scarce, and the value to the user of each extra unit would fall until, eventually, it reached zero. 37 This theoretical reasoning seems to have been too obscure for most of Keynes's followers. The \"declining marginal efficiency of capital\" hardly appears in most accounts of his ideas. Yet it is the most radical single notion in his writings. It implies that the obstacles to full employment lie with an inbuilt tendency of the existing system and not just with the psychology of capitalists. If that is so, there would seem to be no point in governments simply seeking to \"restore confidence\", since there is nothing to restore confidence in.\n\n150\n\nCapitalism in the 20th Century","previous_page":149,"next_page":151}