This is the first English version of Karl Kautsky’s essay “Theories of Crises,” originally published in 1902 in Die neue Zeit, the theoretical organ of the Social Democratic Party of Germany. Kautsky’s essay was a review of Michael von Tugan-Baranowsky, Studien zur Theorie und Geschichte der Handelskrisen in England (Studies on the Theory and History of Commercial Crises in England), published in 1901. Kautsky’s review of Tugan-Baranovsky’s book is divided into five sections: (1) “Introductory Remarks”; (2) “The Decreasing Tendency of the Rate of Profit”; (3) The Explanation of Crises by Underconsumption; (4) Tugan-Baranovsky’s Theory of Crises; and (5) The Changes in the Character of Crises. We have translated in full the Sections 3 to 5.
Kautsky, K. (2019), "Theories of Crises
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