ABSTRACT
The whole emphasis of Karl Marx's approach was on the dominating influence of the latter in shaping the "law of motion of economic society". Economic change needs merely the appropriate adaptation; and the adaptations to be made to the effects of capital accumulation are not different in kind from adaptations appropriate to any other kind of movement. From the standpoint of capital, accordingly, progress is arrested, and crises occur, because wages are "too high"; and this is how the matter is traditionally expressed in economic literature. Undoubtedly for Marx the most important application of his theory was in the analysis of the character of economic crises. Crises, as the uniform reaction of capital to disappointed profit- expectations, accordingly seem to operate as if the capitalist class were to act in unison as a single monopolist vis-à-vis labour.
