ABSTRACT
As we approach the dawn of the twenty-first century, 150 years after the development of Marx’s crisis theory, it seems appropriate to reassess the relevance of this approach for understanding the potential crisis tendencies of global capitalism. Here, I focus only on the important long-term tendency for capitalist economies to produce a continuing succession of profit squeeze (PS) and underconsumption (UC) crises and assess the likelihood that a global UC crisis will evolve out of the institutional and policy changes that emerged in response to the well-documented PS crisis of the postwar period.
