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1、ROM.March.qxd2/17/20052:33PMPage1REVIEWOFTHEMONTHTheEndofRationalCapitalismJOHNBELLAMYFOSTERThetwentiethcentury’sdominantmythwasthatofa“rationalcapi-talism.”ThetwoeconomistswhodidthemosttopromotethisideawereJohnMaynardKeynesandJosephSchumpeter.Bothwererespond-ingtothegreathistoricalcrisisofcapi
2、talismmanifestedintheFirstWorldWar,theGreatDepression,andtheSecondWorldWar.Inthewakeofthegreatestsetofhorrorstheworldhadeverseen,accompaniedalsobytheriseofanalternative,contendingsystemintheSovietUnion,itwasnecessaryforcapitalismfollowingtheSecondWorldWartoreestablishitselfideologicallyaswellas
3、materially.Intermsoftheideo-logicalrequirement,thetwoeconomistswhoaccomplishedthismosteffectivelywereKeynesandSchumpeter—notsimplybecausetheyepit-omizedthebestinbourgeoiseconomicideology,butalsobecausetheyweretheleadingrepresentativesofbourgeoiseconomicscience.Whattheysetoutintheiranalysesweret
4、herequirementsofarationalcapi-talismandatleastthehopethattheserequirementswouldbeachieved.LetusconsiderKeynesfirst.Keynes,locatedatCambridgeinEngland,wastheembodimentofrationalcapitalism.Henotonlyper-ceivedcontradictionsofthesystembutalsobelievedtheyweresubjecttorationalmanagement.Thiswastruewi
5、thregardtoboththerelationsbetweencapitaliststatesandtheregulationofinternalcontradictionsoftheaccumulationprocess.InhisEconomicConsequencesofthePeace(1919)hecriticizedtheVersaillespeaceagreementforthepredatorywarreparationsimposedonadefeatedGermany,whichmightlead,hesug-gested,toanotherworldwar.
6、InresponsetotheGreatDepressionKeyneswrotehismagnumopusTheGeneralTheoryofEmployment,InterestandMoney(1936)overthrowingSay’sLaw(theorthodoxsup-ply-sideviewthatsupplycreatesitsowndemand).Forthefirsttimeintheestablishmenteconomicliteratureseriousconsiderationwasgiventothenatureofstructuraleconomicc
7、risisundercapitalismandwhatThisarticleisreconstructedfromthenotestoakeynoteaddressdeliveredattheannualconferenceoftheAlumniAssociationoftheDepartmentofEconomicsofIstanbulUniversity,Turkey,December18,2004.1ROM.March.qxd2/17/20052:3
