I like the approach and admire the research effort of this blog. The author, Sam Williams, has spent many years studying political economy and is systematically addressing the many and varied interpretations of Marx on crisis theory. He points out that Marx's analysis was unfinished and of course much has happened since Marx's death. His goal is to fill in some of the gaps in Marx's crisis theory as a guide to younger people who will make the future.
Read these sections for starters:
About Me and This Blog
The Problem: Marx Didn’t Leave Us a Completed Crisis Theory
These writings are built on the foundations of “Capital,” a work that at least in Germany is becoming a bestseller once again. But “Capital” itself, though it lays the foundation, is not a book about the periodic crises capitalist production goes through. Nor is there a section within “Capital” dealing with such crises, as is generally the case with works that popularize the theories of “Capital.”Of course, you will have to read a fair bit of the original Marx and probably some interpretations of his theory of value as a precursor to understanding the issues discussed on this blog.
Since Marx and Engels put so much emphasis on crises in the Communist Manifesto and other works, this omission at first seems surprising. Marx had planned to crown his economic work with a book on the world market, the state, competition and crises. As is well known, Marx did not have the time to write this work. It is, of course, impossible for any other person to write the work Marx might have written if he had had the time.
Update (28th September): Note the Anti Duhring reference to overproduction (in The Problem: Marx Didn’t Leave Us a Completed Crisis Theory) - that markets can't keep up with continually expanding production which is compelled by the capitalist system - and Sam's implied disagreement with "Marxists" who don't grasp that overproduction is still the key to understanding crisis:
Indeed, many—perhaps today most—Marxists largely disagree with Engels and Marx as well, and deny that industrial overproduction is the essence of the cyclical economic crises that mark the concrete history of capitalism from 1825 onwardsMy own study still has some way to go but I look forward to reading Sam's efforts to sort out the issue of whether the current crisis is due to overproduction or financialisation of the economy, an issue which I don't yet understand.