Marx or Hicks? Structural Proportions and Crisis: The Transition from the First to the Third Volume of Capital
Two fundamental aspects of modern capitalist economies are not adequately treated in volume III of Capital. The first of these, the monopolistic stage of capitalism, is not discussed in any of the volumes. Instead there is an emphasis on competitive capitalism, governed by a tendency towards a uniform rate of profits, which, according to Marx, provides capitalism with its long-run dynamic. The second feature is the role of structural and sectoral adjustment in the dynamic growth process. Here the problem lies mainly with volumes I and III, as volume II embarks on an embryonic consideration of the issues in its treatment of the reproduction schemes.
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