Heinrich’s article is mainly about the falling rate of profit and crisis theory, but another important point has to do with Marx’s logical method in Capital, and in particular with the levels of abstraction of capital in general and competition. Heinrich argues that Marx encountered difficulties in the Manuscript of 1861-63 concerning this logical structure, and as a result of these difficulties, Marx abandoned this logical structure in the final versions of Capital.

Three years ago, I wrote an article for Monthly Review entitled “The U.S. Economy in 1999: Goldilocks Meets a Big Bad Bear?” (March 1999).1 My answer to that question was yes, Goldilocks would soon meet a big bad bear, that is, the U.S. economy would fall into recession within a year or so. The recession came a little later than I thought, but, as is well known, the U.S. economy did indeed fall into recession in early 2001