Abstract

Reading James O'apos;Connor's Accumulation Crisis is very confusing. At certain junctures, it reads like the “sequel” to The Fiscal Crisis of the State, elaborating the expanding of his 1973 critique of modem macroeconomic management as a spoils system of special interests. At odier turns, it comes across as a “prequel” to the earlier work, oudining a tortuous logic for the underproduction and accumulation crises that set off the “fiscal crises” he described over a decade earlier. Although not all that new, the plot of the sequel is occasionally interesting. The prequel side of the narrative, however, is very questionable and as old as the hills because, once again, the ancient apparatus of theories of surplus value is trundled out and fired up to “explain” the roots of the current crisis.