Twilight Capitalism

Karl Marx and the Decay of the Profit System

by Murray E.G. Smith, Jonah Butovsky and Josh J.  Watterton  

The Covid-19 crisis has brought our society to a precipice, and Marx’s laws of value and profitability are indispensable to interpreting the advanced state of decay of world capitalism. What should we do next?

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  • April 2021
  • ISBN: 9781773634197
  • 295 pages
  • $37.00
  • For sale worldwide
  • EPUB April 2021
  • ISBN: 9781773634562
  • $36.99
  • For sale worldwide
  • PDF April 2021
  • ISBN: 9781773634586
  • $36.99
  • For sale worldwide

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About the book

Twenty-first-century capitalism has little more to offer than a menu of despair: pandemics, deepening inequality, worsening depression, runaway climate change, intensifying authoritarianism and escalating militarism. Twilight Capitalism offers a wide-ranging analysis of the origins, implications and scope of the “combined” social crisis of 2020 and beyond. A compelling case is made that Karl Marx’s critical analysis of capitalism, along with his program of class-struggle socialism, is essential to understanding and addressing the most important social, economic and ecological problems of our time.

Download additional appendices here.

Download:// Mage-Smith National Income and Accounting Matrix_2021

Capitalism & Alternatives Class Inequality Global Studies & Development

What people are saying

Thom Workman, Professor of Political Science, University of New Brunswick.

“Over the next few years, we will be treated to many studies addressing the impact of the COVID-19 pandemic on global capitalism. It is a great relief that one of the first books to emerge links the present capitalist crisis to the underlying crisis-ridden tendencies of global capitalist economy—providing invaluable empirical and theoretical context along the way, and emphatically reminding us that the problem is nothing other than capitalism itself. The incandescence of this work must illuminate discussions for years to come.”


Murray E.G. Smith

Murray E.G. Smith is professor emeritus in sociology at Brock University, with interests in social theory, political economy, health and illness, social movements, philosophy and dialectical methodology. His previous books include Twilight Capitalism and Invisible Leviathan.

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Jonah Butovsky

Jonah Butovsky is associate professor of sociology at Brock University. 

Josh J.  Watterton

Joshua J. Watterton is pursuing a PhD in geography at York University.


  • Pandemic, Slump and Uprising in the Twilight of Capitalism
  • Twilight Capitalism: The Economic Dimension
  • Marx’s Theories of Value, Capital and Crisis
  • Valorization Crisis and the Path to Global Depression
  • Marx’s Law of Profitability
  • Marxist versus Radical Heterodox Economics: In Defense of the Labour Theory of Value
  • From Twilight Capitalism to Socialist Revolution?
  • Imagining Socialism


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