Twilight Capitalism

Karl Marx and the Decay of the Profit System

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

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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

“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.”

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

  • PDF
  • ISBN: 9781773634586
  • April 2021
  • $36.99
  • For sale worldwide
  • EPUB
  • ISBN: 9781773634562
  • April 2021
  • $36.99
  • For sale worldwide

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  • Twilight capitalism: Karl Marx and the decay of the profit system is the best book on Marxist political economy in 2021. Authored by Murray EG Smith, Jonah Butovsky and Josh Watterton, these Canadian-based Marxist economists have delivered a comprehensive and often original analysis of global capitalism in the 21st century.

    — Michael Roberts, Economist (full review)


  • 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


  • Murray E.G. Smith

    Brock University

    Murray E.G. Smith is Professor of Sociology at Brock University. He has been active on the socialist left in Canada since the 1970s, participating in a variety of campaigns and progressive movements for social change.

  • Jonah Butovsky

    Associate Professor at Brock University

    Jonah Butovsky is associate professor of sociology at Brock University. 

  • Josh J.  Watterton

    PhD Student at York University

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

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