Offers a framework for interpreting Marx's theory of crises, emphasizing that Marx's theories were conditioned by their historical context. Begins with a review of the debate between Marx and Henry Carey as noted in the New York Tribune. The importance of resource scarcity is next described. Analyzes the manner in which the categories of political economy develop and evolve within the Marxian framework. Discusses Marx's approach to value theory, capital, and the social division of labor. Details Marx's views of fictitious capital and crisis theory. Argues that Marx's crises theory is an approach that encompasses a number of diverse yet consistent theories, each being a reflection of a different aspect of some underlying process of production and reproduction. Perelman is Professor of Economics at California State University, Chico. Index.