The history of capitalism is marked by repeated industrial revolutions; by continuous transformation of technology and institutions; by alternating boom and slump; by ceaseless innovation and expansion; and by the uneven growth and decay of firms, regions, countries. Orthodox neoclassical economics explains this eventful history within an equilibrium framework, in terms of a system converging to a steady state where there are no forces or pressures for change. Such a description does no justice to the dynamic and turbulent process of capitalist development. In contrast, Marxist theory emphasises the conflicts, hidden tensions and inner contradictions within seemingly well-established institutions and circumstances which lead to the evolution of the latter into something quite different. This evolution is rarely through smooth steady advance, but rather through abrupt, conflict-laden transformations: through crises.