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Like Hegel’s living organism, capital appears in Marx’s work as a subject capable of producing its own particular contents, thereby reproducing itself. This is why the process of the reproduction of capital involves three specific circuits: money-capital, productive capital and commodity-capital, which refer to the rhythms of valorisation, accumulation and realisation of value. Economic growth implies harmony between the three processes. Economic crisis, on the other hand, i.e. the disruption of a reproduction pattern, results from the conjunctural “autonomization” of one of the rhythms in relation to the other two. The crisis of the 1970s was due to the fall of the rate of profit (deceleration of the rhythm of valorisation). By contrast, the crisis of 2007-2009 resulted from the policies enforced in response to the former crisis, which restored profit at the expense of wages and thus transformed a crisis of valorisation into a crisis of realisation. The economic crisis is thus made into a crisis of social reproduction and political hegemony, a crisis that the current pandemic has only deepened.