This textbook offers a comprehensive guide to the systematic structure of capitalism, while at the same time introducing readers to all three volumes of Marx’s Capital. Based on his extensive expertise on Marx’s critique of political economy, the author reveals the specific structure of production in capitalist societies and explicates what sets this system apart from other modes of production. Marx’s political economy is explained in a systematic and easy-to-understand manner, using numerous illustrative diagrams to complement the text. This textbook will appeal to all students and scholars looking for a more comprehensive, systematic and theoretical explanation of capitalism, equipping them with a solid theoretical understanding of its core structure.
In 1966, Paul Baran and Paul Sweezy published Monopoly Capital, a monumental work of economic theory and social criticism that sought to reveal the basic nature of the capitalism of their time. Their theory, and its continuing elaboration by Sweezy, Harry Magdoff, and others in Monthly Review magazine, infl uenced generations of radical and heterodox economists. They recognized that Marx’s work was unfi nished and itself historically conditioned, and that any attempt to understand capitalism as an evolving phenomenon needed to take changing conditions into account. Having observed the rise of giant monopolistic (or oligopolistic) fi rms in the twentieth century, they put monopoly capital at the center of their analysis, arguing that the rising surplus such fi rms accumulated—as a result of their pricing power, massive sales efforts, and other factors—could not be profi tably invested back into the economy. Absent any “epoch making innovations” like the automobile or vast new increases in military spending, the result was a general trend toward economic stagnation—a condition that persists, and is increasingly apparent, to this day. Their analysis was also extended to issues of imperialism, or “accumulation on a world scale,” overlapping with the path-breaking work of Samir Amin in particular. John Bellamy Foster is a leading exponent of this theoretical perspective today, continuing in the tradition of Baran and Sweezy’s Monopoly Capital. This new edition of his essential work, The Theory of Monopoly Capitalism, is a clear and accessible explication of this outlook, brought up to the present, and incorporating an analysis of recently discovered “lost” chapters from Monopoly Capital and correspondence between Baran and Sweezy. It also discusses Magdoff and Sweezy’s analysis of the fi nancialization of the economy in the 1970s, ‘80s, and ‘90s, leading up to the Great Financial Crisis of the opening decade of this century. Foster presents and develops the main arguments of monopoly capital theory, examining its key exponents, and addressing its critics in a way that is thoughtful but rigorous, suspicious of dogma but adamant that the deep-seated problems of today’s monopoly-fi nance capitalism can only truly be solved in the process of overcoming the system itself.
This exploration of some of the more important frameworks used for understanding the relationship between politics and economics includes the classical, Marxian, Keynesian, neoclassical, state-centered, power-centered, and justice-centered.
In this book, Andrew Trigg relates Marx's reproduction schema to Keynes's multiplier, Leontieff's input-output analysis, Domar's growth model and Kalecki's principle - in the process offering intriguing and innovative clarifications.
This text deals with the distinctive method of Marx's political economy, with an emphasis on it's origins. It applies this method to key contemporary issues such as unemployment, globalization and the crisis of the welfare state.
Marx in the Field is a unique edited collection illustrating the relevance of the Marxian method to study contemporary capitalism and the global development process. Essays in the collection bring Marx ‘to the field’ in three ways. They illustrate how Marxian categories can be concretely deployed for field research in the global economy, they analyse how these categories may be adapted during fieldwork and they discuss data collection methods supporting Marxian analysis. Crucially, many of the contributions expand the scope of Marxian analysis by combining its insights with those of other intellectual traditions, including radical feminisms, critical realism and postcolonial studies. The book defines the possibilities and challenges of fieldwork guided by Marxian analysis, including those emerging from the COVID-19 pandemic. The collection takes a global approach to the study of development and of contemporary capitalism. While some essays focus on themes and geographical areas of long-term concern for international development – like informal or rural poverty and work across South Asia, Southern and West Africa, or South America – others focus instead on actors benefitting from the development process - like regional exporters, larger farmers, and traders – or on unequal socio-economic outcomes across richer and emerging economies and regions – including Gulf countries, North America, Southern Europe, or Post-Soviet Central and Eastern Europe. Some essays explore global processes cutting across the world economy, connecting multiple regions, actors and inequalities. While some of the contributions focus on classic Marxian tropes in the study of contemporary capitalism – like class, labour and working conditions, agrarian change, or global commodity chains and prices – others aim at demonstrating the relevance of the Marxian method beyond its traditional boundaries – for instance, for exploring the interplays between food, nutrition and poverty; the links between social reproduction, gender and homework; the features of migration and refugees regimes, tribal chieftaincy structures or prison labour; or the dynamics structuring global surrogacy. Overall, through the analysis of an extremely varied set of concrete settings and cases, this book illustrates the extraordinary insights we can gain by bringing Marx in the field.
Most developed economies are characterized by high levels of inequality and an inability to provide stability or opportunity for many of their citizens. Mainstream economics has proven to be of little assistance in addressing these systemic failures, and this has led both scholars and students to seek alternatives. One such alternative is provided by Marxian economics. In recent decades the field has seen tremendous theoretical development and Marxian perspectives have begun to appear in public discourse in unprecedented ways. This handbook contains thirty-seven original essays from a wide range of leading international scholars, recognized for their expertise in different areas of Marxian economics. Its scope is broad, ranging from contributions on familiar Marxist concepts such as value theory, the labor process, accumulation, crisis and socialism, to others not always associated with the Marxian canon, like feminism, ecology, international migration and epistemology. This breadth of coverage reflects the development of Marxian economic and social theory, and encompasses both the history and the frontiers of current scholarship. This handbook provides an extensive statement of the current shape and future direction of Marxian economics. The Routledge Handbook of Marxian Economics is an invaluable resource for students, researchers and policy makers seeking guidance in this field. It is designed to serve both as a reference work and as a supplementary text for classroom use, with applications for courses in economics, sociology, political science, management, anthropology, development studies, philosophy and history.
