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A equilibrium-free political economy based on the labour theory of value is developed in this volume which brings together authors who have worked in this framework for the last ten years.
Springing from a conference held in Bergamo University on the occasion of the centenary of the publication by Engels of the third book of Capital, the papers collected in these two volumes reinstate Marx's as the first genuinely evolutionary economic theory. In this, the capitalist process incessantly brings about states which will by themselves generate the next ones. Thus as Schumpeter remarked, Marx was the first to 'visualise what even at the present time is still the economic theory of the future for which we are slowly and laboriously accumulating stone and mortar, statistical facts and functional equations'.
This book provides a wide-ranging and in-depth reappraisal of the relation between Marx’s economic theory in Capital and Hegel’s Logic by leading Marxian economists and philosophers from around the world. The subjects dealt with include: systematic dialectics, the New Dialectics, materialism vs. idealism, Marx’s ‘inversion’ of Hegel, Hegel’s Concept logic (universality-particularity-singularity), Hegel’s Essence logic (essence-appearance), Marx’s levels of abstraction of capital in general and competition, and capital as Hegelian Subject. The papers in this volume were originally presented at the 22nd annual meeting of the International Symposium on Marxian Theory at Mount Holyoke College in August 2011. The twelve authors are divided between seven economists and five philosophers, as is fitting for the interdisciplinary subject of the relation between Marx’s economic theory and Hegel’s logic. Contributors are: Chris Arthur, Riccardo Bellofiore, Roberto Fineschi, Gastón Caligaris, Igor Hanzel, Juan Iñigo Carrera, Mark Meaney, Fred Moseley, Patrick Murray, Geert Reuten, Mario Robles, Tony Smith, and Guido Starosta.
More and more people have turned to Marxian economics in recent years. But isn’t it a defunct branch of the ‘dismal science’, disproven by the experience of the past 150 years, of no interest to anyone except historians? In this book, David Ruccio demonstrates why the answer to that question is a resounding ‘no’. He offers a clear and accessible introduction to the basic concepts and theoretical strategies of Marxian economics, its key differences from mainstream economics, and its many applications to the real world. Focusing on Marx’s critique of both mainstream economic theory and capitalism, Ruccio extends that analysis to contemporary topics—from inequality and economic crises to racial capitalism and the climate crisis—and outlines the key debates among Marxian economists. He concludes with a discussion of the ways Marxian economists today think about the possibility of moving beyond capitalism. The book is suitable for students and professors, as well as readers outside the academy interested in learning about Marxian economics. It will be useful both as a stand-alone text and as a companion to reading Capital.
Springing from a conference held in Bergamo University on the occasion of the centenary of the publication by Engels of the third book of Capital, the papers collected in these two volumes reinstate Marx's as the first genuinely evolutionary economic theory. In this, the capitalist process incessantly brings about states which will by themselves generate the next ones. Thus as Schumpeter remarked, Marx was the first to 'visualise what even at the present time is still the economic theory of the future for which we are slowly and laboriously accumulating stone and mortar, statistical facts and functional equations'.
The papers that comprise this collection introduce key advances in modern value theory. Equilibrium and non-equilibrium approaches are discussed alongside the theory behind abstract labour and money.
The republication of Suzanne de Brunhoff’s classic investigation into Karl Marx’s conception of “the money commodity” shines light on commodities and their fetishism. The investigation of money as the crystallization of value in its material sense is central to how we understand capitalism and how it can be abolished. Marx on Money is an elegant analysis of how money, credit, debt and value fit into the “logic of capital” that characterizes commodity society.
This book provides a contemporary assessment of Marx's theory of money. This theory is often praised as one of Marx's greatest achievements, especially when compared with either classical or neoclassical economics. On the other hand, Marx's theory of money has also been severely criticized, especially that it seems to require that money be a produced commodity. The contributors to the volume provide a wide-ranging and in-depth appraisal of the strengths and weaknesses of Marx's theory of money, compared to other theories of money.
This book constitutes an overview of recent developments in political economy in general, and Marxist value theory in particular. The implications of value theory for bank credit, inflation and deflation are fully explored.
Despite his achievements, David Ricardo’s views on money have often been misunderstood and underappreciated. His advanced ideas had to wait until the twentieth century to be applied, and most historians of economic thought continue to consider him as an obsolete orthodox. The last book devoted in tribute to Ricardo as a monetary economist was published more than 25 years ago. Ricardo on Money encompasses the whole of Ricardo’s writings on currency, whether in print, unpublished notes, correspondence, or reported parliamentary speeches and evidence. The aim of the book is at rehabilitating Ricardo as an unorthodox theorist on money and suggesting his relevance for modern analysis. It is divided into three parts: history, theory and policy. The first describes the factual and intellectual context of Ricardo’s monetary writings. The second part puts the concept of standard centre stage and clarifies how, according to Ricardo, the standard regulated the quantity – and hence the value – of money. The final part shows that Ricardo relied on the active management of paper money rather than on flows of bullion and commodities to produce international adjustment and guarantee the security of the monetary system. Published to coincide with the 200th anniversary of the publication of On the Principles of Political Economy, and Taxation, this book will be of great interest to all historians of economic thought and scholars of monetary economics.