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GLOBE

Research in Political Economy, Volume 18

VALUE, CAPITALIST DYNAMICS, AND MONEY

Editor: Paul Zarembka, State University of New York at Buffalo

This volume begins with an introduction to Marx's theory of capitalism in his own words, with his examples modernized from use of shillings and pence as subdivisions of the Pound. Well-known work in 1901 on the theory of crises in capitalism by Michael Tugan-Baranowsky is translated into English for the first time, with a Preface placing it in context. The political activism and theoretical work of Henryk Grossman through 1926 is summarized in some detail, and a rarely-known brief article of his from 1919 included.

Ambiguity in Marx's definition of accumulation of capital and the differing directions Lenin and Luxemburg took with it are next analyzed, with a more precise definition offered. Debate, begun in the last volume, over the valuation of means of production and its effect on the possibility of a falling tendency of the profit rate is taken a step forward as contrasting positions are developed.

Finally, credit money as an advanced form of money is analyzed and the post-Keynesian analysis of it, originating from Kaldor, subject to critique. Several theories of inflation theory are reviewed, with focus on the agencies causing inflation. A rediscovery of Marxian inflation theory is proposed.

    Abstracts of all chapters (full text also available under ScienceDirect subscription)

PART I. INTRODUCTION TO THE THEORY OF CAPITALISM

Value, Price, and Profit (Abridged): An Introduction to the Theory of Capitalism Karl Marx (1865), edited by his daughter Eleanor Marx Aveling, abridged and Preface by Paul Zarembka, SUNY at Buffalo

PART II. TUGAN-BARANOWSKY, GROSSMAN, AND CAPITALIST CRISES

Studies on the Theory and the History of Business Crises in England, Part I: Theory and History of Crises Michael von Tugan-Baranowsky (1901), translated and Preface by Alejandro Ramos-Martinez
       Chapter 1: The Fundamental Causes of Crises in the Capitalist Economy
       Chapter 7: Marx's Theory of Crises

Henryk Grossman as Marxist Activist and Theorist: On the 50th Anniversary of his Death Rick Kuhn, Australian National University

The Theory of Economic Crises Henryk Grossman (1919), Preface Rick Kuhn, Australian National University

PART III. CONCEPTUALIZING ACCUMULATION AND THE PROFIT RATE

Accumulation of Capital, Its Definition: A Century after Lenin and Luxemburg Paul Zarembka, SUNY at Buffalo, with Appendix: Marginal Notes on Luxemburg's "The Accumulation of Capital" Vladmir Lenin (1913), translated by James Lawler and annotated by Paul Zarembka

Two Concepts of Value, Two Rates of Profit, Two Laws of Motion Alan Freeman, University of Greenwich, and Andrew Kliman, Pace University, with Appendix: On the Constancy of the MELT
       Two of Everything: A Response David Laibman, Brooklyn College
       Response to Freeman and Kliman Duncan K. Foley, New School for Social Research
       Rejoinder Alan Freeman, University of Greenwich, and Andrew Kliman, Pace University

Numerology, Temporalism, and Profit Rate Trends David Laibman, Brooklyn College

PART IV. THEORY OF MONEY AND INFLATION

The Supply of Credit Money and Capital Accumulation: A Critical View of Post-Keynesian Analysis Costas Lapavitsas and Alfredo Saad-Filho, University of London

Inflation Theory: A Literature Review and New Research Agenda Alfredo Saad-Filho, University of London


362 Pages, 2000

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