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Research in Political Economy, Volume 27

REVITALIZING MARXIST THEORY FOR TODAY'S CAPITALISM

Editors: Paul Zarembka, State University of New York at Buffalo and Radhika Desai, University of Manitoba

As a few alert mainstream and corporate economists rediscover the certain elements of Marx’s analysis of capitalism, the essays in the first part of this volume demonstrate that they have much more to discover. To their discredit, mainstream understandings – whether of capitalism’s growth or of western capitalism’s interrelated long-term stagnation and financialization – are derailed precisely by political aversion to, or ignorance of, Marxist categories and analyses. The chapters in the second part extend Marxist insights into assessing the value of the so-called information, or knowledge-based, commodities, and offer a Marxist critique of Lenin, the only world leader who earlier had deeply studied his own country's economy. The part also presents two important works in translation. The first, read by Marx himself, raises serious questions about the relevance of Hegel in the understanding of Capital and offers its own insightful analysis. The other, by a Marxist collective in the 1970s demonstrates the centrality of politics and the class struggle in the allegedly ‘economic’ devalorization of constant capital. The final part contains a debate on the merits of ‘positivist Marxism’ sparked by an article in Volume 26.

PART I: STAGNATION AND FINANCE IN TODAY’S CAPITALISM

A Critique of Mainstream Growth Theory: Ways out of the Neoclassical Science(-Fiction) and Towards Marxism Rémy Herrera, Centre National de la Recherche scientifique (CNRS), Paris

From Growth Stagnation to Financial Crisis: Unproductive Labour as a Missing Link in Mainstream Theory Robert Chernomas and Fletcher Baragar, University of Manitoba

Capitalist Crisis and the Great Recession: A Personal Journey from Marx to Minsky Riccardo Bellofiore, Università di Bergamo

‘Financial’ vs. ‘Real’: An Overview of the Contradictory Role of Finance Ozgur Orhangazi, Kadir Has University, Istanbul

PART II: REVITALIZING MARXIST THEORY

Nikolai Sieber: An Introduction to a Political Economist Approved by Marx James D. White, University of Glasgow

Marx’s Economic Theory (1874) Nikolai Sieber, translated by James D. White

The Value and Price of Information Commodities: An Assessment of the South Korean Controversy Heesang Jeon, School of Oriental and African Studies (SOAS), London

Lenin’s Economics: A Marxian Critique Seongjin Jeong, Gyeongsang National University, Jinju

Class Struggle in Production and Devalorization of Capital (1975) A.D. Magaline, pseudonym for Albert Gueiassaz and Dong Nguyen, translated by Paul Zarembka

PART III: DEBATING POSITIVIST MARXISM

Marxism, Crisis and Economic Laws: A Comment Gary Mongiovi, St. John's University, New York

Marxism, Crisis and Economic Laws: A Response Alan Freeman, London Metropolitan University


296 Pages, 2011

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