Economics and Marxism

Front Matter....Pages i-xix
Introduction: Marx and Economic Science....Pages 1-6
Front Matter....Pages 7-7
The Philosophical Foundations and Dialectical Materialism....Pages 9-11
Marx as a Humanist: Reification and Alienation in Capitalism....Pages 12-14
The Historian: The Rôle of Capitalism in History....Pages 15-20
The Sociologist: The Problem of the Class Struggle....Pages 21-25
The Revolutionary: Automatism or Voluntarism in Revolution....Pages 26-30
The Economist: The Verification of Vision....Pages 31-33
Front Matter....Pages 35-35
Classical Harmony of Interests and the Economic Process in Marx’s Vision....Pages 37-41
The General Judgement of ‘Academic’ Economists on the Work of Marx....Pages 42-48
Strengths and Weaknesses of Marxist Literature....Pages 49-52
Statics and Dynamics in ‘Academic’ Economics and in Marxism....Pages 53-55
Front Matter....Pages 57-57
Value and Surplus Value Theory in the Presentation of ‘Academic’ Economics....Pages 59-63
The Theory of Value and of Surplus Value....Pages 64-69
Interpretations of the Theory of Value....Pages 70-87
The Purpose and Topical Importance of Marx’s Value Theory....Pages 88-96
Front Matter....Pages 97-97
‘Academic’ Economics and Marxian Capital and Price Theory....Pages 99-102
‘Static’ Price and Cost Theory in Marx’s Work....Pages 103-121
The Transformation Problem: Values and Prices....Pages 122-132
The Concept of Productivity and Dynamic Price Theory....Pages 133-151
Front Matter....Pages 153-153
Land Rent and Marginalism....Pages 155-158
Front Matter....Pages 153-153
Competition and Equalisation of the Rates of Profit....Pages 159-169
Microeconomic Analogies with Marxian Profit Analysis....Pages 170-186
Macroeconomic Theories of Profit and the Marxian System in Sraffa’s Renaissance Version....Pages 187-191
Front Matter....Pages 193-193
Earlier Interpretations of Marxian Wage Theory....Pages 195-199
Marx’s Wage Theory....Pages 200-213
Later Interpretations of the Marxian Wage Theory....Pages 214-225
Pauperisation and the Error of ‘Growing Poverty’....Pages 226-234
Leading Theories of Distribution....Pages 235-242
The Position of the Marxian Distribution Analysis....Pages 243-252
The ‘Ideal System of Distribution’ in the Conception of Marx....Pages 253-255
The Theory of Class Monopoly and the Problem of Distribution in Capitalism....Pages 256-260
Front Matter....Pages 261-261
Monopoly Elements and Concentration in the Judgement of Marx’s Critics....Pages 263-266
Concentration, Monopoly and Oligopoly in Marx’s Work....Pages 267-278
Monopoly and Oligopoly in Modern Marxism....Pages 279-297
Measuring the Degree of Concentration....Pages 298-307
The Cartel Debate in Marxism....Pages 308-318
Monopolisation and Instability....Pages 319-324
Front Matter....Pages 325-325
The Marxian Theory of Money in the Light of ‘Academic’ Criticism....Pages 327-331
Marx as a Monetary Theorist....Pages 332-342
The Theory of Banking and Credit in Marx....Pages 343-357
Front Matter....Pages 325-325
Marx on International Monetary Problems....Pages 358-361
Marxism and the Theory of Money....Pages 362-380
The International Currency System, the Expansion of International Trade and the Post-War Boom in Marxist Analysis....Pages 381-387
Say’s Law and ‘Hoarding’....Pages 388-390
Front Matter....Pages 391-391
An Intermediate Appraisal....Pages 393-399
Front Matter....Pages 415-415
Marx’s Theory of Foreign Trade and its Critics....Pages 417-421
Foreign Trade in Marx’s Work....Pages 422-429
The Modern Theory of International Exploitation....Pages 430-447
Front Matter....Pages 449-449
Marxian Accumulation and Growth Theory from the Viewpoint of ‘Academic’ Economics....Pages 451-460
Simple Reproduction and Analysis of the Circular Flow....Pages 461-477
Extended Reproduction and Growth Theory....Pages 478-512
Reproduction Schemes and Equilibrium....Pages 513-535
Modern Growth Theory and Marxian Analysis....Pages 536-565
The ‘Law of the Tendency of the Rate of Profit to Fall’ as a Trend Phenomenon....Pages 566-585
The Idea of Stagnation and the Problems of Growth....Pages 586-593
Front Matter....Pages 595-595
Interpretations of Marxian Business-Cycle Theories....Pages 597-605
The Under-Consumption Component....Pages 606-613
The Luxury Consumption Theory....Pages 614-616
Cycles in Replacement Investment, the ‘Echo Principle’ and Depreciation....Pages 617-623
The Concept of the Accelerator in Marx’s Work....Pages 624-628
Front Matter....Pages 595-595
The Theory of Disproportionality....Pages 629-638
The ‘Law of the Tendency of the Rate of Profit to Fall’ as a Business-Cycle Theory....Pages 639-644
Business-Cycle Theory and Marxism....Pages 645-648
Front Matter....Pages 649-649
The Analogies between Marx and Keynes....Pages 651-655
The Contrasts between Marx and Keynes....Pages 656-663
Neo-Keynesian Interpretations....Pages 664-669
Post-Keynesian Interpretations....Pages 670-674
Front Matter....Pages 675-675
Bronfenbrenner’s Synthesis of Growth and Cycle Theory....Pages 677-678
The Thesis of Fundamental Instability: Marx, Harrod and Domar....Pages 679-688
The Antithesis of the Potentially Stable Growth Path....Pages 689-696
Marx and the Theory of the ‘Collapse’ of Capitalism....Pages 697-702
The Debate on the Future of Capitalism....Pages 703-710
Front Matter....Pages 711-711
The Contribution of Marx to Economics....Pages 713-723
Marxian Economic Analysis and Socialist Systems....Pages 724-726
Conclusions....Pages 727-729
Back Matter....Pages 730-785