Value and Crisis: Essays on Labour, Money and Contemporary Capitalism

Value and Crisis: Essays on Labour, Money and Contemporary Capitalism......Page 4
Copyright......Page 5
Contents......Page 6
Acknowledgements......Page 10
Introduction......Page 12
1	Method......Page 13
2	The Theory of Value......Page 14
3	Systems of Accumulation......Page 17
4	Neoliberalism......Page 18
5	Outline of the Book......Page 21
Part 1: Essays on the Theory of Value......Page 24
1 Marxist Economics......Page 26
1	The Method and Approach of Marxist Political Economy......Page 27
2	The Labour Theory of Value......Page 29
3	Commodities, Labour and Value......Page 31
4	Capital and Capitalism......Page 33
5	From Value to Surplus Value......Page 35
6	Profit and (Increasing) Exploitation......Page 37
8	Conclusion......Page 39
2 The Relevance of Marx's Theory of Value......Page 42
1	Interpretations of Marx's Theory of Value......Page 43
2	Value Theory and Class Analysis......Page 55
3	Conclusion......Page 76
3 Labour, Money and 'Labour-Money': A Review of Marx's Critique of John Gray's Monetary Analysis......Page 78
1	Labour, Money, Exploitation......Page 79
2	Marx on Labour and Money......Page 82
3	Money, Value, and Price......Page 86
4	The Other Functions of Money......Page 89
5	Labour-Money in Retrospect......Page 92
6	Conclusion......Page 94
4 Capital Accumulation and the Composition of Capital......Page 95
1	Capital and Exploitation......Page 96
2	Understanding the Composition of Capital......Page 100
3	Production and the Composition of Capital......Page 102
4	Capital Accumulation......Page 108
5	Conclusion......Page 110
5 The 'Transformation Problem'......Page 112
1	The 'Problem'......Page 113
2	Alternative Interpretations......Page 116
3	Marx's Transformation: A Review......Page 120
4	The Transformation and its Method......Page 125
5	Conclusion......Page 126
6 Transforming the Transformation Problem: Why the 'New Interpretation' is a Wrong Turning......Page 129
1	The 'New Interpretation': A Simple Formal Presentation......Page 131
2	Value of Money......Page 133
3	Value of Labour Power......Page 138
4	Structure, Sequence and Dynamics......Page 142
5	Conclusion......Page 146
7 The Supply of Credit Money and Capital Accumulation: A Critical View of Post-Keynesian Analysis......Page 149
1	The Fundamental Process of Endogenous Money Creation......Page 150
2	Commodity and Credit Money Systems......Page 153
3	Money and Inflation......Page 155
4	Two Steps Forward - One Step Back......Page 157
5	Conclusion: What is Important for the Way Ahead?......Page 170
8 Inflation Theory: A Critical Literature Review and a New Research Agenda......Page 173
1	Conflict and Inflation......Page 175
2	Monopolies, Underconsumption, and Inflation......Page 180
3	Credit, Extra Money, and Inflation......Page 183
4	Conclusion......Page 193
Part 2: Essays on Contemporary Capitalism......Page 196
1	Capitalism and Anti-Capitalism......Page 198
2	September 11 and Beyond......Page 202
3	Four Pressing Issues......Page 203
4	The Way Ahead......Page 215
5	Leaving Capitalism Behind......Page 216
10 Neoliberalism......Page 218
1	Neoliberal Ideas......Page 219
2	Policy Shifts and Institutional Changes......Page 221
3	Classes and Class Struggle......Page 223
4	Neoliberalism, Financialisation and Globalisation......Page 224
5	Contradictions and Limitations......Page 226
11 Thirteen Things You Need to Know About Neoliberalism......Page 229
1	A New Stage......Page 230
2	An Ideology?......Page 233
3	A Reaction?......Page 235
4	Markets and States......Page 237
5	Financialisation......Page 238
6	Policy Changes......Page 241
7	The Balance of Power......Page 242
8	Scholarship, Policy and Practice......Page 245
9	Two Phases......Page 246
10	Variegated Neoliberalism......Page 247
11	Everyday Life......Page 250
12	Growth, Volatility and Crises......Page 252
13	Alternatives......Page 253
12 Democracy against Neoliberalism......Page 255
1	Capitalism and Democracy......Page 258
2	Democracy in the Age of Neoliberalism......Page 263
3	The Limitations of Neoliberal Democracy......Page 267
4	Economic and Political Imbalances......Page 268
5	Globalism and (Nation-)States......Page 270
6	New Authoritarianism......Page 271
7	Transcending Neoliberalism through Radical Democracy......Page 272
8	Conclusion......Page 277
13 Monetary Policy and Neoliberalism......Page 280
1	Monetary Policy for Mature Neoliberalism......Page 281
2	Inflation Targeting and Central Bank Independence......Page 283
3	The New Monetary Policy Consensus in Practice......Page 285
4	The Performance of Inflation-Targeting Regime and Central Bank Independence......Page 288
5	Costs of the New Monetary Policy Consensus......Page 289
6	The Impact of the Global Crisis......Page 294
7	Conclusion......Page 297
1	Neoliberalism and Its Critics......Page 300
2	Neoliberalism and Development......Page 304
3	Neoliberalism, Politics and Development......Page 309
4	Conclusion......Page 311
1	Neoliberalism and Financialisation......Page 313
2	Financialisation and Social Discipline......Page 316
3	Neoliberalism's Contradictions......Page 319
4	Not Moving Forward......Page 321
5	Coming Out of Left Field......Page 325
References......Page 330
Index......Page 360