A History of Marxian Economics, Volume 2: 1929-1990 by M. C. Howard, John E. King

By M. C. Howard, John E. King

Follows on from the 1st quantity which handled the interval from the demise of Marx in 1883 to 1929. From 1930 onmwards the emphasis for theoretical research started to shift westwards, in order that within the post-war period the heartland of Marxian political financial system lay in Western Europe and North the US. New difficulties additionally arose during this interval, and parts of Marx's economics which had past bought scant awareness have been elavated to bigger prominance. additionally after 1929 theoretical advancements in Marxian economics grew to become indifferent from winning progressive perform. 1929 was once a yr of substantial promise for Marxism. within the East, Stalin secured the seizure of strength in 1917 by way of wearing via a "revolution from above" which created a brand new mode of creation, speedily sped up monetary improvement, and gave beginning to a brand new orthodoxy. within the West, the onset of the nice melancholy promised the industrial cave in of capitalism and the finishing of Soviet isolation. "A heritage of Marxian Economics quantity 2, 1929-1990" takes an summary of Marxian economics, outlining the main major strategies, the incorporation of Keynesian idea into Marxism, in addition to tackling the hot theories of Imperialism and finishing with an research of present controversies in economics and their hyperlinks to a Marxist concept.

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Moszkowska, Das Marxsche Syslem, pp. J28, 142-3. 50. Strachey, Nmure of Capi/alis/ Crisis, p. 320. 51. Sweezy, T/¡eory, pp. 147-55; Dobb Poli/ical Economy, pp. 123-5. 52. Corey, Decline, pp, 74-93; Varga, The Grear Crisis, pp. 86-98. 53. Tugan-Baranovsky, SI/Idien zur Theorie, pp. 27-32; Hilferdíng, Final/ce Capila/, pp. 257-66; d. Ch 10 of volume I of Ihis book. 54. 0, Bauer, Kapiralisllllls ¡/lid Sozialismus Nach dem We/¡krieg (Vienna: Wiener Vo1ksbuchhand1ung, 1931) p. 199; Naphtali, Wirrschaflskrisis, pp.

It offers a c1ear and plausible model of cyclical fluctuations along the following lines. Accumulation commences while there is still a substantial reserve army of Ihe unemployed, relatively low real wages, and high rates of exploítation and of profit. Although constant capital is accumulated more rapidly than variable capital, the demand for labour power expands. The reserve army shrínks, and real wages begin to rise. Soon they outstrip ahe growth in the productívity of labour, depressing the rate of exploitatíon and lowering the profit rateo This chokes off investment and brings accumulation lo a hall.

6. F. Pollock. 'Bemerkungen zur Wirtschaflskrise', Zeilschrifl für Sozialforschung 2 (1933), pp. 324--5. 7. Naphtali, Wirtschaftskrisis, p. 12; Pollock, 'Bemerkungen', p. 325n; cf. E. Mandel, Long Waves of Capitalisl Development (Cambridge: Cambridge University Press, 1980) and L. sky, 'The Curve of Capitalist Development' (1923) in Trotsky, Problems of Everyday Lije (New York: Monad Press, 1979), pp. 272-80. 8. Naphtali, Wirtschaftskrisís, pp. 11-13; O. Bauer, Zwischen Zwei Weltkriegen? (Bratislava: Eugen Prager Verlag, 1936), pp.

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