International agencies have contributed significantly to the promotion of capital-intensive fisheries development programs in many Third World nations. Activities of both bilateral and multilateral development assistance agencies are examined and shown to have certain common features, notably production-oriented programs typified by the introduction of powerful new fishing technologies, and the promotion of fishery exports as a means of increasing foreign exchange earnings. The argument is advanced that these programs have been largely detrimental to the best interests of recipient nations (...) because they have ignored both resource limitations and the distributional consequences of such development.Fisheries development programs in the Third World are seen as being shaped by a convergence of institutional and class interests between national and international agencies. The perspective of political economy is used to examine these interests and explain their relation to policy outcomes. Evidence is presented to show that international agencies have contributed to dualistic patterns of industry growth which have skewed development benefits towards a narrow urban elite. Rural small-scale fishers have been increasingly marginalized as a result of their inability to compete over a limited and, in some cases, depleted resource.Fisheries development and resource management need to be seen as complementary aspects of a single process rather than as separate activities. Central to fisheries management is the question of resource allocation between competing users. Suggestions are offered by which international development agencies can play an important role in encouraging resource use patterns which are both biologically sustainable and socially just. (shrink)

Active labor-market policies have developed significantly over the past two decades across Organization for Economic Cooperation and Development countries, with substantial cross-national differences in terms of both extent and overall orientation. The objective of this article is to account for cross-national variation in this policy field. It starts by reviewing existing scholarship concerning political, institutional, and ideational determinants of ALMPs. It then argues that ALMP is too broad a category to be used without further specification, and it develops a (...) typology of four different types of ALMPs: incentive reinforcement, employment assistance, occupation, and human capital investment. These are discussed and examined through ALMP expenditure profiles in selected countries. The article uses this typology to analyze ALMP trajectories in six Western European countries and shows that the role of this instrument changes dramatically over time. It concludes that there is little regularity in the political determinants of ALMPs. In contrast, it finds strong institutional and ideational effects, nested in the interaction between the changing economic context and existing labor-market policies. (shrink)

This article aims to show the importance of the vampire metaphor to Marx's work. In so doing, it challenges previous attempts to explain Marx's use of the metaphor with reference to literary style, nineteenth-century gothic or Enlightenment rationalism. Instead, the article accepts the widespread view linking the vampire to capital, but argues that Marx's specific use of this link can be properly understood only in the context of his critique of political economy and, in particular, the (...) class='Hi'>political economy of the dead. (shrink)

The hypothesis of this article is that industrial capitalism, as conceptualized by a series of authors from Smith and Marx to Weber and Sombart, and then to Galbraith and Chandler, is outdated. We are entering a new era of information or ‘post-industrial capitalism’. The term used in the article is post-industrial capitalism. This is mainly because the notion of information capitalism does not define explicitly what is really new regarding the history of capitalism. Information capitalism can be either post-Fordist, or (...) post-industrial, or even a transition period towards a post-capitalist society. The argument of the article is developed in two parts. The first offers a systematic comparison between the basic features of industrial and post-industrial capitalism. The second explores three main contradictions of post-industrial capitalism. The general idea behind this exploration is that the future of post-industrial capitalism remains open. It depends on how the contradictions of this new form of capitalism will be resolved. This, in turn, implies a critical position towards approaches that either extrapolate the economic patterns of the last two decades into the 21st century, or, by adopting sophisticated versions of technological determinism, propose a monistic scenario for the future. (shrink)

Neoclassical economic theory has often failed to reflect adequately the particular features of labour. The assumption that there are no political relationships between capital and labour has led to the development of incomplete—and sometimes false—economic models. An institutional approach, one which takes intoaccount the historical social dynamics underlying the relationship between capital and labour, shows more clearly how the asymmetry of power in the labour contract affects freedom in a wider—and political—sense. Through consideration of the different (...) forms of household government in Locke and Aristotle we can reach a better understanding of how the ancient contract of servitude, which Roman law defined as locatio conductio operarum, became today’s ‘labour contract’. This paper aims to show that the supposed contractual freedom is structurally limited by social asymmetries, in other words, by the fact that one of the parties to the contract is not completely autonomous as he/she is not a property owner. Good economic theory should seek to incorporate not only the economic dimension of social asymmetries but also their unyielding political dimension. (shrink)

Neoclassical economic theory has often failed to reflect adequately the particular features of labour. The assumption that there are no political relationships between capital and labour has led to the development of incomplete—and sometimes false—economic models. An institutional approach, one which takes intoaccount the historical social dynamics underlying the relationship between capital and labour, shows more clearly how the asymmetry of power in the labour contract affects freedom in a wider—and political—sense. Through consideration of the different (...) forms of household government in Locke and Aristotle we can reach a better understanding of how the ancient contract of servitude, which Roman law defined as locatio conductio operarum, became today’s ‘labour contract’. This paper aims to show that the supposed contractual freedom is structurally limited by social asymmetries, in other words, by the fact that one of the parties to the contract is not completely autonomous as he/she is not a property owner. Good economic theory should seek to incorporate not only the economic dimension of social asymmetries but also their unyielding political dimension. (shrink)

Contemporary political economy debates tend to assume that an increase in productivity automatically leads to an equal increase in workers’ wages. This assumption shapes the way that many scholars think about economic globalization, as well as domestic policy reforms. This assumption is particularly widespread in the field of international political economy, where it is implicitly incorporated through the use of neoclassical economic models. Rather than explore the distributional struggle between capital and labor, these models use (...) the assumption of full employment to predict that policies that increases worker productivity automatically leads to an equal increase in workers’ wages. In contrast, this article argues that the degree to which wages increase along with productivity depends on the domestic institutions that protect workers’ rights to act collectively. This article tests the relationship between worker productivity and wages by analyzing data from twenty-eight manufacturing industries, in 117 countries, from 1986 to 2002. The results demonstrate that the degree to which an increase in worker productivity leads to an increase in wages depends on a country’s level of protection for labor rights. (shrink)

This article argues that the quiet politics of informal business-state interaction explains the political determinants of growth regimes. Building on the business power literature within the study of comparative capitalism, it shows that the noisy politics of elections often leads to changes of government but rarely to fundamental changes in the growth regime. Rather, growth models can be traced to the interactions and interests of dominant corporations within a country and its policymaking elites. The argument is developed through a (...) comparative case study research design, using the case of foreign direct investment–led growth in Ireland and Hungary. FDI-led growth regimes are a universe of cases that rely on state-led industrial and enterprise policies targeting the capital investment of foreign-owned multinational firms. Despite periods of noisy electoral politics challenging basic tenets of the FDI-led growth model in both Hungary and Ireland, the continuity of FDI-oriented growth is traced to the corporate politics of business-state elite deals. (shrink)

Situating Manuel Castells's three-volume work, The Information Age, within a broad tradition of classical social theory that has sought to come to terms with the emergence of new forms of social, economic and cultural life, critical consideration is given to a series of concerns, including questions of analytic perspective and in particular the relevance of the work of Marx; the concept of the network society; the movement from production to consumption as the primary medium through which individuals are engaged within (...) contemporary society; and issues of identity and community. In contrast to Castells's identification of an ethical foundation or spirit of informationalism, it is argued that an aesthetics of consumption is central to modern society in its informational capitalist phase and that as society has become more exposed to the consequences of informationalism and the associated globalization of capital, the prospect of living in an ethically responsible manner has diminished significantly. (shrink)

Volume I is one of the most influential documents of modern times, looking at the relationship between labor and value, the role of money, and the conflict between the classes. The "forgotten" second volume of Capital, Marx's world-shaking analysis of economics, politics, and history, contains the vital discussion of commodity, the cornerstone to Marx's theories. The third volume was unfinished at the time of Marx's death in 1883 and first published with a preface by Frederick Engels in 1894, strove (...) to combine the theories and concepts of the two previous volumes in order to prove conclusively that capitalism is inherently unworkable as a permanent system for society. Here, Marx asserts controversially that - regardless of the efforts of individual capitalists, public authorities or even generous philanthropists - any market economy is inevitably doomed to endure a series of worsening, explosive crises leading finally to complete collapse. But he also offers an inspirational and compelling prediction: that the end of capitalism will culminate, ultimately, in the birth of a far greater form of society. (shrink)

Though a recent phenomenon, land grabs have generated considerable debate that remains highly polarized. In this debate, one view presents land deals as a path to sustainable and transformative rural development through capital accumulation, infrastructural development, technology transfer, and job creation while the alternative view sees land grabs as a new wave of neo-colonization, exploitation, and domination. The underlying argument, at least theoretically, is that international land deals unlock the much needed capital to accelerate the achievement of sustainable (...) and transformative rural development in developing countries. It is against this backdrop that this paper examines the contribution of large scale land deals in Malawi to rural development by employing the political economy perspective using the Limphasa Sugar Corporation as a case study with particular focus on the nature and interest of the actors involved; the legal framework supporting large scale land deals; major individual and community benefits; and the extent to which these large land deals can indeed bring about sustainable and transformative rural development. The findings of this article demonstrate that large scale land deals present short term benefits to local communities such as capital for rural development; technology transfer and job creation in exchange for the priceless economic and social capital that local people depend upon; destruction of local social systems; deepening of local communities’ vulnerability to economic shocks; and the entrenchment of community dependence that may in the long run result in social and political unrest. (shrink)

While popular science writers typically describe the benefits to be derived from their favorite very large space development project in detail; their treatment of the crucial initial capitalization of such projects is typically sparse or implausible. Capitalization is a crucial problem for these projects because the total capital investment required is very large and the investment takes a very long time before producing economic returns. “Chunky” investments are unattractive to most private investors and lenders. Very large space development projects (...) are best understood as massive public works projects which are necessary to open frontiers. Despite the libertarian sentiments in much of the popular science writing on very large space development projects; government would likely have to play a large role in capitalizing such projects. (shrink)

This paper develops a political economic explanation of the 2007–9 US subprime crisis which focuses on one of its central causes: the transformation of racial exclusion in US mortgage-markets. Until the early 1990s, racial minorities were systematically excluded from mortgage-finance due to bank-redlining and discrimination. But, then, racial exclusion in credit-markets was transformed: racial minorities were increasingly given access to housing-credit under terms far more adverse than were offered to non-minority borrowers. This paper shows that the emergence of the (...) subprime loan is linked, in turn, to the strategic transformation of banking in the 1980s, and to the unique global circumstances of the US macro-economy. Thus, subprime lending emerged from a combination of the long US history of racial exclusion in credit-markets, the crisis of US banking, and the position of the US within the global economy. From the viewpoint of the capitalist accumulation-process, these loans increased the depth of the financial expropriation of the working class by financial capital. The crisis in subprime lending then emerged when subprime loans with exploitative terms became more widespread and were made increasingly on an under-collateralised basis – that is, when housing-loans became not just extortionary but speculative. (shrink)

Marx’s Inferno reconstructs the major arguments of Karl Marx’s Capital and inaugurates a completely new reading of a seminal classic. Rather than simply a critique of classical political economy, William Roberts argues that Capital was primarily a careful engagement with the motives and aims of the workers’ movement. Understood in this light, Capital emerges as a profound work of political theory. Placing Marx against the background of nineteenth-century socialism, Roberts shows how Capital was (...) ingeniously modeled on Dante’s Inferno, and how Marx, playing the role of Virgil for the proletariat, introduced partisans of workers’ emancipation to the secret depths of the modern “social Hell.” In this manner, Marx revised republican ideas of freedom in response to the rise of capitalism. Combining research on Marx’s interlocutors, textual scholarship, and forays into recent debates, Roberts traces the continuities linking Marx’s theory of capitalism to the tradition of republican political thought. He immerses the reader in socialist debates about the nature of commerce, the experience of labor, the power of bosses and managers, and the possibilities of political organization. Roberts rescues those debates from the past, and shows how they speak to ever-renewed concerns about political life in today’s world. (shrink)

Political Economy and the Novel: A Literary History of 'Homo Economicus' provides a transhistorical account of homo economicus (economic man), demonstrating this figure's significance to economic theory and the Anglo-American novel over a 250-year period. Beginning with Adam Smith's seminal texts - Theory of Moral Sentiments and The Wealth of Nations - and Henry Fielding's A History of Tom Jones, this book combines the methodologies of new historicism and new economic criticism to investigate the evolution of the homo (...) economicus model as it traverses through Ricardian economics and Jane Austen's Sanditon; J. S. Mill and Charles Dickens' engagement with mid-Victorian dualities; Keynesianism and Mrs Dalloway's exploration of post-war consumer impulses; the a/moralistic discourses of Friedrich von Hayek, and Ayn Rand's Atlas Shrugged; and finally the virtual crises of the twenty-first century financial market and Don DeLillo's Cosmopolis. Through its sustained comparative analysis of literary and economic discourses, this book transforms our understanding of the genre of the novel and offers critical new understandings of literary value, cultural capital and the moral foundations of political economy. (shrink)

This paper develops a political economic explanation of the 2007–9 US subprime crisis which focuses on one of its central causes: the transformation of racial exclusion in US mortgage-markets. Until the early 1990s, racial minorities were systematically excluded from mortgage-finance due to bank-redlining and discrimination. But, then, racial exclusion in credit-markets was transformed: racial minorities were increasingly given access to housing-credit under terms far more adverse than were offered to non-minority borrowers. This paper shows that the emergence of the (...) subprime loan is linked, in turn, to the strategic transformation of banking in the 1980s, and to the unique global circumstances of the US macro-economy. Thus, subprime lending emerged from a combination of the long US history of racial exclusion in credit-markets, the crisis of US banking, and the position of the US within the global economy. From the viewpoint of the capitalist accumulation-process, these loans increased the depth of the financial expropriation of the working class by financial capital. The crisis in subprime lending then emerged when subprime loans with exploitative terms became more widespread and were made increasingly on an under-collateralised basis – that is, when housing-loans became not just extortionary but speculative. (shrink)

Ben Fine traces the origins of social capital through the work of Becker, Bourdieu and Coleman and comprehensively reviews the literature across the social sciences. The text is uniquely critical of social capital, explaining how it avoids a proper confrontation with political economy and has become chaotic. This highly topical text addresses some major themes, including the shifting relationship between economics and other social sciences, the 'publish or perish' concept currently burdening scholarly integrity, and how a (...) social science interdisciplinarity requires a place for political economy together with cultural and social theory. (shrink)

The left must confront the politics of removing carbon from the atmosphere – a topic rapidly making its way to the top of the climate agenda. We here examine the technology of direct air capture, tracing its intellectual origins and laying bare the political economy of its current manifestations. We find a space crowded with ideology-laden metaphors, ample fossil-capital entanglements and bold visions for a new, ethereal frontier of capital accumulation. These diversions must be cut short (...) if a technology with the capacity to help repair at least some climate damage is to be of any use. Only socialising the means of removal will allow this to happen. (shrink)

Understanding how recorded and amplified stage musics contribute towards producing the Anthropocene necessitates attending to complex transnational flows of material, capital and labor, and how they coalesce into technological objects. This is complicated by the wide array of sites, practices and knowledges involved during various stages of the production process, from initial resource extraction, to smelting, component manufacturing, technology assembly, and distribution. To develop a suitable technological ethics, and to understand what happens to environments and to human, animal and (...) plant lifeworlds, requires one to resist abstraction and undertake a global accounting of resource ecologies with recourse to planetary-scale political economy. Towards this goal, I provide a partial account of an early 2000s mic preamp, a mundane but nonetheless fetishised recording studio technological object. I focus on two metals, tin and tantalum, that are primarily extracted for electronics manufacturing, and two building blocks of electronics, solder and capacitors, which are essential for making contemporary electronics. (shrink)

The introduction of the concept of capital inCapital– with the words ‘we find’ – has provoked a great deal of discussion about the precise relation between the categories of simple circulation and the concept of capital. In this article, I argue that Marx derives the concept of capital by way of an analysis of the immanent contradictions of money, and that this dialectical derivation can be understood as a conceptual movement in which the concepts of money and (...) capital progressively change their modal status. Furthermore, I examine the development of this transition to capital throughout Marx’s writings from the period 1857 to 1872, arguing that the same arguments can be found in all the relevant writings. Finally, the article provides a critical review of the literature on the transition to capital. (shrink)

After genetically engineered Bt cotton lost its effectiveness in central and southern Indian states, pink bollworm infestations have recently returned to farmers’ fields and have substantially shifted their vulnerability context. We conceive Bt cotton as a neoliberal technology that is built to protect farmers only temporarily from Lepidopteran pests while ultimately driving the further concentration of capital. Based on data from a representative survey of the three major cotton-producing districts of the state of Telangana, we find that pink bollworm (...) pest infestations are a shock to farmers that lead to severe losses in yield and income. Using the vulnerability concept as a framework, we embed our findings in a political-economic context by drawing on Harvey’s notion of accumulation by dispossession. We argue that Bt cotton includes an inherent sociobiological obsolescence that results in a systematic dispossession of resource-poor households while providing appropriation opportunities for other actors. Finally, reproduced hegemonic structures facilitate the accumulation of capital through a redistribution of assets from the bottom to the top of the agricultural sector. Claims that considered Bt cotton as a pro-poor technology were thus flawed from the outset. (shrink)

In the Global North, Urban Agriculture is being considered as a way to overcome malnutrition and promote local, ethical production. UA can be understood through two phenomena integral to the capitalist mode of production: capital centralisation and rent. Centralisation explains why capitalist agriculture industrialises, while rent provides a theoretical framework for understanding how social and spatial relations structure urban land uses. Urban farming can occupy niches of the capitalist marketplace; however, its prospects for replacing large-scale agriculture and providing similar (...) use-values are limited. Its expansion is bounded by rising land values expressed in rent, as Detroit’s urban farm, Markham’s food belt, Los Angeles’s community garden, and initiatives in other cities demonstrate. The key tasks for political ecologists are two-fold: situating UA within capital’s drive to accumulate and proposing strategic perspectives that challenge these inherent tendencies. (shrink)

This article examines two views about the capitalism that lies at the heart of modern industrial society. We owe to Marx and Piketty two large-scale, hugely important, but very different studies of the nature of modern industrial capitalism. In Capital, Marx provides a complex analysis of the anatomy of modern industrial capitalism, which he regards not as stable but rather as over time unstable and tending toward internal collapse on several grounds, of which the most important is apparently the (...) so-called tendency of the falling rate of profit. The falling rate of profit supposedly threatens its continued existence. Piketty criticizes the latter view in the context of his theory of contemporary capitalism. The article suggests, first, that Marx's view of the falling rate of interest is empirically implausible but Piketty's rival claim is empirically plausible. Second, a successful transition from capitalism to communism on Marxian grounds is unlikely in practice. And finally, despite Marx's intentions, it is unlikely to realize itself in practice, and is in this respect a traditional theory. (shrink)

In recent debates about inequality, many have pointed to the predominant position of the finance. This article highlights that structural power, not lobbying resources, are key to explaining variations across countries. It examines finance-government negotiations over national bank rescue schemes during the recent financial crisis. Given the structural power of finance, the variation in bank bailouts across countries cannot be explained by lobbying differences. Instead of observing organized interest intermediation, we can see that disorganization was crucial for the financial industry (...) to get off the hook and let the government carry the burden of stabilizing the economy. Put differently, structural power is strongest when finance remains collectively inactive. In contrast to traditional accounts of the lobbying influence of finance, the comparison highlights that the lack of organization can have crucial redistributive consequences. (shrink)

This paper takes what has been termed the “epidemic of obesity” as the point of departure to examine the way in which political economic factors intersect with diet and nutrition to determine adverse health outcomes. The paper proposes several concepts to better understand the dynamics of the “foodscape” – institutional sites for the merchandising and consumption of food. These include the concepts of “spatial colonization” and “pseudo foods.” With a focus on critical dimensions of the contemporary “foodscape,” principally supermarket (...) merchandising practices, as well as trends in other food vending operations, the paper explores incentives that motivate capital to “spatially colonize” the foodscape with aggressively promoted high fat/high sugar “pseudo foods.” The paper reports on extensive research on trade industry publications as well as data collected through onsite investigations of supermarket practices of the three largest Canadian retail supermarket operations. In addition, current merchandising practices of convenience chain store operations and some non-traditional food vending sites are examined. In concluding, it is argued that the rapidly evolving interdisciplinary debate around the obesity crisis would benefit considerably from the insights to be gained from political economic analysis of retail food industry practices and trends. (shrink)

Christian Marazzi's first book: a post-Fordist classic on the roots to economic crises in the contemporary age. Communication as work: we have recently experienced a profound transformation in the processes of production. While the assembly line excluded any form of linguistic productivity, today, there is no production without communication. The new technologies are linguistic machines. This revolution has produced a new kind of worker who is not a specialist but is versatile and infinitely adaptable. If standardized mass production was dominant (...) in the past, today we produce an array of different goods corresponding to specific consumer niches. This is the post-Fordist model described by Christian Marazzi in Capital and Affects. Tracing the development of this new model of labor from Toyota plants in Japan to the most recent innovations, Marazzi's critique goes beyond political economy to encompass issues related to social life, political engagement, democratic institutions, interpersonal relations, and the role of language in liberal democracies. This translation at long last makes Marazzi's first book available to English readers. Capital and Affects stands not only as the foundation to Marazzi's subsequent work, but as foundational work in post-Fordist literature, with an analysis startlingly relevant to today's troubled economic times. This Semiotext edition includes the afterword Marazzi wrote for the 1999 Italian edition. (shrink)

Mark Pennington’s Robust Political Economy is a systematic exposition of a framework for analyzing institutional performance. The Robust Political Economy framework evaluates institutions according to their ability to solve knowledge and incentive problems. On grounds of robustness, Pennington combines insights from Austrian market-process theory and public-choice theory to defend classical liberalism from several compelling critiques. These include theories of market failure in economics; communitarian, deliberative-democratic, and liberal-egalitarian theories of justice; and concerns with social capital, domestic (...) and international poverty, and ecology. (shrink)

This paper explores the methodological foundations of Thomas Piketty's recent book Capital in the twenty-first century. The current literature on Piketty's work lacks consensus as to which paradigm of economic thought Capital fits into. In response to that literature, this paper argues that Piketty offers a new methodological direction for economic science in the form of an analytical 'new-historicism'. The central emphasis of this methodology is an analysis of general dynamic laws on three levels: distribution, institutions, and history. (...) A new-historical methodological framework applies new analytical tools to old economic problems raised by Smith, Ricardo, Marx, and others. This distinguishes Piketty's framework from other contending paradigms or schools of economic thought, thereby alleviating confusion in the current literature surrounding Piketty's book. (shrink)

Alain Badiou’s theoretical work maintains an ambiguous relation to Marx’s critique of political economy. In seemingly refusing the Marxian analytical strategy of displacement and referral across the fields of politics and economy, Badiou is frequently seen to be lacking a rigorous theoretical grasp of capitalism itself. In turn, this is often seen as a consequence of his understanding of political subjectivity. But the origins of this ‘lack’ of analysis of the social relation called ‘capital’ in (...) his work can also be investigated by means of a detour into the economic writings of theUnion des communistes de France marxiste-léniniste, the political organisation in which Badiou played a leading rôle throughout the 1970s in particular. By excavating this theoretical work of the 1970s, we can identify more precisely the historical and political reasons behind Badiou’s ambiguous relation to Marx and specifically to Marx’s systematic grasp of the logic of capital. This excavation will consequently lead us to a reflection on the limits and openings in Badiou’s thought for the Marxian critique of political economy. (shrink)

This book presents the main economic argument developed by Marx in the three volumes of Capital in a coherent and comprehensive manner. It also delves into three long-standing debates in Marxist political economy: the transformation problem, the Okishio theorem, and theories of exploitation and oppression. Starting with discussions of methodology, including dialectics and historical materialism, the book explains key concepts of Marxist political economy: commodity, value, money, capital, reserve army of labour, accumulation of (...) class='Hi'>capital, circuit of capital, reproduction schemas, prices of production, profit, interest and rent. Scholars of economics, sociology, geography, political science, anthropology, and other kindred disciplines, will find here an accessible yet rigorous treatment of Marxist political economy. (shrink)

In the Poroi, Xenophon’s radical solution to Athens’ financial problems includes several ideas vital to the field of political economy. His identification of justice with the pursuit of wealth provides an alternative to the power politics that for half a century had taken Athens into a series of self-destructive imperial wars. He supports his idea of economic growth with arithmetic calculations, and he connects the results to traditional Greek views of public rewards and benefits. From this he crafts (...) a goal-directed strategy for economic growth designed to foster good will through incentives rather than coercion. This brief commentary on the text shows how Xenophon’s positive claims are based not on a modern demand-side conception of economic stimulation, but rather on building productive capital. He is a proto-Saysian, not a Keynesian. Xenophon’s proposals range beyond the polis into a pan-Hellenic vision of increasing trade that is centred on Athens, monetized with Athenian coinage, and idealized into the common peace that the Greeks had so long desired but so little achieved. (shrink)

Communication as work: we have recently experienced a profound transformation in the processes of production. While the assembly line excluded any form of linguistic productivity, today, there is no production without communication. The new technologies are linguistic machines. This revolution has produced a new kind of worker who is not a specialist but is versatile and infinitely adaptable. If standardized mass production was dominant in the past, today we produce an array of different goods corresponding to specific consumer niches. This (...) is the post-Fordist model described by Christian Marazzi in Capital and Affects. Tracing the development of this new model of labor from Toyota plants in Japan to the most recent innovations, Marazzi's critique goes beyond political economy to encompass issues related to social life, political engagement, democratic institutions, interpersonal relations, and the role of language in liberal democracies.This translation at long last makes Marazzi's first book available to English readers. Capital and Affects stands not only as the foundation to Marazzi's subsequent work, but as foundational work in post-Fordist literature, with an analysis startlingly relevant to today's troubled economic times.This Semiotext edition includes the afterword Marazzi wrote for the 1999 Italian edition. (shrink)

Safronov’s Nietzsche’s Political Economy is a pioneering appraisal of Nietzsche’s critique of industrial culture and its unfolding crisis. The author contends that Nietzsche remains unique in conceptualizing the upheavals of modern political economy in terms of the crisis of its governing values. Nietzsche scrutinises the norms which, not only preside over the unfathomable build-up in debt, the proliferation of meaningless, impersonal slavery and the rise of increasingly repressive social control systems, but inevitably set these precarious tendencies (...) of modern political economy on a collision course liable to culminate in an unprecedented human and environmental catastrophe. Safronov explores the core themes of Nietzsche’s political economy—debt, slavery, and the division of labour—with reference to the influential views of Adam Smith and Karl Marx, as well as against the backdrop of the Long Depression (1873–1896), the first truly international crisis of industrial capitalism, during which most of Nietzsche’s work was completed. -/- In Nietzsche’s assessment, modern political economy is predicated on the valuations that diminish humankind’s prospects and harm the planet’s future by consistently enfeebling the present, as long as there is profit to be made from it. Nietzsche’s critical insight, which challenges the most fundamental tenet of modern economics and finance, is that in order to build a stronger and intrinsically more valuable future in lieu of simply speculating on it, as though the liberal Promised Land could descend upon us like the manna from heaven at the wave of an invisible hand [of the market], it is necessary to walk from the future we dare to envisage resolutely back to the present we inhabit to determine what demands achieving such a vision would impose upon us, instead of embellishing the ‘here and now’ by cynically discounting the future to the [net] value of the present while disparaging, disowning and rewriting the past to unburden ourselves of its troubling legacy, as we continue to frivolously squander its capital to the alluring tunes of the ‘sirens who in the marketplace sing to us of the future’. The enabling mechanism for changing our valuing perspectives, Nietzsche tells us, lies dormant in us and it must be unlocked before it is too late. (shrink)

From Bohm-Bawerk on, political economists have seemingly blown great holes in Marxism, disproving its key concepts and falsifying Marx's predictions. In this book, Geoffrey Pilling maintains that even the most devastating of such factual analyses are fruitless because they misconstrue the nature of Marx's critique. In Pilling's presentation, Marx's critique of political economy is not "economic" but philosophic. In criticizing political economy, Marx transcends it and in so doing is essentially immune from any analysis which (...) turns on "facts." According to Pilling, "Marx's work cannot be reduced to a series of results, to be tested against the 'facts' of capitalist development". Pilling, following the lead of Lenin, seeks to overturn the "shallow empiricism" which has led to the degeneration of Marxism. It is Pilling's aim to recover the "philosophical method" of Capital, i.e., to re-work Capital in the light of Hegel's Logic, to rehabilitate dialectic over empiricism. Pilling begins by showing how "... Marx's critique of political economy [is] of a philosophic nature, rather than one concerned with the details of economic theory alone". Marx, as we know, rejects the individualism of political economy which derives from Locke. He condemns the uncritical and "ahistorical" character of political economy, i.e., the tendency to treat the categories of economics as natural. According to Pilling's. (shrink)

Especially during the brief post-revolutionary period before the rise of Stalinism, certain thinkers in the Soviet milieu offered some attention-worthy reflections regarding Freud’s body of work. In particular, Luria and Vygotsky put forward thoughtful Marxism-informed assessments of the metapsychology and methodology of psychoanalysis. And strong cross-resonances are audible between these Soviet thinkers’ reflections and the early stages of Western Marxism’s rapprochement with Freud, starting in texts by Reich and Fenichel and continuing with the Frankfurt School, of whose members Marcuse arguably (...) furnishes the most sophisticated and sustained engagement with analysis. In this essay, I argue that Luria, Vygotsky, Reich, Fenichel, and Marcuse share in common a fundamentally correct insight according to which the theory of drive (Trieb) is a load-bearing pillar for any psychoanalytic Marxism. Moreover, not only is the Freudian metapsychological concept of drive applicable to and productive of Marxism and its form(s) of materialism—echoing Lacan’s claim that Marx invented the symptom, I contend, here and elsewhere, that Marx’s mature critique of political economy already anticipates the later analytic idea of Trieb. In fact, I would go so far as to credit Marx with (also) being the inventor of the analytic drive (albeit avant la lettre). (shrink)

In this text I will try to explain the theoretical specificity of critique of political economy. I will primarily found my arguments on the texts of Michael Hein- rich and John Milios. To this I will firstly scatch the theoretical context of economic theories that exited at the time of emergence of critique of political economy. Than, I will present main differences in approach that we can find in Marx?s Capital with repsect to the concepts (...) that are utilised and questions that he tries to answer. In the end I will present the directions of development of the critique of political economy that are realted to this basic insight. nema. (shrink)

This paper is based on the Isaac and Tamara Deutscher Memorial-Prize Lecture given at SOAS in London, on 27 November 2009. It claims that Marxism remains built around a critique of political economy but lacks a parallel critique of international relations. IR naturalises the organisation of inter-state relations along lines comparable to the naturalisation of the capitalist economy by economics. The paper argues that the disciplinary organisation of Western academia is part of the class-discipline in society at (...) large. It was triggered by the abstraction of economics from the field of the broader social sciences. IR, in turn, was codified in the slipstream of Woodrow Wilson’s response to the Russian Revolution that followed on from the US-intervention in World-War I. The discipline was built around a founding myth of global liberalism and national self-determination. It served, among other things, to disqualify the claims of the theory of imperialism on disciplinary grounds, and its initial connections with Western hegemony, capital, and the national-security state remain in place today. Distinguishing modes of foreign relations, and specifying the occupation of space, protection, and exchange for tribal and empire/nomad foreign relations, as well as sovereign equality and global governance, on the other hand make it possible to understand the rise and continuing hegemony of the West in its own right, rather than as a superstructure of the transnationalisation of capital. (shrink)

The year 1996 was regarded by a considerable part of contemporary literature on global political economy as a definite turning point in modern history. The majority of experts tended to see the starting point of take‐off that year, but others—not a negligible minority—saw omens of disastrous recession and lasting depression. It appears the time has not yet come. The question is now that of the incalculable resultant of runaway (deregulated) forces of the international financial “whirlpool”, of a random (...) process of global, regional and local accumulation of capital. The year 1997 will set in with a foreseeable and calculable agrarian and related cycle and it may find an outlet for accumulated tensions of capital accumulation at the high tide of unemployment (demographic or migratory) wave with unforeseeable and incalculable effects and side‐effects. This will be just the beginning of the end and a Black Weekday still lies ahead of us. There can be no doubt that we live in a transition period but we do not know where this transition leads to. Loose talk about “post‐industrial society”, “post‐modern age” and “postsomething anything” has limited interpretative power. Very few students of social sciences venture to see and verify secular trends in world history. (shrink)

John Searle’s The Construction of Social Reality and Hernando de Soto’s The Mystery of Capital shifted the focus of current thought on capital and economic development to the cultural and conceptual ideas that underpin market economies and that are taken for granted in developed nations. This collection of essays assembles 21 philosophers, economists, and political scientists to help readers understand these exciting new theories.

Written between 1857 and 1858, the Grundrisse is the first draft of Marx’s critique of political economy and, thus, also the initial preparatory work on Capital. Despite its editorial vicissitudes and late publication, Grundrisse contains numerous reflections on matters that Marx did not develop elsewhere in his oeuvre and is therefore extremely important for an overall interpretation of his thought. In this collection, various international experts in the field, analysing the Grundrisse on the 150th anniversary of its (...) composition, present a Marx in many ways radically different from the one who figures in the dominant currents of twentieth-century Marxism. The book demonstrates the relevance of the Grundrisse to an understanding of Capital and of Marx’s theoretical project as a whole, which, as is well known, remained uncompleted. It also highlights the continuing explanatory power of Marxian categories for contemporary society and its present contradictions. With contributions from such scholars as Eric Hobsbawm and Terrell Carver, and covering subject areas such as political economy, philosophy and Marxism, this book is likely to become required reading for serious scholars of Marx across the world. (shrink)

The philosophy of economics has been largely guided by analytic philosophy. Even Marx has been appropriated without much scandal by economists who separate his scientific contributions from his politics. In this article, I place philosophical hermeneutics (i.e., Heidegger and Ricoeur) in dialogue with the conventional understanding of land as a factor of production. The history of political economy misunderstands land as an entity classifiable as property and capital. I argue instead that land's ontological role, deriving from Heidegger's (...) concept of earth, suggests that economics needs to account for it in a new way according to David Ricardo's notion of land rent. (shrink)

Known as the "economist's economist" for his work on creating a synthetic economic theory, Swedish economist Knut Wicksell was a controversial, but highly influential figure in modern economic thought. His contributions to marginal productivity theory, income distribution and, most notably, his theory of interest would come to have a profound impact upon twentieth century economic theory, not least in the work of John Maynard Keynes. First published in English in 1934 and 1935, this _Routledge Revival_ set is a reissue of (...) his two volume work on political economy, first published in Sweden in 1901 and 1906. This work is aimed at both the professional economist and the advanced student alike, as well as all those interested in the theoretical development of political economy. Volume I concerns itself predominiantly with issues of theory: specifically the theory of value, the theory of production and distribution and the theory of capital accumulation. Volume II deals with theories relating to money, currency and credit. _For institutional purchases for e-book sets please contact [email protected]. (shrink)