I should like to thank Ben Fine, Costas Lapavitsas and Dimitris Milonakis for their stimulating and detailed comments. In the limited space available, I cannot respond to every criticism. A number of criticisms appear to be a matter of mere semantics. In the Marxian literature, the term ‘crisis’ is often used to refer to extended downturns as well as to short and sharp declines. And Marx himself defines the organic composition of capital as the value composition considered ‘in so far (...) as this is determined by its technical composition and reflects it’, which is how the value composition is considered in my paper. Nor will I respond to the charge that my ‘use of Grossmann is mechanical and unpersuasive’, since I am not sure what exactly the objection is. Firstly, I will take up the criticisms regarding the logical structure of Capital. Then I move on to consider one substantive issue raised regarding the tendency for the falling rate of profit. I will next respond to criticism of my treatment of the relation between systematic and historical dialectics. Finally, I respond to criticism of my main thesis overall. (shrink)

Neoclassical economics remains the leading theoretical alternative to Marxian economics. In this article I shall contrast the accounts of technical change in capitalism proposed by both theories. I shall introduce five criteria relevant to a comparison of competing social theories, and argue that the Marxian perspective on technical change in capitalism is superior on all five counts.

This paper examines a series of Schelling-like models of residential segregation, in which agents prefer to be in the minority. We demon- strate that as long as agents care about the characteristics of their wider community, they tend to end up in a segregated state. We then investigate the process that causes this, and conclude that the result hinges on the similarity of informational states amongst agents of the same type. This is quite di erent from Schelling-like behavior, and sug- (...) gests (in his terms) that segregation is an instance of macro behavior which can arise from a wide variety of micro motives. (shrink)

Arash Abazari's Hegel's Ontology of Power is a superb study of the relevance of Hegel's logic to Marx's theory. Hegel is often dismissed by Marxists as an ‘idealist’ denying the reality of the world, as if Hegel were Bishop Berkeley with a German accent.1 Abazari recognizes this is not the case: ‘(T)he logical categories are not self-standing, but shadow, or track, the empirical world’ (Abazari 2020: 7). But the world in its full actuality does not simply consist of the objects (...) we sense or perceive. It is intrinsically intelligible, and its intelligibility can be comprehended only in thought. When it is, the ‘idealist’ thesis of the identity (in difference) of thought and being holds. Anyone asserting a truth claim implicitly asserts this identity. In so far as Marx asserts that Capital comprehends the capitalist mode of production, he too is an ‘idealist’ in the Hegelian sense of the term. (shrink)

In a step-by-step progression through Marx's three volume work, discovers a systematic theory of socio-economic categories ordered according to the dialectical logic derived from Hegel.

Smith begins with a comprehensive analysis of social theory, presents a defense of Jurgen Habermas' main contribution to social ethics and contrasts Habermas' rational foundation for ethics with the decisionism defended by Max Weber, and ...

Free market environmentalists believe that the extension of private property rights and market transactions is sufficient to address environmental difficulties. But there is no invisible hand operating in markets that ensures that environmentally sound practices will be employed just because property rights are in private hands. Also, liability laws and the court systems cannot be relied upon to force polluters to internalize the social costs of pollution. Third, market prices do not provide an objective measure of environmental matters. Finally, there (...) is a right to a livable environment that justifies regulations protecting the public from unreasonable environmental risks. (shrink)

Hegel conceptualized the capitalist economy as a system of needs, with commodities and money serving as means to human ends. While anticipating Marx’s criticisms of certain tendencies in capitalism, Hegel insisted that higher-order institutions, especially those of the modern state, could put them out of play and establish a reconciliation of universality, particularity, and individuality warranting rational affirmation. Hegel, however, failed to comprehend the emergence of capital as a dominant subject, subordinating human ends under its end. The structural coercion, domination, (...) and exploitation inherent in the capital/wage labor relationship illustrate that point, as does the depoliticization of inherently political matters in capitalist market societies. The reconciliation of universality, particularity, and individuality Hegel endorsed requires a form of socialism incorporating deliberative democracy in local workplaces and communities, conjoined with representative bodies on regional, national, and ultimately global levels. (shrink)

Chris Arthur‟s body of work counts as a very important and original contribution to systematic dialectics, and I have profited immensely from his writings over the years. However we disagree on a number of points. Some have to do with the relatively secondary question of the intellectual relationship between Hegel and Marx; others involve more substantive matters. In his reply to my review of Joseph McCarney‟s Hegel on History Arthur distinguishes three different versions of the thesis that there is a (...) “homology” between the logic of capital (in a Marxian understanding of it) and Hegel‟s “idea.” I shall comment briefly on each and then conclude with a general remark. (shrink)

In his recent work The Myth of Dialectics John Rosenthal presents a forceful polemic against Hegel and Marxists sympathetic to the Hegelian legacy. The methodology Hegel employed, his metaphysical assertions, his rejection of the principles of formal logic, and the political implications of his standpoint, are all fundamentally incompatible with Marx’s perspective, according to Rosenthal. While Rosenthal grants that Marx did make use of Hegelian motifs in his theory of value, even this is not to Hegel’s credit: the very perversity (...) of Hegel’s thought made it useful for the comprehension of the perversity of capital. In this paper I argue that a close and reasonably charitable reading of Hegel’s Logic reveals a quite different picture of his methodology and ontological commitments from that presented by Rosenthal. While there are profound substantive differences between the Hegelian and Marxian 1 perspectives on capitalist society, it is not the case that Hegel’s Logic is homologous with capital. The Logic provides helpful conceptual resources for a critique of capital. In the final section of the paper five areas are briefly sketched in which Hegelian dialectical logic remains of contemporary interest. (shrink)

In recent publications Paolo Virno and Carlo Vercellone have called attention to Marx’s category of the general intellect in theGrundrisse, and to the unprecedented role its diffusion plays in contemporary capitalism. According to Virno, the flourishing of the general intellect, which Marx thought could only take place within communism, characterises post-Fordist capitalism. Vercellone adds that Marx’s account of the real subsumption of living labour under capital is obsolete in contemporary cognitive capitalism. Both authors regard Marx’s value theory as historically obsolete. (...) I argue that these views rest on a confusion of value and wealth, a neglect of Marx’s account of the role of ‘free gifts’ to capital, an underestimation of the role of the general intellect in the period prior to the rise of post-Fordism/cognitive capitalism, and an underestimation of the restrictions on the diffusion of the general intellect in contemporary capitalism. (shrink)

Tony Smith Philosophy, Iowa State University Robert Brenner‟s recent monograph on the economics of global turbulence has renewed interest in one of the most important topics in Marxian thought, the theory of crisis tendencies in capitalism.1 In their introduction to Brenner‟s monograph the editors of The New Left Review praise him as a worthy successor to Marx in the strongest possible terms. In the eyes of a number of critics, however, Brenner is guilty of a major betrayal of (...) Marx‟s legacy. In Michael Lebowitz‟s view, for instance, Brenner should now be seen as a disciple of Adam Smith, not Karl Marx, while Fine, Lapavitsas, and Milonakis refer to Brenner‟s position as “a distinctly non-Marxist perspective.”. (shrink)

This anthology contains some of the more important Marxist thinkers now working on dialectics. As a whole the book is an unusual 'Introduction to Dialectics', a systematic restatement of what it is and how to use it, a survey of most of the main debates in the field, and a good picture of the current state of the art of dialectics.

In a recent paper in this journal, Dagsvik derives the class of independent random utility representations that are “equivalent” to the independence-from-irrelevant-alternatives assumption by Luce. In this short note, we clarify the relations between this paper by Dagsvik, and a paper in Lindberg’s 2012 thesis.

Like most terms in social theory, the term "conservative" is profoundly ambiguous and contested. In the United States today the word is often applied to those who call for an absolute minimum of government interference in capitalist markets. In another meaning it refers to those who insist that social life should center on the preservation of a community’s traditions and cultural values. There is a deep tension between these two viewpoints. Capitalist markets left to themselves radically destabilize established communities, and (...) so preserving cultural traditions and values requires political intervention in economic life. Given this ineluctable tension it is probably best not to use the same term to refer to both positions. In the present paper I shall refer to the former perspective, whose intellectual roots are found in the "classical liberalism" of John Locke and others, as "neoliberalism." The latter perspective will be referred to as "neoconservatism.". (shrink)

Neoclassical economics remains the leading theoretical alternative to Marxian economics. In this article I shall contrast the accounts of technical change in capitalism proposed by both theories. I shall introduce five criteria relevant to a comparison of competing social theories, and argue that the Marxian perspective on technical change in capitalism is superior on all five counts.

Agricultural biotechnology is a social pursuit, undertaken by social agents within social institutions.1 Any attempt to explore the social dimensions of a profound and complex technological development such as biotechnology is bound to be controversial, and any attempt to formulate an ethical assessment of such a development is bound to be yet more complex and controversial. This surely explains why many choose to ignore these inquiries. But the social dimensions of biotechnology are just as real as viruses, bacteria, enzymes, and (...) cells. To refuse to investigate them with the same seriousness that viruses, bacteria, enzymes and cells are investigated is to place an arbitrary restriction on the scope of rational inquiry. (shrink)

Extreme monetary policies successfully prevented the “Great Recession” of 2007–2009 from turning into a global depression. However, they did not address the underlying problems in global capitalism. In recent years prominent “insiders” of global capitalism have proposed reforms designed to remedy these defects. I argue that these proposals are inadequate, due in great part to a failure to acknowledge a profound change in the “deep structure” of capitalism. Technological change, which in the past has contributed so much to the dynamism (...) of capitalism development, no longer does so. The need for extreme monetary policies in the aftermath of the Great Recession of 2007–2009, the failure of these policies, and the lack of plausible alternatives to them, are all symptoms of an underlying disease beyond cure. A path towards a democratic form of socialism must be forged for the simple yet compelling reason Rosa Luxemburg articulated: it is a matter of socialism or barbarism. (shrink)

Extreme monetary policies successfully prevented the “Great Recession” of 2007–2009 from turning into a global depression. However, they did not address the underlying problems in global capitalism. In recent years prominent “insiders” of global capitalism have proposed reforms designed to remedy these defects. I argue that these proposals are inadequate, due in great part to a failure to acknowledge a profound change in the “deep structure” of capitalism. Technological change, which in the past has contributed so much to the dynamism (...) of capitalism development, no longer does so. The need for extreme monetary policies in the aftermath of the Great Recession of 2007–2009, the failure of these policies, and the lack of plausible alternatives to them, are all symptoms of an underlying disease beyond cure. A path towards a democratic form of socialism must be forged for the simple yet compelling reason Rosa Luxemburg articulated: it is a matter of socialism or barbarism. (shrink)

In a world where exploitation and uneven development condemn billions to suffering, the proper understanding of the intellectual relationship between Hegel and Marx appears a small matter indeed. Marx‟s Capital, however, remains the single most important text for comprehending the system that generates this suffering. The question of the proper reading of this work thus remains important. Sooner or later this brings us to the Hegel/Marx question. In a recent article in Science and Society John Rosenthal forcefully argues that there (...) is one and only one place where Hegelian themes play a role in Capital (Rosenthal 1999). In Rosenthal‟s view, Marx‟s description of the relationship between money and ordinary commodities deliberately echoes the relationship between universals and finite things in Hegel‟s system of idealism. The fact that Marx found this aspect of Hegel‟s thought useful is not at all to Hegel‟s credit. According to Rosenthal, Hegel‟s thought perversely grants abstractions priority over flesh and blood human subjects in a way that exactly parallels the way money, a “real abstraction,” perversely dominates social agents in capitalism. Apart from this, Rosenthal insists, Marx abandons his earlier experiments with Hegelian motifs in Capital. In specific, nothing like Hegelian dialectics can be found, a “methodology” based on bad puns and spurious reasoning. In order to justify this thesis Rosenthal attacks on two main fronts. First, he hopes to convince the reader that Hegel‟s use of the key terms “universality,” 1 “particularity,” and “individuality” is irredeemably flawed. Rosenthal complains that Hegel‟s term “universality” is systematically ambiguous, sometimes referring to the relatively more inclusive, on other occasions to the all-inclusive. The sense of the term “particularity” shifts in Hegel‟s writings between what is relatively unique (“bare” particularity) and what is relatively more determinate (“specificity”). And the notion of “individuality” jumps between the absolutely unique (bare particularity again) and the fully determinate system (“totality”).. (shrink)

In a world where exploitation and uneven development condemn billions to suffering, the proper understanding of the intellectual relationship between Hegel and Marx appears a small matter indeed. Marx‟s Capital, however, remains the single most important text for comprehending the system that generates this suffering. The question of the proper reading of this work thus remains important. Sooner or later this brings us to the Hegel/Marx question. In a recent article in Science and Society John Rosenthal forcefully argues that there (...) is one and only one place where Hegelian themes play a role in Capital (Rosenthal 1999). In Rosenthal‟s view, Marx‟s description of the relationship between money and ordinary commodities deliberately echoes the relationship between universals and finite things in Hegel‟s system of idealism. The fact that Marx found this aspect of Hegel‟s thought useful is not at all to Hegel‟s credit. According to Rosenthal, Hegel‟s thought perversely grants abstractions priority over flesh and blood human subjects in a way that exactly parallels the way money, a “real abstraction,” perversely dominates social agents in capitalism. Apart from this, Rosenthal insists, Marx abandons his earlier experiments with Hegelian motifs in Capital. In specific, nothing like Hegelian dialectics can be found, a “methodology” based on bad puns and spurious reasoning. In order to justify this thesis Rosenthal attacks on two main fronts. First, he hopes to convince the reader that Hegel‟s use of the key terms “universality,” 1 “particularity,” and “individuality” is irredeemably flawed. Rosenthal complains that Hegel‟s term “universality” is systematically ambiguous, sometimes referring to the relatively more inclusive, on other occasions to the all-inclusive. The sense of the term “particularity” shifts in Hegel‟s writings between what is relatively unique (“bare” particularity) and what is relatively more determinate (“specificity”).. (shrink)

Before getting to the matters at hand I would like to repeat once again how much I agree in general with Rosenthal‟s account of the bizarre ontology of money, the ultimate form of value.1 My own view remains that this agreement is far more important, theoretically and politically, than any disagreements we may have over the interpretation of Hegel.2 I would also like to note that if I were to respond to each of Rosenthal‟s complaints in adequate detail, the present (...) piece would be longer than his response, which was quite long itself in comparison to my original review essay. Far better to stick to what I take to be the central issues, beginning with Hegel‟s attitude towards the material world. (shrink)

No one would dispute that it is impossible to understand the intellectual and political history of the nineteenth and twentieth centuries without taking Karl Marx (1818-83) into account. Most believe, however, that Marx‘s legacy was buried once and for all in the rubble of the Berlin Wall. This consensus is mistaken. It would be foolish to assert that Marx anticipated the correct answer to every significant question facing us today. But it would be no less foolish to deny that Marx‘s (...) work presents a powerful challenge to contemporary political philosophy. (shrink)