Professor Roemer's goal in this book is to give a rigorous view of classical Marxian economic theory by presenting specific analytic models. The theory is not extended to deal with new problems, but it is deepened: Marxian theory is given micro-foundations and upon those foundations the author begins to rebuild a tightly constructed Marxian economics. The book begins, after a methodological introduction, with an examination of the Marxian notion of equilibrium and the theory of exploitation, (...) and goes on to deal with the theory of the falling rate of profit. The next section explores one of the points made in the first section of the book, that the Marxian theory of exploitation can be constructed completely independently of the labor theory of value as a theory of exchange. Technical study of this problem allows comment on various issues, such as the relative importance of 'marginal utilities' and 'class struggle' in determining relative prices. The final part examines models of various Marxian concepts. (shrink)

A careful and tough-minded analysis of Marxian economics from within. Wolfson treats Marx's economic theory as worthy of serious discussion and not just as an obsolete curiosity in the history of economic thought. His thorough analysis shows what elements in the theory are empirically confirmable and what elements are not. Ultimately, Wolfson feels Marx fails to make a convincing case for his most critical prediction: the progressive immiseration of the proletariat and the consequent break-up of the capitalist form (...) of social organization.--J. T. (shrink)

In this paper I seek to establish that a widely held criticism of postmodern Marxism – that it is morally relativist and does not offer a basis for a systematic analysis of capitalism – is not warranted. I provide a systematic review of the postmodern Marxist literature in three distinct areas – value theory, class analysis of the household and state, and class justice – and I draw on these contributions to show that postmodern Marxism offers new insights into problems (...) of concern to Marxian theorists. I argue, further, that it provides the normative grounds for a class politics that is open to new alliances and new strategies for engaging in class struggle. (shrink)

In Ethics in the Conflicts of Modernity, MacIntyre argues that neo-Aristotelians have much to learn from Marx’s economic theory, not only for understanding the nature of capitalism, but also for thinking about alternative social and political institutions. This article outlines the arguments given by MacIntyre for embracing Marxian economic theory and argues that if Marxian economics is a tradition of enquiry, in the MacIntyrean sense of the term, we should take seriously the debates within this tradition in (...) order to conclude whether it has been able to withstand internal and external criticism. I argue that Marxian economic theory, as a tradition of enquiry, has been defeated by its opponents and that a synthesis between Aristotelian moral philosophy and Marxian economics is an obstacle to the development of MacIntyre’s political philosophy. (shrink)

Reviews : Kozo Uno, Principles of Political Economy : Theory of a Purely Capitalist Society, Make to Itoh, Value and Crisis: Essays on Marxian Economics in Japan.

By exploring the strengths and weaknesses of a Marxist approach to economic development, this book presents a balanced treatment of development issues within the area of 'rational choice Marxism'.

In softening Marx' economic determinism, Engels appears to have rescued it from absurdity. In fact, he has condemned it to vacuity: it seems to explain everything, while in fact explaining nothing.

In softening Marx' economic determinism, Engels appears to have rescued it from absurdity. In fact, he has condemned it to vacuity: it seems to explain everything, while in fact explaining nothing.

The capitalist mode of production and consumption is caught in a double bind: its expansion destabilises natural systems and fails to curb social inequities, while slowdown destabilises the inner workings of the economic system itself. To better understand what is happening in this phase of instability, this article proposes a System Dynamics representation that combines elements of Georgescu-Roegen's Ecological Economics with Marxian theory. Specifically, it draws from a diagram recently developed by David Harvey to communicate Marx's political economy (...) in its totality; Harvey's diagram is then adapted to incorporate the flow-fund model developed by Georgescu-Roegen. The contribution made by this adaptation is twofold: first, it allows us to emphasise key connections and discrepancies between the two traditions; second, it extends System Dynamics into Marxian analysis, which serves to visualise the fundamental causes and consequences of a spiralling, ever-expanding capitalist economy. (shrink)

Over the last twenty-five years, Stephen Resnick and Richard Wolff have developed a groundbreaking interpretation of Marxian theory generally and of Marxian economics in particular. This book brings together their key contributions and underscores their different interpretations. In facing and trying to resolve contradictions and lapses within Marxism, the authors have confronted the basic incompatibilities among the dominant modern versions of Marxian theory, and the fact that Marxism seemed cut off from the criticisms of determinist modes (...) of thought offered by post-structuralism and post-modernism and even by some of Marxisms greatest theorists. (shrink)

It is a commonplace of academic conventional wisdom that Marxian theory is not to be judged by the historical experience of actually existing socialist societies. The reasons given in support of this view are familiar enough, but let us rehearse them. Born in adversity, encircled by hostile powers, burdened with the necessity of defending themselves against foreign enemies and with the massive task of educating backward and reactionary populations, the revolutionary socialist governments of this century were each of them (...) denied any real opportunity to implement Marxian socialism in its authentic form. Nowhere has socialism come to power as Marx expected it would – on the back of the organized proletariat of an advanced capitalist society. For this reason, the historical experience of the past sixty years can have no final authority in the assessment of Marxian theory. The failings of Marxist regimes – their domination by bureaucratic elites, their economic crises, their repression of popular movements and of intellectual freedoms, and their dependency on imports of Western technology and capital – are all to be explained as historical contingencies which in no way threaten the validity of Marx's central conceptions. It is not that Marxian socialism has been tried and found wanting but, rather, that it has never been tried. (shrink)

The fact that half of the world is ruled under the banner of Marxism and that there were no easily comprehensible and thorough studies of Marxist theory of law makes it worth investigating in some detail whether there is a Marxian theory of law, and, if so, what a Marxian theory of law would be like. Although Marx's and Engels' writings broadly relevant to law amount to some two hundred pages, it is clear that in these writings neither (...) Marx nor Engels has put forward anything like a theory of law. If there is a Marxian theory of law to be discovered, it would have to be extracted, extrapolated and reconstructed from these writings. ;The reconstruction undertaken here has turned out to be fruitful. It seeks to demystify and explain the phenomenon of law. It is argued that one major function of law is to promote and stabilize the economic realm of society, and that law exists in order that the economic realm can be developed. And hence the various features of law as a whole are to be explained functionally by the needs and dynamics of the economic realm. ;The second, equally vital, role of law is its class character. It is argued that there is a ruling class in pre-socialist societies, and that the ruling class uses the law to maintain and further its own interest. How the law is used as a ruling-class instrument is examined in some detail. ;Further, it is explained how various legal ideas are delusive, and how the process of trial is prone to the pervasiveness of the dominant ideology. It is shown that many phenomena in law cannot be satisfactorily accounted for except via a Marxian perspective. Especially true is the absence of a starvation defence in criminal law. For if there is the provocation defence, an analogous reasoning makes the case for a starvation defence compelling. And while the absence of the starvation defence cannot be justified, it can be explained on a Marxian perspective. ;The focus of the dissertation is on the law in capitalist societies, especially in England, because Marx and Engels wrote mostly on the English society, and because the development of law reaches its highest point in capitalism. Another reason is that the author is most familiar with English law. (shrink)

In his book A General Theory of Exploitation and Class, John Roemer employs the tools of mainstream general equilibrium and game-theoretic analysis to develop a fundamental critique and broadbased reformulation of Marxian economic theory. Perhaps Roemer's most striking departure from traditional Marxian tenets lies in his explanation of the material basis of exploitation in capitalist economies. Roemer argues that capitalist exploitation must be understood as essentially the consequence of exchange given differential ownership of relatively scarce productive assets. In (...) particular, Roemer concludes that capitalist exploitation does not fundamentally depend on capitalist domination of production, or what Marx termed the subsumption of labor under capital. (shrink)

In the first stage of his thinking Karl Marx founded his revolutionary politics on philosophical speculation, while in the second (mature) stage he relied on economics and the theory of exploitation based on his theory of surplus value. Marxism, however, developed in the opposite direction. After Marx's economic doctrine became vulnerable to powerful objections, Marxists tried to find a refuge in his early philosophical writings and in this way avoid refutation. Ultimately this attempt proved unsuccessful too.

In his first book on Marx, Philosophy and Myth in Karl Marx, published in 1961, Tucker developed three main themes: Marx's philosophy is deeply rooted in the traditions of German philosophy from Kant to the neo-Hegelians; there is a fundamental continuity between the thought of the young Marx of the Economic and Philosophical Manuscripts and the mature Marx of the Critique of Political Economy and Das Kapital; the missing clue for a full understanding of Marx, particularly of the apparently contradictory (...) presence of strong moral overtones in Marx's writings and the absence of any supporting philosophy of ethics, is that Marx was basically a utopian religious moralist with an eschatology that envisaged the redemption of man. These three themes are briefly and forcefully restated in the present book without change or qualification and serve as the springboard for extending Tucker's interpretation of Marx and Engels into new areas. The reference to Marx and Engels introduces another element common to both works. Unlike most non-Marxist scholars, Tucker treats Marx and Engels as harmonious collaborators in the fashioning of a single doctrine. The first hundred pages are studded with references to the joint views of both men and their differences in belief are mentioned perfunctorily. Six of the seven chapters in the book have appeared previously as individual essays. The new chapter is on the relevance of Marxism to the modernization theories of the contemporary social sciences. Two other chapters examine Marx and Engels' position on distributive justice and on the state and politics. The latter half of the book takes up Marxism as an ideology of revolutionary movements, with special stress on the appeal of Marxism to the intelligentsia of under-developed countries and on the theoretical contributions of Lenin, Stalin, and Mao tse-Tung. The sixth chapter is on the de-radicalization of Marxism in the USSR and the final chapter finds an enduring value in Marx's utopian "futurology" of a transformed mature humanity living in a transformed world.--H. B. (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.

The principles of historical materialism involve Marx in making two crucial claims about freedom. The first is that the revolutionary proletariat is, in an important sense, more free than its class antagonist the bourgeoisie. The second is that the beneficiaries of a successful proletarian revolution—the members of a solidly established communist society—enjoy a greater freedom than even proletarians engaged in revolutionary praxis . It is perhaps natural to take Marx to be operating here with what might be called a logically (...) continuous notion of freedom, established communists enjoying to perfection what revolutionary proletarians merely imperfectly experience and what the bourgeoisie entirely misses. But whatever one's views might be about what Marx in fact says about freedom this cannot be what he ought to say for his theory of freedom to work. The kind of line Marx need to take finds a significant precedent in his economics where we find a theory implying two quite distinct logical dimensions in that the principles and concepts designed to apply to the transactions of capitalism necessarily lack descriptive purchase on communist economic reality. The existence of these two dimensions, and particularly Marx's comparative silence as to the nature of the second, reflect his conviction that the transition between the two systems must be marked by a profound conceptual as well as material break. Consequently it is not unreasonable, perhaps, to look for an analogous discontinuity in his metaphysics and to expect to find two distinct varieties of freedom, the one reflecting the nature of class society, the other of human community. (shrink)

The principles of historical materialism involve Marx in making two crucial claims about freedom. The first is that the revolutionary proletariat is, in an important sense, more free than its class antagonist the bourgeoisie. The second is that the beneficiaries of a successful proletarian revolution—the members of a solidly established communist society—enjoy a greater freedom than even proletarians engaged in revolutionary praxis. It is perhaps natural to take Marx to be operating here with what might be called a logically continuous (...) notion of freedom, established communists enjoying to perfection what revolutionary proletarians merely imperfectly experience and what the bourgeoisie entirely misses. But whatever one's views might be about what Marx in fact says about freedom this cannot be what he ought to say for his theory of freedom to work. The kind of line Marx need to take finds a significant precedent in his economics where we find a theory implying two quite distinct logical dimensions in that the principles and concepts designed to apply to the transactions of capitalism necessarily lack descriptive purchase on communist economic reality. The existence of these two dimensions, and particularly Marx's comparative silence as to the nature of the second, reflect his conviction that the transition between the two systems must be marked by a profound conceptual as well as material break. Consequently it is not unreasonable, perhaps, to look for an analogous discontinuity in his metaphysics and to expect to find two distinct varieties of freedom, the one reflecting the nature of class society, the other of human community. (shrink)

Hermeneutics has become a major topic of debate throughout the scholarly community. What has been called the "interpretive turn" has led to interesting new approaches in both the human and social sciences, and has helped to transform divided disciplines by bringing them closer together. Yet one of the largest and most important social sciences economics has so far been almost completely left out of the transformation. Economics and Hermeneutics takes a significant step towards filling this gap by introducing (...) scholars on both sides of the divide to ways that hermeneutics might help economists address some of their most important problems. Among the topics addressed are entrepreneurship, price theory, rational expectations, monetary theory, welfare economics, and economic policy. The approaches to economics represented include the Austrian school, McCloskey's "rhetoric" approach, Marxian critical theory and institutionalism. (shrink)

This book rejects the commonly encountered perception of Friedrich Engels as perpetuator of a 'tragic deception' of Marx, and the equally persistent body of opinion treating him as 'his master's voice'. Engels' claim to recognition is reinforced by an exceptional contribution in the 1840s to the very foundations of the Marxian enterprise, a contribution entailing not only the 'vision' but some of the building blocks in the working out of that vision. Subsequently, he proved himself to be a sophisticated (...) interpreter of the doctrine of historical materialism and an important contributor in his own right. This volume serves as a companion to Samuel Hollander's The Economics of Karl Marx. (shrink)

Introduction: Eurocentrism, capitalism and modernity -- The emergence of Eurocentrism: fragments and contradictions -- Anthropocentrism and Europic universals -- Marxism and the Europic problematic -- The dual dialectics of Europic theory -- Critique of the Eurocentrism of civil society -- Ethical economic symbolic representation: Eurocentrism and imaginary dialectical universalisation -- Capital: Marx's anti-Europic theory of modernity -- Conclusion: Eurocentrism, capitalism and the end of modernity (and post-modernity).

Introduction Marxism is a set of ideas from which sprang particular approaches to economics, sociology, anthropology, political theory, literature, art, ...

I have chosen to approach the Marxian alienation theory from a historical angle and recount its evolution in Marx’s Economic and Philosophic Manuscripts of 1844 and the Grundrisse, wherein it develops into a theory regulating the co-creation of conditions for “freedom” in the choice of processes that lead to de-alienation. I will attempt to present the alienation theory as an aspect of a broader anti-metaphysical critique of all substantialism, According to Marx, the substantialist approach to history could at most (...) only pretend to be dynamic and ignored the structural complexity of being, whereas the true idea was to notice and keep track of the structural and qualitative changes brought to being by the genetic, structural, social, economic, class and institutional conditionings of human history. (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.

Shigeto Tsuru is one of Japan's most respected senior economists. In these lectures, he provides a reappraisal of institutionalism as a school of thought and discusses its relevance for the issues which the economic profession today must tackle. Tsuru reconsiders Marxian political economy as an 'institutionalist school', which provides a context for the following discussion of J. M. Keynes, Joseph Schumpeter and Thorstein Veblen. He goes on to present the four key elements of modern institutionalism - i.e., the open-system (...) character of the economy; the problem of planning; the evolutionary process of modern economics; and the normative character of economics - by way of an examination of three present-day institutionalists, Gunnar Myrdal, John K. Galbraith, and K. William Kapp. Tsuru concludes with an evaluation of modern institutionalism and the future of institutional economics. (shrink)

The aim of this paper is to paraphrase Theda Skocpol’s theory of social revolutions with the use of the conceptual apparatus of non-Marxian historical materialism. In the successive sections of this paper, the concepts of modernization, the nature of state power, an agrarian bureaucracy, and the mechanism of a victorious revolution are paraphrased. This paraphrase makes it possible to distinguish two kinds of agrarian bureaucracies, each resulting in social revolutions with different outcomes. A victorious revolution led to successful modernization (...) in the case of an economic agrarian bureaucracy, but not in the case of a political agrarian bureaucracy. (shrink)

Human action has generally appeared to the sociologist as instrumental action, movement conceptualized and valued in terms of its utility, with the actor defined in terms of agency within rationalized social systems . Dance provides a way of seeing that conditions for human existence cannot be reduced to socio-economic relations and forms. Drawing on my ethnographic study of a dance improvisation group, I explore some of the ways in which innovative action resists the productive and textual relations that turn bodies (...) into objects of social control in the capitalist world-order, and creates relations that enable ‘free’ action and liberated subjectivities. Innovations disrupt the pre-existing frames of reference, physical and linguistic, that position the subject in the world of work, and establish an unlimited and undetermined time-space for experiencing ‘something new’. In this case the something new is an opportunity to create oneself anew through choices that are made moving ‘free’ from the constraints of practical activity. Within the intersubjective life-world established through innovative action a space is created for individuation and empowerment. Although these conditions for existence are episodically produced and contingent, they begin and end with the dancing, the relations are self-affirming rather than self-alienating. Dance improvisation experience provides a sociological context for presenting human activity as a contested category in sociological theory, and it raises some important questions about what it means to be human in the world. (shrink)

This book covers a broad range of topics in the history of economics that have relevance to economic theories. The author believes that one of the tasks for a historian of economics is to analyze and interpret theories currently outside the mainstream of economic theory, in this case non-Walrasian economics. By doing so, he argues, new directions and new areas for research can be developed that will extend the current theories. Familiar topics covered include: the division of (...) labor, economies of scale, wages, profit, international trade, market mechanisms, and money. These are considered in the light of the well-known non-Walrasian schools of thought: the classical, Marxian, Austrian, and Cambridge schools. (shrink)

Chapter 5 is an essay on the methodology of equilibrium theory. In the course of examining recent controversies concerning lawlike claims and "assumptions" in economic theory, I reach a position similar to J. S. Mill's. Neo-classical economics is what Mill would call "a separate science." It follows a deductive method, since its basic laws supported by everyday experience. In its general equilibrium formulation, equilibrium theory possesses, however, no explanatory worth and very little explanatory importance, since its idealizations are not (...) legitimate. General equilibrium theory ought fundamentally to be regarded as an explanation of how economic equilibrium is possible. ;In conclusion I argue that Sraffa's contribution is a legitimate form of economic theorizing. Those methodological views, like Lionel Robbins', which would proscribe the sort of piecemeal theorizing Sraffa exemplifies, are, as methodological strictures, unjustified. In fact they involve an ideological distortion. Given the weaknesses in general equilibrium theory identified in Chapters 3 and 5, one has good reason to be eclectic. The Austrian theory, despite the Cambridge criticisms, may be useful in some investigations. A much more segmented economics built around Sraffa's work may have a great deal to teach us. Theories of capital, interest and exchange value currently are underdeveloped, unsupported, and subject to ideological influence. ;In Chapter 3 one special formulation of intertemporal general equilibrium theory is examined. I argue that general equilibrium theory may be taken as a theory of the rate of interest to which the Cambridge criticisms do not apply. Puzzles remain, however, concerning both the apparently lawlike claims and the unrealistic stipulations concerning background conditions that general equilibrium theory makes. ;In Chapter 4 Sraffa's system in The Production of Commodities by Means of Commodities is presented and tentatively assessed. I argue that it is consistent with equilibrium theory, but may be combined with other claims that are not consistent with equilibrium theory. What is puzzling but, I argue, methodologically legitimate in Sraffa's work is that he takes as givens factors like the composition of output, that are themselves subject to further economic analysis. Sraffa's work, when properly understood, can prove valuable to Marxian economists. ;Chapter 1 establishes a contrast between physical cost and marginal utility theories of exchange value and examines why issues concerning capital and interest are theoretically central to both theories. I point out that physical cost theories of value are not tenable. ;Chapter 2 is concerned with simplified aggregate capital theories, especially Wicksell's Austrian theory of capital, and with the Cambridge criticisms of such theories. The Cambridge criticisms show, I conclude, that aggregative capital theories make unwarranted economic claims. ;This dissertation examines from both an economic and a philosophical perspective controversies concerning the theory of capital and interest and the relationship of capital and interest to exchange value. The fundamentals of the neo-classical and neo-Ricardian approaches to economic theory are made explicit and compared. The neo-Ricardian approach is partially defended. (shrink)

Post-Marxism emerged in the 1970s and 80s as a way to retain certain insights from Marxism while disposing of its indefensible and destructive elements, especially the tendency to reduce all social change to the economic base. This book offers a new and critical reading of post-Marxism, arguing that whilst it convincinly deconstructs the prevalent economism in Marxism as the necessary logic of social reproduction, it nonetheless still retains an ontology of a closed capitalist economy, inhabited by a set of necessary (...) logics. Through a careful symptomatic reading of the works of influential post-Marxian thinkers, Ernesto Laclau and Étienne Balibar, the book argues that while post-Marxian positions have constructed a theory of social contingency, it has failed in different ways to dislodge the constitution of class and capitalist reproduction from essentialist narratives. (shrink)

This paper explicates a Marxian theory of management that suggests that the social relation to be managed in capitalism is the separation of the political from the economic. While it is commonly understood that this must be an active process of management taken up on behalf of modern capitalist states, this paper suggests that the market mechanism itself also assumes this role without the active intervention of any managerial direction. The intensive expansion of the market facilitates a management function (...) of subverting the political deliberation which challenges the political-economic separation that could otherwise be expected in neoliberal restructuring. Both the changing nature of consumption and the growth of the small business sector are cited as examples of ways in which neoliberalism reproduces itself in the presence of social contradiction but in the absence of any actively planned strategy of management to deal with those contradictions. (shrink)

An examination of the relationship between philosophical and economic thought in the nineteenth century, Economy and Self explores how the free enterprise theory of Classical Economy influenced and was in turn influenced by the philosophical notion of alienation common in the writings of the age.

The paper deals with M. Henry’s interpretation of Marxian philosophy in the frame of his phenomenology of life. Its aim is to show the relevance of Henry’s interpretation for the global crisis of capitalism in our times. Henry argues that economic questions in Marx’s Capital, first of all his theory of surplus value, is closely connected with the historical issues in his German ideology. Attention is also paid to Marx’s thesis about the science becoming a direct production force. In (...) the era of automatization, when most of common work is reliably done by the highly developed technological devices, such as artificial intelligence, Marx’s idea of a free development of every individual as a condition of a free development of all is not a utopian one any more. It becomes a normative claim concerning economic and political reality. Thus Marx’s idea of a classless society could be interpreted as a system of global justice, in which the extreme global inequality has been overcome. (shrink)