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By John Weeks

In 2008 the capitalist global was once swept by means of the severest quandary because the nice melancholy of the Nineteen Thirties. Mainstream economics neither expected nor may perhaps account for this disastrous monetary drawback, which required big nation intervention in the course of the capitalist global. Karl Marx did count on this sort of monetary cave in, arguing that it was once spinoff from the ‘fetishism of commodities’ inherent within the capitalist mode of creation. This booklet substantiates the foregoing declare through a trip from Marx’s research of commodities to the capitalist quandary of the twenty-first century.

The ebook demonstrates that Marx's framework (1) demonstrates that capitalism is yet one old kind of classification society between many; (2) explains the transition from pre-capitalist to capitalist society; (3) finds the concrete operation of a capitalist economic system; and (4) exhibits why others could clarify the capitalist economic climate in substitute theoretical frameworks. The significant aspect in his framework from which all else derives is ‘the conception of value’. This ebook isn't an workout within the heritage of concept. it's an try and examine the character of up to date capitalist society. whereas Marx’s research of capitalism has implications for political motion, those don't need to lead one to embody revolution rather than reform, notwithstanding it might probably and has supplied the analytical starting place for either. Marx’s research of capitalism is a coherent entire, and significant insights can't be got by means of extracting parts from it.

Weeks starts off out through taking a look at the character of capitalism and an research flow, funds and credits spread from the idea of price. the character and inherent necessity of festival are verified in bankruptcy 8. A outcome of pageant, expressed within the circulate of capital, is technical swap, the contradictory effect of that is defined in bankruptcy 9. this can be introduced including the opposite components of worth idea (money, credits and festival) in bankruptcy ten, the place fiscal crises are taken care of intimately. the ultimate bankruptcy applies the idea of problem to the intense monetary disturbances of the 2000s.

This publication can be of curiosity to scholars and researchers of economics, politics and sociology.

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Capital, Exploitation and Economic Crisis (Routledge Frontiers of Political Economy, Volume 143)

In 2008 the capitalist international was once swept through the severest challenge because the nice melancholy of the Nineteen Thirties. Mainstream economics neither expected nor may possibly account for this disastrous monetary drawback, which required vast country intervention through the capitalist global. Karl Marx did expect this sort of monetary cave in, arguing that it was once spinoff from the ‘fetishism of commodities’ inherent within the capitalist mode of creation. This ebook substantiates the foregoing declare by way of a trip from Marx’s research of commodities to the capitalist trouble of the twenty-first century.

The e-book demonstrates that Marx's framework (1) demonstrates that capitalism is yet one historic kind of category society between many; (2) explains the transition from pre-capitalist to capitalist society; (3) unearths the concrete operation of a capitalist economic system; and (4) indicates why others may clarify the capitalist financial system in substitute theoretical frameworks. The significant point in his framework from which all else derives is ‘the thought of value’. This e-book isn't really an workout within the background of concept. it's an try and research the character of latest capitalist society. whereas Marx’s research of capitalism has implications for political motion, those needn't lead one to include revolution in preference to reform, although it will possibly and has supplied the analytical starting place for either. Marx’s research of capitalism is a coherent entire, and significant insights can't be received through extracting parts from it.

Weeks begins out by means of the character of capitalism and an research movement, cash and credits spread from the speculation of price. the character and inherent necessity of festival are proven in bankruptcy 8. A outcome of festival, expressed within the flow of capital, is technical swap, the contradictory influence of that's defined in bankruptcy 9. this can be introduced including the opposite components of worth idea (money, credits and pageant) in bankruptcy ten, the place fiscal crises are taken care of intimately. the ultimate bankruptcy applies the idea of quandary to the intense monetary disturbances of the 2000s.

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Extra info for Capital, Exploitation and Economic Crisis (Routledge Frontiers of Political Economy, Volume 143)

Sample text

One perceives concrete labor, the actual activity of producing. The transformation of this concrete labor into abstract, value-­producing labor is not directly observable. Perception plays no important role in the determination of prices (exchange values), so its role cannot be obscured by money. The introduction of money forces the producer to consider market costs as a socially imposed norm, which he or she must recover through sale or be unable to repeat production, whatever the perceptions might be.

Appendix Marx and Engels on the law of value History and the law of value There is an unfortunate tendency in the Marxist literature to rely upon quotations from authorities rather than analytical argument. In Chapter 2, I used quotations from Marx only when their clarity was so striking that they seemed to cry out for inclusion. This appendix will employ many quotations, because its explicit purpose is to compare the analysis of Marx and Engels, a comparison that demonstrates unambiguously that their views on basic issues differed fundamentally.

The absolute limit for him as a small capitalist is no more than the wages he pays to himself, after deducting costs. So long as the price of the product covers these wages, he will cultivate his land and often at wages down to a physical minimum. (1971b: 805–6, emphasis added) This type of exchange is not completely ruled by monetary cost, even if the peasant exchanges in a society that is predominantly capitalist. Again, from Marx, For the peasant parcel holder to cultivate his land, or to buy land for cultivation, it is therefore not necessary, as under the normal capitalist mode of production, that the market-­price of the agricultural products rise high enough to afford him the average profit, and still less a fixed excess above this average profit in the form of rent.

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