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The pursuit of profit by business motivates the capitalist economic system. Understanding profits, therefore, especially the source of profits, is essential to an understanding of capitalism. Mark Obrinsky claims that there has never been an adequate profit theory in mainstream economics. To find the source of profits, he argues, one needs to look beyond ownership of the productive factors of land, labor, and capital. Profit Theory and Capitalism makes a sharply reasoned and accessible contribution to critical theory, the history of economic thought, and post-Keynesian theory. Its insights will be of value to all students and theorists working in the area of income distribution.
Twilight Capitalism by Murray E.G. Smith,Jonah Butovsky,Josh J. Watterton Pdf
Twenty-first-century capitalism has little more to offer than a menu of despair: pandemics, deepening inequality, worsening depression, runaway climate change, intensifying authoritarianism and escalating militarism. Twilight Capitalism offers a wide-ranging analysis of the origins, implications and scope of the “combined” social crisis of 2020 and beyond. A compelling case is made that Karl Marx’s critical analysis of capitalism, along with his program of class-struggle socialism, is essential to understanding and addressing the most important social, economic and ecological problems of our time.
What, and who, are we working for? A thoughtful assessment on our current society from “probably America’s most prominent Marxist economist” (The New York Times). Capitalism as a system has spawned deepening economic crisis alongside its bought-and-paid-for political establishment. Neither serves the needs of our society. Whether it is secure, well-paid, and meaningful jobs or a sustainable relationship with the natural environment that we depend on, our society is not delivering the results people need and deserve. One key cause for this intolerable state of affairs is the lack of genuine democracy in our economy as well as in our politics. The solution requires the institution of genuine economic democracy, starting with workers managing their own workplaces, as the basis for a genuine political democracy. Here Richard D. Wolff lays out a hopeful and concrete vision of how to make that possible, addressing the many people who have concluded economic inequality and politics as usual can no longer be tolerated and are looking for a concrete program of action. “Wolff’s constructive and innovative ideas suggest new and promising foundations for much more authentic democracy and sustainable and equitable development, ideas that can be implemented directly and carried forward. A very valuable contribution in troubled times.” —Noam Chomsky, leading public intellectual and author of Hope and Prospects
Examines the theory of value, the trading value of money and price levels, short and long term nominal and real wages; profit theory; non-productive employment and taxation; and stagnation and inflation.
Author : Muhammad Nejatullah Siddiqi Publisher : [Bombay : published for] the Faculty of Social Sciences, Aligarh Muslim University [by] Asia Publishing House Page : 176 pages File Size : 45,5 Mb Release : 1971 Category : Profit ISBN : STANFORD:36105035249528
Money, Enterprise and Income Distribution by John Smithin Pdf
Mainstream neoclassical economics tells us that money is essentially a commodity, has no other social meanings or consequences, and (therefore) exists only as a medium of exchange to lubricate/facilitate barter. This book takes the view that money is definitively a social relation between private persons or legal persons. As such, it is one of
The Basic Theory of Capitalism by Makoto Itoh,Makoto Itō Pdf
Beginning with a clear-cut review of the major economic schools, this book systematically studies the strengths and weaknesses in Marx's Capital proposes original solutions to the issues of value, labor and crises. The author thus provides an insight into the basic character of capitalism and its superficial forms and social substance.
Orthodox economics operates within a hypothesized world of perfect competition in which perfect consumers and firms act to bring about supposedly optimal outcomes. The discrepancies between this model and the reality it claims to address are then attributed to particular imperfections in reality itself. Most heterodox economists seize on this fact and insist that the world is characterized by imperfect competition. But this only ties them to the notion of perfect competition, which remains as their point of departure and base of comparison. There is no imperfection without perfection. In Capitalism, Anwar Shaikh takes a different approach. He demonstrates that most of the central propositions of economic analysis can be derived without any reference to standard devices such as hyperrationality, optimization, perfect competition, perfect information, representative agents, or so-called rational expectations. This perspective allows him to look afresh at virtually all the elements of economic analysis: the laws of demand and supply, the determination of wage and profit rates, technological change, relative prices, interest rates, bond and equity prices, exchange rates, terms and balance of trade, growth, unemployment, inflation, and long booms culminating in recurrent general crises. In every case, Shaikh's innovative theory is applied to modern empirical patterns and contrasted with neoclassical, Keynesian, and Post-Keynesian approaches to the same issues. Shaikh's object of analysis is the economics of capitalism, and he explores the subject in this expansive light. This is how the classical economists, as well as Keynes and Kalecki, approached the issue. Anyone interested in capitalism and economics in general can gain a wealth of knowledge from this ground-breaking text.
Reimagining our global economy so it becomes more sustainable and prosperous for all Our global economic system is broken. But we can replace the current picture of global upheaval, unsustainability, and uncertainty with one of an economy that works for all people, and the planet. First, we must eliminate rising income inequality within societies where productivity and wage growth has slowed. Second, we must reduce the dampening effect of monopoly market power wielded by large corporations on innovation and productivity gains. And finally, the short-sighted exploitation of natural resources that is corroding the environment and affecting the lives of many for the worse must end. The debate over the causes of the broken economy—laissez-faire government, poorly managed globalization, the rise of technology in favor of the few, or yet another reason—is wide open. Stakeholder Capitalism: A Global Economy that Works for Progress, People and Planet argues convincingly that if we don't start with recognizing the true shape of our problems, our current system will continue to fail us. To help us see our challenges more clearly, Schwab—the Founder and Executive Chairman of the World Economic Forum—looks for the real causes of our system's shortcomings, and for solutions in best practices from around the world in places as diverse as China, Denmark, Ethiopia, Germany, Indonesia, New Zealand, and Singapore. And in doing so, Schwab finds emerging examples of new ways of doing things that provide grounds for hope, including: Individual agency: how countries and policies can make a difference against large external forces A clearly defined social contract: agreement on shared values and goals allows government, business, and individuals to produce the most optimal outcomes Planning for future generations: short-sighted presentism harms our shared future, and that of those yet to be born Better measures of economic success: move beyond a myopic focus on GDP to more complete, human-scaled measures of societal flourishing By accurately describing our real situation, Stakeholder Capitalism is able to pinpoint achievable ways to deal with our problems. Chapter by chapter, Professor Schwab shows us that there are ways for everyone at all levels of society to reshape the broken pieces of the global economy and—country by country, company by company, and citizen by citizen—glue them back together in a way that benefits us all.
Is Marx's Theory of Profit Right? by Nick Potts,Andrew Kliman Pdf
This volume brings together all the major contributions to the recent decade-long controversy over Karl Marx's theory that exploitation of workers is the exclusive source of capitalists' profits. The debate explores different modern interpretations' success in confirming Marx's conclusion.
Theories of Surplus Value is a book that, unlike Marx, actually needs an introduction. Theories was intended to be collected and published as the fourth volume to Marx's Capital, but after Engels had successfully collected and published volumes two and three after Marx's death, Engels died before he could publish it. Theories has had a long history of being in-and-out of publication, and particularly in-and-out of being an actually accessible publication. In 1905, the infamously-hated-by-Lenin Karl Kautsky, published the first edition of the manuscript in three volumes separated and rearranged by Adam Smith in volume one, to David Ricardo in the other two volumes, with the breakup of the Ricardian school as the third volume. Kautsy's version circulated in print and was translated to many languages over the decades, remaining the sole version of Theories until The Institute of Marxism-Leninism published a new German version. This arrangement, while still relatively close to Kautsy's narrative arrangement of tracing surplus value from Smith to the Ricardian split into "vulgar economics," annotated the manuscript with different topic headings. This version was then translated into English by Progress Publishers and this is the version of the book which circulates today and is considered to be the most accurate version to Marx's notebooks. This Radical Reprint by Pattern Books is made to be accessible and as close to only manufacturing cost as possible. This third volume of Theories of Surplus Value covers the confusion between the concepts of commodity and capital, constant and variable capital and over-production, the problem of the relativizing the categories of value and equivalence, John Stuart Mill's reduction of Ricardian's economic theories, and the reductions of surplus-value into profit theory, and, as Marx continually says, its descent into being "vulgar political economy." These three volumes, in totality, are to show how the classical theories of value led to a theory stuck within the market paradigm and caught in the loop of capitalist circularity. For Marx, the current ontology of political economy only ruled within the scope of pragmatism within the market system, and these programs no longer offered any integrated theory of capitalism.