Economic History

A History of Marxian Economics, Volume II by M.C. Howard and J.E. King

By M.C. Howard and J.E. King

Follows on from the 1st quantity which handled the interval from the demise of Marx in 1883 to 1929. From 1930 onmwards the emphasis for theoretical research started to shift westwards, in order that within the post-war period the heartland of Marxian political economic climate lay in Western Europe and North the USA. New difficulties additionally arose during this interval, and components of Marx's economics which had previous bought scant consciousness have been elavated to larger prominance. additionally after 1929 theoretical advancements in Marxian economics grew to become indifferent from profitable innovative perform. 1929 was once a yr of substantial promise for Marxism. within the East, Stalin secured the seizure of energy in 1917 by means of wearing via a "revolution from above" which created a brand new mode of creation, quickly sped up fiscal improvement, and gave start to a brand new orthodoxy. within the West, the onset of the good melancholy promised the commercial cave in of capitalism and the finishing of Soviet isolation. "A historical past of Marxian Economics quantity 2, 1929-1990" takes an outline of Marxian economics, outlining the main major ideas, the incorporation of Keynesian thought into Marxism, in addition to tackling the recent theories of Imperialism and finishing with an research of present controversies in economics and their hyperlinks to a Marxist thought.

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BaueT, 'Die Akkumulation von Kapital', Die Nelle Zeir, 31. 1913, pp. 831-8, 862-74, translated in History of Polilical Eeollomy, 18, 1986, pp. 87-110. A full discussion ofGrossmann's modeJ and its reception is given in Ch. J6 of volume 1 of this book. 41. See respectively E. Varga, 'Akkumulation und Zusammenbruch des Kapitalismus', Unler Dem Ballller Des Marxismlls, 4, 1930. pp. 74-6; H. Bauer, 'Ein Neuer Zusammenbruchstheoretiker', Der Kampf. 22, 1929, pp, 270-80; and F. Sternberg, . Der Imperialismus' und Seine Kriliker (Berlín: Soziologische VerlagsAnstalt.

Harvard University Press. 1978), p. 56; F. Sternberg, 'Conversations with Trotsky'. Survey 47 (1963), pp. 146-59. For a trenchant critique of Trotsky on this question see G. Hodgson. TrOlsky and Fatalistic Marxian EconomislS and ¡he Grea¡ Depression 21 Marxism (Nottingham: Spokesman Books, 1975), pp. 22-7 and J. Molyneux, Leol! Trolsky's Theory 01 Revolulion (Hassocks: Harvester, 1981), pp. 175-9. 15. Sweezy, Theory, pp. 214-36; cf. H. Hansen, 'Economic Progress and Declining Population Growth', American Economic Review 29, [939, pp.

One result is an ¡nerease in circulation eosts, as capitalísts try desperately to create demand through varíous forms of sales promotion. 60 In monopoly eapitalism under~ eonsumptionist forees are stronger as, due to the suppression of prlee competition, the rate of exploitation rises even if money wages remain eonstant. 61 Moszkowska denies Ihat underconsumptionism entails stagnatíon rather tban sbarp íluctuatioos in economic activity. She argues that the necessary adjustment of production to consuroptíon is achieved, temporarily, in each cyclical downswing, by the operation of three endogenous stabilisers: the maintenance of consumption spending by unemployed workers and noocapitalíst classes; tbe growing importance of fixed costs, which means that productivity falls faster than ¡ncome payments; and an intensification of the sales effort and a correspondíng ¡nerease in wages of unproductíve workers.

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