• Transformation problem unraveled

    Moseley’s interpretation establishes the internal coherence of Marx’s theory, thereby creating a more solid basis for its further development on our own, Marxist, terms. Stated differently, there is no need to import unrealistic, abstract-ideal concepts from other economic theories in an attempt to “modernize” Marxist economics.

  • China, Capitalist Accumulation, and Labor

    Most economists continue to celebrate China as one of the most successful developing countries in modern times. We, however, are highly critical of the Chinese growth experience. China’s growth has been driven by the intensified exploitation of the country’s farmers and workers, who have been systematically dispossessed through the break-up of the communes, the resultant collapse of health and education services, and massive state-enterprise layoffs, to name just the most important “reforms.” With resources increasingly being restructured in and by transnational corporations largely for the purpose of satisfying external market demands, China’s foreign-driven, export-led growth strategy has undermined the state’s capacity to plan and direct economic activity. Moreover, in a world of competitive struggle among countries for both foreign direct investment and export markets, China’s gains have been organically linked to development setbacks in other countries. Finally, China’s growth has become increasingly dependent not only on foreign capital but also on the unsustainable trade deficits of the United States. In short, the accumulation dynamics underlying China’s growth are generating serious national and international imbalances that are bound to require correction at considerable social cost for working people in China and the rest of the world

  • Capital and Nature: An Interview with Paul Burkett

    1.  The year 2007 marks the 140th anniversary of the publication of the first volume of Marx’s Capital.  In your perspective, what is the main contribution of that major work to the understanding of contemporary capitalism? Marx’s Capital establishes three essential contradictions of capitalism which grow in intensity as the system develops historically.  These contradictions […]

  • Thinking About China

    Imports into the U.S. keep rising and the merchandise trade deficit keeps growing. Manufacturing jobs continue to disappear and wages and working conditions continue to worsen.  Increasingly, those who seek to explain these trends point to China.  It is true that China has become an export powerhouse, and the United States its main market.  China […]