Hobsbawm’s thinking was guided by dialectical materialism, which was a scientific outlook based on analysis. It always accounted for unpredictable human agency and, though economic factors played the principal role in the development of history, this study rejects the claim that Hobsbawm was a mechanical determinist.
Subjects Archives: Economic Theory
IT is often believed that the ability to pass on property to one’s progeny is an essential element of capitalism, without which the capitalists’ incentives will dry up and the system will lose its dynamism.
The third major influence on Marx’s critique of political economy (in addition to and combined with classical economics and Hegel’s philosophy) was utopian socialism.
The U.S. military establishment will breathe a sigh of relief at Joe Biden’s victory in the presidential election. Nearly 800 former high-ranking military and security officials penned an open letter in support of the Democratic candidate during the campaign.
India is being pushed toward a de facto unitary state, with states being kept totally out of the loop in decision-making, as seen in the new agricultural laws, goods and services tax compensation, Jammu and Kashmir bifurcation and new National Education Policy.
The new U.S. financed counter-revolution hopes to manipulate sensitive issues and create the conditions for a social confrontation, for conflict and destabilization of the country.
WEALTH distribution data are notoriously difficult to interpret. This is because variations in stock prices affect wealth distribution, so that a stock market boom suddenly makes the rich appear much richer, while a stock market collapse makes wealth distribution less unequal overnight.
But where did Marx’s critique of mainstream economics come from? It certainly did not emerge in one fell swoop, as a ready-made theory of capitalism. And it wasn’t produced in isolation, independently of the society within which it was first produced and then further elaborated.
Keynes’s criticisms of neoclassical economics set off a wide-ranging debate that came to define the terms of—and, ultimately, the limits of debate within—mainstream economics.
Once it was created as a new theory of capitalism, neoclassical economics expanded its influence—in its original countries as well as elsewhere.
Readers today will be more familiar with contemporary mainstream economics than with the mainstream economics of Marx’s day. So, let’s start there.
In the previous chapter, we saw that Marxian economics represents a two-fold critique: a critique of mainstream economic theory and a critique of capitalism, the economic and social system celebrated by mainstream economists.
In this episode, Money on the Left hosts speak with Rebecca Marchiel, Assistant Professor of History at University of Mississippi, about her important new book, After Redlining: The Urban Reinvestment Movement in the Era of Financial Deregulation (University of Chicago Press, 2020). After Redlining tells the story of the anti-racist urban reinvestment movement in early […]
It’s an obvious question for those of us living now, in the twenty-first century. Is Marxian economics still relevant?
One of the best reasons for studying Marxian economics is to understand all those criticisms—the criticisms of mainstream economic theory and the criticisms of capitalism.
The leak of the FinCEN Files over the weekend has rocked global markets and augurs a financial crisis of epic proportions as Deutsche Bank hovers over the precipice.
This is certainly not the first time people have looked beyond mainstream economics.
My goal is to write a textbook that can fulfill two purposes: first, a stand-alone book for courses that are focused on Marxian economics or survey courses that have a section devoted to Marxian economics; second, it will also be useful as a companion text in a course that is based on reading all of […]
The current economic crisis has hit workers hard. Unemployment rates remain high, with total weekly initial claims for unemployment insurance benefits continuing to grow.
The number of continued claims for unemployment compensation, while below its peak, rose from the previous week and was more than 29 million American workers—a figure that includes workers receiving Pandemic Unemployment Assistance.