Subjects Archives: Political Economy

150 years back, Karl Marx’s Magnum Opus Das Kapital (Volume I) rolled out of the press on September, 1867. The publication signified nothing short of a silent revolution on the theoretical plane, and the world would never be the same again. Capital soon became the most discussed and debated work.

In the world we’re living in, it’s not enough to solve the tension between capital and work, the ongoing crisis of civilization urgently demands that we address the tension between capital and nature, which is currently compromising the existence of life in our planet.

Universalism is not an innocent concept. In “The Grandeur and Twilight of Radical Universalism,” published shortly after the fall of historical communism, Ágnes Heller and Ferenc Fehér, former Marxist philosophers and disciples of Georg Lukács, accused Marx and his followers of turning the Hegelian concept of universalism into a philosophy of praxis, a “predictive and action-orienting device” applied to change the world.

This week, representatives of three major internet platforms — Google, Facebook, and Twitter — are testifying before Congress about their role in facilitating Russian meddling in the 2016 election. But a fourth giant sat comfortably removed: Amazon.

Another glimpse into the lives of the rich and famous has come to light.

This entry begins by setting out the core ideas of Karl Marx (1818–83), with particular reference to the theory of historical materialism and its application to the capitalist mode of production. Marx’s theory of value and distribution receives detailed attention, followed by his models of capital accumulation and economic crisis.

Powerful corporations and the rich in the United States continue their winning ways. By narrow margins, both the House of Representatives and Senate have agreed on a budget proposal that calls for an increase in the federal deficit of $1.5 trillion dollars in order to fund a major reform of the U.S. tax system that will make the rich and powerful even more so.

Last week saw a flurry of humiliating pitches by North American cities for Amazon to pick them as the location of the corporation’s second headquarters.

The Mars family has made billions selling us M&Ms, Snickers, and countless other Halloween treats for a century now.  But when it comes to paying tax, the Mars family seems to be all tricks and no treats.

The world joined most South Africans in cheering when Nelson Mandela was finally released from prison, the apartheid regime was largely dismantled, and multiracial elections were eventually held.

“Neo-liberal capitalism” is the term used to describe the phase of capitalism where restrictions on the global flows of commodities and capital, including capital in the form of finance, have been substantially removed.

The implications of Marxist state theories developed by Nicos Poulantzas and Ralph Miliband are useful for framing issues related to leftist strategy in twenty-first century Venezuela. A relationship exists between each of the theories and three issues facing the Chavista movement: whether the bourgeoisie (or sectors of it) displays a sense of ‘class consciousness’; the viability of tactical and strategic alliances between the left and groups linked to the capitalist structure; and whether socialism is to be achieved through stages, abrupt revolutionary changes, or ongoing state radicalization over a period of time. During Poulantzas’ lifetime, his concept of the state as a ‘strategic battlefield’ lent itself to the left’s promotion of ‘strategic alliances’ with parties to its right. The same concept is compatible with the ‘process of change’ in Venezuela, in which autonomous movements play a fundamental role in transforming the old state and the construction of new state structures.

In a 2013 contribution aimed at influencing the post-2015 development agenda, seventeen UN Special Rapporteurs recommended that the Sustainable Development Goals (SDGs) should include a goal on the provision of social protection floors.

Only mainstream macroeconomists could possibly have thought that capitalism is self stabilizing. The rest of us—who have read Marx and Keynes…—actually knew something about the roots of capitalist instability.

Given the thick haze of disinformation surrounding the economic situation in Venezuela, we thought it would be useful to publish the first chapter of The Visible Hand of the Market: Economic Warfare in Venezuela.

The meeting was seen by many in the Greek left as an “unprecedented manifestation of subordination to the U.S. imperialists,” who backed violent Greek monarchists and military juntas throughout the Cold War.

The images below are from a lecture I gave to at SOAS, London University, on 18 October. This was part of a series organised by the SOAS Economics Department, and my lecture covered the forms taken by corporate power today, focusing on Apple, Google/Alphabet, Facebook, Amazon and Alibaba.

A capitalist system cannot aim at responsible production that will reduce the negative impact on our future, and this is why we need a system change! This was the main theme of the second presentation of the day, done by Richard York. He exposed this concept through 6 different perspectives.

There was only once, in the final year of my PhD, that my supervisor and I butted heads. I had just submitted my fourth chapter for her review and, because I was living in another city at the time, she sent me an email saying we needed to speak on the phone urgently.

Life as a consumer is very different to what we’re told.