A History of Marxian Economics by M. Howard, J. King

By M. Howard, J. King

This moment quantity of the hugely winning, A historical past of Marxian Economics, covers the interval from 1929 to the current. the most debates and subject matters of this era are the nice melancholy and Stalinism, the lengthy growth and its death, New Theories of Imperialism, worth and Exploitation, and present Controversies. As with the 1st quantity Michael Howard and John King have written an authoritative and stimulating account of the historical past of Marxian Economics over this era.

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1933), pp. 360-5. Dobb, Political Economy, pp. 115-21. Wolfram, Political Economy, pp. 380-2. Sweezy, Theory, pp. 186-9. Corey, Decline, p. 117; cf. Sternberg, 'Die Weltwirtschaftskrisis', pp. 112-18, and (at a more popular level) A. , ? 1937), pp. 286-298. E. Varga, Two Systems: Socialist Economy and Capitalist Economy (London: Lawrence & Wishart, 1939), p. 89; cf. Varga, The Great Crisis, pp. 19-23, and Day, The 'Crisis' and the 'Crash'. Moszkowska, Das Marxsche System, pp. 122-3. H. Dobb, 'Random Biographical Notes', Cambridge Journal of Economics, 2, 1978, p.

61 Moszkowska denies that underconsumptionism entails stagnation rather than sharp fluctuations in economic activity. She argues that the necessary adjustment of production to consumption is achieved, temporarily, in each cyclical downswing, by the operation of three endogenous stabilisers: the maintenance of consumption spending by unemployed workers and noncapitalist classes; the growing importance of fixed costs, which means that productivity falls faster than income payments; and an intensification of the sales effort and a corresponding increase in wages of unproductive workers.

5 Stalin justified the high tempo by the threat of imminent imperialist attack and the intensity of the class struggle on the home front. Failures to attain output forecasts were concentrated in low-priority sectors by diverting inputs into heavy industry if their outputs fell below planned targets. 6 Social policies were moulded to facilitate economic transformation and political domination. Residues of workers' control in industry were completely eliminated, to be replaced by 'one-man management', and new legislation on work discipline was draconian.

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