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 loss of life 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 system lay in Western Europe and North the USA. New difficulties additionally arose during this interval, and parts of Marx's economics which had past obtained scant realization have been elavated to larger prominance. additionally after 1929 theoretical advancements in Marxian economics grew to become indifferent from profitable progressive perform. 1929 used to be a yr of substantial promise for Marxism. within the East, Stalin secured the seizure of strength in 1917 through sporting via a "revolution from above" which created a brand new mode of construction, swiftly speeded up fiscal improvement, and gave delivery to a brand new orthodoxy. within the West, the onset of the good melancholy promised the industrial cave in of capitalism and the finishing of Soviet isolation. "A heritage of Marxian Economics quantity 2, 1929-1990" takes an summary of Marxian economics, outlining the main major techniques, the incorporation of Keynesian thought into Marxism, in addition to tackling the hot theories of Imperialism and finishing with an research of present controversies in economics and their hyperlinks to a Marxist concept.

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Since the basic contradiction was that the productive forces had outgrown the bounds of the nation sta te, any solution to the crisis through state economic management was impossible. New imperialist wars were inevitable unless proletarian revolution intervened. 21 A radicalIy different view was expressed by Friedrich PoIlock. 1ly Pollock had emphasísed capítalists' opposítion to planning, whích would convert them into rentiers and, by exposing its parasític nature, threaten the legitimacy of their prívileged position.

52 However, before this - the most common Marxist interpretation of the slump - can be examined, it is useful to deal with the disproportionality variant of realisation theory beca use it sometimes became indistinguishable from a theory of underconsumption. The anarchy of capitalisl production had long been regarded by Marxists as a major cause of economic crisis. Since investments are undertaken by individual capitalists in isolation from ea eh other, with no overall plan lO guide their decisions or lo render thern consistent with each other, overproduction in particular seclors is almost unavoidable and is likely to spill over into other branches of industry, giving rise to general overproduction.

Polloek, 'Bemerkungen', p. 325; ef. N. Moszkowska, Zur Kritik Moderner Krisentheorien (Prague: Michael Kacha, 1935), p. 102. O. H. L Hirschfeld, 1929); er. M. Sweezy, The Theory of Capilalisl Development (New York: Monthly Review Press, 1970; fírs! published (942), ch. XI, and FR. Hansen, T/¡e Breakdown of Capitalism (London: Routledge & Kegan Pau!. (985) . 1. E. Varga, The Grea/ Crisis and i/s Poli/ieal Consequences: Economics and Poli/ies (New York: Howard Fertig, 1974; first published 1935), pp.

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