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Revitalizing Marxist Theory For Today'S Capitalism

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  • Paul Zarembka and Radhika Desai
    (State University of New York at Buffalo)

Abstract

[Part I] As a few alert mainstream and corporate economists rediscover the certain elements of Marx’s analysis of capitalism, the essays in the first part of this volume demonstrate that they have much more to discover. To their discredit, mainstream understandings – whether of capitalism’s growth or of western capitalism’s interrelated long-term stagnation and financialization – are derailed precisely by political aversion to, or ignorance of, Marxist categories and analyses. [Part II] The chapters in the second part extend Marxist insights into assessing the value of the so-called information, or knowledge-based, commodities, and offer a Marxist critique of Lenin, the only world leader who earlier had deeply studied his own country's economy. The part also presents two important works in translation. The first, read by Marx himself, raises serious questions about the relevance of Hegel in the understanding of Capital and offers its own insightful analysis. The other, by a Marxist collective in the 1970s demonstrates the centrality of politics and the class struggle in the allegedly ‘economic’ devalorization of constant capital. [Part III] The final part contains a debate on the merits of ‘positivist Marxism’ sparked by an article in Volume 26.

Suggested Citation

  • Paul Zarembka and Radhika Desai (ed.), 2011. "Revitalizing Marxist Theory For Today'S Capitalism," RESEARCH IN POLITICAL ECONOMY, Paul Zarembka, volume 27, number volm27a, April.
  • Handle: RePEc:rpe:volume:volm27a
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    More about this item

    Keywords

    growth theory; financial crisis; crisis theory; Minsky; Sieber; Marx; Value; information commodites; Lenin's economics; devalorization of Capital; positivist Marxism;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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