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Contradictions: Finance, Greed, And Labor Unequally Paid

Editor

Listed:
  • Paul Zarembka
    (State University of New York at Buffalo)

Abstract

This volume analyzes two decisive factors that have become embedded in the world spread of capitalism, a shift toward dominance of the financial sector, now entailing massive greed and calling into question whether the ‘rules’ of capitalism have been broken, and of global wage differentials so deep that recognition of a labor aristocracy cannot be avoided. These chapters are supplemented by two additional showing that gold still regulates the dollar’s value, and that unpaid reproductive labor of women adversely affects labor productivity. (New paragraph) Analysis of finance engenders discussion of its place in value theory, posed around the rate of profit, and is more complex than often presented. Furthermore, the varying rates of profit at the firm level, not just for financials, are distributed in a manner exhibiting more frequent extreme cases than a Bell-curve would suggest. Implications for incorporation of randomization into political economy are drawn. The final chapters provide evidence that Marx was more correct than Kalecki and Minsky when arguing the lead of profits for investment, and that product innovations can mitigate problems of over-production resulting from process innovations.

Suggested Citation

  • Paul Zarembka (ed.), 2013. "Contradictions: Finance, Greed, And Labor Unequally Paid," RESEARCH IN POLITICAL ECONOMY, Paul Zarembka, volume 28, number volm28a, April.
  • Handle: RePEc:rpe:volume:volm28a
    as

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    More about this item

    Keywords

    greed; economic system; gold; monetary system; labor aristocracy; unpaid labor; value theory; finance; probabilistic marxism; investment; business cycle; product innovation;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F54 - International Economics - - International Relations, National Security, and International Political Economy - - - Colonialism; Imperialism; Postcolonialism
    • F59 - International Economics - - International Relations, National Security, and International Political Economy - - - Other
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • J71 - Labor and Demographic Economics - - Labor Discrimination - - - Hiring and Firing
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
    • P17 - Economic Systems - - Capitalist Systems - - - Performance and Prospects
    • P40 - Economic Systems - - Other Economic Systems - - - General

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