University of London School of Oriental and African Studies Faculty of Law & Social Sciences Department of Economics

MARXIST POLITICAL ECONOMY AND WORLD DEVELOPMENT Department of Economics – Course Code: 15PECC047

MARXIST POLITICAL ECONOMY AND GLOBAL DEVELOPMENT Department of Development Studies – Course Code: 15PECH003

Course Convenors: Prof. Ben Fine and Prof. Alfredo Saad-Filho Course Level: Postgraduate Academic Year 2013–2014

Course Lecturers:

Ben Fine (bf@soas.ac.uk) Alfredo Saad Filho (as59@soas.ac.uk)

Course Aims and Learning Outcomes: The main objectives of this course are to:     Introduce students to Marxist political economy. Compare the Marxist approach with alternative theoretical perspectives on capitalism, its drivers, and its contradictions. Compare different approaches to key concepts in Marxian political economy. Examine critically the Marxist contributions to the study of development and contemporary capitalism.

At the end of this course, students will be able to:     Identify and understand the most important concepts, debates and problems in Marxist political economy. Critically interpret economic issues, problems and debates in the light of Marxist methods, concepts and contributions. Apply more developed analytical and critical skills through the ideas discussed in the lectures and through individual research. Enhance their communication and critical thinking skills through seminar debate and discussion.

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Course Organisation: The course consists of 10 two-hour weekly lectures and 9 one-hour weekly seminars (starting in teaching week 2). Attendance at the lectures and one of the weekly seminars is compulsory. Lectures: Tutorials: Wednesdays 3 - 5pm Tuesdays 11am - 12 noon; depending on numbers, other slots may also be offered. The tutorials discuss the topic of the lecture that took place in the previous week.

Moodle: The reading list will be posted on the Moodle site, along with some readings, lecture material and announcements.

Methods of Assessment: Method Weight 70% for students registered in the Economics course code; 70% for students registered in the DS course code. Due Date

2-hour examination

TBA by SOAS Registry

For students registered in the Economics course code: one 3000-word essay. (Students must select an essay question from weeks 1-10.)

30%

Monday 6 January 2014

For students registered in the Development Studies course code: one 3500-word essay. (Students must select an essay question from weeks 1-10.)

30%

Monday 6 January 2014

The essays MUST be submitted online. Late submission penalties apply. Do NOT submit hard copies to the Faculty Office. ONLY online submissions will be accepted and graded. YOU ALONE are fully responsible for ensuring your essay has been properly submitted on time and in accordance with SOAS requirements. Always allow room for error and avoid leaving your essay submission to the last moment. By submitting your assignment you declare that it is all your own work and that you have acknowledged all materials used from the published or unpublished works of other people. You agree that your assignment will be submitted to plagiarism detection services.

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BACKGROUND AND GENERAL READING

Bottomore, T. (ed.) (1991) A Dictionary of Marxist Thought. Oxford: Basil Blackwell. Fine, B. (1980) Economic Theory and Ideology. London: Edward Arnold. Fine, B. and D. Milonakis (2009) From Economics Imperialism to Freakonomics: The Shifting Boundaries Between Economics and other Social Sciences. London and New York: Routledge. Fine, B. and Harris, L. (1979) Rereading ‘Capital’, London: Macmillan. Fine, B. and Saad-Filho, A. (2010) Marx’s Capital, 5th ed. London: Pluto Press. Fine, B. and Saad-Filho, A. (2013) The Elgar Companion to Marxist Economics. Aldershot: Edward Elgar. Harvey, D. (1982) The Limits to Capital. London: Blackwell. Harvey, D. (2010) A Companion to Marx’s Capital. London: Verso. Howard, M.C. and King, J. (1989, 1991) A History of Marxian Economics, 2 Vols. Princeton: Princeton University Press. Milonakis, D. and Fine, B. (2009). From Political Economy to Economics: Method, the Social and the Historical in the Evolution of Economic Theory. London: Routledge. Rubin I.l. (1972) Essays on Marx’s Theory of Value. Detroit: Black and Red. Weeks, J. (2010) Capital, Exploitation and Crises. London: Routledge.

Note: Many classic works are freely available at www.marxists.org and on other websites.

COURSE STRUCTURE 1 2 3 4 5 Value and Price Capital, Labour Process, Competition and Innovation Classes, States and Modes of Production Economic Reproduction From Sraffa to Okishio 3 Oct 9 Oct 16 Oct 23 Oct 30 Oct BF ASF ASF BF BF

READING WEEK 4 - 8 November 2013 6 7 8 9 10 Marxism and Development Distribution and Unproductive Labour Finance and Interest-Bearing Capital Crisis Theory Method and Themes in Marxist Political Economy 13 Nov 20 Nov 27 Nov 4 Dec 11 Dec ASF BF BF ASF ASF

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LECTURE OUTLINE

Students are expected to consult core readings and those by Marx, ideally before the lectures. Other readings, extensive but far from comprehensive, are provided for those who wish to go into particular topics in greater depth. Even further study may be guided by convenors upon student request.

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Value and Price

3 Oct

BF

This lecture provides an overview of the course and the material to be covered. Subsequently, it explains the principles of the labour theory of value, focusing on the most important categories in Marxian political economy: value and price. These are followed by the analysis of closely related concepts, especially money, alienation and fetishism. Alternative interpretations of these concepts within Marxian political economy are highlighted, and their differences and potential contributions are examined in detail. Core Readings: Fine, B. and Saad-Filho, A. (2010) Marx’s Capital, 5 ed. London: Pluto Press, ch.2. Fine, B. and Saad-Filho, A. (2013) The Elgar Companion to Marxist Economics. Aldershot: Edward Elgar, chs.11, 28, 29, 31, 58. Lenin, V. (1913) “The Three Sources and Three Component Parts of Marxism”, http://www.marxists.org/archive/lenin/works/1913/mar/x01.htm
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Readings by Marx: Marx, K. (1976) Capital 1. London: Penguin, Introduction, Prefaces, and chs. 1-3, http://www.ebook3000.com/politics/Capital--A-Critique-of-Political-Economy--Vol-1--PenguinClassics-_127120.html

Further Readings: Deane P. (1978) The Evolution of Economic Ideas. Cambridge: Cambridge University Press, chs. 2, 5. Dobb, M. (1940) Political Economy and Capitalism. London: Routledge & Kegan Paul, ch. 1. Elson, D. (1979) ‘The Value Theory of Labour’, in Value, The Representation of Labour in Capitalism. London: CSE Books. Fine, B. (2001) ‘The Continuing Imperative of Value Theory’, Capital and Class, 25 (3), pp.4152. Harvey, D. (2010) A Companion to Marx’s Capital. London: Verso, chs.1-2. Hilferding R. (1949) ‘Böhm-Bawerk’s Criticism of Marx’, in P. Sweezy (ed), Karl Marx and the Close fo His System/ Böhm-Bawerk’s Criticism of Marx, Orion: Philadelphia, PA., ch.1. Itoh M. (1980) Value and Crisis. London: Pluto Press, ch.2. Meek R. (1973) Studies in the Labour Theory of Value. London: Lawrence & Wishart, chs. 4-5. Mohun S. (ed.) (1995) Debates in Value Theory. London: Macmillan. O'Brien D.P. (1975) The Classical Economists. Oxford: Oxford University Press, ch.4. Pilling, G. (1980) Marx’s Capital: Philosophy and Political Economy. London: Routledge and

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Kegan Paul. Rubin I.l. (1972) Essays on Marx’s Theory of Value. Detroit: Black and Red, chs. 8, 9, 12. Rubin I.l. (1979) A History of Economic Thought. London: Ink Links, chs. 22, 28. Rubin, I.I. (1975) Essays on Marx’s Theory of Value. Montréal: Black Rose Books, chs.1-16, http://www.marxists.org/archive/rubin/value/index.htm Rubin, I.I. (1978) ‘Abstract Labour and Value in Marx’s System’, Capital & Class 5, pp.107-139. Saad-Filho, A. (2002) The Value of Marx. London: Routledge, ch.2. Weeks, J. (2010) Capital, Exploitation and Crises. London: Routledge, chs.1-2.

Essay Question: In what sense is Marx’s value theory both quantitative and qualitative?

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Capital, Labour Process, Competition, Innovation

9 Oct

ASF

This lecture addresses Marx’s concepts of capital and exploitation. Once these have been explained, it moves to the labour process and the social relations withing the firm, including power and authority in the workplace. Finally, it looks at the role of technology and innovation, as part of an analysis of the different types of competition and the extraction of absolute and relative surplus value. Core Readings: Fine, B. and Saad-Filho, A. (2010) Marx’s Capital, 5th ed. London: Pluto Press, chs.3, 6, 10. Fine, B. and Saad-Filho, A. (2013) The Elgar Companion to Marxist Economics. Aldershot: Edward Elgar, chs. 1, 5, 12, 19, 30, 54. Marglin, S. (1974) ‘What Do Bosses Do? The Origins and Functions of Hierarchy in Capitalist Production’, Review of Radical Political Economics, 6 (2), pp.60-112. Saad-Filho, A. (2003) ‘Value, Capital and Exploitation’, in A. Saad-Filho (ed.) Anti-Capitalism: A Marxist Introduction. London: Pluto Press.

Readings by Marx: Marx, K. (1976) Capital 1. London: Penguin, chs.4-22, Appendix (Results of the Immediate Process of Production). Marx, K. (1981) Capital 3. London: Penguin, chs.1-12, 48-52, http://www.marxists.org/archive/marx/works/download/Marx_Capital_Vol_3.pdf Marx, K. (1998) Value, Price and Profit, in K. Marx and F. Engels, Classics in Politics (CD-Rom). London: The Electric Book Company.

Further Readings: Baran, P. and Sweezy, P. (1966) Monopoly Capital. New York: Modern Reader Paperbacks. Braverman, H. (1974) Labor and Monopoly Capital: The Degradation of Work in the Twentieth Century. New York: Monthly Review Press. Brighton Labour Process Group (1977) ‘The Capitalist Labour Process’, Capital and Class 1,

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pp.3-26. Burawoy, M. (1979) Manufacturing Consent: Changes in the Labor Process under Monopoly Capitalism. Chicago: University of Chicago Press. Fine, B. (1983a) ‘A Dissenting Note on the Transformation Problem’, Economy and Society 12 (4), pp. 520–25. Fine B., Lapavitsas C. and A. Saad-Filho (2004) ‘Transforming the Transformation Problem: Why the New Solution is a Wrong Turning’, Review of Radical Political Economics, 36 (1), pp.319. Fine, B. (1986) (ed.) The Value Dimension, Marx versus Ricardo and Sraffa. London: Routledge and Kegan Paul. Fine, B. and Harris, L. (1979) Rereading ‘Capital’. London: Macmillan, ch.3. Fine, B. and Saad-Filho, A. (2008) ‘Production vs Realisation in Marx’s Theory of Value: A Reply to Kincaid’, Historical Materialism 16, pp.191-204. Fine, B. and Saad-Filho, A. (2009) ‘Twixt Ricardo and Rubin: Debating Kincaid Once More’, Historical Materialism 17, pp.208-220. Fine, B., Lapavitsas, C. and Saad-Filho, A. (2004) ‘Transforming the Transformation Problem: Why the “New Interpretation” is a Wrong Turning’, Review of Radical Political Economics, forthcoming. Finger, B. (2010) ‘The Transformation Problem: An Anti-Critique’, Critique 38 (2), pp.283-307. Foley, D. (1982) ‘The Value of Money, the Value of Labour Power and the Marxian Transformation Problem’, Re-view of Radical Political Economics 14 (2), pp. 37–47. Gerstein I. (1976) ‘Production, Circulation and Value’, Economy and Society 5 (3), pp.243-291. Guerrero, D. (2003) ‘Capitalist Competition and the Distribution of Profits’, in A. Saad-Filho (ed.) Anti-Capitalism: A Marxist Introduction. London: Pluto Press. Harvey, D. (1982) The Limits to Capital. London: Blackwell, chs.4-5. Harvey, D. (2010) A Companion to Marx’s Capital. London: Verso, chs.3-9. Howard, M.C. and King, J. (1989) A History of Marxian Economics. Princeton: Princeton University Press, Vol.1, chs.1-3. Kincaid, J. (2007) ‘Production versus Realisation: A Critique of Fine and Saad-Filho on Value Theory’, Historical Materialism 15, pp.137-164. Kincaid, J. (2008) ‘Production versus Capital in Motion: A Reply to Fine and Saad-Filho’, Historical Materialism 16, pp.181-203. Kincaid, J. (2009) ‘The Logical Construction of Value Theory: More on Fine and Saad-Filho’, Historical Materialism 17, pp.208-220. Lapides, K. (1998) Marx’s Wage Theory in Historical Perspective. Westport, Conn.: Praeger. Lebowitz, M. (2003) Beyond ‘Capital’: Marx’s Political Economy of the Working Class. 2 ed. Basingstoke: Palgrave Macmillan. Levidow, L. (2003), ‘Technological Change as Class Struggle’, in A. Saad-Filho (ed.) AntiCapitalism: A Marxist Introduction. London: Pluto Press. Levidow, L. and Young, B. (1981, 1985) Science, Technology and the Labour Process, Marxist Studies, 2 Vols. London: Free Association Books. Mohun S. (1994) ‘A Re(in)statement of the Labour Theory of Value’, Cambridge Journal of Economics, 18, pp.391-412. Pilling, G. (1980) Marx’s ‘Capital’: Philosophy and Political Economy. London: Routledge and Kegan Paul. Postone, M. (1993) Time, Labour and Social Domination, A Re- examination of Marx’s Critical Theory. Cambridge: Cambridge University Press. 6
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Saad-Filho, A. (2002) The Value of Marx. London: Routledge, chs.3-7. Slater, P. (ed.) (1980) Outlines of a Critique of Technology. Atlantic Highlands, N.J.: Humanities Press. Spencer, D. (2008) The Political Economy of Work. London: Routledge. Thompson, P. (2010) ‘The Capitalist Labour Process: Concepts and Connections’, Capital & Class, 34 (1), pp.7-14. Tinel, B. (2013) ‘Why and How Do Capitalists Divide Labour? From Marglin and Back Again Through Babbage and Marx’, Review of Political Economy, 25 (2), pp.254-272. Weeks, J. (2010) Capital, Exploitation and Crises. London: Routledge, ch.3.

Essay Question: Does the increasing complexity of capitalism, and economic analysis, render Marx’s value theory even more urgent or even more redundant?

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Classes, States and Modes of Production

16 Oct

ASF

This lecture considers Marxist concepts of class, state and modes of production, and the relationships between them. These concepts relate the ‘economic’, the ‘political’ and the ‘historical’ aspects of Marxian political economy. The study of the relationships between them can illustrate the empirical, historical and political relevance of Marxian approaches. Core Readings: Brenner, R. (1986) ‘The Social Basis of Economic Development’, in J. Roemer (ed.) Analytical Marxism. Cambridge: Cambridge University Press. Chibber, V. (2011) ‘What is Living and What is Dead in the Marxist Theory of History’, Historical Materialism 19 (2), pp.60-91. Fine, B. and Saad-Filho, A. (2013) The Elgar Companion to Marxist Economics. Aldershot: Edward Elgar, chs. 6, 8, 14, 21, 36, 53. Ste.Croix, G. de (1984) ‘Class in Marx’s Conception of History, Ancient and Modern’, New Left Review 146, pp.94-111.

Readings by Marx: Marx, K. (1859) ‘Preface to A Contribution to the Critique of Political Economy’, http://www.marxists.org/archive/marx/works/1859/critique-pol-economy/preface-abs.htm Further Readings: Anderson, P. (1974) Lineages of the Absolutist State. London: Verso. Anderson, P. (1974) Passages from Antiquity to Feudalism. London: Verso. Ashton, T.H. and Philpin, C.H.E. (eds) (1985) The Brenner Debate: Agrarian Class Structure and Economic Development in Pre-Industrial Europe. Cambridge: Cambridge University Press. Avineri, S. (ed.) (1969) On Colonialism and Modernization. Garden City, NY: Anchor Books. Banaji, J. (2010) Theory as History: Essays on Modes of Production and Exploitation. Leiden and Boston: Brill. Blackledge, P. (2006) Reflections on the Marxist Theory of History. Manchester: Manchester 7

University Press. Bonefeld, W. (2003) ‘The Capitalist State: Illusion and Critique’, http://libcom.org/library/capitalist-state-illusion-critique-werner-bonefeld. Bonefeld, W. (2010) ‘Free Economy and Strong State: Some Notes on the State’, Capital & Class, 34 (1), pp.15-24. Bonefeld, W. (2011) ‘Primitive Accumulation and Capitalist Accumulation: Notes on Social Constitution and Expropriation’, Science & Society 75 (3), pp.379-399. Brenner, R. (1976) ‘Agrarian Class Structure and Economic Development in Pre-Industrial Europe’, Past and Present, 70, pp.30-70 (republished in Aston and Philpin, 1985). Brenner, R. (1977) ‘The Origins of Capitalist Development: A Critique of Neo-Smithian Marxism’ New Left Review 104, pp.25-92. Brenner, R. (2007) ‘Property and Progress: Where Adam Smith Went Wrong’, in C. Wickham (ed.) Marxist History-Writing for the Twenty-First Century. Oxford: Oxford University Press. Brewer, A. (1989) Marxist Theories of Imperialism: A Critical Survey. London: Routledge. Byres, T.J. (1996). Capitalism from Above and Capitalism from Below: An Essay in Comparative Political Economy. Basingstoke and London: Macmillan. Clarke, S. (ed.) (1991) The State Debate. London: CSE/Macmillan. Comninel, G.C. (2000a) ‘English Feudalism and the Origins of Capitalism’, Journal of Peasant Studies, 27 (4), pp.1-53. Gaido, D. (2013) ‘The American Path of Bourgeois Development Revisited’, Science & Society 77 (2), pp.227-252. Gibson-Graham, J.K.; Resnick, S. and Wolff, R. (2001) Re/presenting Class: Essays in Postmodern Marxism. Durham: Duke University Press. Haldon, J. (1993) The State and the Tributary Mode of Production. London: Verso. Hilton, R.H. (ed.) (1978) The Transition from Feudalism to Capitalism. London: New Left Books. Hobsbawm, E. (1965) ‘Introduction,’ in K. Marx, Pre-Capitalist Economic Formations, New York: International Publishers. Holloway, J. and Picciotto, S. (1982) Capital and the State. London: Edward Arnold. Jessop, B. (1982) The Capitalist State: Marxist Theories and Methods. Oxford: Robertson. Jessop, B. (2010) ‘The “Return” of the National State in the Current Crisis of the World Market’, Capital & Class, 34 (1), pp.38-43. Laibman, D. (1984) ‘Modes of Production and Theories of Transition’, Science & Society, 48 (3), pp.257-294. Laibman, D. (1987) ‘Modes and Transitions’, Science & Society, 51 (2), pp.179-188. Milonakis, D. (1993­94) ‘Prelude to the Genesis of Capitalism: The Dynamics of the Feudal Mode of Production’, Science & Society, 57 (4), pp.390-419. Mohandesi, S. (2013) ‘Class Consciousness or Class Composition?’, Science & Society 77 (1), pp.72-97. O’Leary, B. (1989) The Asiatic Mode of Production. Oxford: Oxford University Press. Post, C. (2010) ‘Exploring Working-Class Consciousness: A Critique of the Theory of the Labour-Aristocracy’, Historical Materialism 18, pp.3-38. Poulantzas, N. (1974) Classes in Contemporary Capitalism. London: New Left Books. Sweezy, P.M. (1978) ‘The Transition from Feudalism to Capitalism’, in R.H. Hilton (ed.) The Transition from Feudalism to Capitalism. London: New Left Books. Wickham, C. (2005) Framing the Early Middle Ages: Europe and the Mediterranean 400-800. Oxford: Oxford University Press.

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Wickham, C. (2007) (ed.) Marxist History-Writing for the Twenty-First Century. Oxford: Oxford University Press. Williams, E. (1966) Capitalism and Slavery. New York: Capricorn. Wolf, E. (1982) Europe and the Peoples without History. Berkeley: University of California Press. Wolpe, H. (ed.) (1980) The Articulation of Modes of Production: Essays from Economy and Society. London: Routledge and Kegan Paul. Wood, E.M. (1984) ‘Marxism and the Course of History’, New Left Review 147, pp. 95–107. Wood, E.M. (1988) Peasant-Citizen and Slave: the Foundations of Athenian Democracy. London: Verso. Wood, E.M. (1998) The Retreat from Class: A New ‘True’ Socialism. London: Verso. Wood, E.M. (2002) The Origin of Capitalism: A Longer View. London: Verso.

Essay Question: How are we to understand the role of classes and the state in terms of the specific nature of the capitalist mode of production?

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Economic Reproduction

23 Oct

BF

This lecture examines the circuit of capital, and explains the relationships between production, circulation and accumulation. Subsequently, it examines Marx’s concepts of simple reproduction and expanded reproduction, and the processes of economic and social reproduction, both at the levels of the economy in general, and the household specifically. Core Readings Brewer, A. (1990) Marxist Theories of Imperialism: A Critical Survey. London: Routledge, chs.34. Fine, B. and Saad-Filho, A. (2010) Marx’s Capital, 5th ed. London: Pluto Press, chs.4-5. Fine, B. and Saad-Filho, A. (2013) The Elgar Companion to Marxist Economics. Aldershot: Edward Elgar, ch.18. Weeks, J. (2010) Capital, Exploitation and Crises. London: Routledge, ch.4.

Readings by Marx: Marx, K. (1976) Capital 1. London: Penguin, chs.23-25. Marx, K. (1992) Capital 2. London: Penguin, chs.1-21.

Further Readings: Arthur, C.J. and Reuten, G. (eds) (1998) The Circulation of Capital: Essays on Volume Two of ‘Capital’. London: Macmillan. Beneria, L. (1979) ‘Reproduction, Production and the Sexual Division of Labour’, Cambridge Journal of Economics, 3 (3), pp.203-205. Catephores, G. (1989). An Introduction to Marxist Economics. New York: New York University Press, ch.6. Fine, B. (1980) Economic Theory and Ideology. London: Edward Arnold, ch.2.

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Fine, B. (1989) Marx’s Capital, 3 edition, ch.4-9, London: Macmillan. Fine, B. (2008) ‘Debating Lebowitz: Is Class Conflict the Moral and Historical Element in the Value of Labour Power’, Historical Materialism 16 (3), pp. 105-114. Fine, B. (2012) ‘Revisiting Rosa Luxemburg’s Political Economy’, Critique 40 (3), pp.449-456. Harvey, D. (1982) The Limits to Capital, London: Blackwell, chs.3, 6. Harvey, D. (2010) A Companion to Marx’s Capital. London: Verso, ch.10. Harvey, D. (2010) The Enigma of Capital. London: Profile Books. Howard, M.C. and King, J. (1989) A History of Marxian Economics. Princeton: Princeton University Press, Vol.1, ch.6.

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Essay Question: To what extent can the reproduction schema be interpreted as an equlilbrium analysis?

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From Sraffa to Okishio

30 Oct

BF

This lecture examines, first, the Law of the Tendency of the Rate of Profit to Fall (LTRPF), its counter-tendencies, and their empirical implications. Second, the best-known critiques of Marx’s value theory, focusing on the Sraffian critique of Marx and the Okishio Theorem. This is followed by an assessment of the theoretical and empirical implications of these critiques, and the (alternative) Marxian responses. Core Readings Fine, B. and Saad-Filho, A. (2010) Marx’s Capital, 5 ed. London: Pluto Press, ch.8. Fine, B. and Saad-Filho, A. (2013) The Elgar Companion to Marxist Economics. Aldershot: Edward Elgar, chs.40, 47 Rowthorn, B. (1974) ‘Neo-Classicism, Neo-Ricardianism and Marxism’, New Left Review, 86, pp.63-87. Samuelson, P (1971), ‘Understanding the Marxian Notion of Exploitation: A Summary of the So‐Called “Transformation Problem” between Marxian Values and Competitive Prices’, Journal of Economic Literature, 9(2), pp.399‐431. Steedman, I. (1991) ‘The Irrelevance of Marxian Values’, in: G.A. Caravale (ed.) Marx and Modern Economic Analysis, Vol. 1. Aldershot: Edward Elgar.
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Readings by Marx: Marx, K (1863), Theories of Surplus Value, Part II, Chapter XVI, www.marxists.org/archive/marx/works/1863/theories‐surplus‐value/ch16.htm Marx, K. (1981) Capital 3. London: Penguin, chs.13-15.

Further Readings: Baran, P. and Sweezy, P. (1966) Monopoly Capital. New York: Monthly Review Press. Brown, V. and Mohun, S. (2011) ‘The Rate of Profit in the UK, 1920-1938’, Cambridge Journal of Economics 35, pp.1035-1059. Fine, B. (1992a) ‘On the Falling Rate of Profit’, in G.A. Caravale (ed.) Marx and Modern Economic Analysis. Aldershot: Edward Elgar. Fine, B. and Harris, L. (1979) Rereading Capital. London: Macmillan, ch.4. Finger, B. (2010) ‘The Okishio Theorem: What it Purports to Prove, What it Actually Demonstrates’, Critique 38 (4), pp.663-674. Howard, M.C. and King, J. (1991) A History of Marxian Economics. Princeton: Princeton University Press, Vol.2, chs. 6-7, 12-15. Okishio, N. (1961) ‘Technical Change and the Rate of Profit’, Kobe University Economic Review 7, pp. 85–99. Okishio, N. (2000) ‘Competition and Production Prices’, Cambridge Journal of Economics 25, pp. 493–501. Reuten, G. (1997) ‘The Notion of Tendency in Marx’s 1894 Law of Profit’, in F. Moseley and M. Campbell (eds.) New Investigations of Marx’s Method. Atlantic Highlands, N.J.: Humanities Press. Reuten, G. (2004) ‘“Zirkel Vicieux” or Trend Fall? The Course of the Profit Rate in Marx’s “Capital III”’, History of Political Economy, 36 (1), pp.163-186. 11

Reuten, G. and Thomas, P. (2011) ‘From the “Fall of the Rate of Profit” in the Grundrisse to the Cyclical Development of the Profit Rate in Capital’, Science & Society 75 (1), pp.74-90. Savran, S. (1979), ‘On the Theoretical Consistency of Sraffa’s Economics’, Capital and Class, 7, Spring, pp. 131-140. Steedman I. (ed.) (1981) The Value Controversy. London: Verso. Steedman, I. (1977) Marx after Sraffa, London: New Left Books. Sweezy, P. (1943) The Theory of Capitalist Development. London: Dobson Books. Von Böhm-Bawerk, E. (1898) Karl Marx and the Close of His System, chs. 1−4, http://mises.org/books/karlmarx.pdf Weeks, J. (1982a) ‘Equilibrium, Uneven Development and the Tendency of the Rate of Profit to Fall’, Capital and Class 16, pp. 62–77.

Essay Question: In what sense is the LTRPF to fall an empirical law?

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Marxism and Development

13 Nov

ASF

This lecture examines the process of development from a Marxist perspective. It examines the concept of primitive accumulation, followed by the concepts of world economy, the phases (stages) of capitalism, and globalisation. Core Readings: Fine, B. and Saad-Filho, A. (2013) The Elgar Companion to Marxist Economics. Aldershot: Edward Elgar, chs. 10, 26, 27, 33, 38. Lenin, V.I. (1972) The Development of Capitalism in Russia, Collected Works vol.3. London: Lawrence & Wishart, preface to the 2nd edition and ch.1 (see http://www.marxists.org/archive/lenin/works/1899/dcr8i/index.htm). Patnaik, P. (2005) ‘Karl Marx as a Development Economist’, in Jomo KS (ed.) The Pioneers of Development Economics: Great Economists on Development. London: Zed Books. Trotsky, L. (1997) The History of the Russian Revolution. London: Pluto Press, ch.1.

Readings by Marx: Marx, K. (1976) Capital 1. London: Penguin, chs.26-33.

Further Readings: Ahmad, A. (2004) ‘Imperialism of Our Time’, in: L. Panitch and C. Leys (eds.) Socialist Register, London: Merlin. Amin, S. (1985) ‘Modes of Production, History, and Unequal Development’, Science & Society, 49 (2), pp.194-207. Anderson, K.B. (2010) Marx at the Margins. Chicago: University of Chicago Press. Arrighi G. (1994) The Long Twentieth Century. London: Verso. Arrighi, G. (2005) ‘Hegemony Unravelling’ parts 1 and 2, New Left Review 32, March-April, pp.23-80, and 33, May-June, pp.83-116.

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Bagchi, A.K. (2006) ‘The Developmental State under Imperialism’, in: Jomo K.S. (ed.) Globalization under Hegemony: The Changing World Economy. Oxford: Oxford University Press. Bairoch P. (1993) Economics and World History. Hemel Hempstead: Harvester Wheatsheaf. Bairoch P. and R. Kozul-Wright. 1996. ‘Globalization Myths: Some Historical Reflections on Integration, Industrialization and Growth in the World Economy’, UNCTAD Discussion Papers, 113, March. Baker D., Epstein G. and Pollin R. (1998) Globalization and Progressive Economic Policy. Cambridge: Cambridge University Press. Baran, P.A. (1968) The Political Economy of Growth. New York: Modern Reader. Barratt-Brown, M. (1970) After Imperialism. London: Merlin Press. Boron A. (2005) Empire and Imperialism: A Critical Reading of Michael Hardt and Antonio Negri. London: Zed Books. Boyer, R. (2001) ‘The diversity and future of capitalisms: a Regulationist analysis’, in G.M. Hodgson, M. Itoh and N. Yokokawa (eds.) Capitalism in Evoluton: Global Contentions – East and West, ch.7, Cheltenham: Edward Elgar; Reprinted in David Coates (ed.) Models of Capitalism: Debating Strengths and Weaknesses, vol.I, Cheltenham: Edward Elgar, 2002. Brenner, R. (1998) ‘The Economics of Global Turbulence’, New Left Review, 229, May-June. Brenner, R. and M. Glick (1991) ‘The Regulation Approach: Theory and History’, New Left Review 188, pp.45-119. Brewer, A. (1989) Marxist Theories of Imperialism: A Critical Survey. London: Routledge, chs.12, 4-6. Byres, T. (2005) ‘Neoliberalism and Primitive Accumulation in Less Developed Countries’, in A. Saad-Filho and D. Johnston (eds.) Neoliberalism: A Critical Reader. London: Pluto Press. Campbell, A. and Bakir, E. (2010) ‘Neoliberalism, the Rate of Profit and the Rate of Accumulation’, Science & Society 74 (3), pp.323-342. Dore, R., W. Lazonick and M. O’Sullivan (1999) ‘Varieties of Capitalism in the Twentieth Century’, Oxford Review of Economic Policy, 15 (4), pp.102-120. Duménil, G and Lévy, D. (2004) Capital Resurgent: Roots of the Neoliberal Revolution. Cambridge, Mass. and London: Harvard University Press. Etherington, N. (1984) Theories of Imperialism: War, Conquest and Capital. London: Croom Helm. Fine, B. (2004) ‘Examining the Ideas of Globalisation and Development Critically: What Role for Political Economy?’, New Political Economy 9 (2), pp.213-231. Fine, B. and L. Harris (1979) Rereading “Capital”. Basingstoke: Macmillan, chs.6-9. Fine, B. et. Al. (1999) “Addressing the World Economy: Two Steps Back”, Capital and Class, 67, pp. 47-90. Fine, B., Jeon, H.S. and Gimm, G.H. (2010) ‘Value is as Value Does: Twixt Knowledge and the World Economy’, Capital & Class 34 (1), pp.69-83. Gordon, D., Edwards, R. and Reich, M. (1982) Segmented Work, Divided Workers. Cambridge: Cambridge University Press. Gordon, D., Edwards, R. and Reich, M. (1994) ‘Long Swings and Stages of Capitalism’ in D. Kotz, T. McDonough and M. Reich (eds.) Social Structures of Accumulation: The Political Economy of Growth and Crisis. Cambridge: Cambridge University Press. Gowan, P. (1999) The Global Gamble: Washington’s Faustian Bid for World Dominance. London: Verso. Hardt, M. and Negri A. (2000) Empire. Cambridge, Mass.: Harvard University Press.

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Harvey, D. (2003) The New Imperialism. Oxford: Oxford University Press, ch.4. Harvey, D. (2005) A Brief History of Neoliberalism. Oxford: Oxford University Press. Harvey, D. (2010) A Companion to Marx’s Capital. London: Verso, ch.11. Howard, M.C. and King, J. (1989) A History of Marxian Economics. Princeton: Princeton University Press, Vol.1, chs.5, 12; Howard, M.C. and King, J. (1991) A History of Marxian Economics. Princeton: Princeton University Press, Vol.2, chs.9-11. Huws, U. (2003) The Making of the Cybertariat: Virtual Work in a Real World. New York: Monthly Review Press. Jessop, B. (2013) ‘Revisiting the Regulation Approach: Critical Reflections on the Contradictions, Dilemmas, Fixes and Crisis Dynamics of Growth Regimes’ Capital & Class 37 (1), pp.5-24. Kiely, R. (2005a) Empire in the Age of Globalisation: US Hegemony and the Neoliberal Disorder. London: Pluto Press. Kiely, R. (2005b) The Clash of Globalisations: Neo-Liberalism, the Third Way and AntiGlobalisation. Leiden: Brill. Kiely, R. (2010) Rethinking Imperialism. London: Palgrave. Kiernan, V.G. (1974) Marxism and Imperialism. London: Routledge & Kegan Paul. Kotz, D., McDonough, T. and Reich, M. (eds.) (1994) Social Structures of Accumulation. Cambridge: Cambridge University Press. Kotz, D., McDonough, T. and Reich, M. (eds.) (2010) Contemporary Capitalism and Its Crises: Social Structure of Accumulation Theory for the 21st Century. Cambridge: Cambridge University Press. Kotz, David (1994), ‘Interpreting the Social Structure of Accumulation Theory’, in D. Kotz, T. McDonough and M. Reich (eds.) Social Structures of Accumulation: The Political Economy of Growth and Crisis. Cambridge: Cambridge University Press. Kotz, David (1994), ‘The Regulation Theory and the Social Structure of Accumulation Approach’, in D. Kotz, T. McDonough and M. Reich (eds.) Social Structures of Accumulation: The Political Economy of Growth and Crisis. Cambridge: Cambridge University Press. Lazonick, W. (1991) Business Organization and the Myth of the Market Economy, ch., Cambridge: CUP. Lenin, V. (1917) Imperialism, the Highest Stage of Capitalism, http://www.marxists.org/archive/lenin/works/1916/imp-hsc/ McDonough, T. (2008) ‘Social Structures of Accumulation: The State of the Art’, Review of Radical Political Economics 40 (2), pp.153-173. Melotti, U. (1977) Marx and the Third World. London: Macmillan. Neilson, D. (2012) ‘Remaking the Connections: Marxism and the French Regulation School’, Review of Radical Political Economics, 44 (2), pp.160-177. Owen, R. and Sutcliffe, B. (eds.) (1972) Studies in the Theory of Imperialism. London: Longman. Panitch L. and Gindin, S. (2004) ‘Global Capitalism and American Empire’, in: L. Panitch and C. Leys (eds.) Socialist Register, London: Merlin. Panitch L. and S. Gindin. (2005) ‘Finance and American Empire’, in: L. Panitch and C. Leys (eds.) Socialist Register, London: Merlin. Panitch, L. and Gindin, S. (2012) The Making of Global Capitalism: The Political Economy of American Empire. London: Verso. Patnaik P. (2003) The Retreat to Unfreedom. Delhi: Tulika Press. Perelman, M. (2003) ‘The History of Capitalism’, in A. Saad-Filho (ed.) Anti-Capitalism: A 14

Marxist Introduction. London: Pluto Press. Radice, H. (2000) ‘Globalization and National Capitalism: Theorizing Convergence and Differentiation’, Review of International Political Economy 7 (4), pp. 719–42. Radice, H. (2000) ‘Globalization and National Capitalisms: Theorizing Convergence and Differentiation’, Review of International Political Economy, 7 (4), pp.719-742. Rude C. (2005) ‘The Role of Financial Discipline in Imperial Discipline’, in: L. Panitch and C. Leys (eds.) Socialist Register, London: Merlin. Wallerstein, I. (1991/1985) ‘Marx and Underdevelopment’, in Unthinking Social Science: The Limits of Nineteenth-Century Paradigms. Cambridge: Polity Press. Ward, H. (2003) ‘The Co-evolution of Regimes of Accumulation and Patterns of Rule: State Autonomy and the Possibility of Functional Responses to Crisis’, New Political Economy, 8 (2), pp.179-202. Warren, B. (1973) ‘Imperialism and Capitalist Industrialization’, New Left Review, 81, pp.3-44. Warren, B. (1980) Imperialism: Pioneer of Capitalism. London: Verso. Weeks, J. (1985–86) ‘Epochs of Capitalism and the Progressiveness of Capital’s Expansion’, Science and Society 49 (4), pp. 414-435. Weeks, J. (1991) ‘Losers Pay Reparations, or How the Third World Lost the Lending War’, in Debt Disaster? Banks, Governments, and Multilaterals Confront the Crisis, Geonomics Institute for International Economic Advancement Series, pp. 41-63. Weeks, J. (2001) ‘The Expansion of Capital and Uneven Development on a World Scale’, Capital and Class 74, pp. 9–30. Wolpe, H. (1972) ‘Capitalism and Cheap Labour Power in South Africa: From Segregation to Apartheid’, Economy and Society, 1 (4), pp.425-56. Wood, E.M. (1981) ‘The Separation of the Economic and the Political in Capitalism, New Left Review 127, May–June, pp. 66–95. Wood, E.M. (1984) ‘Marxism and the Course of History’ New Left Review 147, pp.95-107. Wood, E.M. (1998) The Retreat from Class. London: Verso, chs. 2, 10.

Essay Question: What contribution can Marxist political economy make to the understanding of ‘development’?

7

Distribution and Unproductive Labour

20 Nov

BF

This lecture examines the Marxian analysis of the distribution of value created in production, including the concepts of productive and unproductive labour, commercial capital, and rent. This is followed by the analysis of how conflicting claims to value are resolved under capitalism. Core Readings: Fine, B. and Saad-Filho, A. (2010) Marx’s Capital, 5th ed. London: Pluto Press, chs.11, 13. Fine, B. and Saad-Filho, A. (2013) The Elgar Companion to Marxist Economics. Aldershot: Edward Elgar, chs. 44, 49. Moseley, F. (2011) ‘The Whole and the Parts: The Early Development of Marx’s Theory of the Distribution of Surplus Value in the Grundrisse’, Science & Society 75 (1), pp.59-74. Rubin, I.I. (1975) Essays on Marx’s Theory of Value. Montréal: Black Rose Books, ch.19,

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http://www.marxists.org/archive/rubin/value/ch19.htm

Readings by Marx: Marx, K. (1863) Theories of Surplus Value, Part II, chs. 1-14, http://www.marxists.org/archive/marx/works/1863/theories-surplus-value/ Marx, K. (1976) Capital 1. London: Penguin, Appendix to the First German Edition. Marx, K. (1981) Capital 3. London: Penguin, chs.16-20.

Further Readings: Ball M. (1977) ‘Differential Rent and the Role of Landed Property’, International Journal of Urban and Regional Research, 1, pp.380-403. Ball M. (1985) ‘The Urban Rent Question’, Environment and Planning A, 17, pp.503-525. Bina, C. (1989) ‘Some Controversies in the Development of Rent Theory: The Nature of Oil Rent’, Capital and Class 39, pp. 82–112. Fine, B. (1979) ‘On Marx’s Theory of Agricultural Rent’, Economy and Society 8 (3), pp.241-278. Fine, B. (1980) ‘On Marx’s Theory of Agricultural Rent: a Rejoinder’, Economy and Society, 9, pp.327-331. Fine, B. (1988) ‘From Capital in Production to Capital in Exchange’, Science and Society 52 (3), pp. 326–37. Fine, B. (1990b) The Coal Question: Political Economy and Industrial Change from the Nineteenth Century to the Present Day. London: Routledge. Fine, B. and Leopold, E. (1993) The World of Consumption: The Material and Cultural Revisited. London: Routledge, ch.20. Haila A. (1990) ‘The Theory of Land Rent at the Crossroads’, Environment and Planning D: Society and Space, 8, pp.275-296. Mohun, S. (2003) ‘Does All Labour Create Value?’, in A. Saad-Filho (ed.) Anti-Capitalism: a Marxist Introduction. London: Pluto Press. Rubin I.l. (1979) A History of Economic Thought. London: Ink Links, ch. 29. Savran, S. and Tonak, A. (1999) ‘Productive and Unproductive Labour: an Attempt at Clarification and Classification’, Capital and Class, 68, pp. 113-152. Weeks, J. (1983) ‘On the Issue of Capitalist Circulation and the Concepts Appropriate to Its Analysis’, Science and Society 48 (2), pp. 214–25.

Essay Question: EITHER: (a) How does Marx define unproductive labour? What is its significance? OR: (b) What is distinctive about Marx’s theory of rent?

8

Finance and Interest-Bearing Capital

27 Nov

BF

This lecture examines money, credit and finance in Marx, and the concept of interest-bearing capital. The role of the financial institutions in the economy, and the role of credit and finance in economic development, are analysed in detail. Finally, this lecture focuses on the concept of financialisation and its contemporary relevance.

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Core Readings: Brunhoff, S. de (1976) Marx on Money. New York: Urizen Books, part 1. Fine, B. (1985-86) ‘Banking Capital and the Theory of Interest’, Science and Society, 49 (4), pp.387-413. Fine, B. (2010) ‘Locating Financialisation’, Historical Materialism 18, pp.97-116. Fine, B. and Saad-Filho, A. (2010) Marx’s Capital, 5th ed. London: Pluto Press, ch.12. Fine, B. and Saad-Filho, A. (2013) The Elgar Companion to Marxist Economics. Aldershot: Edward Elgar, chs. 22, 37.

Readings by Marx: Marx, K. (1981) Capital 3, chs.21-33, 37-47.

Further Readings: Brunhoff, S. de (2003) ‘Financial and Industrial Capital: A New Class Coalition’, in A. Saad-Filho (ed.) Anti-Capitalism: A Marxist Introduction. London: Pluto Press. Brunhoff, S. de and Foley, D. (2006), ‘Karl Marx’s Theory of Money and Credit’, in P. Arestis and M. Sawyer (eds.), A Handbook of Alternative Monetary Economics, Cheltenham: Edward Elgar. Bryan, D. and Rafferty, M. (2007) ‘Financial Derivatives and the Theory of Money’, Economy and Society, 36 (1), pp.134-158. Bryan, D., Martin, R. and Rafferty, M. (2009) ‘Financialization and Marx: Giving Labor and Capital a Financial Makeover’ Review of Radical Political Economics 41 (4), pp.458-472. Epstein, G. (2005), ‘Introduction: Financialization and the World Economy’, in G. Epstein (ed.), Financialization and the World Economy, Cheltenham: Edward Elgar. Epstein, G. and Jayadev, A. (2005), ‘The Rise of Rentier Incomes in OECD Countries’, in G. Epstein (ed.), Financialization and the World Economy, Cheltenham: Edward Elgar. Fine, B. (2009) ‘Financialisation, the Value of Labour Power, the Degree of Separation, and Exploitation by Banking’, https://eprints.soas.ac.uk/7480/2/BenFine_FinancialisationLabourPower.pdf Fine, B. and Lapavitsas, C. (2000) ‘Markets and Money in Social Science: What Role for Economics?’, Economy and Society, 29 (3), pp.357-382. Foley D. (1986) Understanding Capital. Cambridge, MA: Harvard University Press, ch.5. Foley, D. (1983) ‘On Marx’s Theory of Money’, Social Concept 1(1), pp.5-19. Foster, J.B. (2008) ‘The Financialization of Capital and the Crisis’, Monthly Review, 11, pp.1-19. Harvey D. (1999) The Limits to Capital, Oxford: Basil Blackwell, ch.9. Hilferding, R. (1981) Finance Capital. London: Routledge and Kegan Paul. Ingham, G. (2001) ‘Fundamentals of a Theory of Money: Untangling Fine, Lapavitsas and Zelizer’, Economy and Society, 30 (3), pp.304-323. Ingham, G. 2006. ‘Further Reflections on the Ontology of Money: Responses to Lapavitsas and Dodd’, Economy and Society 35 (2), pp.259-278. Itoh M. (1988) The Basic Theory of Capitalism. London: Macmillan, ch.8. Itoh M. and Lapavitsas C. (1999) Political Economy of Money and Finance. London: Macmillan, chs. 3-4. Lapavitsas, C. (2003) ‘Money as Money and Money as Capital in a Capitalist Economy’, in A.

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Saad-Filho (ed.) Anti-Capitalism: A Marxist Introduction. London: Pluto Press. Lapavitsas C. (2003) Social Foundations of Markets, Money and Credit. London: Routledge, chs. 4-5. Lapavitsas, C. (2000) ‘Money and the Analysis of Capitalism: The Significance of Commodity Money’, Review of Radical Political Economics 32 (4), pp. 631-656. Lapavitsas, C. (2000) ‘On Marx’s Analysis of Money Hoarding in the Turnover of Capital’, Review of Political Economy 12 (2), pp. 219-235. Lapavitsas, C. (2005) ‘The Social Relations of Money as Universal Equivalent: A Response to Ingham’, Economy and Society 34 (3), pp.389-403. Lianos, T. (1987) ‘Marx on the Rate of Interest’, Review of Radical Political Economics, 19 (3), pp.34-55. Lucarelli, B. (2010) ‘Marxian Theories of Money, Credit and Crisis’, Capital & Class 334 (2), pp.199-214. Saad-Filho, A. (2002) The Value of Marx. London: Routledge, ch.8. Stockhammer, E. (2004), ‘Financialization and the Slowdown of Accumulation’, Cambridge Journal of Economics, 28(5), pp.719‐741 Weeks, J. (2010) Capital, Exploitation and Crises. London: Routledge, chs.5-6. Zelizer V. (2007) ‘Pasts and Futures of Economic Sociology’, American Behavioral Science, 50 (8), pp.1056-1069.

Essay Question: How can financialisation be grounded in Marx’s economic categories?

9

Crisis Theory

4 Dec

ASF

This lecture outlines different aspects of Marxist theories of crisis: underconsumption, overproduction, disproportion, and falling profit rates. These are examined with reference to their respective emphases on production, realisation, distribution, exchange, finance and conflicts between capital and labour, and within the capitalist class, and how the state can intervene at various stages in the process of accumulation, in order to stabilise the economy. Finally, the lecture reviews alternative Marxist accounts of the nature and causes of the current global crisis. Core Readings: Clarke, S. (1994) Marx’s Theory of Crisis. London: Macmillan. Fine, B. and Saad-Filho, A. (2010) Marx’s Capital, 5th ed. London: Pluto Press, chs.7, 9, 15. Fine, B. and Saad-Filho, A. (2013) The Elgar Companion to Marxist Economics. Aldershot: Edward Elgar, ch.15. Shaikh, A. (1978) ‘An Introduction to the History of Crisis Theories’, in U.S. Capitalism in Crisis, New York: URPE; available at http://homepage.newschool.edu/~AShaikh/crisis_theories.pdf. Weeks, J. (2010) Capital, Exploitation and Crises. London: Routledge, chs.10-11.

Readings by Marx: Marx, K. (1863) Theories of Surplus Value, Vol.2, ch.17, http://www.marxists.org/archive/marx/works/1863/theories-surplus-value/

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Further Readings: Bleaney, M. (1976) Underconsumption Theories: A History and Critical Analysis. London: Lawrence & Wishart. Brenner, R. (2002) The Boom and the Bubble: The U.S. in the World Economy. London: Verso. Fine, B. and Harris, L. (1979) Rereading Capital. London: Macmillan, ch.5. Fine, B., Lapavitsas, C. and Milonakis, D. (1999) ‘Addressing the World Economy: Two Steps Back’, Capital and Class 67, pp. 47–90. Foley, D. (1986) Understanding Capital. Cambridge, Mass.: Harvard University Press, ch.9. Harvey, D. (1982) The Limits to Capital. London: Blackwell, ch.13. Kalecki, M. (1943) ‘Political Aspects of Full Employment’, Political Quarterly, 14, pp.322-330, http://mrzine.monthlyreview.org/2010/kalecki220510.html. Krätke, M.R. (2008b) ‘Marx’s ‘Book of Crisis’ of 1857-8’, in M. Musto (ed.) Karl Marx’s Grundrisse: Foundations of the Critique of Political Economy 150 Years Later. London: Routledge. Lapavitsas, C. (2009) ‘Financialised Capitalism: Crisis and Financial Expropriation’, Historical Materialism, 17, pp.114-148. McNally, D. (2009) ‘From Financial Crisis to World Slump: Accumulation, Financialisation, and the Global Slowdown. Historical Materialism 17.2, pp.35-83. Perelman, M. (1987) Marx’s Crises Theory: Scarcity, Labor, and Finance. Westport, Conn.: Praeger. Potts, N. (2011) ‘Marx and the Crisis’, Capital & Class 35 (3), pp.455-473. Weeks, J. (1982) ‘A Note on Underconsumptionist Theory and the Labor Theory of Value’, Science and Society 46 (1), pp. 60–76. Weisskopf, T.E. (1979) ‘Marxian Crisis Theory and the Rate of Profit in the Post -War US Economy’, Cambridge Journal of Economics 3 (4), pp.341-378. Zarembka, P. (2003) ‘Capital Accumulation and Crisis’, in: A. Saad-Filho (ed.) Anti-Capitalism A Marxist Introduction. London: Pluto Press.

Essay Question: ‘If the rate of profits falls, then there is a crisis’. Does this accurately represent Marxist theories of crisis and, if so, does it matter why and how the rate of profit falls?

10

Method and Themes in Marxist Political Economy

11 Dec

ASF

This lecture wraps up the course through an analysis of Marx’s method, the role of history in Marxian analysis, and the implication of Marx’s writings for the search for alternatives to capitalism. Core Readings: Fine, B. and Saad-Filho, A. (2010) Marx’s Capital, 5th ed. London: Pluto Press, chs.1, 14. Fine, B. and Saad-Filho, A. (2013) The Elgar Companion to Marxist Economics. Aldershot: Edward Elgar, chs. 7, 34, 35, 51. Lenin, V (1917), ‘The Economic Basis of the Withering Away of the State’, in State and Revolution, Lenin Collected Works, Vol. 25, 19

http://www.marxists.org/archive/lenin/works/1917/staterev/ch05.htm Saad-Filho, A. (2002) The Value of Marx. London: Routledge, ch.1.

Readings by Marx: Marx, K (1857), Introduction to the Grundrisse, London: Penguin, http://www.marxists.org/archive/marx/works/1857/grundrisse/ch01.htm Marx, K. (1974) ‘Critique of the Gotha Programme’, in The First International and After. Harmondsworth: Penguin, http://www.marxists.org/archive/marx/works/1875/gotha/ Marx, K. and Engels, F. (1998) The Communist Manifesto, in K. Marx and F. Engels, Classics in Politics (CD-Rom). London: The Electric Book Company, http://www.marxists.org/archive/marx/works/1848/communist-manifesto/

Further Readings: Burkett, P. (1999) Marx and Nature: A Red and Green Perspective. New York: St. Martin’s Press. Burkett, P. (2003) ‘Capitalism, Nature and the Class Struggle’, in A. Saad-Filho (ed.) AntiCapitalism: A Marxist Introduction. London: Pluto Press. Burkett, P. (2006) Marxism and Ecology: Towards a Red and Green Political Economy. Boston: Brill. Campbell, A. (2012) ‘Designing Socialism: Visions, Projections, Models’, Science & Society 75 (2), pp.140-146. Chattopadhyay, P. (1994) The Marxian Concept of Capital and the Soviet Experience: Essay in the Critique of Political Economy. Westport, Conn.: Praeger. Chattopadhyay, P. (2003) ‘Towards a Society of Free and Associated Individuals’, in: A. SaadFilho (ed.) Anti-Capitalism A Marxist Introduction. London: Pluto Press. Clarke, S. (2003) ‘Globalisation and the Subsumption of the Soviet Mode of Production under Capital’, in A. Saad-Filho (ed.) Anti-Capitalism: A Marxist Introduction. London: Pluto Press. Fine, B. and D. Milonakis (2007) From Political Economy to Freakonomics: Method, the Social and the Historical in the Evolution of Economic Theory. London: Routledge, ch.2. Lebowitz, M. (2003) ‘Transcending Capitalism: The Adequacy of Marx’s Recipe’, in: A. SaadFilho (ed.) Anti-Capitalism A Marxist Introduction. London: Pluto Press. Lo, D. and R. Smyth (2004) ‘Towards a reinterpretation of the economics of feasible socialism’, Cambridge Journal of Economics, 28: 791-808. Oakley, A. (1983) The Making of Marx’s Critical Theory. London: Routledge and Kegan Paul. Oakley, A. (1984, 1985) Marx’s Critique of Political Economy, Intellectual Sources and Evolution, 2 Vols. London: Routledge and Kegan Paul. Rosdolsky, R. (1977) The Making of Marx’s ‘Capital’. London: Pluto Press.

Essay Question: Consider the relevance of Marxist political economy for an issue specific to contemporary capitalism.

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