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The Value of Marx: Political Economy for Contemporary Capitalism
Paperback
Series: Routledge Frontiers of Political Economy, Book 41
EconomicsGeneral Political Science
ISBN13: 9780415459266
Publisher: Routledge
Published: Sep 1 2007
Pages: 192
Weight: 0.63
Height: 0.41 Width: 6.25 Depth: 9.20
Language: English
*capitalist production necessarily involves conflicts in production and in distribution
*competition is an essential feature of capitalism, but it often generates instability, crises and unemployment, showing that capitalism is not only the most productive but also the most systematically destructive mode of production in history
*capitalist economies are unstable because of the conflicting forces of extraction, realisation and the accumulation of surplus value under competitive conditions. The instability is structural, and even the best economic policies cannot avoid it completely.
The author critically reviews the methodological principles of Marx's value analysis and the best known interpretation of his value theory. He develops an interpretation of Marx focusing primarily upon the processes and relations that regulate social and economic reproduction under capitalism. When analysed from this angle, value theory is a theory of class and exploitation. The concept of value is useful because, among other reasons, it explains capitalist exploitation in spite of the predominance of voluntary market exchanges. The most important controversies in Marxian political economy are reviewed exhaustively, and new light is thrown on the meaning and significance of Marx's analysis and its relevance for contemporary capitalism.
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