From Fetishism to ‘Shocked Disbelief ’: Economics, Dialectics and Value Theory

in Historical Materialism
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Abstract

The recent arrival of From Economics Imperialism to Freakonomics by Fine and Milonakis is especially propitious given the context of the Great Recession of 2008 – and the associated decline of public faith in the verities of mainstream economics. Fine and Milonakis provide a magisterial critical survey of contemporary economics and demonstrate the need for a ‘new and truly interdisciplinary political economy’ capable of ‘incorporating the social and historical from the outset’. But their cause requires the explicit development of value analysis within the framework of dialectical social theory. This requires foregrounding the ways in which Marx’s categories in Capital are from the start historical precipitates that acknowledge their own inherent historicity.

From Fetishism to ‘Shocked Disbelief ’: Economics, Dialectics and Value Theory

in Historical Materialism

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References

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  • 1.

    Greenspan 2008.

  • 2.

    Fox 2009.

  • 3.

    Fine and Milonakis 2009.

  • 6.

    Smith 1976Chapter 6.

  • 8.

    See Marx 1976pp. 173–6 nn. 33–5.

  • 10.

    Heilbroner 1979p. 196.

  • 14.

    See Clement 2007.

  • 15.

    Stockhammer 2004p. 723.

  • 16.

    Krugman 2009.

  • 17.

    Fine and Milonakis 2009Chapter 3.

  • 19.

    Fine and Milonakis 2009p. 82.

  • 20.

    Zelizer 1988 and 1994.

  • 21.

    Fine and Milonakis 2009pp. 161 162.

  • 22.

    Fine and Milonakis 2009pp. 162–3.

  • 23.

    Fine and Milonakis 2009p. 173.

  • 24.

    Marx 1976p. 167.

  • 25.

    Milonakis and Fine 2009pp. 59–60 very effectively make just this point.

  • 26.

    Marx 1976pp. 173–5 nn. 33–5. In the philosophical vocabulary familiar to Marx this means interrogating the conditions of possibility of capitalism itself.

  • 27.

    Marx 1976p. 926.

  • 30.

    Ollman 1971p. 14.

  • 32.

    Ollman 1971p. 17.

  • 33

    Maksakovsky 2009pp. 45–6.

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