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The Law of Accumulation and Breakdown of the Capitalist System, Being also a Theory of Crises
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Long awaited, the first full translation of Henryk Grossman’s The Law of Accumulation and Breakdown of the Capitalist System, Being also a Theory of Crisis has been published in English. It was the most important, influential and yet most denounced of Grossman's works and recovers not only Marx’s primary explanation of capitalism’s economic crises and breakdown tendency but also his method in Capital.
A New Approach to Applying Marx’s Value Theory and Its Implications for Socialist Strategy
In The Falling Rate of Profit and the Great Recession of 2007-2009, Peter H. Jones develops a new non-equilibrium interpretation of the labour theory of value Karl Marx builds in Capital. Applying this to US national accounting data, Jones shows that when measured correctly the profit rate falls in the lead up to the Great Recession, and for the main reason Marx identifies: the rising organic composition of capital.
Jones also details a new theory of finance, which shows how cycles in the profit rate relate to stock market booms and slumps, and movements in the interest rate. He discusses the implications of the analysis and Marx and Engels’ work generally for a democratic socialist strategy.
Institutions of Political Economy in Eighteenth-Century Spain (1700–1808)
This book contains a systematic study of economic institutions during the Spanish Enlightenment in the areas of print culture (the press, merchants’ handbooks, teaching materials), education (university chairs in political economy and commerce) and the organisation of financial matters at state level (economic societies, trade consulates and the official statistics agency).
A Unifying Enlightenment is a fresh interpretation of political economy’s contribution to the development of the European Enlightenment. Jesús Astigarraga shows that, far from being a straightforward intellectual phenomenon, this new science played a crucial role in both the circulating and institutionalisation of Enlightenment culture and the process of political unification and articulation undergone by the Spanish monarchy, which culminated in a constitutional culture.
In The Political Economy of the Spectacle and Postmodern Caste, John Asimakopoulos analyzes the political economy of the society of the spectacle, a philosophical concept developed by Guy Debord and Jean Baudrillard. Using the analytical tools of social science, while historicizing, Asimakopoulos reveals that all societies in every epoch have been and continue to be caste systems legitimized by various ideologies. He concludes there is no such thing as capitalism (or socialism)—only a caste system hidden behind capitalist ideology. Key features of the book include its broad interdisciplinary-nonsectarian approach with quantitative and qualitative data. The Political Economy of the Spectacle and Postmodern Caste is well written and clear, making it accessible to the general public.
José Aricó and the New Latin American Marxism
To speak of ‘Latin American Marxism’ is to announce a problem. To what extent can Marxism, a theoretical universe forged from nineteenth-century European experiences, also be productive for grasping other realities? How can we begin to make sense of the historical disconnection between that specific corpus of ideas and Latin America’s popular movements? Martín Cortés addresses these questions by considering the trajectory and works of José Aricó, who sought to rethink and disseminate in Spanish not only the works of Marx himself, but also those of foundational socialist thinkers such as Antonio Gramsci.
Guided by an interest in Marxism’s renovation, Cortés explores Aricó’s vital contributions to key topics in political theory, such as the nation, the state, the political subject, and hegemony.
For almost 150 years, scholars have been debating how to interpret Marx’s seminal work Capital while they had access to just some of Marx’s economic manuscripts. This changed in 2013 with the publication of all the known economic writings of Marx and Engels in the Marx-Engels Gesamtausgabe (MEGA). One can now reconstruct the lines of intellectual development, and one can also explore in detail how Friedrich Engels went about compiling volumes II and III of Capital from the vast legacy of manuscripts that Marx left behind after his death in 1883. It should be possible, now, to develop a more comprehensive and accurate picture of Marx as an economic theoretician. This volume of essays aims to initiate this process.

Contributors are: Christopher J. Arthur, Matthias Bohlender, Timm Graßmann, Jorge Grespan, Gerald Hubmann, Heinz D. Kurz, Marcel van der Linden, Kenji Mori, Fred Moseley, Lucia Pradella, Geert Reuten, Regina Roth, and Carl-Erich Vollgraf.
Marx and Normative Social Theory in the Twenty-First Century
Progressive theorists and activists insist that contemporary capitalism is deeply flawed from a normative point of view. However, most accept the liberal egalitarian thesis that the serious shortcomings of market societies (financial excess, inequality, and so on) could be overcome with proper political regulation. Building on Marx's legacy, Tony Smith argues in Beyond Liberal Egalitarianism that advocates of this thesis (Rawls, Habermas, Stiglitz, et al.) lack an adequate concept of capital and the state. These theorists also fail to comprehend new developments in world history ensuring that the 'destructive' aspects of capitalism increasingly outweigh whatever 'creative' elements it might continue to possess. Smith concludes that a normative social theory adequate to the twenty-first century must explicitly and unequivocally embrace socialism.
This volume offers the essential theoretical thought of the Austro-Marxist thinkers Otto Bauer, Max Adler, Karl Renner, Friedrich Adler, Rudolf Hilferding, and Otto Neurath over the span of their Austrian Social-Democratic careers, from the decades before World War I until the mid-1930s. Austro-Marxist theoretical perspectives were conceived as social scientific tools for the issues that faced the development of socialism in their time. The relevance of their thought for the contemporary world inheres in this understanding.
Uno, who proposes to study capitalism at three distinct levels of abstraction, insists that there should be a mid-range theory of its developmental stages (dankaïron) between the pure theory of capital, which must be couched in the form of Hegelian dialectic (genriron), and capitalist histories which must be recounted with full empirical detail. In this book he illustrates how he would himself expose that mid-range theory, by summarising the three types of economic policy that the bourgeois state successively adopted: mercantilism, liberalism and imperialism. He moreover indicates that economics can relate and cross-fertilise with other branches of social science, such as law and politics, only at this level of abstraction, thus achieving an adequate theory of the bourgeois state. Nowhere else is Marx’s insight into ‘the state as the epitome of bourgeois society’ more vividly endorsed than in this book.

First published in Japanese as Keizai-Seisakuron by Kobundo, Ltd. in 1936. The current work is a translation of the enlarged and revised edition of 1971.
Art’s Economic Exceptionalism in Classical, Neoclassical and Marxist Economics
Art and Value is the first comprehensive analysis of art's political economy throughout classical, neoclassical and Marxist economics. It provides a critical-historical survey of the theories of art's economic exceptionalism, of art as a merit good, and of the theories of art's commodification, the culture industry and real subsumption.
Key debates on the economics of art, from the high prices artworks fetch at auction, to the controversies over public subsidy of the arts, the 'cost disease' of artistic production, and neoliberal and post-Marxist theories of art's incorporation into capitalism, are examined in detail.
Subjecting mainstream and Marxist theories of art's economics to an exacting critique, the book concludes with a new Marxist theory of art's economic exceptionalism.