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@neomarxian
[A] renewed demand for full employment must insist on a literal reading of the term; a living wage; and the responsibility of the state to ensure jobs whenever business does not. Possibly to achieve true full employment where the long postwar boom only approached that condition would only revive and confirm the profit-squeeze thesis, and enforce the conclusion that full employment is as ruinous to capitalism as commonly supposed. In that case, the attenuation of profitability, at a high plane of prosperity, might lead us to recall Marx’s proposition that no social order is ever overcome until all its productive capacities—surely these include those of its working people—have been fulfilled. Turning away (revolution is the word) from profitability as the index of social health, we might attain a nearly steady-state summit of civilization, and content ourselves with a slow-growing economy in which the red of socialism had been interfused with the green of sustainability. Or—a more pedestrian chance—full employment might spell nothing worse for capital than moderate inflation, with a balanced rate of exploitation securing the steady growth of wages and profits both. On this subject the last word still belongs to Kalecki: ‘If capitalism can adjust itself to full employment, a fundamental reform will have been incorporated in it. If not, it will show itself an outmoded system which must be scrapped.’
Benjamin Kunkel, Utopia or Bust (2014)
From David Harvey’s lecture on Value and Anti-Value
Two Sraffian journals were started in the 1980s, one, Contributions to Political Economy, continues to be published, while the other, Political Economy: Studies in the Surplus Approach, ended a long while ago. Now the Centro Sraffa has made all the issues available for free electronically. Really good news. Enjoy!
Monopoly Capital had an outstanding impact on students of my generation. It was published just as the Vietnam War was heating up, when students and youth throughout the world were beginning to “contest the structures”—to use a favorite expression of that time—and were eagerly looking for analyses of these “structures.” Monopoly Capital, written jointly by two renowned Marxist economists, each of whom had already authored a classic, provided just that.
Paul Baran and Paul Sweezy’s Monopoly Capital is a classic that has long outlived the conjuncture in American capitalism that it described. In a deep and scholarly way, its authors exposed the deep structure of that capitalism, which determined the dynamics of the system and therefore those “surface” phenomena of unemployment and poverty—symptoms not of any functional malaise in capitalism (the “market failures” beloved by academic economists), but of the very way in which modern capitalism works.
By Ismael Hossein-zadeh While paying homage to Marx for his profound understanding of “the laws of motion of the capitalist mode of production,” most contemporary economists argue that, nonetheless…
A half-century after its publication, Paul Baran and Paul Sweezy’s Monopoly Capital remains the single most influential work in Marxian political economy to emerge in the United States.