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Marx’s Labour Theory of Value: Value, Price, and the Transformation Problem

Value and Price: Controversy, Stasis, and Possibility

David Laibman

Abstract:  Controversy has  prevailed  since  the  problem  of  “transforming”  values  into  prices first emerged in the late 19th century. Progress has, regrettably, been hampered by attempts to “vindicate” Marx’s work exactly, rather than treating him as a pioneer upon whom  his  successors  must  build,  using  the  latest  scientific  methods.  To  make  progress,  the  question  must  be  faced  squarely:  what  does  the  value  dimension—assuming  that  we  can  define  it  and  determine  its  properties  with  rigor  and  precision—actually  do? How  does  a  value-theoretic  political  economy  provide  superior  insights  into  capitalist  laws of motion, which could not be attained by critical study of the empirically received categories (prices, wages, profits, production) alone? Insights from Marx and Engels into the formation of a general balance of the opposing class forces of capitalist society may help us in our search for answers to these questions.

Keywords: value theory; capitalism; transformation problem; Marxist economics

Pure-Blood and Muggle Marxian Approaches in the Theory of Value and Price

Tiago Camarinha Lopes

Abstract: This article argues that to make progress in the theory of value and price we must incorporate in the debate of the transformation problem the methodological discussion about  how  Marxian  economics  relates  to  non-Marxian  economics.  Two  alternative  approaches  to  deal  with  that  relationship  are  presented  in  a  stylized  form,  called  the  “pure-blood  Marxian  approach”  and  the  “muggle  Marxian  approach.”  Two  examples  of  the “muggle Marxian approach,” represented by two of the most influential communists working in the field of academic economics in the West in the 20th century, Piero Sraffa and Oskar Lange, are presented to show the superiority of this approach over the “pure-blood Marxian approach.”

Keywords: value theory; transformation problem; class struggle

What Does the Labor Theory of Value Do?

Fred Moseley

Abstract:  This article  is  a  response  to  two  other  articles  in  this  symposium  by  Tiago  Camarinha  Lopes  and  David  Laibman.  The article  focuses  mainly  on  the  important  question that both Camarinha Lopes and Laibman address in their articles: what does the labor theory of value do that other theories cannot do? In other words, what important phenomena of capitalist economies can Marx’s theory based on the labor theory of value explain  that  other  theories,  especially  Sraffian  theory,  cannot  explain?  Sections  1  and  2  discuss  Camarinha  Lopes’  article,  Section  3  discusses  Laibman’s  article,  and  Section  4  presents my answer to this important question of what does the labor theory of value do.

Keywords: Marx; transformation problem; explanatory power; exploitation

A Shift from the Problematic of “Transformation” 

Paul Cockshott and David Zachariah

Abstract: We examine the paradigm shift from that of the transformation model to that of  stochastic  profit  models.  Some  of  the  anomalies  undermining  the  transformation  model are given graphically. In the last two sections we present volume II of Capital as an alternative starting point for thinking about the relation between value and price.

Keywords: reproduction-scheme; paradigm; profit rate

Articles

Value Production, Measurement, and Distribution under Digital Capitalism: A Critique of the Theory That the Law of Value Has Failed

Xu Wei

Abstract: Western Marxist scholars take “immaterial labor,” “audience labor” and “prosumer labor”  as  the  core  categories  to  explain  the  problem  of  the  value  creation  and  profit  sources  of  digital  capital  in  online  production  and  consumption  activities  in  the  Web  2.0  era.  By  analyzing  the  production  process  of  digital  capitalism,  they  have  come  to  the  conclusion  that  contemporary  capitalist  production  has  taken  on  an  overall  “novel”  character.  On  the  basis of the special cost structure of digital capitalist production, the increasing “fuzziness” of production time and living time, and the disappearance of the boundary between paid labor and unpaid labor under digital capitalism, they draw the conclusion that the law of value has become invalid in the era of “digital production and consumption.” However, once digital labor and  its  results  are  placed  within  Marx’s  analytical  framework,  and  are  interpreted  in  terms  of  such  categories  as  “direct  production  process  of  capitalism,”  “fixed  capital  accumulation  pattern”  and  “classification  of  productive  labor  and  non-productive  labor,”  it  becomes  clear  that the brilliant achievements of digital capital are best understood as the results of innovative modes  of  surplus-value  possession  or  distribution,  rather  than  of  new  methods  of  surplus-value creation, and that the conclusion that the law of value has failed represents a misreading or  misinterpretation  of  Marx’s  labor  theory  of  value.  Although  the  digital  capitalist  mode  of  production is serving partially to dissipate the role of the law of value, this law as the general principle regulating global capitalist production remains effective in the contemporary world.

Keywords: digital capital; law of value; productive and non-productive labor; information rent; the measure of value

DOI:10.13169/worlrevipoliecon.12.4.0472

Ricardo’s Labor Theory of Value Is Alive and Well in Contemporary Capitalism

Lefteris Tsoulfidis

Abstract:  This  article,  by  utilizing  Ricardo’s  numerical  examples,  derives  theoretical  statements  about  the  deviations  of  relative  values  (prices)  from  relative  labor  times.  These deviations result from the presence of capital and the distributive variables (rate of profit and wage) and production (turnover) times. Furthermore, Ricardo argued that the intertemporal  changes  in  relative  (market)  prices  were  no  different  from  the  respective  changes in natural (or equilibrium) prices. Both depend primarily on changes in unit labor values and secondarily on capital intensities. The article continues by testing the extent to  which  Ricardo’s  thesis  holds  by  utilizing  input-output  data  from  the  US  and  Chinese  economies. The derived empirical results lend overwhelming support to Ricardo’s thesis, which is conformable with major aspects of Marx’s theory of value.

Keywords: David Ricardo; value and distribution; price-value deviations

Capital–Labor Relations in the Japanese Construction Industry

Teppei Shibata

Abstract:  The  purpose  of  this  study  is  to  identify  the  causes  of  and  solutions  to  the  shortage  of  human  resources  in  Japan’s  construction  industry  from  the  perspective  of  the  transformation  of  the  capital–labor  relations.  The  findings  are  as  follows.  The  main  reason for the shortage of human resources is the low level of working conditions brought about  by  the  structure  of  multiple  subcontracting  and  the  reproduction  of  day  laborers  as  a  low-wage  sector.  Therefore,  correction  of  this  structure  is  required.  In  the  2000s,  it  became clear that dependent contractors and foreign workers were forming a new low-wage sector. In light of the above, correction of the multi-layered subcontracting structure and improvement of working conditions in the low-wage sector are required to solve the human resource shortage.

Keywords:   capital–labor   relations;   Japanese   construction   industry;   human   resource   shortage; subcontracting; low-wage secto

Marxism and MMT: How Modern Monetary Theory Can Enrich the Debate among Marxists

Anthony William Donald Anastasi

Abstract:  As  of  now,  there  has  been  a  relatively  insufficient  amount  of  scholarship  tying  Marxist theory to Modern Monetary Theory (MMT). This article argues that Marxists should take a closer look at the economic theory. MMT is a normative theory and could be used to promote any worldview or theory. Marxists should use it to argue for and, if implemented, manage non-reformist reforms such as a Job Guarantee and publicly funded elections. These reforms  could  raise  the  material  and  working  conditions  of  the  working  class,  strengthen  class consciousness, and condition society for a post-capitalist economic system.

Keywords: Modern Monetary Theory; Marxism; Job Guarantee; publicly funded elections; non-reformist reforms

Book Review

Enterprise Reforms and Innovation as Key Drivers of the Socialism with Chinese Characteristics: An Introduction of Enterprises, Industry and Innovation in the People’s Republic of China: Questioning Socialism from Deng to the Trade and Tech War 

Alberto Gabriele

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Articles

From Belgrade to Beijing: Comparing Socialist Economic Reforms in Eastern Europe and China 296

Roland Boer

 

The Continuing Adventures of the Dialectic: On Roland Boer’s Socialism with Chinese Characteristics: A Guide for Foreigners

Antonis Balasopoulos

Abstract:  This  article  begins  by  dwelling  on  the  forms  and  causes  of  Western  “historical  nihilism” toward the Chinese socialist project. I then analyze issues attendant to Deng’s appeal to “liberating thought,” particularly as regards the importance of the development of the forces of production and the dilemmas this presents for socialists. This segues into a discussion of contradiction analysis, which is theoretically central in Boer’s book. Through the discussion of the difference of such analysis from forms of “either/or” logic dominant in the West, I arrive at the significance of the category of the “concrete universal” (Hegel) for the understanding of “socialism with Chinese characteristics.” After unpacking some of  the  central  issues  posed  by  the  “reform  and  opening-up,”  I  dwell  on  the  question  of  socialism  in  China.  I  emphasize  some  of  the  complications  inherent  in  the  combination  of socialist planning and the market economy, including the issue of the conception of a future or prospective “communist” stage. The discussion concludes by dwelling on issues of  law  and  political  structure,  with  particular  emphasis  on  the  innovative  importance  of  “rule  of  law”  in  the  socialist  context,  as  well  as  on  the  importance  of  contradiction  analysis for understanding the dialectic of sovereignty and globalization.

Keywords:  Boer;  socialism  with  Chinese  characteristics;  Marxism-leninism;  political  economy; philosophy

 

Political Economy of Strong Power: Formulation of the Problem

Andrey Grimalyuk and Svetlana Danylina

Abstract:  The  article  is  devoted  to  the  methodological  problems  of  the  political  economy  of  socialism.  It  provides  a  categorical  distinction  between  the  structural  and  dynamic  dependencies of the political-economic system. on the one hand, structural dependence has an  object–subject  direction,  ascending  from  productive  forces  to  production  relations  and  from them to state power. on the other hand, the direct opposite, subject–object direction is  inherent  in  dynamic  dependence,  descending  from  state  power  to  production  relations  and  the  conscious  use  of  their  objective  laws  for  the  development  of  productive  forces.  This subject–object dependence reaches its fullest embodiment under conditions of strong power, the standard of which is the political-economic system of contemporary China.

Keywords: methodology; political economy; innovative Marxism; strong power; CPC

 

Marx’s Social Capital Reproduction Model: A Technical Supplement

Xian Zhang

Abstract: The study on how Marx created the theory of social capital reproduction shows that this theory ranks among his original contributions to economics. In this theory, Marx’s analysis of Department II and the exchange relation reveals the conditions that capitalist reproduction must follow if it is to proceed smoothly. The fully indirect exchange process indicates that the capitalists’ individual consumption preferences, and changes in these preferences, are factors not only in determining capital accumulation but also in destroying the proportional relations of  reproduction.  Although  Marx  proposed  the  decomposition  of  Department  II  and  made  a  theoretical analysis of the law of the simple reproduction of social capital after decomposition, he  did  not  construct  a  complete  model  or  make  the  same  decomposition  of  the  two  major  departments in  the  analysis  of  the  reproduction  of  social  capital  on  an  extended  scale.  As  a  result, it is  necessary  to  develop  a  technical  supplement  on  the  basis  of  Marx’s  department  decomposition  principle,  so  as  to  cast  light  on  the  correctness  of  his  theory  of  social  capital reproduction and on the inevitability of capitalist reproduction crises.

Keywords: department decomposition; technical supplement; reproduction crisis; social capital reproduction

 

Elements for a Coherent Theory of Rent

Christian Flamant

Abstract: The question of rent in economic theory is rather complicated, even at the level of  its  definition.  This  article  attempts  to  get  back  to  basics  in  order  to  clear  things  up  and present a complete and correct theory of rent. Starting with the classical definition of  rent,  as  an  income  earned  by  the  owner  of  non-produced  inputs,  it  clarifies  first  the  definitions  of  the  different  kinds  of  rent:  differential  rent,  absolute  rent.  It  then  uses  a  step-by-step approach to show the effect of these various kinds of rents on a price system. The  article  also  addresses  the  issue  of  type  II  differential  rent,  corresponding  to  the  use  of  different  techniques  with  a  homogeneous  input.  This  helps  to  explain  the  effect  of  rent on the distribution of the product. The question of urban land rent is also clarified: it  is  shown  that  it  obeys  mechanisms  that  are  clearly  different  from  those  governing  agricultural land rent.

Keywords: rent; differential rent; absolute rent; price system; income distribution

 

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Articles

China’s Miracle: From the Perspective of Political Economy

Fusheng Xie, Xiaolu Kuang and Jiateng Wang

Abstract:  We  construct  a  framework  for  the  interaction  between  economic  system  reform  and  the  technological-economic  system  in  order  to  analyze  the  dynamic  process  of  China’s  economic  transformation  and  development.  China  has  passed  through   three   major   phases   of   economic   system   reform,   which   have   involved   reforming   the   commodity   economy   through   planning,   establishing   the   socialist   market   economic   system,   and   improving   the   socialist   market   economic   system.   Correspondingly,  China  has  gone  through  three  technological-economic  systems,  which  may  be  summed  up  as:  “quantitative  subsistence  consumption  and  extensive  production  without  technological  progress,”  “qualitative  subsistence  consumption  and   extensive   production   with   technological   progress,”   and   “standardized   mass   consumption and mass production.” Since 2012, China’s economy has entered the era of a “new normal,” characterized by lower growth rates. This indicates a fundamental shift in the patterns of social demand away from the current technological-economic system  that  is  growing  incapable  of  sustaining  rapid  capital  accumulation  and  thus  needs transforming. To better explain China’s miracle, we focus on the ways in which the contradictions within each technological-economic system have evolved and have been  resolved  through  targeted  reforms  to  the  economic  system.  Eventually,  these  reforms will lead to a new system that facilitates further capital accumulation.

Keywords: transformation; reform and opening-up; China; political economy

 

US Imperial Quests: Full Spectra Dominance in and over 
All Forms and Dimensions of Warfare

James M. Craven

Abstract:  What  kinds  of  persons,  organizations,  cultures,  or  indeed  systems←→ideologies speak and use the language of domination, control, self-proclaimed Number One in undefined and  immeasurable  ways?  Prominent  transnational  neo-lib/con  (purple  fusion)  ideologues,  politicians,  militarists  do  not  speak  of  strategic  parity  or  security  or  defense,  but  speak  of  dominance and dominating all other nations and/or non-state actors even daring to challenge their  self-somberly-asserted  doctrine.  They  do  not  speak  of  strategic  dominance  in  terms  of  battle  spaces  (land,  sea,  air,  space,  cyberspace,  cognito-space,  electromagnetic  space)  but  forms of offensive and defensive weapons; influence in strategic global institutions; control over  strategic  resources,  technologies,  R&D  centers;  control  of  key  educational  institutions  and their curricula. This paper explores some of the contradictions, causes, effects, dynamics, failures  of  evolving  imperial  doctrines  and  institutions  governing  various  declared  and  undeclared forms, methods, and arenas of global dominance sought now and in the future.

Keywords:  Imperialism;  full  spectra  dominance;  strategic  doctrine;  neo-liberalism;  neo-conservativism; political economy

 

International Structural Competitiveness and the Hierarchy in 
the World Economy: Theoretical and Empirical Research Evidence

Maria Markaki and George Economakis

Abstract:  The  aim  of  this  paper  is  to  determine  the  level  of  competitiveness  of  national  economies  and  their  resulting  hierarchy  in  the  world  economy.  Based  on  the  assumption  that there is a structural relationship between the competitiveness of a national economy and  the  level  of  its  economic  development,  we  identify  the  main  structural  factors  of  international  competitiveness.  These  factors  are  the  degree  of  diversification  of  the  productive  structure  of  a  national  economy  and  the  strength  of  its  domestic  sectoral  productive  linkages—which  are  both  related  to  the  level  of  industrial  and  technological  development  and  the  technological  structure  of  exports.  The  Technologically  Advanced  Domestic   Value   Added   in   Exports,   which   condenses   the   above   structural   factors,   is   proposed as a measure of the level of competitiveness of national economies. This measure is  implemented  in  order  to  determine  the  hierarchical  position  of  43  economies  in  terms  of  their  international  competitiveness.  In  addition,  another  measure  of  international  competitiveness, the Economic Complexity Index, is examined and tested. When comparing the examined economies’ hierarchical positions obtained by using the two measures, a high correlation and a strong positive linear relationship between them is revealed.

Keywords: international structural competitiveness; economic diversification; productive linkages; technological level; global value chains

 

Networked Intelligence: A Wider Fusion of Technologies That Spurs 
the Fourth Industrial Revolution—Part I: Foundations

Alexandros Stavdas

Abstract:  In  this  article,  it  is  argued  that  the  Fourth  Industrial  Revolution  (I4.0)  is  the  result of a technology fusion between the following factors that define an economic epoch: (a) The production systems and the type of tools these systems are employing; (b) The communication technologies as well as the means used for information storage, processing,  sensing  and  knowledge  creation:  the  information  and  communication  technologies  (ICT);  (c)  The  energy  generation  and  distribution  systems  used,  and  (d)  The  biotechnology.  The  thesis  of  this  article  is  that  ICT  is  the  predominant  factor  in  the  context  of  the  Fourth  Industrial  Revolution.  To  justify  this  claim,  the  progress  of  the  scientific  fields  of  which  this  factor  consists  is  elaborated,  and  its  impact  on  other  factors  is  highlighted  with  emphasis  on  the  societal  impact.  It  is  claimed  that  the  eventual  fusion  of  these  factors  leads  to  a  single  technological  continuum.  The  eventual  fusion  of  all  factors  is  made  possible  because  they  all  exploit  a  common  material  base  while  we  are  entering  the  era  where  we  can  regulate  and  superintend  a vast number of heterogeneous technologies via open software. The eventual fusion of these factors will lead to a single technological continuum, and it will redefine the notions of “production” and “work,” as it will allow overcoming the over-fragmentation in specialization, while it will reshape our cities, our personal lives and our relationship with science.

Keywords: technology; production; production systems

 

Networked Intelligence: A Wider Fusion of Technologies That Spurs 
the Fourth Industrial Revolution—Part II: The Transformation 
of Production Systems 

Alexandros Stavdas

Abstract:  The  second  part  of  this  article  focuses  on  the  transformation  of  the  production  systems in manufacturing and agriculture as a result of the convergence in the I4.0 technologies detailed  in  Part  I.  The  category  of  general-purpose  production  machines  is  presented  in  detail.  The  interconnection  of  these  machines  and  our  ability  to  operate  them  remotely  turn  the  stand-alone  machines  into  production  systems.  The  characteristics  of  these  systems  are  studied  separately  for  the  cases  of  manufacturing  and  agriculture,  showing  the  interrelation  of  the  transformations  in  the  two  sectors.  The  I4.0  production  systems  give  a  tremendous  boost  in  productivity  as  they  allow  the  user  of  these  systems  to  switch  between  different  activities  dynamically,  cutting  down  costs  and  inefficiencies.  The  widespread  deployment  of  such  production  systems  fosters  the  emergence  of  a  new  social  entity,  the  “prosumer.”  The  subsequent  rationalization  in  the  production  creates  the  conditions  where  overproduction  gradually dies out while it shifts the balance from mass consumption to mass customization.

Keywords: technology; production; production systems

 

The Binary Path of Risks in Pension Systems and Political Pressure 

Ishay Wolf

Abstract: In this paper, we offer an explanation for cyclical reforms to pension systems, based  on  the  experience  of  countries  in  Central  and  Eastern  Europe  (CEE)  over  the  last  three  decades.  We  conclude  that  in  making  the  transition  to  funded  pension  design,  governments not only transfer longevity and fiscal risks to the individual but also absorb risks  transferred  from  the  public,  with  each  market  actor  transferring  undiversifiable  risks to the other. This pathway of hidden risks, which has not previously been discussed in the literature, stems from a public expectation that citizens will enjoy risk premiums and  adequate  old-age  benefits,  an  expectation  that  evolves  into  political  pressure.  The  outcomes of this risk path are realized in financial transfers, such as means-tested social security   and   minimum   pension   guarantees.   Consequently,   funded   pension   designs   converge naturally into a new landscape paradigm of risk-sharing, with intergenerational and  intragenerational  components.  Financial  crises  such  as  the  one  accompanying  the  recent COVID-19 pandemic foster the convergence process.

Keywords: social security; pension; risk; minimum pension guarantee

 

Student Workers as a Source of Instant and Submissive Labour 

Aslı Kaykısız and Taner Akpınar

Abstract:  This  paper  considers  student  employees  in  tourism  in  Antalya,  Turkey.  The  appearance  of  undergraduate  students  in  the  labour  market  in  Turkey  has  been  an  observable  fact,  especially  since  the  beginning  of  the  2000s.  One  can  see  them  in  many  different  areas  of  the  labour  market.  What  matters  in  terms  of  labour  demand  is  their  student status, not their skill, experience, etc. The tourism industry is one of the economic activities in which undergraduate students are densely employed. Undergraduate students are employed informally for casual jobs by agencies functioning like employment agencies, but  they  are  not  officially  employment  agencies.  The  tourism  industry  in  Antalya  has  a  seasonal  nature,  and  of  course  employment  in  this  area  is  seasonal  as  well.  However,  in  some seasons, there is an instant labour demand, and undergraduate students are viewed as a good labour supply for this demand. Currently, no scientific work has been carried out on this issue. This paper intends to present some preliminary findings on student employment.

Keywords: labour market; flexibility; instant labour demand; student labour

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China as a “Quasi-Center” in the World Economic System: Developing a New “Center–Quasi-center–Semi-periphery–Periphery” Theory

Enfu Cheng Chan Zhai

Abstract:   Based  on  the  “center–periphery”  and  “center–semi-periphery–periphery”  theories, as well as on the analysis of data related to China’s GDP, foreign trade, finance, foreign investment and aid, comprehensive competitiveness, the Belt and Road Initiative, and  so  forth,  this  article  explains  that  while  a  gap  still  exists  between  China  and  the  major countries at the center of the world economic system, China’s tremendous growth obviously distinguishes it from the countries of the periphery or “semi-periphery.” If we are  to  present  an  objective  description  and  definition  of  China’s  status  and  role  in  the  world  economic  system  since  2012,  we  must  therefore  adopt  the  concept  of  a  “quasi-center.” This innovation supplements the dichotomy involved in the “center–periphery” theory,  and  requires  the  formulation  of  a  new  theory  with  a  three-tier  structure  of  “center–quasi-center–periphery,”  or  even  a  four-tier  structure  of  “center–quasi-center–semi-periphery–periphery.”

Keywords:   world   economic   system;   center–periphery   theory;   quasi-center   theory   concerning China’s economy

 

Why China’s Capital Exports Can Weaken Imperialism

Tharappel

Abstract:   The  rise  of  China  has  prompted  US  geostrategic  thinkers  over  the  past  decade to talk about the degree to which another “world war” is inevitable, and has also contributed to growing accusations that China is “imperialist.” It will be argued that it is possible  to  accuse  China  of  “imperialism”  under  the  definitional  outline  Vladimir  Lenin  popularised,  but  only  because,  in  his  model  of  the  world,  he  considered  the  export  of  capital to be a defining feature of imperialism; however, this is flawed because his model had  no  theoretical  space  for  the  mechanisms  of  national  exploitation  that  prevailed  at  that  time,  most  importantly  the  “drain”  of  wealth  from  India.  This  is  because  Lenin’s  model was borrowed from that of John A. Hobson, who outright denied the “drain.” At the time, the claim of the “drain” was pioneered by Indian economist Dadabhai Naoroji, who in  turn  greatly  influenced  contemporary  pioneers  about  the  topic,  namely  Utsa  Patnaik  and  Prabhat  Patnaik,  whose  framework  offers  useful  insights.  After  reconstructing  the  term “imperialism,” it will be argued that Chinese capital exports are actually weakening national exploitation, which is weakening imperialism and raising tensions, not towards “inter-imperialist” conflict, but “hegemon–rival” conflict.

Keywords: China; capital exports; imperialism; currency

 

Global Reset: The Role of Investment, Profitability, and Imperial Dynamics as Drivers of the Rise and Relative Decline of the United States, 1929–2019

Dunford

Abstract:   A  new  world  order  is  taking  shape  as  a  result  of  the  relative  decline  of  the United States (US) and other Western economies. An important aspect of relative decline is a progressive secular slowing down of productivity growth. Another is the way  US  development  has  been  shaped  and  to  some  extent  offset  by  international  resource  transfers.  To  explain  these  phenomena,  attention  is  paid  to  the  role  of  profitability  as  a  driver  of  productivity  and  investment  and  global  hegemony  as  a  driver of international resource transfers. Particular attention is paid to an empirical analysis of the profitability of the US corporate non-financial sector and the existence of a secular decline in profitability since the mid-1960s interrupted only by the upward phases of a series of shorter-term economic cycles. Attention is also paid to the role of financial investments and some of the international resource transfers that have shaped, offset, and contained relative economic decline. An analysis of these trends frame and explain epochal changes in the dynamics and map of uneven and combined development and the likelihood of a global reset as the centre of world development shifts to Asia and the Eurasian continent.

Keywords:  productivity  slowdown;  capital  accumulation;  profitability;  financialization  imperialism; uneven and combined development

 

Content-Plurality and Political-Unity in the Debate on the Transformation Problem

Camarinha Lopes

Abstract:  The paper presents a guideline to discuss a collective strategy for dealing with the controversy on the transformation problem of values into prices. The main argument is that the individual search for solutions to the transformation problem creates a variety of models that weaken the Marxist field in economics if they are seen as competing, adversary proposals, with each one possessing the pretension of being the unique correct path. This individualist procedure generates misunderstandings among authors that are on the same side  in  the  political  struggle  against  capitalist  ideology  in  Political  Economy.  Accordingly,  every  single  individual  solution  that  seeks  to  defend  Marx’s  theory  must  be  supported  in  an organized framework aiming at the union. Five steps for this organization are presented in the hope of contributing to a collective engagement with the transformation problem.

Keywords:  transformation  problem;  philosophy  of  praxis;  class  struggle;  value  theory;  Sraffa

 

A Critique of Moseley’s Money and Totality

De Marco

Abstract:   In  his  macro-monetary  interpretation  of  Marx’s  theory  of  value,  Fred  Moseley  claims  that  Marx’s  prices  of  production  should  be  considered  as  the  long-run  equilibrium  condition of capital reproduction under the assumption of given technology and given capital distribution. Moseley’s methodological interpretation depends on the claim that the general rate of profit is completely predetermined in the first two volumes of Capital. I argue to the contrary that though Moseley shows the inadequacy of the Standard Interpretation, he fails to provide a convincing description of Marx’s category of prices of production. The production of the new total value and total surplus-value cannot be considered as simply determined by the initial conditions of production; if we want to describe how prices of production are formed and the role they play in the social reproduction of capital, we should recognize that in social reproduction this process develops temporally through an intertwined relation between the production, circulation and distribution.

Keywords: turnover of capital; prices of production; transformation problem; general rate of profit; temporal single-system interpretation

 

Technological Revolution: Urgency and Feasibility of Qualitative Changes in Socioeconomic Development: Discussions on Noonomy by S. D. Bodrunov

Buzgalin

Abstract:   The  beginning  of  the  21st  century  is  also  the  beginning  of  a  new  industrial  revolution.  Smart  factories,  the  Internet  of  Things,  bio-,  nano-,  and  information,  and  communication  technologies  of  the  sixth  technological  mode  are  becoming  a  new  material basis of production. The author of the book Noonomy, Sergey Bodrunov, focuses on the current changes taking place in the economy, entailing the birth of a qualitatively new  system  of  relations  that  is  noonomy  (Bodrunov  2018).  This  theoretical  research,  which  is  purely  scientific  in  its  content,  also  contains  an  analysis  of  a  wide  range  of  practices. It makes the book accessible not only to a highly professional reader since it is written in plain language. This book is for everyone who wants to not only understand but also contribute to the better future of our economy.

Keywords:   Noonomy;   industrial   revolution;   new   industrial   society   of   the   second   generation; technological mode; economic transformations

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Market Socialism in Belarus: An Alternative to China’s Socialist Market Economy

Yan Li and Enfu Cheng

Abstract: Since Lukashenko came to power, Belarus has embarked on the road of market socialism, in which privatization has been halted, and the dominant position of state-owned economic components in the national economy has been established; a vertically managed and efficient model of state governance has been implemented, the presidential leadership has been strengthened, and social fairness and justice have been prioritized. In addition, Belarus has kept good diplomatic relations with the CIS (Commonwealth of Independence States) countries, China, and other countries through pluralistic and multi-directional diplomacy. Market socialism has helped the economy of Belarus recover from the decline immediately following the breakup of the USSR and develop rapidly. The country’s economic foundation has been getting increasingly stable. A strong social security system has been established, and social welfare covers the largest social groups, which ensures employment and civil rights to the greatest extent, continuously improves the living standards of the population, and thus avoids social division and ensures social stability. Market socialism in Belarus is a special system of socialist market economy, its theory and practice can teach important lessons to the current practice of socialism and the reform of capitalist system

Keywords: Belarus; market socialism; Lukashenko; socialist market economic system

Game of Thrones, Game of Class Struggle, or Other Games? Revisiting the Dobb-Sweezy Debate

Thomas E. Lambert

Abstract: In 1946, the economist Maurice Dobb published a book that attempted to explain how feudalism gave way to capitalism. Dobb’s book began a debate among economists and historians that has continued until this day. Dobb thought that feudalism went into decline and was replaced by capitalism because of endogenous causes rooted in the class struggles between serfs and noblemen. An early and prominent critic, Paul M. Sweezy, thought that the factors which led to the decline of feudalism and rise of capitalism were exogenous, and these factors included the development and growth of international trade, production for markets and money, the growth and importance of cities, and the need for European monarchies to unite their kingdoms and to finance their wars and overseas empires. This paper does some preliminary empirical testing of these hypotheses using data from Britain from the 1200s to the 1800s. The findings of this paper are informative in trying to better understand the debate and provide some food for thought on how capitalism may change in the future.

Keywords: capitalism; feudalism; Dobb–Sweezy debate

Capital Accumulation in the Center and Semiperipheries: A Comparative Analysis of the US, Spain, and Brazil

Juan Pablo Mateo

Abstract: This paper presents a comparative analysis of capital accumulation in the US, Spain, and Brazil from 1990 to 2014, in order to analyze the peculiarities of the main contemporary economy (US), a developed one with a peripheral integration into the Eurozone (Spain), and a semiperipheral economy within a backward region (Brazil). This period is highlighted, especially for Spain and Brazil, by a neoliberal turn and certain monetary stability. Taking the US economy as a reference, Brazil achieved a higher average GDP and investment growth, but its capital-output ratio shows a relative high level. This economy also suffers from less capacity to produce a surplus in US dollars, and its productivity gap widens. In the case of Spain, its real-estate speculative boom has driven down both the profit rate and the productive efficiency of capital stock. Thus, while lacking an outstanding performance, the USA has kept its productive superiority in relation to Spain and Brazil.

Keywords: capital accumulation; productivity; profit rate; underdevelopment

Health System in Transition in India: Journey from State Provisioning to Privatization

Shailender Kumar Hooda

Abstract: This paper highlights how privatization in healthcare is being promoted and its further growth facilitated through the adoption of neoliberal policies in India. The approach to financing healthcare has been shifting from public provisioning to tax-funded health insurance merely to achieve health coverage. The idea of the strategic purchasing of care from private providers promoted through insurance seems likely to aggravate the crisis in access and healthcare delivery. Such a crisis will escalate costs and promote concentration and monopolies in the healthcare market. Under the recently promoted neoliberal policy, India is compromising the goal of comprehensive provision of public health services, which is essential for creating a healthier society.

Keywords: neoliberalism in health; health system transition; privatization; health insurance

The Changing Geopolitical Economy of Transcaucasia under Multipolarity

Efe Can Gürcan

Abstract: This article sheds light on the changing character of the Transcaucasian geopolitical economy based on the question of how the multipolarization of world politics has shaped the course of regional conflicts and the balance of forces in the region. In this framework, the article proposes transcending static labels such as Georgia/Azerbaijan as a “Western post,” Iran and Azerbaijan as “arch enemies,” and Armenia as a “traditional Russian ally” by reference to recent developments such as the peaceful rise of China in the region, Putin’s Eurasianist geostrategic leanings, and the reorientation of Turkey’s foreign policy since 2016. Georgian and Armenian color revolution dynamics are likely to be suppressed thanks to the recent foreign policy shift of Turkey as a strategic ally of Georgia, Georgia’s inclusion in the Belt and Road Initiative (BRI), and the Russo-Turkish rapprochement. Amidst deteriorating relations with the US and North Atlantic Treaty Organization (NATO) in the 2010s, moreover, Azerbaijan’s foreign policy gives increasingly greater weight to relations with Russia, which can be further deepened under the influence of Turkey’s foreign policy. A similar situation goes for Azerbaijan’s involvement in the Non-Aligned Movement and BRI, as well as Iranian acknowledgment of Azerbaijan’s territorial integrity despite unresolved tensions in bilateral relations.

Keywords: foreign policy; geopolitical economy; hegemony; multipolarity; Transcaucasia

How China Succeeded in the Covid-19 Epidemic Prevention and Control

Interview with Associate Professor Leijie Wei, Editor of Waiting for Dawn:  21 Diaries From 16 COVID-19 Frontlines

Leijie Wei and Shuoying Chen

Abstract: The book Waiting for Dawn: 21 Diaries from 16 COVID-19 Frontlines takes a global perspective, examining the impact of the COVID-19 epidemic on governments and the public around the world. Associate Professor Leijie Wei, editor of the book, believes that the reasons why mandatory tracking, testing, and quarantine measures have been effectively implemented in China center on the unified leadership provided by the Communist Party of China (CPC), the active response by state-owned enterprises and institutions, and the full trust of the majority of the public in the government’s anti-pandemic measures. In an effort to win elections, meanwhile, politicians in Europe and the United States are politicizing the pandemic and making China a scapegoat. In contrast to socialist China’s policy of ensuring all those in need are hospitalized with free testing and treatment, the essentially capitalist public health models applied in most Western countries have brought more concrete and explicit class conflict, and the drawn-out pandemic in the West has exacerbated various forms of social injustice. The COVID-19 epidemic is a reminder that a country’s governance ability should not be judged on the basis of simplistic conceptions of democracy, and that the needs of Mother Earth must be considered in the collective building of a community of shared future for humankind.

Keywords: COVID-19; epidemic; pandemic; socialist China

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The Great Contribution of Engels to Capital

Jianping Li and Zhenhuang Yang

Abstract: Marx and Engels were close confidants and had the same beliefs and aspirations. Both of them devoted a great deal of effort to Capital. Although Engels did not claim co-authorship of Capital, he was a genuine collaborator in ensuring it would appear, making major contributions to its creation and publication. Together with Marx, he helped lay the foundations for Capital in the 1840s, establishing the basic elements of practice, method, and politics that would bring the work into being. From the 1850s to 1867 he devoted enormous energies to supporting the creation of Capital. During the 1870s he worked to promote Capital, and from 1883 to 1894 he toiled at preparing the final two volumes for publication. All in all, Engels was a legendary writer who devoted himself to Capital over a period of half a century.

Keywords: Marx; Engels; Capital

 

Linkages between Economic and Military Imperialism

Isaac Christiansen

Abstract: Much has been written both about economic and military manifestations of empire, but there are fewer examinations of how the two are interconnected. This article explores five forms of linking motivations by which economic imperialism escalates into military interventions: resource covetous, enterprise-specific, system protective, empire share, and military-industrialist linkages. The first three types describe how imperial relations between empires and client states may lead military interventions in the latter by the former to ensure control of critical resources, corporate dominance of a client state’s land or industry, or to safeguard global capitalism itself. Empire share linkages are reflected when conflict among imperialist countries themselves develops into wars among core countries, while military-industrial linkages are when the interests of the arms and related industries themselves become a motivation for military interventions. These connections are not mutually exclusive, and each may be manifested to a lesser or greater degree in various imperialist interventions simultaneously.

Keywords: economic imperialism; military imperialism; military spending

 

Politics, Power, Policy, and a Fair Society: The Failed Promise of the Asian Medicine Market

Malay Roy

Abstract: Asymmetry in knowledge and bargaining power creates opportunities for duplicity and malpractice. Based on the experiences of the Asian medicine market, we propose that this economic sector is particularly susceptible to these vices. The visible hand of the government appears to be more effective in disciplining malefactors than the invisible hand of the market. This thesis is based on areas of knowledge such as political science, ethics, and philosophy that remain, in general, off limits to economists wishing to maintain the purity of the discipline.

Keywords: Asia; politics; policy; medicine; exclusion; welfare

 

Labor Productivity and Marxist Theory of Labor Value

Alejandro Valle Baeza and Blanca Gloria Martínez González

Abstract: This article proves that the productivity defined rigorously within the Marxist theory of value is what economists use most of the time. When analyzing the changes in productivity of a country or the relationship between real wages and productivity or comparing the levels of productivity between countries, labor productivity is used and not, for example, multifactor productivity. In all three previous cases what legitimizes the use of labor productivity is the Marxist theory of value. We will see in the present article that, if productivity is defined as the reciprocal of the value of a basket of merchandises, the mathematical expressions commonly used in applied economics are deduced to understand the variations and levels of productivity and the link between that variable and the real wage. Since most non-Marxist economists reject Marxian theory of value, we conclude that, nonetheless, they use it without knowing it.

Keywords: labor productivity; labor value; international wages; real wages

 

Classical Labor Values: Properties of Economic Reproduction

David Zachariah and Paul Cockshott

Abstract: We consider economic value as a property that renders heterogeneous goods and services commensurable. Starting from the basic division of output between workers and non-workers, we are able to derive value as a property of systems of economic reproduction. We show its relation to value in classical political economy and in Sraffian economic theory. We go on to discuss the applicability of the derivation and its relevance for analyzing distribution, productivity and employment in a wide range of economies.

Keywords: value; labour value; prices of production

 

Clinging to the Relics for Support: Capitalism and the NationReview of The Sublime Perversion of Capital: Marxist Theory and the Politics  of History in Modern Japan by Gavin Walker

Michael Keaney

Abstract: Observing the apparently anomalous retention of pre-capitalist forms amid rapid economic transformation, Marxists in early 20th-century Japan grappled with the theoretical challenges posed by a set of practices that did not adhere to the presumed teleology of capitalist development. In response, they proposed a sophisticated treatment of nationalism as an essential (but inherently temporary) stabilizing feature of capitalism, requiring constant reinvention as part of capitalism’s fundamentally unstable and contradictory growth process. The validity of this treatment can be witnessed today with respect to populist backlashes in Europe and North America, and strident nationalist and even genocidal state policies in South Asia, amid a general stalling of the neoliberal globalization project that has increasingly been seen to fail in the unfolding aftermath of the global financial crisis of 2007–2009.

Keywords: nationalism; development; the state; capitalism

 

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The Change of the US Tariff Policy

Engels’s Perspective and Enlightenment

Baoyi Wu and Shanlin Wu

Abstract: Engels discussed tariff and the related issues on many occasions in his writings. Using “tariff” as the keyword, we search all the 50 volumes of Marx and Engels Collected Works and find out two important stages in which Engels formulated intensively tariff and related issues. The first one is 1845–1853, when Engels mainly elaborated from the perspective of the impact of tariffs on the interests of various classes in the European nations, and the second one is 1879–1893, when he mainly elaborated from the perspective of the relation between tariff policies and the stage of economic development in the United States and the roles played by the tariff policies in the national competition. At the second stage, standing at the height of world history and starting from competition and evolution, Engels made a comprehensive and in-depth illustration of the changes in the US tariff policies and their roles; at this stage, he recognized to a certain extent some of List’s thoughts on tariff, which is not in conflict with his criticism of List at the first stage. The essence of Engels’s thoughts on tariffs is the multi-level investigation based on his profound historical insight and grand global vision. Engels’s thoughts of the political economy formulated on the development and evolution of the tariff policies and their roles and mechanisms after the US Civil War are still of great practical significance even for nowadays.

Key words: Engels; the United States; tariff policies; national competition; political economy

Chinese Revolution and Development of the World Economy

Pertti Honkanen

Abstract: This paper considers China’s economic development and place in the world economy. The People’s Republic of China is becoming the most powerful country in the world in terms of GDP. Nowadays, China is an important partner in world trade both as an exporter and importer. Thus far, the United States has been the leading force in managing and coordinating the global economic and especially financial system, but now the economically advancing socialist China is a challenge to the USA. The Chinese model, socialism with Chinese characteristics, is discussed and compared with earlier stages of socialist construction, e.g. the NEP experiment of Soviet Union. The paper ends with notes about environmental and ecological problems, stressing the importance of socialist answers to these challenges. In this regard there are encouraging aspects in the current political program of the Chinese leadership.

Key words: China; economic growth; international trade; models of socialism; ecological problems

 

Will China Suffer the Same Fate as the Soviet Union?

Carlos Martinez

Abstract: It was widely assumed in the West following the collapse of European socialism that China would undergo a similar process of counter-revolution. This article seeks to understand why, three decades later, this hasn’t happened, and whether it is likely to happen in the foreseeable future. The article contrasts China’s “reform and opening up” process, pursued since 1978, with the “perestroika” and “glasnost” policies taken up in the Soviet Union under the Gorbachev leadership. A close analysis of the available data makes it clear that China’s reform has been far more successful than the Soviet reform; that, in contrast to the Soviet Union in the 1980s, all the key quality of life indicators in China have undergone significant improvement in the last 40 years, and China is emerging as a global leader in science, technological innovation and environmental preservation. The article argues that the disparate outcomes in China and the Soviet Union are the result primarily of the far more effective economic strategy pursued by the Chinese government, along with the continued strengthening of the Communist Party of China’s leadership.

Key words: China; Soviet Union; socialism; reform

 

China–Africa Economic and Trade Cooperation from the Perspective of the Community with Shared Benefits: Achievements, Challenges, and Prospects

Xiaoqin Ding, Qiaoyan Chai, and Cheng Chen

Abstract: The China–Africa Community with Shared Benefits is the cornerstone of the China-Africa Community with Shared Future. Since the beginning of the twenty-first century, through economic and trade cooperation, China and Africa have promoted the common economic and social development of both sides, and consolidated the material foundation of the China–Africa Community with Shared Benefits. The economic and trade cooperation between China and Africa has developed rapidly with remarkable achievements and great influence. This article fully affirms and reviews the great achievements of China–Africa trade and economic cooperation, points out that the China–Africa economic and trade cooperation still faces some challenges, but overall, the China–Africa economic and trade cooperation has an absolutely bright future and will become a persistence engine to build the Community with Shared Benefits. China’s investment will further promote economic and social development in Africa, and the China–Africa Community with Shared Benefits will have a huge demonstration effect internationally.

Key words: China–Africa relationship; the Community with Shared Benefits; China–Africa economic and trade cooperation

 

Reconsidering Development Aid: A Systemic Analysis

Yahya Gülseven

Abstract: In the political and academic debates on development aid in the post-Cold War years, there is often reference to a “new aid architecture.” This study explores what is new about this “new architecture of aid” and traces change and continuity by comparing the form and essence of aid architecture in the Cold War and the post-Cold War years. It discusses to what extent development aid can be interrogated within the inter-systemic competition during the Cold War period. After having located aid into a systemic framework, it seeks to understand the emergence of the “new aid architecture” in the post-Cold War years. To this end, it first analyses the relevance of aid to the hegemonic project that pursues the proletarianization of the world’s poor. It then focuses on aid’s role in transforming social and industrial relations to promote capitalist competitiveness at the global level. In this respect, it pays particular attention to “global value chains.” This study argues that “new aid architecture” is nothing more than an attempt to set a new framework for the role and contribution of aid in expanding and deepening the hegemony of capital over labor on a global scale in the absence of the Soviet factor.

Key words: development aid; OECD-DAC; aid architecture; the Marshall Plan; proletarianization; global value chains

 

Financialization, Economic Structure Change, and the USA-China Trade War

Wanhuan Cai

Abstract: Under conditions of financialization, finance capital develops relatively independently from the real economy of the United States. As a result, the United States has to rely heavily on external markets to buy consumer goods. The huge trade deficit of the United States stems from its own economic structure rather than external reasons. The trade deficit does not mean that the United States is in a disadvantageous position. From the perspective of the goods trade, service trade, and finance capital investment, the United States is in a position of absolute dominance with its service sector and profit from foreign investment. The launching of the USA–China trade war was a manifestation of Trump’s protectionism. It has failed. It is hoped that the Biden administration will demonstrate learning from this mistake.

Key words: financialization; protectionism; trade deficit; real economy

 

Review of Classical Political Economics and Modern Capitalism: Theories of Value, Competition, Trade and Long Cycles by Lefteris Tsoulfidis and Persefoni Tsaliki

Ozan Mutlu

Abstract: This book review presents and critically evaluates core issues raised in the recently published book titled: Classical Political Economics and Modern Capitalism: Theories of Value, Competition, Trade and Long Cycles coauthored by Lefteris Tsoulfidis and Persefoni Tsaliki. The book under review is one of the very few efforts to comprehensively cover major topics of the classical political economics approach. Among these topics included are the following: the theory of value, economic reproduction, and true competition in domestic and international markets as well as long economic cycles in the movement of key economic variables. A salient feature of the book is that the “laws of motion” of modern capitalism are derived and supported by empirical evidence based on refined economic data and appropriate input–output or econometric analysis. The overall evaluation is at the end of the present review along with a critical account for further research efforts.

Key words: political economics; theories of value; competition; long cycles

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The Contribution of the “School of New Marxist Economics” to China’s Socialist Market Economy

Yang Zhang

Abstract: Since China’s reform and opening up four decades ago, the establishment and healthy development of the socialist market economy has been closely linked to the forward-looking theoretical analysis and policy suggestions given by representatives from the School of New Marxist Economics. By comparative analysis of a variety of cited literature, the author argues that the School of New Marxist Economics scholars Guoguang Liu, Enfu Cheng, and Zuyao Yu, have made an outstanding contribution not only to the construction of the socialist market economy theory and socialist political economy with Chinese characteristics academically, but also to the comprehensive deepening of reform and the strengthening of technology power building in practice.

Key words: socialist market economy; “Chinese School” of socialist market economy; School of New Marxist Economics in China

 

A General Theory of Value and Money

Foundations of an Axiomatic Theory

Alan Freeman

 

Abstract: This article is the first part of “A General Theory of Value and Money” and sets out the foundations of an axiomatic theory of value and money. Its purpose is to equip the public to explain the four facts that define the modern capitalist economy: the long-term post-war decline of the economies of the global North, the financial instability which produced the 2008 crash, the prolonged post-war growth in inequality between the global North and the global South, and the exceptional 30-year growth of China. The axiomatic method is poorly understood among economists. It allows us to interrogate empirical evidence in a systematic way, and is therefore the necessary precondition for an inductivist, scientific enquiry into economic events, that is, an enquiry whose starting point is the explanation of facts. The second part of “A General Theory of Value and Money,” to follow, deals with the empirical conclusions, especially the analysis of accumulation, the rate of profit, and financial crashes.

Key words: value; finance; crisis; TSSI

 

The State and Accumulation Under Contemporary Capitalism

Paramjit Singh and Balwinder Singh Tiwana

Abstract: The classical and neo-classical economists present capitalism as a self-regulating and self-sustaining system. A system works on Say’s law of market or Walrasian general equilibrium lines where market device works so efficiently that there are no possibilities of instability. The full utilization of available resources keeps the economy on a steady state growth path. However, Marxian and Keynesian economists do not believe in this idealistic interpretation of the working of capitalist economic system. They argue that cyclical instability is a fundamental tendency of capitalist economic structure. Historically, it has been proven that the capitalist system, from its very inception, has required state intervention, not only in its external relations but also in its internal functioning. The stability of capitalism depends upon the stability of capital accumulation which in turn depends upon state facilitation and direct state intervention in the economic affairs. In the light of these facts, the present paper makes an attempt to scrutinize the role of state in the accumulation process, which has evolved with the evolution of social classes and has been dominating economic and social affairs in accordance with the needs of the dominant class.

Key words: capitalism; state; accumulation; stability; Keynesianism; financialization

 

Class, Demography, and
Gay Politics in the West

Paul Cockshott

Abstract: We examine the economic position of gay couples and show that they are relatively advantaged compared to heterosexual ones, with this advantage being most marked for male same-sex couples. We argue that the issue of gay marriage has to be seen in the context of a general demographic crisis affecting Western capitalist countries. We look at the impact of this on profitability and growth.

Key words: class; gay economics; demographics

 

The Ecological Crisis,
Apocalypticism, and the Internalization of Unfreedom

Saladdin Ahmed

Abstract: Responses to the definitive evidence that the existing order of things will inevitably lead to an ecological doomsday often take one of two approaches, not counting outright deniers of climate change. The more optimistic of the two assumes that we could regain a reasonable balance of life on Earth through individual lifestyle adjustments. The second dominant approach is pessimistic to the degree of embracing apocalypticism, for it assumes the ecological catastrophe is altogether unavoidable. In either case, the capitalist system is perceived as the only possible order of things and goes unquestioned. Refuting both positions, I argue that the impending ecological catastrophe could only be avoided if collective progressive action puts an end to the capitalist modes of production. In the absence of universal movements grounded in revolutionary ecological politics, capitalism will continue to thrive not despite but because of the escalating ecological crisis. As climate change continues to make life conditions in the global south more difficult, cheap labour will become even more readily exploitable, just as the fundamental elements of life, such as clean water and air, will be increasingly commodified as they become scarcer. Unless sustained revolutionary action is undertaken to topple the capitalist relations of production, the ecological crisis will only bring about more suffering for the poor and greater benefits for the rich. The notion that small-scale changes in behaviour could reverse these trends under such circumstances is absurd, but that is not to say we should nihilistically succumb to our fate.

Key words: ecological crisis; capitalism; apocalypticism; Marx; Adorno

 

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