What Is Stagnation?
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Streeten's Major Writings Paul Marlor SWEEZY
.... 642 Paul Marlor SWEEZY Paul Marlor SWEEZY 643 I out agreeing with the late David McCord Wright, who once said, 'When It was under these circumstances that acquired a mission in life, not all at once and self-consciously, but gradually and through a practice that had a logic of its people tell me I am fuzzy, I reply, "life is fuzzy'", the heterodox dis�enters own. That mission was to do what I could to make Marxism an integral and prefer, I think, to be accused of fuzziness. They prefer to be vaguely nght to respected part of the intellectual life of the country, or, put in other terms, to take being precisely wrong. It is a matter of taste. The orthodox may say, part in establishing a serious and authentic North American brand of Marxism. 'Reductionism is not the occupational disease of economists, it is their occu pation.' But if in the process they throw out the baby instead of the bathwater, In pursuing these interests at Harvard, Sweezy received encouragement the reduction surely loses its point. from the great conservative economist Joseph Schumpeter, whose analysis of the origins, development and impending decline of capitalism revealed a Streeten's Major Writings complex and critical appreciation of Marxist analysis. 17 (1949), 'The Theory of Profit', The Manchester School, (3), September. Obtaining his Ph.D. in 1937, Sweezy took a job as an instructor at Harvard (1950a), 'Mangel des Preismechanismus', Vo//beschdftigung, Cologne: Bundverlag. (l 950b), 'The Inappropriateness of Simple "Elasticity" Concepts m the Analysis of Interna until 1939 when he rose to the rank of assistant professor. -
HES Book of Abstracts
45th Annual Meetings of the History of Economics Society Book of Abstracts Loyola University Chicago Chicago, Illinois June 14 - 17, 2018 1 Abstracts of Papers to be Presented at the 2018 History of Economics Society Annual Conference Loyola University Chicago, Chicago, Illinois June 14 - 17, 2018 TABLE OF CONTENTS Friday, June 15 FRI Plenary Session: Douglas Irwin, "The Rise and Fall of Import Substitution" .................. 3 FRI1A Session: “Smith and his Intellectual Milleu (IASS)” .............................................................. 3 FRI1B Session: “Remembering Craufurd Goodwin” .......................................................................... 5 FRI1C Session: “American Political Economy” ..................................................................................... 5 FRI1D Session: “Constitutional Economics” .......................................................................................... 7 FRI1E Session: “European Issues" ............................................................................................................. 9 FRI1F Session: “Biology” .............................................................................................................................11 FRI2A Session: “Smith and his Contemporary Issues (IASS)” ......................................................14 FRI2B Session: “Archival Round Table” ................................................................................................15 FRI2C Session: “French Economics in the Long 19th Century” ...................................................16 -
Secular Stagnation in Historical Perspective
Secular stagnation in historical perspective Roger E. Backhouse and Mauro Boianovsky The re‐discovery of secular stagnation Negative Wicksellian natural rate of interest –savings exceed investment at all non‐negative interest rates Inequality and growth Idea that excessively unequal distribution of income can hold back demand and cause stagnation Thomas Piketty and rising inequality as a structural feature of capitalism Looking back into history Stagnation theories have a long history going back at least 200 years Inequality and aggregate demand ‐ developed by J. A. Hobson around 1900 “Secular stagnation” ‐ Rediscovery of idea proposed in Alvin Hansen’s “Economic progress and declining population growth” AEA Presidential Address, 1938 Mentions of secular stagnation in JSTOR xxx J. A. Hobson 1873‐96 “Great Depression” in Britain 1889 Hobson and Mummery The Physiology of Industry underconsumption due to over‐ investment in capital uses idea of the accelerator (not the name) 1909 Hobson The Industrial System link to unequal distribution of income and “unproductive surplus” explanation of capital exports 6 J. A. Hobson Hobsonian ideas widespread in USA in the Great Depression Failure of capitalism due to the growth of monopoly power Concentration of economic power disrupting commodity markets and the “financial machine” 7 Alvin Hansen Institutionalist (price structures) Business cycle theory drawing on Spiethoff, Aftalion, JM Clark and Wicksell In 1937, Keynes’s article on population made Hansen realise that Keynes’s multiplier could be fitted -
Che Guevara's Final Verdict on the Soviet Economy
SOCIALIST VOICE / JUNE 2008 / 1 Contents 249. Che Guevara’s Final Verdict on the Soviet Economy. John Riddell 250. From Marx to Morales: Indigenous Socialism and the Latin Americanization of Marxism. John Riddell 251. Bolivian President Condemns Europe’s Anti-Migrant Law. Evo Morales 252. Harvest of Injustice: The Oppression of Migrant Workers on Canadian Farms. Adriana Paz 253. Revolutionary Organization Today: Part One. Paul Le Blanc and John Riddell 254. Revolutionary Organization Today: Part Two. Paul Le Blanc and John Riddell 255. The Harper ‘Apology’ — Saying ‘Sorry’ with a Forked Tongue. Mike Krebs ——————————————————————————————————— Socialist Voice #249, June 8, 2008 Che Guevara’s Final Verdict on the Soviet Economy By John Riddell One of the most important developments in Cuban Marxism in recent years has been increased attention to the writings of Ernesto Che Guevara on the economics and politics of the transition to socialism. A milestone in this process was the publication in 2006 by Ocean Press and Cuba’s Centro de Estudios Che Guevara of Apuntes criticos a la economía política [Critical Notes on Political Economy], a collection of Che’s writings from the years 1962 to 1965, many of them previously unpublished. The book includes a lengthy excerpt from a letter to Fidel Castro, entitled “Some Thoughts on the Transition to Socialism.” In it, in extremely condensed comments, Che presented his views on economic development in the Soviet Union.[1] In 1965, the Soviet economy stood at the end of a period of rapid growth that had brought improvements to the still very low living standards of working people. -
Monthly Review Press Catalog, 2011
PAID PAID Social Structure RIPON, WI and Forms of NON-PROFIT U.S. POSTAGE U.S. POSTAGE Consciousness ORGANIZATION ORGANIZATION PERMIT NO. 100 volume ii The Dialectic of Structure and History István Mészáros Class Dismissed WHY WE CANNOT TEACH OR LEARN OUR WAY OUT OF INEQUALITY John Marsh JOSÉ CARLOS MARIÁTEGUI an anthology MONTHLY REVIEW PRESS Harry E. Vanden and Marc Becker editors and translators the story of the center for constitutional rights How Venezuela and Cuba are Changing the World’s Conception of Health Care the people’s RevolutionaRy lawyer DOCTORS 2011 Albert Ruben Steve Brouwer WHAT EVERY ENVIRONMENTALIST NEEDS TO KNOW ABOUT CAPITALISM JOHN BELLAMY FOSTER FRED MAGDOFF monthly review press review monthly #6W 29th Street, 146 West NY 10001 New York, www.monthlyreview.org 2011 MRP catalog:TMOI.qxd 1/4/2011 3:49 PM Page 1 THE DEVIL’S MILK A Social History of Rubber JOHN TULLY From the early stages of primitivehistory accu- mulation“ to the heights of the industrial revolution and beyond, rubber is one of a handful of commodities that has played a crucial role in shaping the modern world, and yet, as John Tully shows in this remarkable book, laboring people around the globe have every reason to THE DEVIL’S MILK regard it as “the devil’s milk.” All the A S O C I A L H I S T O R Y O F R U B B E R advancements made possible by rubber have occurred against a backdrop of seemingly endless exploitation, con- quest, slavery, and war. -
Planned and Command Economies
Pambazuka - Zambia: Less Than $1 Means Family of 6 Can Eat http://pambazuka.org/en/category/development/6112 English DEVELOPMENT Français Português Zambia: Less Than $1 Means Family of 6 Can Eat Home 2002-02-28, Issue 55 Current Issue http://pambazuka.org/en/category/development/6112 Author List Tag Cloud Printer friendly version Feedback She is sitting on a warped stool in a roofless market with the ferocious midday sun Back Issues bearing down on her. A sinewy woman with deep-set eyes and sharp features that About jut sphinxlike from under her black head scarf, Rose Shanzi awoke with a start this SUBSCRIBE FOR FREE! Advertising morning, and the primordial question that jarred her from sleep is stalking her again: Will she and her children eat today? Newsfeeds email: Broadcasts Less Than $1 Means Family of 6 Can Eat Publications Awards By Jon Jeter Washington Post Foreign Service DONATE TO PAMBAZUKA NEWS! Subscribe Tuesday, February 19, 2002; Page A01 Friends of Pambazuka MARAMBA, Zambia -- She is sitting on a warped stool in a roofless market Action alerts with the ferocious midday sun bearing down on her. A sinewy woman with GET INVOLVED Editors’ corner deep-set eyes Features and sharp features that jut sphinxlike from under her black head scarf, Rose Shanzi awoke with a start this morning, and the primordial question Announcements that jarred her from Dakar World Social Forum 2011 sleep is stalking her again: Comment & analysis Will she and her children eat today? PAMBAZUKA NEWS Tributes to Tajudeen Latest tweets Advocacy & campaigns It is always a compound question. -
Pruduir El Comú Del Comú
CALIU L’àmbit de la defensa de la vida i la cerca de la Altres títols de la col·lecció reproducció autodeterminada no és només el Caliu Espai Editorial Sobiranies: principal terreny de lluita. Està sent també, en múltiples llocs del món, l’àmbit bàsic de pro- ducció de noves capacitats polítiques per a la El Apantle. Revista de Estudios Comuni- · A mós redó. Cuinant la transformació social i la construcció d’una opció de futur més enllà del capital. En aquest sentit, tarios naix al caliu del «Primer Congreso sobirania alimentària al País aquest llibre és una invitació a pensar i reflexio- Internacional de Comunalidad» amb la in- Valencià nar sobre l’horitzó de transformació política més tenció de generar un coneixement situat · Projecte A. Estructures enllà dels projectes d’emancipació centrats en i preocupat per entendre la multiplicitat la presa de l’estat. Aquest volum reuneix expe- de formes polítiques comunitàries que llibertàries per a la vida en riències, etnografies i assajos publicats en la re- es practiquen i es pensen des de baix del comú. vista El Apantle, publicada a Mèxic. Tots aquests continent llatinoamericà. Compost per materials tenen el propòsit de pensar des de la militants, estudiants i professores que van producció del comú. Es tracta, en aquest sen- participar en el Seminario de Investigación tit, d’una aposta per a generar un coneixement Permanente «Entramados Comunitarios y situat i centrat en l’autonomia política de les Formas de lo Político» de la Universidad lluites, però també sobre els límits, dificultats Autónoma de Puebla (BUAP), en estreta i contradiccions experimentades quotidiana- ment en les trames encarregades de la cura, coordinació amb la Sociedad Comunitaria defensa i sosteniment de la vida. -
Political Economy Research Institute, University of Massachusetts at Amherst, December
RESEARCH INSTITUTE POLITICAL ECONOMY Does Heterodox Economics Need a Crisis Theory? From Profit-Squeeze to the Global Liquidity Meltdown Gary A. Dymski October 2007 Gordon Hall 418 North Pleasant Street Amherst, MA 01002 Phone: 413.545.6355 Fax: 413.577.0261 Presented at [email protected] www.peri.umass.edu REBELLIOUS MACROECONOMICS: MARX, KEYNES & CROTTY A conference in honor of James Crotty Does Heterodox Macroeconomics Need a Crisis Theory? From Profit-Squeeze to the Global Liquidity Meltdown Gary A. Dymski August 21, 2007∗ What has yet to be accomplished and what is perhaps the most pressing task presently confronting macroeconomists is the development of a theoretical framework that can adequately incorporate both of these set of contributions [those of Keynes and Marx] and model the complex and rapidly evolving structure of mutual interaction and codetermination between the real and financial sectors. (James Crotty, 1990, p. 541) Introduction Is there a need for a heterodox macroeconomic theory of crisis? If so, what are its elements, and how can these be used to make sense of developments in the world’s economies? Among James Crotty’s definitive contributions to heterodox theory are his forceful answers to these questions. Crotty’s writings on macroeconomics and crisis have had three distinct phases. The centerpiece of his first phase was the paper on the political business-cycle he wrote with Boddy, which is discussed below. In the 1980s, Jim deepened his theoretical understanding of the sources, forms, and trajectories of economic crises. This involved him in extended readings of Marx, Keynes, Schumpeter, and Kalecki. -
The Poverty of Philosophy and Its Contemporary Relevance
Crisis, Revolution, and the Meaning of Progress: The Poverty of Philosophy and its Contemporary Relevance Michael Joseph Roberto Proudhon and Marx ABSTRACT: In 1847, Marx wrote The Poverty of Philosophy, his polemical response to Pierre Joseph Proudhon’s System of Economical Contradictions Or, The Philosophy of Poverty, published a year earlier. Marx and Proudhon were the principal antagonists in the struggle for influence and control of the emerging European workers movement then fueled by the first great crisis of modern capitalism. While Marx propagated communist revolution as a solution to the crisis, Proudhon sought to preserve “good capitalism” by attempting to formulate a new political economy that would reconcile contradictions of capitalist exchange by means of reciprocal agreements and transactions; in a word, mutualism. In The Poverty of Philosophy, Marx took Proudhon to task for creating a massive “dialectical phantasmagoria” in the System of Economical Contradictions. Usually regarded as his first detailed treatment of political economy, Marx’s book also contains an implicit conception of social and historical progress based on the principles of contradiction, paradox, and Copyright © 2009 by Michael Joseph Roberto and Cultural Logic, ISSN 1097-3087 Michael Joseph Roberto 2 practice. Today, as the U.S. experiences an irreversible and possibly terminal capitalist crisis, Marx’s polemic against Proudhon remains instructive as an historical, theoretical, and practical-political guide. Key features of the Marx- Proudhon divide in the 1840s are now being recast in contemporary guises and forms. The Left must distinguish between revolutionary Marxist solutions and variations of the New Proudhonism. While Marxism holds the potential for revolutionary, socialist transformation and renewed social progress, the New Proudhonism seeks to save “good capitalism” – ironically and tragically, carrying with it the plausibility of a more coercive and barbarous system. -
Excerpted from James Gustav Speth, America, Rising to Its Dream (Forthcoming, Yale U.P., Fall 2012) * How Can We Gauge What
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Values and Value Transfers: a Comment on Itoh
: VALUES AND VALUE TRANSFERS: A COMMENT ON ITOH Anwar Shaikh Itoh's essay provides a valuable retrospective on recent debates concerning the Marxian theory of value. He points out that the economic crisis enveloping both cap itaJist and socialist worlds from the 1970s onward challenged economists to rethink and refine their basic approaches. Among other things. this sparked a resurgence of interest in fundamental issues such as Ihe theory of value. Thus, what appears as an abstraCt discussion is actually rooted in historical events, with political and economic implications for the current period (above. 53-54), Itoh also emphasizes the importance of Sraffa's work in revitalizing the Marxist discussion ofva1ue theory. Sraffa's pathbreak.ing work provided a new platform for a critique of neoclassical economics, even as it "rchabilitatcd the objcctive theory of value" which is characteristic of me classical and Marxian traditions. But his narrow focus and elliptical style left open the question of the relation between his approach and that of more general economic framewocks. Not swprisingiy, many of his followers set out to incol']X)rate his unconventional approach into a more orthodox "neo-Ricardian" framework, in which the emphasis was on mathematical and functional analyses of CQuilibriwn prices. Inevitably, this gave rise to a divergence between nco-Ricardian and Marxian writers (54--60). Two issues are highlighted by Itoh: the problems which arise with Marx's procedure for linking labor value and money price magnitudes (the transfonnatiOil problem), problems which appear LO undermine the Marxian claim that value magnitudes arc the foundation of price magnitudes; and the claim that value categories are in any case redundant, since market prices actually gravitate around prices of production, not labor values (60). -
Why Keynes-Minsky Theory Must Replace Efficient Market Theory As the Guide to Financial Regulation Policy
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Crotty, James Working Paper The realism of assumptions does matter: Why Keynes-Minsky theory must replace efficient market theory as the guide to financial regulation policy Working Paper, No. 2011-05 Provided in Cooperation with: Department of Economics, University of Massachusetts Suggested Citation: Crotty, James (2011) : The realism of assumptions does matter: Why Keynes-Minsky theory must replace efficient market theory as the guide to financial regulation policy, Working Paper, No. 2011-05, University of Massachusetts, Department of Economics, Amherst, MA This Version is available at: http://hdl.handle.net/10419/64225 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents