Alla Semenova While mainstream economic theory treats weather and climate as exogenous factors which can only cause temporary disruptions to the economic equilibrium, the increasing severity of climate change means that supply-side disruptions, shortages and cost increases are becoming a […]
Too Hot to Handle: Why Climate Change Means Inflation Won’t Boil Over
Smith charges Harvey and Brenner, among others, with underestimating that the “highly competitive low-cost producers” (Brenner) was a result of the drive of firms in the imperialist economies to cut costs by replacing relatively expensive domestic labor with cheap labor
It is not the problem around the transfer of value or the reproduction of the value portion of fixed capital that Marazzi deals with in his essay The Amortization of the Body-Machine (Marazzi 2012: 35ff. ) (according to which constant
Machine surplus value and differential accumulation
According to economists whose theories currently prevail in America, economics has replaced political economy, and economics deals with scarcity, prices, and resource allocation. In the definition of Paul Samuelson, “economics or political economy, as it used to be called, is
Commodity Fetishism: an introduction to I.I. Rubin’s Essay on Marx’s Theory of Value
The global proletariat, as we have already seen, has never been as large as it is today. And yet the share of wages in domestic income has declined in both the South and the North. According to the ILO, since
In financial markets, asset pricing is a specific historical mode of pricing out options to then convert those options into cash. Pricing out an option in the form of a guarantee in order to sell it at its current price
Robert Meister’s book „Justice is an Option“ (3) – A Revaluation of the Financial Markets
The period 2000-2014 encapsulates a unique moment of intense globalization where nearly all countries followed the capitalist mode of production. We assess Marx’s hypotheses about capitalist development and the tendency for profit rates to decline for this period using a
Was Marx Right? Development and Exploitation in 43 Countries, 2000-2014
Meister asks why, in a world dominated by finance, we should look to the future through Marx’s eyes? The answer is that the extraction of surplus value in production had the purpose of preserving and accumulating it as an instrument
Robert Meister’s new book „Justice is an Option“ (2) – A Revaluation of the Financial Markets
One reason why transnational corporations increasingly prefer to externalize their business activities to independent firms is that this forces them into intense competition with each other, which is then an effective way to depress wages and intensify labor. Another incentive
In the next chapter, Smith examines in more detail the globalization of production in terms of outsourcing by transnational corporations since the 1960s. It was not only the large distribution companies that resorted to textile production and other goods in
Joshua Clovers Buch ‘Riot. Strike. Riot. Eine neue Ära der Aufstände’, erschienen bei Meltemi (2023), ist ein sehr anregender Versuch, die sozialen Kämpfe, die die letzten Jahrzehnte geprägt haben, anhand der Koordinaten der Kritik der politischen Ökonomie zu interpretieren. Ein
Robert Meister’s book Justice is an Option is an extremely important attempt to relate the theory of current finance to leftist political options aimed, among other things, at a theory of justice involving finance. Meister seeks to transform the concept
Robert Meister’s new book “Justice is an Option” (1) – A Revaluation of the Financial Markets