Post by: John Milios

EconoFiction

Joseph Schumpeter and the German Historical School

2 Jul , 2020  

Undoubtedly, Joseph Alois Schumpeter ‘was one of the greatest economists of all time’ (Haberler, 1950, p. 1) who made seminal contributions to economics and had a major impact on the development of the discipline in the twentieth century. However, some important aspects of his works remain less widely discussed.

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EconoFiction

After Brexit and Donald Trump: Is Nationalism challenging Neoliberalism?

14 Mai , 2020  

… Financial markets generate a structure for overseeing the effectiveness of individual capitals, that is to say a type of supervision of capital movement. The demand for high financial value puts pressure on individual capitals (enterprises) for more1 intensive and more effective exploitation of labour, for higher profitability. This pressure ...

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EconoFiction

“Socialist Planning” and Enterprise in the USSR, 1929-1989

10 Mai , 2020  

The basic element of economic planning in “actually existing socialism” was aspecific kind of economic control exercised over enterprises by the state (in the formof the state planning agencies). This control derives from two sources: (a) the plan itself (which had the status of law), that is to say the ...

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EconoFiction

Marx’s Inquiry into the Birth of Capitalism: Why Does It Matter?

20 Apr , 2020  

Differing approaches to the issue of the beginnings of capitalismimply different conceptualization of what capitalism is. This paperelaborates on the notion of original accumulation. It utilizes theMarxist notion of the mode of production to provide the conceptof the historicalfigure which Marx describes as the pre-capitalistmoney-owner. Two notions are introduced: (1) ...

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EconoFiction

Value, Fictitious Capital and Finance. The Timeless of Karl Marx’s Capital

2 Apr , 2020  

Karl Marx is not a proponent of classical value theory as labour expended. Marx developed in Capital and his other mature economic writings a monetary theory of value and capital.2 He analysed value as an expression of relations exclusively characteristic of the capitalist mode of production. Value registers the rela-tionship ...

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EconoFiction

The Working Class and the Middle Classes in the Greek Economic Crisis: Allies in a Common Anti-Neoliberal Strategy?

8 Dez , 2019  

George Economakis and John Milios

ABSTRACT

On the basis of a Marxist analysis of capitalist relations of classpower and the class configuration in contemporary advanced capitalist societies, the paper investigates the consequences of the recent economic crisis and of the neoliberal capitalist strategies in Greece (austerity, market liberalization and privatizations), ...

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EconoFiction

Financial Capital Globalization as Capital Discipline and the Socialist Alternative

10 Okt , 2019  

John Milios National Technical University of Athens, john.milios@gmail.com

Dimitris P. Sotiropoulos The Open University Business School, UK, d.p.sotiropoulos@gmail.com

1. Globalization, financialization, crisis

The current financial crisis of capitalism is without precedent in the post-war period. Regarding the crisis, recent heterodox literature is dominated by a single and persistent argument. The ...

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NonPolitics

Transcending the nation: a communist strategy in the era ofglobalization. A reply to Velissariou

7 Sep , 2019  

ABSTRACT
Neoliberalism and austerity are not ‘false policies’, but strategies of
increasing profits by reducing labor and welfare costs. In the process of
dismantling labor rights and the welfare state, a part of the population
is being marginalized. It becomes ‘superfluous’, and its living conditions
approach those of the inflowing ...

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EconoFiction

Capitalism, financial system and forms of exploitation

9 Aug , 2019  

Spyros Lapatsioras/John Milios/Dimitris P. Sotiropoulos

Financial intermediation is a sui generis service itself and is therefore a productive activity striving for profit maximization, like any other sector of the capitalist economy.

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EconoFiction

Value, Fictitious Capital and Finance.The timeliness of Karl Marx’s Capital

9 Aug , 2019  

Capitalism was always, and will never cease to be exploitative, domineering, speculative. But it will not disintegrate or decay due to its exploitative, domineering, speculative character, certainly not due to the supposedly specifically “predatory” function of the financial sphere – as opposed to the “productive role of industry”. It will ...

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EconoFiction

On the Question of Money Endogeneity: Marx vs. the Post-Keynesians

24 Feb , 2019  

This paper argues that the conception of ‘money endogeneity’ formulated and defended by Post-Keynesian economists can be founded on a coherent and theoretically sound way only on the basis of Marx’s theory of value, which the author comprehends as the par excellence monetary value theory. The Marxist reformulatio of the ...

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EconoFiction

“Third Persons” and Reproduction: A Note to R. Luxemburg’s Critique of Marx’s Reproduction Schemes

5 Feb , 2019  

“Third Persons” and Reproduction:

A Note to R. Luxemburg’s Critique of Marx’s Reproduction Schemes

George Economakis and John Miliosi

Abstract

The aim of the present paper is to critically present Rosa Luxemburg’s critique to Marx’s reproduction schemes of a pure capitalist economy in Volume 2 of Capital, as a ...

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