The notion of capital overaccumulation, as constructed by Marx in Volume 3 of Capital on the basis of his “preliminary definition” of “absolute overproduction”, is considered in this paper as the key element of Marx’s crisis theory. Following what the […]
ON MARX’S CRISIS THEORY IN THE ORIGINAL MANUSCRIPT OF THE 3RD VOLUME OF CAPITAL
John Milios/ Dimitris P. Sotiropoulos A crucial aspect of nearly all contemporary approaches to imperialism is the idea that the domination of neoliberalism and of the globalized financial sector of the economy produces a predatory version of capitalism, a capitalism
Financialization:Market Discipline or Capital Discipline?
Spyros Lapatsioras, John Milios and Dimitris Sotiropoulos Contemporary capitalism seems too far away from the implementation of any version of a good society. read here
Beyond Capitalism. Strategies for a Good Society in the “Era of Financialization”
John Milios Department of Humanities, Social Sciences and LawNational Technical Universityof Athens, GreeceEmail: john.milios@gmail.com Dimitris P. SotiropoulosDepartment of Sociology University of the Aegean, GreeceEmail: d.p.sotiropoulos@gmail.com Short description: When does a theory really die? In the history of economic thought, it
Marx’s Monetary Theory of Value and Capital as a Critique of Classical Political Economy
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
Joseph Schumpeter and the German Historical School
… 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
After Brexit and Donald Trump: Is Nationalism challenging Neoliberalism?
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
“Socialist Planning” and Enterprise in the USSR, 1929-1989
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’s Inquiry into the Birth of Capitalism: Why Does It Matter?
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
Value, Fictitious Capital and Finance. The Timeless of Karl Marx’s Capital
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
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
Financial Capital Globalization as Capital Discipline and the Socialist Alternative
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
Transcending the nation: a communist strategy in the era ofglobalization. A reply to Velissariou