Abstract
ABSTRACTMarxist political economy is alive and well, and not just because of the habitual turn to Marx in response to any crisis of capitalism. Both through Capital and through the continuing evolution of Marxism, Marxist political economy offers valuable insights that can illuminate the modalities of social and economic reproduction and the relationships between (different aspects of) the economic and the non-economic. Marxism’s presence has been felt through its own internal debates and debates with other approaches to political economy, and even through its influence on those reacting against Marxism. The key to the continuing relevance and analytical strengths of Marxist political economy lies in its capacity to provide a framework of analysis for unifying disparate insights into and critiques of the contradictions of capitalism across the social sciences. The instrument for forging that unity is Marx’s theory of value, the potential of which is examined and illustrated with reference to the Sraffian critique and two key concepts in Marxian political economy: the value of labour power and financialisation. They are explored in the light of the processes of commodification, commodity form and commodity calculation.
Highlights
Marxist political economy (MPE) experiences a rhythm and evolution in terms of both its prominence and its substantive content
MPE has witnessed a revival in the wake of the Global Financial Crisis (GFC), just as it did when the post-war boom came to an end
This is necessarily different from the Marxisms that were prominent before 1917, in the interwar period, after 1956 or post-1968. This is, in part, because influential social theories are moulded by, just as they mould, their own social and historical context. While this is not the place to detail our interpretation of MPE, its relationship to economic heterodoxies, and why MPE remains relevant for understanding neoliberalism as the current stage of capitalism,2 it is important to note that the dynamic and content of MPE are unique, uniquely influenced, and uniquely influential
Summary
Marxist political economy (MPE) experiences a rhythm and evolution in terms of both its prominence and (perceptions of) its substantive content. There are increasing signs of dissatisfaction with the orthodoxy and a growing search for alternatives among those studying economics and the other social sciences, not least with the demands for heterodoxy and pluralism in the teaching of economics This impulse has been supported by material developments, including the growing realisation that environmental degradation is intimately related to capitalism; the aftermath of the collapse of the USSR and the recognition that capitalism has not furnished a progressive alternative even on its own terms, and the eruption of imperial wars and occupations, even if fought under the guise of anti-terrorism or human rights.
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