Marxian Economics Research Articles

Comments on David McNally’s “Marx on Colonization and Bonded Labor”

These are comments on David McNally’s 2024 David Gordon Memorial Lecture. In this response, I point to the immanent critique present in Professor McNally’s remarks. I then show the potential usefulness of immanent critique for an engagement with neoclassical economics, and I consider the consequences for Marxist economics of characterizing the critique of political economy as a critical theory of economic categories. JEL Classification: B14, B51, B24

Charles Bettelheim and World War II, or The Making of a Planning Doctor

Abstract The French Marxist economist Charles Bettelheim (1913–2006) conducted after the end of World War II important scientific activity on economic planning, together with an international consulting activity in developing countries, as a non-Soviet expert on Soviet planning. He was the Frenchman who whispered the Soviet way of planning in the ears of Nasser in Egypt, Nehru in India, and Che Guevara in Cuba, to mention only three obvious examples. The expression “planning doctors” is proposed in this article to designate this kind of economist who advised governments in the setting up of socialist five-year plans. In order to understand how Bettelheim became a planning doctor, the article reconstructs the formative period of his career and what role World War II played in this making, starting with his studies in political economy in France, his trip to the USSR in 1936, and his works on Soviet statistics. It is shown how World War II affected Bettelheim from an intellectual point of view, with his study of the German economy at war, and from an institutional point of view, as his encounters during the war proved instrumental for the setting of his postwar career as a planning doctor.

Jack Held All the Pieces Together

The coeditors of this Festschrift sent three questions to a number of Jack Amariglio’s interlocutors to explore the circumstances in which their paths have crossed with Jack’s and how that encounter has influenced them. In this exchange, Bruce Norton recalls Jack Amariglio’s solidarity work at the graduate school (Department of Economics, University of Massachusetts, Amherst) and with Rethinking Marxism. He offers a case for reading Jack Amariglio’s writings on Marxism as an immanent critique, a postmodern Marxian encounter with modernist Marxian economics.

An Extended Exploration on Marx's Thought of Production Function

The topics presented in this paper are all new attempts to some extent, and so far, although there is some kind of attempts to reinterpret Marx's economic theory by using the Cobb-Douglas production function, there are few systematic studies of Marxist economics from the point of view of the production function. This paper reveals clear evidence that Marx had the idea of the production function in Capital and emphasizes that there is no such formulation in Capital as the so-called Marxian value equation c+v+m = w , written in letters, but that the formula W =c+v+m , which appears for the first time in Volume III of Capital, belongs to the typical format of a linear production function. From this it can also be recognized that the vertical Leontief production function actually stems from the decomposition of the variable capital part of Marx's production function. In terms of research methodology, this paper, based on a multi-party series of research results obtained from the study of production functions from the special to the general, after clarifying that the basic characteristic of Marx's production function is a linear production function, it achieves generalization by expanding it into the form. of the CES production function, thus clarifying the intrinsic connection between Marx's linear production function and other forms of production functions. The significance of this paper lies mainly in the fact that by exploring and analyzing Marx's idea of the production thought, we can deepen our understanding of Marx's economic theory, especially by further expanding the model of economic growth derived from the reproduction schema, and be conducive to comparative analyses with the economic theories of other schools of thought.

Anti-marxist polemics in Mykola Rudenko’s novel-treatise “Formula of the Sun”

The research conducted by the Sumy branch of the Serhii Podolynskyi Scientific Society delves into the distinctive artistic legacy of the renowned Ukrainian writer Mykola Rudenko. This study sheds light on Rudenko's integration of ideas from the Ukrainian school of physical economy, which stood in stark contrast to Karl Marx's political economy. Mykola Rudenko, known for his literary prowess, often employed his fictional works to propagate his scientific, economic, and philosophical theories. The treatise “Formula of the Sun”, despite its limited recognition in 20th-century Ukrainian literature, holds a distinct place deserving comprehensive exploration. This novel not only showcases Rudenko's literary craftsmanship but also provides a platform for dissecting the literary discourse of the time. Through a combination of structural, narrative, and polemical elements, Rudenko articulates his worldview within the framework of physical economy. This study endeavors to elucidate the evolution of physical economy as a counterbalance to Marxian economics and to analyze its impact on Rudenko's prose, as evidenced by “Formula of the Sun”. Employing methodologies ranging from analysis and synthesis to a systematic and hermeneutic approach, the research aims to unravel the intricate interplay between literature and economic theory in Rudenko's work.

Adaptation of Marxian Economic Theory in Digital Currency System Based on Blockchain Technology

Abstract This paper analyzes the current status of digital currency trading in terms of volume, price, and quantity in circulation and compares the statistical descriptions of Bitcoin, Dogecoin, and Ether to illustrate whether cryptocurrencies have the potential to be Marxist world currencies by observing the price volatility and the size of the trading volume. Introducing Bitcoin as a commodity, the relationship between risk volatility, capital control, capital flight, and the Bitcoin premium is mechanistically portrayed. The existence of bitcoin-channeled capital flight is argued based on typical facts and empirical evidence. The results show that as of November 25, 2023, Bitcoin’s single-day volume is about $64 trillion, the highest market share among more than 2,000 currencies in the world. Its single price is volatile, with a high of about $4,500 and a low of about $7. The price of Dogecoin and Ether can fluctuate between 56% and 489%. The Marxist definition of a world currency excludes digital currencies. BTC doesn’t fully align with ECNY, there’s a possibility of a Bitcoin premium, and there’s also a risk of capital flight. Therefore, an adaptive analysis of digital currencies based on blockchain technology based on Marxian monetary and economic theories can provide a clear understanding of the nature of money and monetary functions.

A Critical Study of the Structural Change of the Capitalist Socio-Economic Structure by Combining Marxism and Modern Information Technology

Abstract Modern information technology networks have changed people’s production and lifestyle, leading to new changes in the economic structure of capitalist society and bringing new challenges to the use of Marxism to criticize capitalism. Based on the knowledge of Marxist economics, this paper provides a critical overview of the changes in the economic structure of capitalism from two aspects: the changes in the forms of capital exploitation and the expansion of capital exploitation relations. Using the complex network theory in modern information technology, a capitalist socio-economic model is constructed to perform a critical quantitative analysis of the structural changes in the capitalist socio-economic structure. A case study of capitalist socio-economic structure is conducted in conjunction with the previous model. The results show that the entropy of capitalist wealth E is decreasing in the case that the parameters of N = 1000, m = 6, and M = 40 are determined, and the traditional labor distribution system and production mode will be eliminated by history in the end. Through a critique of capitalist economic mechanisms, it deepens people’s knowledge of capitalist economic structure.

Language, Climate Change, and Cities beyond Capitalism

Appeals to the economy are often used to shut down substantive action on climate change. But exactly what is meant by the economy is rarely made explicit. In this paper, I draw on previously published research in ecological, feminist, and Marxist economics to argue that appeals to the economy are really appeals to capitalism. It is not an unchangeable set of economic laws that prevents climate action; rather, it is a set of stories and social relationships specific to capitalist ways of organizing economic activity. In theory, we can construct new laws and promote non-capitalist ways of organizing. But in practice, this is difficult because capitalism has enormous cultural power supported by the advertising industry and a lack of cultural depictions of alternatives to capitalism. Cities can undermine this cultural power by rethinking their advertising policy and using it to promote pro-social and pro-ecological ways of living rather than mass consumption. Cities can also produce cultural artefacts that name capitalism and alternatives to capitalism. In this way, cities can take on a radical educational role, helping their citizens to understand how they fit into both capitalist and non-capitalist modes of production, and organize for new economic structures that support substantive climate action.

Deconstructing the University: Contemporary DEI, Neoliberal Rationalities, and the Abolition of the Administrative Apparatus

The following chapters attempt to develop some working theories to combat capitalist exploitation and racist and gendered oppression in the university, culminating in a call for the abolition of the university’s administrative apparatus. The project is divided broadly into two parts, which are referential to each other, but maintain slightly different areas of focus. Part 1 details a preliminary critique of the political-economy of the contemporary neoliberal university, drawing influence from Marxian economics and structuralist theories of ideology, critiquing contemporary discourses of diversity, equity and inclusivity (DEI). Part 2 focuses more directly on issues pertaining to oppression and difference, maintaining a predominantly Marxist critique which situates racism and patriarchy as co-constitutive of capitalist social relations. The project’s conclusion, seeks to join the theoretical developments of Parts 1 and 2 into a singular political mission: abolition.

The Japanese history of Marxian value-form analysis: Focusing on the Unoist approach

This paper reviews the history of Unoist value-form analysis and explore how it is currently being redeveloped in the Japanese studies. It was more than 70 years ago that Kozo Uno, who was the most influential Japanese Marxian economist, published his value theory: some of the arguments are naturally outdated now. It was not only Uno’s opponents but also Uno’s followers who criticise Uno’s notions and try to shape the better understanding of today’s capitalism. In Section 1, we shall first give a brief overview of Uno’s theory of value and consider why it could be accepted as the foundation of Marxian economics in Japan. Uno’s drastic reformulation could not help encountering oppositions. The most important debate was the one between Uno and Samezo Kuruma. Though the Kuruma-Uno debate is not easy to understand, it is a good reference point to grasp how important it has been for Japanese Marxists to establish the value-form analysis as a subject of economics. Section 2 will focus on the development of Unoist valueform analysis. We see rising trends of reinvestigating it among Japanese Marxist scholars against the background of the changes in modern capitalism. Michiaki Obata launched a radical critique of Uno’s methodology and has led the developments in the 21st century. We shall pick out some of the recent arguments and evaluate its progress.

Harmonizing Liberation Philosophy: Exploring the Convergence of Marxian Economics and Shariah Banking within the Framework of the Indian Banking System

Abstract: The Indian banking system evolved from an exclusive private enterprise controlled by a few wealthy families and trusts, leaving the majority reliant on high-interest private lenders, perpetuating economic disparity. Nationalization of 21 banks under Indira Gandhi aimed to rectify this, aligning with India's constitutional goal of equitable wealth distribution. However, globalization and privatization reshaped the landscape, emphasizing profit-seeking and catering to the corporate sector and affluent classes. The marginalized rural and small business sectors suffered in this pursuit, evident in neglected rural branch postings. To address this, an ethical foundation merging Marxist economics and Shariah banking principles is proposed, seeking inclusivity and ethical grounding. Shariah principles, rooted in Islamic law, extend beyond religious boundaries, while Marxist values amplify voices of the marginalized. By combining these principles, a more inclusive, morally anchored, and holistic Indian banking system can be envisioned. The priority sector's Non-Performing Assets challenge can be addressed without jeopardizing inclusivity.

Kalecki’s notes on Robinson’s Essay on Marxian Economics

Abstract This essay presents Kalecki’s notes on Joan Robinson’s Essay on Marxian Economics, (hitherto published only in a Polish translation) introduced by an explanation of the part that Kalecki’s work played in Robinson’s reconsideration of Marx in the light of the new ideas coming from Keynes and Kalecki. Kalecki defended Marx against Robinson’s more extreme accusations of inconsistency. Kalecki’s notes are given in an appendix to this essay.

Sport and imperialism today: time for an(other) anti-imperialist front

Although the historical relationship between imperialism and sport has been well documented, imperialism is often relegated to the past and thus rarely used to characterize the contemporary political-economic conditions underlying the global sport industry. Formal empires might have become obsolete, but as Marxist economists Utsa Patnaik and Prabhat Patnaik argued, the strength of present-day imperialism is precisely its invisibility. Drawing upon Marxist traditions of conceptualizing imperialism as an economic relationship complemented by cultural and ideological arms, this paper situates the sport industry within the imperialist global political economy and highlights patterns of sport serving cultural/ideological purposes for imperialism. Highlighting the importance of forming an internationalist, anti-imperialist alliance amongst athletes, workers, educators, and scholars alike, I present a number of interventions to be considered by sport scholars and educators in the imperialist metropole.

Acknowledging Marxist Economist C.Y. Thomas’ Legacy in Canada’s Economic Development Sector

The current ecological and social crises are shaking the foundations of society and invite reflection on the capacity of social innovations to generate systemic transitions. As conceptualized by Erik Olin Wright, the trajectories of contemporary emancipatory social innovations are encountering blockages that limit their transformative potential. This article develops the concept of social effect to better understand the complex dynamics at the root of this problem by mobilizing Nancy Fraser’s neo-Polanyian critical theory. This theory, applied to the microsocial, mesosocial and macrosocial scales, allows us to operationalize the issue of the paradoxes encountered and generated daily by the actors of social innovation. The resulting approach to emancipatory social innovation aims to better understand the hybridization of resources and the strategies adopted by organizations to develop the structural power necessary to effect a systemic socioecological transition. The approach also draws attention to the paradoxical social effects generated through the social innovation actors’ daily practices.

INDUSTRY 4.0 AND EVOLUTIONARY ECONOMICS

Bu çalışmada evrimci iktisat yaklaşımı kapsamında, teknolojik gelişme konusu ve içinde bulunduğumuz Endüstri 4.0: Akıllı Üretim-Dijital Ekonomi (E4.0) dönemi analiz edilmektedir. Analizde, değişim halinde bir olgu olan E4.0’ın kapitalizmin bütünsel işleyişi içinde nerede durduğunu göstermek amaçlanmaktadır. Bu doğrultuda çalışma iki kısımdan oluşmaktadır. Birinci kısımda evrimci iktisadın teknoloji olgusuna dair yaklaşımı neo-klasik ve Marksist iktisatla karşılaştırmalı olarak mercek altına alınmaktadır. İkinci olarak ise Sanayi Devrimi’nden bugüne üretim organizasyonunda görülen teknolojik değişimlerin ortaya çıkardığı dört endüstri dönemi arasındaki her bir geçişin devrim olarak mı yoksa evrimsel bir süreç olarak mı ele alınmasının daha doğru olacağı tartışılmaktadır. Elde edilen sonuçlara göre E4.0 olgusu hem sadece teknik bir olgu olarak ele alındığında hem de büyüme ve sermaye birikimi ile olan ilişkisi üzerinden değerlendirildiğinde tıpkı kendinden önceki endüstri dönemleri gibi bir evrimsel süreç içinde ilerlediği ortaya çıkmıştır.

Retrospectives: Joan Robinson on Karl Marx: “His Sense of Reality Is Far Stronger”

This paper revisits why Joan Robinson turned to Karl Marx in 1942 and which insights from Marxian economics she sought to incorporate into her later works, while commenting on how her encounter with Marx was received by some her of contemporaries. By the end of the 1930s, Robinson wanted to bring academic and Marxian economics together in a search for a more realist theory of the rate of profit and income distribution, along with clarifications on Keynes’s concept of full employment and the nature of technical progress and a long-period theory within the Keynesian framework. The result, An Essay on Marxian Economics (1942), was her most important work in terms of laying the foundations of her enduring challenge to the orthodox economics. Here she relied on Marxian insights to escape Marshallian orthodoxy. It is the story of how the originator of imperfect competition pushed further into a theory of exploitation.

The US rate of profit 1964–2017 and the turnover of fixed and circulating capital

This article addresses how Marxist economists have estimated the quantity of fixed and circulating capital advanced in the denominator of the rate of profit calculation. Generally, Marxist economists have used neoclassical fixed capital estimates of opportunity cost, as applied most notably, in the US system of national accounts. These Hulten and Wyckoff measures aggregate the lifetime revenues (both costs and profits) of fixed assets and so grossly over estimate the value of the fixed capital stock. This article applies the Internal Revenue Service Depreciable Assets less Depreciation for a more accurate estimate of the actual quantity of fixed capital advanced. Furthermore, it criticises the absence of a convincing measure of the rate of turnover of Marx’s circuit of capital accumulation M . . . C . . . P . . . C’ . . . M’ in most rate of profit estimates. Developing the work of Bertrand and Fauqueur, this article demonstrates that the cash conversion cycle or net operating cycle mirrors Marx’s circuit. This article applies the cash conversion cycle to Internal Revenue Service Total Corporations data 1964–2017 to estimate the rate of turnover. The article addresses the distinction between unproductive and productive output and develops an estimation of those respective quantities based on Internal Revenue Service data. It combines these elements together to estimate the US rate of profit from 1964 to 2017. It finds that the US rate of profit rose strongly, albeit with dramatic fluctuations, after 2001.

Can political economy be non-Marxist? Relevance of applied political economy

Initially political economy was non-Marxist but under the influence of ideology it has become Marxist; with rejection of official ideology of Marxism, it can and should again become non-Marxist. Marxism is an ideology/ policy that proclaims the inevitable death of capitalism and its replacement with socialism. Ideology forced political economy to abandon the subject —«the wealth of nations» (Smith) which was transformed into «social relations developing in the process of production, distribution, exchange and consumption of material goods, and economic laws governing their development in socio-economic formations historically replacing each other». Marxian economics was identified with the ideology of Marxism. The three constituent parts of Marxism have lost their relevance. The materialistic foundation of Marxism rested on three discoveries (the cell, energy conservation, and Darwinism). A new social organism was believed to have been born from a cell that existed in an old organism; the birth of a new one means the death of the old one. The history of all societies was represented by the history of the struggle between the exploiting and exploited classes, the result of which was a progressive change of formations. The discoveries of the XIX century were either refuted by modern natural science (cell theory), or significantly modernized (synthetic theory of evolution). The theory of class exploitation as a deduction from the product of labor was refuted by Marx. Rejection of Marxism does not mean rejection of the materialist understanding of history, but an understanding based on modern materialism. The subject of political economy in broad sense is various modes of life reproduction (analogue of a species) and their modification (population). The history of all previous societies was the history of struggle, not classes, but of modes of production of life. The subject of the non-Marxist political economy of capitalism is the relationship of the reproduction of the life of three large classes (capitalists, hired workers, landowners). The method is an analogue of the method for constructing genomes of biological species. Non-Marxist political economy and economics have a common subject and form two components of a new academic discipline «applied political economy», in which the descriptive method of economics is complemented by an explicative one.

Marx's Economics and the Transition from Capitalism to Communism

Marx's Economics and the Transition from Capitalism to Communism

Winners of the World Marxian Economics Award (2021)

Winners of the World Marxian Economics Award (2021)