Why digitalisation is not sounding the death knell for capitalism
In his 2015 book, Post-Capitalism, Paul Mason concludes that ‘the technologies we’ve created are not compatible with capitalism’. Regarding the 2008 financial crisis Mason writes that ‘although capitalism is a complex, adaptive system’ it has now reached ‘the limits of its capacity to adapt’. This is not crisis as usual, it’s the final one; we’re experiencing the advent of a post capitalist world order.
On our options to overcome the spectre of secular stagnation
In an article published on 17 July 2016 in the German weekly Frankfurter Allgemeine Sonntagszeitung, Peter Bofinger, a member of the German Council of Economic Experts, argues that ‘a spectre is haunting the global economy – the spectre of secular stagnation’. As he writes, the phenomenon is based on a profound feeling of discomfort regarding the state of the global economy, which has been plagued by major dysfunctional issues for several years.
Why the erosion of standard employment relations in Europe and North America requires a new interpretation
Politicians, economists and sociologists – they all assumed until recently that in the long term capitalism produces certain »typical« employment relations that harmonize best with profitability and capital accumulation. Reality, however, is considerably more complex.
Why we ought to read Keynes with Marx in mind, and why doing so can help us learn – from Keynes. A response to Michael Roberts
To many who subscribe to Marx’s theory and critique of political economy, the economist John M. Keynes is a provocation: aside from Marx, hardly any other scholar so fundamentally challenged the predominant economic theory of his time.
The metabolic exchange between nature and society in a mode of production based upon value
So many accusations have been levelled against Marx and, to an even greater extent, his friend and co-author Friedrich Engels in the 150 years since Capital was first published that the charges are almost too many to list. Unlike the political economists that came before him, Marx was supposedly unable to explain price formation. What is more, according to his critics, the predicted immiseration of the working class never occurred, and capitalism was not in a state of collapse, but has instead emerged victorious from the battle between competing social systems.
Michael Roberts on Marx vs. Keynes and why Marx was closer to the truth
In 1926, John Maynard Keynes, already the most celebrated economist and political writer of his time, reviewed the competing ideas of conventional economics (which he called ‘laisser-faire’) and its revolutionary alternative (Marxism). In his book, Laisser-faire and Communism, Keynes, a contemporary of the Bolshevik leaders Lenin and Trotsky, sought to dismiss the Soviet revolution that had shocked the ruling groups of the rest of the world just a few years before.