Capital, Exploitation and Economic Crisis

Capital, Exploitation and Economic Crisis

John Weeks

In 2008 the capitalist global was once swept via the severest problem because the nice melancholy of the Thirties. Mainstream economics neither expected nor may well account for this disastrous monetary trouble, which required substantial kingdom intervention during the capitalist global. Karl Marx did count on this kind of monetary cave in, arguing that it used to be by-product from the ‘fetishism of commodities’ inherent within the capitalist mode of construction. This publication substantiates the foregoing declare by way of a trip from Marx’s research of commodities to the capitalist drawback of the twenty-first century.

The publication demonstrates that Marx's framework (1) demonstrates that capitalism is yet one historic type of classification society between many; (2) explains the transition from pre-capitalist to capitalist society; (3) finds the concrete operation of a capitalist economic climate; and (4) exhibits why others could clarify the capitalist economic climate in substitute theoretical frameworks. The vital aspect in his framework from which all else derives is ‘the concept of value’. This publication isn't really an workout within the heritage of notion. it really is an try and research the character of up to date capitalist society. whereas Marx’s research of capitalism has implications for political motion, those needn't lead one to include revolution in preference to reform, notwithstanding it will possibly and has supplied the analytical starting place for either. Marx’s research of capitalism is a coherent entire, and significant insights can't be got via extracting components from it.

Weeks starts off out via taking a look at the character of capitalism and an research stream, cash and credits spread from the idea of price. the character and inherent necessity of pageant are tested in bankruptcy 8. A outcome of pageant, expressed within the stream of capital, is technical switch, the contradictory influence of that's defined in bankruptcy 9. this can be introduced including the opposite parts of price thought (money, credits and festival) in bankruptcy ten, the place financial crises are handled intimately. the ultimate bankruptcy applies the idea of concern to the extraordinary monetary disturbances of the 2000s.

This publication could be of curiosity to scholars and researchers of economics, politics and sociology.

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