As a few alert mainstream and corporate economists rediscover the certain elements of Marx's analysis of capitalism, the essays in the first part of this volume demonstrate that they have far to go. To their discredit, mainstream understandings whether of capitalism's growth or of Western capitalism's interrelated long-term stagnation and financialization are derailed precisely by political aversion to, or ignorance of, Marxist categories and analyses. The chapters in the second part extend Marxist insights into assessing the value of the so-called information, or knowledge-based, commodities, and offer a Marxist critique of Lenin, the only world leader who earlier had deeply studied his own country's economy. The part also presents two important works in translation. The first, read in Russian by Marx himself, raises serious questions about the relevance of Hegel in the understanding of Capital and offers its own insightful analysis. The other, by a Marxist collective in the 1970s demonstrates the centrality of politics and the class struggle in the simplistically conceived economic devalorization of constant capital.The final part contains a debate on the merits of positivist Marxism sparked by an article in Volume 26 of this research series.
PART I: STAGNATION AND FINANCE IN TODAY'S CAPITALISM A Critique of Mainstream Growth Theory: Ways out of the Neoclassical Science(-Fiction) and Towards Marxism - Remy Herrera, Centre national de la Recherche scientifique (CNRS), Paris, France From Growth Stagnation to Financial Crisis: Unproductive Labour as a Missing Link in Mainstream Theory - Robert Chernomas and Fletcher Baragar, University of Manitoba, Manitoba, Canada Capitalist Crisis and the Great Recession: A Personal Journey from Marx to Minsky - Riccardo Bellofiore, Universita di Bergamo, Bergamo, Italy 'Financial' vs. 'Real': An Overview of the Contradictory Role of Finance - Ozgur Orhangazi, Roosevelt University, Chicago, USA PART II: REVITALIZING MARXIST THEORY Nikolai Sieber: An Introduction to a Political Economist Approved by Marx - James D. White, University of Glasgow, Glasgow, UK Marx's Economic Theory (1874, translated by James D. White) - Nikolai Sieber The Value and Price of Information Commodities: An Assessment of the South Korean Controversy - Heesang Jeon, School of Oriental and African Studies (SOAS), London, UK Lenin's Economics: A Marxian Critique - Seongjin Jeong, Gyeongsang National University, Jinju, South Korea Class Struggle in Production and Devalorization of Capital (1975, translated by Paul Zarembka) - A. D. Magaline (anonymous) PART III: COMMENTARY ON POSITIVIST MARXISM Marxism, Crisis and Economic Laws: A Comment -Gary Mongiovi, St John's University, New York, USA Marxism, Crisis and Economic Laws: A Response - Alan Freeman, London Metropolitan University, London, UK