By John Weeks
In 2008 the capitalist global was once swept by way of the severest main issue because the nice melancholy of the Nineteen Thirties. Mainstream economics neither expected nor may well account for this disastrous monetary drawback, which required big kingdom intervention in the course of the capitalist global. Karl Marx did count on this kind of monetary cave in, arguing that it used to be spinoff from the ‘fetishism of commodities’ inherent within the capitalist mode of creation. This ebook substantiates the foregoing declare by means of a trip from Marx’s research of commodities to the capitalist difficulty of the twenty-first century.
The booklet demonstrates that Marx's framework (1) demonstrates that capitalism is yet one old kind of classification society between many; (2) explains the transition from pre-capitalist to capitalist society; (3) finds the concrete operation of a capitalist economic system; and (4) exhibits why others may clarify the capitalist financial system in replacement theoretical frameworks. The significant aspect in his framework from which all else derives is ‘the thought of value’. This booklet isn't an workout within the historical past of notion. it really is an try to study the character of up to date capitalist society. whereas Marx’s research of capitalism has implications for political motion, those don't need to lead one to include revolution as opposed to reform, even though it may and has supplied the analytical origin for either. Marx’s research of capitalism is a coherent complete, and significant insights can't be got through extracting components from it.
Weeks starts off out through the character of capitalism and an research stream, cash and credits spread from the speculation of worth. the character and inherent necessity of pageant are proven in bankruptcy 8. A final result of pageant, expressed within the move of capital, is technical switch, the contradictory impression of that is defined in bankruptcy 9. this is often introduced including the opposite components of price thought (money, credits and festival) in bankruptcy ten, the place fiscal crises are taken care of intimately. the ultimate bankruptcy applies the speculation of quandary to the extraordinary monetary disturbances of the 2000s.
This e-book may be of curiosity to scholars and researchers of economics, politics and sociology.
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