The name of Joseph Schumpeter is still a prominent one in the social sciences. He was undoubtedly one of the leading economists of his generation. That by itself would have been enough to ensure him lasting fame, yet his importance as a social theorist extends far beyond that which is attributable simply to his performance […]
The Faltering Economy
The essays in this volume, by veteran economists as well as younger scholars, are part of a radical attempt to grapple with the problems of advanced capitalist development without discarding the real theoretical breakthroughs made by Keynes. The contributors argue that Keynes was correct in pointing to the economic contradictions stemming from unemployment, incoming inequality, […]
Understanding the Significance of the Great Depression
Only a few years ago it was an article of faith among most orthodox economists that the Great Depression of the 1930s was an unaccountable deviation from the natural course of capitalist evolution. They also thought that any further repetition of severe economic distress was inconceivable in the age of informed macroeconomic policy. Even now, […]
Theories of Capitalist Transformation
John E. Elliott’s [1980] article on some of the parallels between the visions of capitalist transformation to be found in Marx and Schumpeter is extremely insofar as it requires a serious reexamination of the schumpeterian system. Elliott’s argument, however, is somewhat misleading, since it overemphasizes the points at which their theories overlap, while largely neglecting […]
Marxian Economics and the State
How can we account for the somewhat paradoxical fact that certain socialist models of the capitalist economy are often thought to be prone to political degeneration? In essence, there are four divisions among Marxist on the subject of crisis: (1) the falling rate of profit school, (2) disproportionality theory, (3) underconsumptionism, and (4) profit squeeze […]
Is Monopoly Capitalism An Illusion?
The theory of capitalism’s monopoly stage has had such a long and distinguished history that one could be excused for thinking of it as an established and non-controversial component of Marxian political economy. Indeed, the “neo-Marxian” theory of secular stagnation which developed out of the analysis of monopoly capital—notably, in the work of Micha Kalecki, […]
