Political Economy And Contemporary Capitalism

The recent financial meltdown and the resulting global recession have rekindled debates regarding the nature of contemporary capitalism. This book analyses the ongoing financialization of the economy as a development within capitalism, and explores the ways in which it has changed the organization of capitalist power. The authors offer an interpretation of the role of the financial sphere which displays a striking contrast to the majority of contemporary heterodox approaches. Their interpretation stresses the crucial role of financial derivatives in the contemporary organization of capitalist power relations, arguing that the process of financialization is in fact entirely unthinkable in the absence of derivatives. The book also uses Marx’s concepts and some of the arguments developed in the framework of the historic Marxist controversies on economic crises in order to gain an insight into the modern neoliberal form of capitalism and the recent financial crisis. Employing a series of international case studies, this book will be essential reading for all those with an interest in the financial crisis, and all those seeking to comprehend the workings of capitalism.

Neoliberalism and deregulation have come to dominate national and international political economy. This major book addresses this convergence and analyzes the implications for the future of capitalist diversity. It considers important questions such as: Is the preference for free markets a well-founded response to intensified global competition? Does this mean that all advanced societies must all converge on an imitation of the United States? What are the implications for the institutional diversity of the advanced economies? Political Economy of Modern Capitalism provides a practical and informed analysis of the public policy choices facing governments and business around the world.

This volume covers the theoretical method, macroeconomics, microeconomics, international trade and finance, development, and policy of economic theory. It incorporates various alternative approaches as well as a broad spectrum of policy issues.

The present volume makes students and researchers familiar with contemporary issues in global political economy with a focus on the working of global capitalism in the last four to five decades. The volume covers a wide range of issues from conceptual questions to empirical investigation with the aim to promote a critical understanding of the major challenges posed by contemporary capitalism. It contains contributions of leading political economists from India and abroad. The volume will be a significant resource for developing a graduate course in global political economy. This book is co-published with Aakar Books, New Delhi. Taylor & Francis does not sell or distribute the print versions of this book in India, Pakistan, Nepal, Bhutan, Bangladesh and Sri Lanka.

In the early 1980s, many observers, argued that powerful organized economic interests and social democratic parties created successful mixed economies promoting economic growth, full employment, and a modicum of social equality. The present book assembles scholars with formidable expertise in the study of advanced capitalist politics and political economy to reexamine this account from the vantage point of the second half of the 1990s. The authors find that the conventional wisdom no longer adequately reflects the political and economic realities. Advanced democracies have responded in path-dependent fashion to such novel challenges as technological change, intensifying international competition, new social conflict, and the erosion of established patterns of political mobilization. The book rejects, however, the currently widespread expectation that 'internationalization' makes all democracies converge on similar political and economic institutions and power relations. Diversity among capitalist democracies persists, though in a different fashion than in the 'Golden Age' of rapid economic growth after World War II.

The recent financial meltdown and the resulting global recession have rekindled debates regarding the nature of contemporary capitalism. This book analyses the ongoing financialization of the economy as a development within capitalism, and explores the ways in which it has changed the organization of capitalist power. The authors offer an interpretation of the role of the financial sphere which displays a striking contrast to the majority of contemporary heterodox approaches. Their interpretation stresses the crucial role of financial derivatives in the contemporary organization of capitalist power relations, arguing that the process of financialization is in fact entirely unthinkable in the absence of derivatives. The book also uses Marx’s concepts and some of the arguments developed in the framework of the historic Marxist controversies on economic crises in order to gain an insight into the modern neoliberal form of capitalism and the recent financial crisis. Employing a series of international case studies, this book will be essential reading for all those with an interest in the financial crisis, and all those seeking to comprehend the workings of capitalism.

This book constitutes an overview of recent developments in political economy in general, and Marxist value theory in particular. The implications of value theory for bank credit, inflation and deflation are fully explored.

This book promotes an in-depth understanding of the key mechanisms that govern the functioning of capitalist economies, pursuing a Classical Political Economics approach to do so. It explores central theoretical issues addressed by the classical economists Smith and Ricardo, as well as Marx, while also operationalizing more recent theoretical developments inspired by the works of Sraffa and other modern classical economists, using actual data from major economies. On the basis of this approach, the book subsequently provides alternative explanations for various microeconomic issues such as the determination of equilibrium prices and their movement induced by changes in income distribution; the dynamics of competition of firms within and between industries; the law of tendential equalization of interindustry profit rates; and international exchanges and transfers of value; as well as macroeconomic issues concerning capital accumulation and cyclical economic growth. Given its scope, the book will benefit all researchers, students, and policymakers seeking new explanations for observed phenomena and interested in the mechanisms that give rise to surface economic categories, such as prices, profits, the unemployment rate, interest rates, and long economic cycles.

This volume brings together original and timely writings by internationally renowned scholars that reflect on the current trajectories of global capitalism and, in the light of these, consider likely, possible or desirable futures. It offers theory-informed writing that contextualizes empirical research on current world-historic events and trends with an eye towards realizing a future of human, social and economic betterment.

Winner of the Rik Davidson/Studies in Political Economy 2022 Book Prize A key text, Capitalist Political Economy: Thinkers and Theories analyses the field-forming theoretical contributions to political economy that have defined, debated, critiqued, and defended capitalism for more than three centuries. Political economy recognizes and celebrates the many and varied interconnections between politics and economics in society, together with the economic implications of public policy and the political impact of market and property relations. As such, political economy is both an approach to understanding capitalism and a reflection of the forms and features of capitalism at particular moments. Grounded in primary and secondary literature including theorists’ original writings and leading literary biographies, this text explores principal themes in the development of capitalism and political economic thought. It relates these to markets, property, profits, labour, investment, innovation, the state, growth and crises, gender, the ecological limits of capital accumulation, and rival economic practices. The book contextualizes the legacy of foundational political economists by exploring their life and times and putting them in conversation with other highly influential theorists. Equally, it also considers more contemporary views. This book serves as an indispensable source for academic communities who are interested in the long arc of capitalist development, theories, and theorists.