The global system we inhabit is often described in terms of markets, capital, and labor, but beneath these abstractions lies the deeper question of how coordination produces power and how power organizes coordination. Among the most influential traditions attempting to answer this question are...

In the classical economists' surplus approach retrieved by Sraffa (1951; 1960) and Garegnani ([1960] 2024), institutions regulate the material basis of society and, in particular, the extraction and distribution of the social surplus. In this regard, classical theory provides a material anchor,...

In Chile during the period 2006-2016, workers' organization and industrial insurgency grew, especially in the export sectors of the economy. The conventional approach has labeled this period as one of union renewal since rank-and-file organizations involved measures such as strikes and raised...

To progress beyond the orthodoxy vs. skepticism divide, Marxist value theory must endorse both qualitative research into the social relations underlying economic phenomena and careful quantitative modeling. It must also accept scientific conclusions, wherever they may lead. New investigations...

The main point of this article is that inflation is a "real phenomenon" whose essence lies in the sphere of production. The article uses the Marxian Reproduction Schemes as its point of reference, assuming an economy based solely on commodity money, where one unit of commodity money is...

The article examines the reserve army of labor as a constitutive social relation in capitalism, moving beyond traditional views that link it solely to capital accumulation. It explores how relative surplus population shapes class struggle and labor relations, particularly in the neoliberal...

FROM THE ARTICLE: At first glance, it would appear that Deleuze’s concept of structure involves a complex form of so-called creorder, a term that appears at the forefront of the methodological findings of the economists Bichler/Nitzan. If the structure is actualized in each of its moments in...

This article systematically presents Marx's ideas about political economy and historical materialism in the "Introduction" to the Grundrisse . Two questions are posed and addressed. The first one is: what implications does the "Introduction" have for the contemporary Marxist discussions on...

Using the philosophies of Louis Althusser and István Mészáros, this article seeks to interpret Marx's theory of the transformation of value into price based on a philosophical view that emphasizes both the base/superstructure dialectic (Althusser) and alienation under capitalism (Mészáros)....

The received view does not associate David Hume with the genesis of the labor theory of value, but as is argued here, Hume issued a number of key propositions that belong to the labor theory of value such that he rightly belongs to the classical school of political economy. Hume articulated both...

The thesis advanced in this paper is that like class and technical change, gender and the social reproduction of labour routinely shape demand formation and/or the supply side of the economy - and as such, reference to the gendered social reproduction of labour should be more routinely...

The purpose of this paper is to present some notes on the contemporary Brazilian economy between 2010 and 2022, translating items from the value added statement (VAS) and the balance sheet of a sample of 48 companies that make up the Bovespa Index (Ibovespa, in Portuguese) portfolio into Marxist...

Purpose - The modernization of China's economy is an integral part of Chinese-style modernization. According to the principle of unifying theoretical, historical and practical logic, theoretically explaining the modernization of China's economy is both a political necessity and a higher...

Purpose - Utilizing the Marxist theory of unequal exchange to explain the terms of trade between nations, this paper elucidates one possible mechanism that gives rise to ecologically unequal exchange between developed and developing economies. Design/methodology/approach - We propose a...

In this paper we review recent developments in axiomatic studies of Marxian exploitation theory. First, given the acute controversy over the formal definition of exploitation during the 1970-1990s, we review the study of the axiomatic framework, which identifies some fundamental properties -...

This paper argues that the conceptual framework of Marx's Capital allows for the extraction of a commodity-based theory of capitalist exploitation that is distinct from the traditional labour-value based theory. The rationale for extracting such a theory is that it allows for an explanation of...

I study the effect of technical change on the equilibrium profit rate in Classical-Marxian models of economic growth with alternative closures. In each model, capitalists adopt a new technique of production only if it will increase the profit rate given their expectations about the movement of...

This paper examines heterodox theories of the determinants of the value of money. Orthodox approaches that tie money's value to relative scarcity of money or to the price level are rejected as inconsistent with the monetary theory of production embraced by heterodox traditions linked to Marx,...

Purpose - The correlations and deviations between market prices, production prices and values are critical indexes for testing the labor theory of value. However, there is not yet a universally accepted method of solving for the production price vector, and given the complexity and volatility of...

In this paper we review recent developments in axiomatic studies of Marxian exploitation theory. First, given the acute controversy over the formal definition of exploitation during the 1970-1990s, we review the study of the axiomatic framework, which identifies some fundamental properties -...

The principle of effective demand, and the claim of its validity for a monetary production economy in the short and in the long run, is the core of heterodox macroeconomics, as currently found in all the different strands of post-Keynesian economics (Fundamentalists, Kaleckians, Sraffians,...

Purpose Drawing upon a political economy approach, this article aims to analyze the transformations in the labor market within the context of contemporary capitalism, focusing on the phenomenon of financialization. Design/methodology/approach Financialization is defined as a distinct wealth...