The aim of this study is to test the existence of balance of a payments constraint on the long run economic growth of the Turkish economy. The balance of payments constrained growth (BPCG) model which was developed by Thirlwall (1979) and extended by Thirlwall and Hussain (1982) is tested over...

In 1979, Tom Weisskopf found that the crucial late-expansion period of the business cycle, in which the output continues to expand but the profit rate begins to fall, was best explained for his 1949-1975 U.S. data as a result of increasing real wage gains higher than real productivity gains....

This paper is a case study of a particularly important and well known experiment in participatory economic democracy, participatory budgeting (PB) in Porto Alegre under the Workers’ Party. Its intention is to draw both positive and negative lessons from this experience. There are three...

Independent of whatever other advantages it might have for the workers, worker ownership has repeatedly demonstrated in the real world that it is no guarantee for worker participation in management. The participation of workers in management as a first step toward worker self-management requires...

There is widespread discussion both within and outside Cuba concerning what direction the Cuban economy will go under its new interim president, Raúl Castro. This very short paper is intended to contribute one piece of information that is needed to intelligently discuss that issue: where Cuba's...

The "new solution" to the transformation problem in Marx's labor theory of value rests on treating two aspects differently than in the traditional formulation: net value is used instead of gross value to avoid double counting, and the division of new value into variable capital and surplus value...

This paper looks at the most recent aggregate profit rate data for the United States. It then makes five arguments. First, the new data reinforce the rejection of “neoliberalism as successful capitalist restructuring that could possibly restore or surpass the pre 1970s rate of profit.â€...

This Companion takes stock of the trajectory, achievements, shortcomings and prospects of Marxist political economy. It reflects the contributors’ shared commitment to bringing the methods, theories and concepts of Marx himself to bear across a wide range of topics and perspectives, and...