Can cost-reducing, technical change lead to a fall in the long run rate of profit if class struggle manages to keep the rate of exploitation constant? In this paper we demonstrate, in a general circulating capital model, that if (a) the technical change is capital-using labor-saving (CU-LS), (b)...

This paper develops a framework to analyse imperialistic international relations and the dynamics of international exploitation. A new measure of unequal exchange across borders is proposed which captures the territorial structure of imperialistic international relations: wealthy nations are net...

This study offers a model that formalizes some of Marx’s insights about how capital accumulation generates contradictions that may reproduce never-ending cycles of booms and slumps. The model takes the reserve army of labor as a regulator of the distribution of class-power over the business...

Karl Marx set profit to zero to obtain some maximum interest rate and called it profit rate. He further argued that interest rate must be lower than profit rate. That is Marx’s interest rate theory. This paper disproves Marx’s profit rate, and hence his interest rate theory. It also...

Does the intensification of labour increase the rate of exploitation? Does it produce absolute surplus value or relative surplus value? This paper develops a framework to answer these questions by incorporating intensity of labour in the widely-used linear model of production, both in its one...

The paper serves as an introduction to the RuJE special issue on the circulation of economic ideas between Russia and the West. This circulation is a contentious issue, especially among Russian economists. In this article a specific pattern of West-Russia-West transfer is investigated. The...

The paper provides an interpretation of Lenin’s earliest contributions (made in 1893–1899) to the study of economic development. In the 1890s, Lenin joined young Marxist intellectuals in their fight against the Narodnik economists, who represented the approach prevalent among the Russian...

Purpose - The neo-Kaleckian model follows the ideas of Marx, Keynes and Kalecki, that investment is a key influencing factor in the dynamics of the capitalist mode of production. Through the discussion of different forms of investment decision function, this paper constructs the analysis...

Austrian economist Ludwig Mises’s central role in the socialist calculation debates has been consensually acknowledged since the early 1920s. Yet, only recently, Nemeth, O’Neill, Uebel, and others have drawn particular attention to Mises’s pertinent encounter with one of the most colorful...

It is assumed that Marx focuses on profits that are to be realized in larger production that permits some surplus production. This understanding underpins the importance of increasing returns embedded in employment dynamics associated with larger employment bases. This organizational form not...

Die Annahme, es gäbe heutzutage keine Sklaverei mehr, geht an der Realität vorbei. Tatsächlich sind heute - in absoluten Zahlen - mehr Menschen versklavt als jemals zuvor in der Geschichte. Die Internationale Arbeitsorganisation der Vereinten Nationen spricht von "moderner Sklaverei" und...

The Frankfurt School of Social Research was an offshoot of the orthodox Marxist intellectual movement. Historically, the main force that gave life to Critical Theory is undeniably Karl Marx’s impetus for emancipation, however, in its course of development Critical Theory has abandoned its...

This work analyzes the protracted conflict between the Nigerian authority and Boko Haramfrom the perspectives of Karl Marx’s theory of economic determinism. It explores the financialinterests of corrupt officials as a plausible explanation for unsuccessful counter-terrorism. It alsoargues that...

We investigate the effect of Reformed Protestantism, relative to Catholicism, on preferences for leisure and for redistribution and intervention in the economy. With a Fuzzy Spatial Regression Discontinuity Design, we exploit a historical quasiexperiment in Western Switzerland, where in the 16th...

This paper examines how the competing ideological belief systems of Adam Smith and Karl Marx have affected economic governance, conduct businesses, and transactions today. This paper adopts a comparative approach to assess the strength and weakness of the ideologies of both philosophers while...

This paper investigates whether the parameters of labor demand functions are sensitive to alternative methods of estimation. The assumption that the production technology is of the Generalized Leontief type implies that the demand system can be estimated by analyzing cross-section differences in...

This paper is an exposition of Karl Marx's political economy to review the philosophical scientific explanation of historical materialism and relevance in the context of Nigeria. The paper submitted that Nigeria political economy history is a reflection of evidence in Karl Marx especially the...

Our paper examines Marxist theory of Law from two angles: first, by analysing basic Marxist positions concerning the law system, with emphasis placed on what Marx wrote in his various works, but mainly in Capital. This analysis aspires to point out the absurdity of the widely-held view that no...

This paper develops a simple theoretical model to analyze Marx’s theory of ground rent. Using the model, I demonstrate two important results. First, if we take capital as exogenous, then total ground-rent can be decomposed into the three components: differential rent of the first variety...

This article appropriates Ricardo and Marx as progenitors of one of the contemporary CLS approaches to law and political economy. In the first part, I look at Ricardo and Marx through a presentist lens. I ignore their allegiance to the labor theory of value and restate what I think is important...

This paper proves that Marx had exaggerated labor’s physical and monetary contribution, and that he had told only half of the story. The full story then disproves Marx’s slogan of exploitation and redistribution

Introduction: Critically Returning to Rudolf Hilferding Judith Dellheim and Frieder Otto Wolf -- Rethinking Hilferding’s Finance Capital Michael R. Krätke -- From Luxemburg to Sweezy: Notes on the Intellectual Influence of Hilferding’s Finance Capital Nikos Stravelakis -- Contradictions in...

This book is the first volume in a three-volume series that takes an in-depth look at the relevance of Marx's economics for understanding the modern economy. The focus of this volume is the money prices of commodities. In light of the failure of central banks to stimulate inflation through...

Part I -- Chapter 1: Introduction -- Chapter 2: Distinguishing Marxian Economic Theory from Bourgeois Political Economy -- Chapter 3: The Scientificity of Marxian Economic Theory and the Spuriousness of Bourgeois Natural Science of Society -- Chapter 4: The Necessity of Levels of Analysis in...

"Global Marx is a collective research on Marx's account of capital's domination through his critique of disciplinary languages, investigation of political structures and analysis of specific political spaces within the world market. His discourse appears here as global not only because global is...

"A critical reconstruction of Karl Marx's unfinished critique of political economy that explains how the logic of capital tightens its hold on the life of society by constantly remolding the material conditions of social reproduction."