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 Marxist Economic TheoryMandel, ErnestPublisher:  Merlin Press, London, United Kingdom Year Published:  1971   First Published:  1962
 Pages:  797pp
 Resource Type:  Book
 
 Marxist Economic Theory is a major intellectual project which adapts Marx's analysis of capitalism to the world of the late 20th century. Mandel examines post-war upheavals in the development of imperialism, monopoly capitalism and the structure of the state-controlled economies.
 
 Abstract:
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 Table of Contents
 
 INTRODUCTION
 
 Paradox of Marxism today
 Responsibility of the Marxists
 Economic theory and empirical facts
 Economic theory and economic history
 Method
 The value and power of attraction of Marxism
 Living Marxism: a promise
 
 
 CHAPTER ONE : LABOUR, NECESSARY PRODUCT, SURPLUS PRODUCT
 
 Labour, society, communication, language, consciousness,
 Humanity
 Necessary product
 Beginning of the social division of labour
 First appearance of a social surplus product
 The neolithic revolution
 Co-operative organisation of labour
 Primitive occupation of the soil
 The cultivation of irrigated land, cradle of civilisation
 The metallurgical revolution
 Production and accumulation
 Is there an "economic surplus"?
 
 
 CHAPTER TWO: EXCHANGE, COMMODITY, VALUE
 
 Simple exchange
 Silent barter and ceremonial gifts
 Developed
 Trade
 Production for use and production of commodities
 Co-operatively organised society and society based on economy
 Of labour-time
 Exchange-value of commodities
 Petty commodity production
 Law of value in petty commodity production
 
 
 CHAPTER THREE: MONEY, CAPITAL, SURPLUS-VALUE
 
 Need for universal equivalent
 Evolution of the universal equivalent
 Money
 Evolution of social wealth and different functions of money
 Circulation of commodities and circulation of money
 Surplus-value emerging from the circulation of commodities
 Surplus-value arising from commodity production
 Capital, surplus-value and social surplus product
 Law of uneven development
 
 
 CHAPTER FOUR: THE DEVELOPMENT OF CAPITAL
 
 Forms of agricultural surplus product
 Accumulation of use-values and accumulation of surplus-value
 Usurer's capital
 Merchant capital
 The commercial revolution
 Domestic industry
 Manufacturing capital
 Creation of the modern proletariat
 The Industrial Revolution
 Special features of capitalist development in Western Europe
 Capital and the capitalist mode of production
 
 
 CHAPTER FIVE: THE CONTRADICTIONS OF CAPITALISM
 
 Capital thirsting for surplus-value
 The lengthening of the working day
 Growth in the productivity and intensity of labour
 Human labour-power and machine production
 Forms and evolution of wages
 Additional note on the theory of absolute impoverishment
 Dual function of labour-power
 Equalisation of he rate of profit in pre-capitalist society
 Equalisation of the rate of profit in the capitalist mode of production
 Price of production and value of commodities
 Centralisation and concentration of capital
 Tendency of the average rate of profit to fall
 Supreme contradiction of the capitalist system
 Free labour and alienated labour
 Class struggle
 
 
 CHAPTER SIX: TRADE
 
 Trade, outcome of uneven economic development
 Production and realisation of surplus-value
 Annual amount of surplus-value and annual rate of profit
 Commercial capital and commercial profit
 Commercial capital and labour-power engaged in distribution
 The concentration of commercial capital
 Capital invested in transport
 International trade
 Costs of distribution
 The Tertiary Sector
 
 
 CHAPTER SEVEN: CREDIT
 
 Mutual aid and credit
 Origin of banking
 Credit in pre-capitalist society
 Supply and demand of money capital in the epoch of commercial capital
 Supply and demand of money capital in the epoch  of industrial capitalism
 Interest and rate of interest
 Circulation credit
 Investment credit and the finance market
 The Stock Exchange
 Joint-stock companies and  the evolution of capitalism
 Consumer's credit
 Credit and the contradictions of capitalism
 
 
 CHAPTER EIGHT: MONEY
 
 The two functions of money
 Value of metallic money and price movements
 Circulation of metallic money
 Origins of private fiduciary currency
 Origins of public private fiduciary currency
 Creation of public fiduciary currency: First source: discounting
 Creation of public fiduciary currency: Second source: advances on current account (overdrafts)
 Creation of public fiduciary currency : Third source: public expenditure
 Socially-necessary stock of currency
 Circulation of inconvertible paper money
 Balance of payments
 Central banks and bank credit
 Three forms of inflation
 Purchasing power, circulation currency and rate of interest
 
 
 
 CHAPTER NINE: AGRICULTURE
 
 Agriculture and commodity production
 Pre-capitalist rent and capitalist ground-rent
 Origins of capitalist ground-rent
 Differential ground-rent
 Absolute ground-rent
 Ground-rent and the capitalist mode of production
 Price of land and evolution of ground-rent
 Landed property and the capitalist mode of production
 Production-relations and property-relations in the countryside
 Concentration and centralisation of capital in agriculture
 The wretched lot of the agricultural worker
 From the theories of Malthus to agricultural Malthusianism
 Ground-rent and the marginal theory of value
 
 
 
 CHAPTER TEN: REPRODUCTION AND GROWTH OF THE NATIONAL INCOME
 
 New value, new income and transferred income
 The State, surplus-value and social income
 The sharing-out of surplus-value
 Social product and social income
 Distribution of incomes and realisation of commodities
 Production and reproduction
 Simple reproduction
 Expanded reproduction
 Expanded reproduction and the law of development of capitalism
 Expanded reproduction, economic growth and social accounting
 Contracted reproduction
 War economy
 Redistribution of national income by the state
 
 
 CHAPTER ELEVEN: PERIODICAL CRISES
 
 Pre-capitalist and capitalist crises
 General possibility of capitalist crisis
 Law of markets
 Cyclical progress of capitalist economy
 Internal logic of the capitalist cycle
 Extension of the basis of capitalist production
 Under-consumption theories
 Critique of "under-consumption" models
 Theories of disproportionality
 Outline of a synthesis
 Conditions of capitalist expansion
 No growth without fluctuations?
 
 
 
 CHAPTER TWELVE: MONOPOLY CAPITALISM
 
 The second industrial revolution
 Industrial concentration accentuated
 Monopoly agreements, groupings and combines
 The forms of capitalist concentration
 Bank concentration and finance capital
 Monopolies
 The empires of financial groups
 Monopoly super-profits
 Equalisation of the monopoly rate of profit
 Origins of monopoly profit
 Monopolies as fetters on economic progress
 Monopolies and "oligopolies"
 Monopoly capitalism and contradictions of capitalism
 
 
 
 CHAPTER THIRTEEN: IMPERIALISM
 
 Capitalism and inequality among nations
 The world market and industrial capitalism
 From export of goods to export of capital
 Colonialism
 Colonial super-profits
 The world-wide division of labour
 International trusts and cartels
 Private trusts wield sovereign rights in under-developed countries
 Economic structure of the under-developed countries
 Imperialism as an obstacle to the industrialisation of under-developed countries
 Neo-imperialism
 
 
 
 CHAPTER FOURTEEN: THE EPOCH OF CAPITALIST DECLINE
 
 Concentration and centralisation of capital on an international scale
 Relative shrinkage and fragmentation of the world market
 All-round cartellisation of industry
 Forced cartellisation
 The bourgeoisie and the state
 The state as guarantor of monopoly profits
 Increasing fusion between state and monopolies
 Self-financing
 Overcapitalisation
 Growing  importance of armaments and war economy
 Permanent tendency to currency  inflation
 A crisis-free capitalism?
 The law of development  of capitalism in its age of decline
 Welfare State and Fascism
 The age of the managers?
 The bankruptcy of capitalism
 
 
 CHAPTER FIFTEEN: THE SOVIET ECONOMY
 
 Stages of the soviet economy
 What the Five-Year Plans achieved
 The social character of the soviet economy
 The "economic categories" in the U.S.S.R.
 The fundamental contradictions of soviet economy
 Disproportion  between industry and agriculture
 Planned economy and the material incentive of personal interest
 The contradictions of bureaucratic management
 Bureaucratic management and worker' conditions
 
 
 CHAPTER SIXTEEN: THE ECONOMY OF THE TRANSITION PERIOD
 
 The third industrial revolution
 Need for a transition period
 Sources of international socialist accumulation
 Sources of socialist accumulation in industrialised countries
 Sources of socialist accumulation in under-developed countries
 Maximum and optimum rates of accumulation
 Note on the "law of priority in the development of the capital goods sector"
 Economic function of socialist democracy
 Planned economy and market economy
 Planning techniques
 New production relation and socialised mode of production
 Agriculture and distribution in the transition period
 A mixed economy?
 
 
 
 CHAPTER SEVENTEEN: SOCIALIST ECONOMY
 
 Mode of production,  mode of distribution, mode of life
 Individual wages and social wages
 Basic needs and secondary needs : freedom of consumption and rational consumption
 Withering away of commodity production and money economy
 Economic revolution and psychological revolution
 Withering away of  classes and the state
 Economic growth not a permanent aim
 Alienated labour and free labour
 Man's limitations?
 
 
 
 CHAPTER  EIGHTEEN: ORIGIN, RISE AND WITHERING AWAY OF POLITICAL ECONOMY
 
 Economic activity and ideology
 The dawn of economic thought
 Origins of the labour theory of value
 Development of the labour theory of value
 Climax and break-up of classical political economy
 Marx's contribution
 Attacks on the labour theory of value
 The marginalist theory of value and neo-classical political economy
 The "Keynesian revolution"
 The  econometrists
 An apologetic variant of Marxism
 New developments in economic thinking in the U.R.S.S.
 The end of political economy
 
 BIBLIOGRAPHY
 
 INDEX
 
 
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