25 Jul 2020, 4:19 am
Capital & Class
Capital &Class, Ahead of Print.
The question of the reproduction of money material is a crucial feature in the investigation of the cycle of the total social capital that Marx tackled in the context of simple reproduction analysis in Part Three of Capital II. However, his inquiry was left unfinished, so the problem remained ultimately unsolved. This unsettled character was first identified by Luxemburg and later by Grossman. Sandemose attempted to reconstruct the ‘missing fragment’ of Marx’s investigation, where the analysis of the reproduction of the constant capital of gold producers should have been accomplished, alleging that its absence contributed to keep out of sight a central problem addressed there by Marx: that is, ‘the problem of the excess money necessary for the passage from simple reproduction to accumulation’. Sandemose claims also to have accurately reconstructed the passage, attaining a definite solution to the problem that Marx left unanswered. This article shows that both allegations are completely unwarranted. First, it demonstrates that under simple reproduction assumptions there is actually no (net) hoard formation (‘excess money’), in spite of Sandemose’s claim. This also entails a critique of Marx’s conclusions. As a corollary, Sandemose’s thesis that the central problem Marx addressed there was that of the ‘excess money’ needed for accumulation proves to be untenable. Second, the article also demonstrates that Sandemose’s reconstruction of Marx’s ‘missing fragment’ is fundamentally flawed, offering at the same time a consistent alternative. By this means, the investigation initiated by Marx is finally completed. As a result, and beyond its outward polemic character, this article actually renders an ideal (i.e. in thought) simple reproduction of the real process of reproduction of the total social capital, where replacement of the money material is fully taken into account.
25 Jul 2020, 4:17 am
Capital & Class
Capital &Class, Ahead of Print.
This article critically examines how banks and microfinance companies morally construed and evaluated their lending practices and income in Kazakhstan and Kyrgyzstan. Banks occupy a powerful position in a monetary economy, because they do not merely create money ‘out of thin air’, but can charge for it, that is, interest. In doing so, they obtain unearned income and extract wealth. The article examines how banks and microfinance companies used myths, ideals, discourses, norms and emotions to justify and de-politicise their unequal power, unearned income and damaging effects. The study draws on the moral economy perspective and the post-Keynesian theory of money to understand financial institutions’ moral justifications and rationalisations of their position and power. This article contributes to a wider literature on neoliberalism and morality in post-socialist economies.
25 Jul 2020, 4:16 am
Capital & Class
Capital &Class, Ahead of Print.
The article examined the influence of the European crisis politics on French labour market regulation. The European crisis management has resulted in institutionalised interventionism, that restraint the European Union member states’ ability to regulate her national labour markets. France was less affected by the crisis but it was also in the focus of the European interventionism. On the basis of the labour market reforms ‘Loi Macron’ and ‘Loi El Khomri’, the article investigates what role the European institutions play and how big was the influence of the European Union in the national negotiation process.
30 Jun 2020, 10:44 pm
Capital & Class
Capital &Class, Ahead of Print.
The starting point of this text is the concern for the impacts that the extractive offensive is generating in the territories and means of existence that have historically guaranteed the sustenance and reproduction of human and non-human life on the planet. This offensive is part of a historical and continuous dynamic of exploitation and appropriation of nature for the accumulation of capital, that has intensified in all the countries of Latin America in the last two decades. In this text, I present some interpretative guidelines and bridges between critical Marxism, ecology and feminism to understand the socio-ecological impacts that the metabolism of patriarchal capitalism generates in the web of life. about it and would be helpful if we knew the exact timeline.
23 Jun 2020, 7:35 pm
Capital & Class
Capital &Class, Ahead of Print.
Capitalist relations are the crucial object of social critique due to their innate tendency to accelerate the metabolic rift and alienation, yet, I argue, our focus should stretch beyond capitalist relations. Indeed, both ecocidal and conservationist tendencies have occurred in multiple historical forms of social relations, including socialist societies, for example, Union of Soviet Socialist Republics. These are phenomena that reiterate the social, rather than purely capitalist relations as the driver of environmental destruction. Metabolic rifts occur due to malfunctioning of the human–human/human–nature relationships and it is the elimination and prevention of that malfunctioning that must be the aim of radical environmental politics and policies, not merely (the necessary) elimination of capitalist relations. This article contributes to the symposium in three complementary ways. First, it critiques the application of dialectical reading of human–nature relations as articulated in the Foster–Moore debate in its own right. Second, it rearticulates that reading through the lens of the dialectical biospheric analytics of late Soviet ecology. And third, it invokes the dialectical thought of Evald Ilyenkov.
23 Jun 2020, 12:41 am
Capital & Class
Capital &Class, Ahead of Print.
Calls against austerity have entered the political agenda of very different actors in the political spectrum – from social democratic to right-wing populist parties. In this article, we argue that the main failures in realizing these claims and thus overcoming austerity can hardly be explained only in terms of (lacking) political will. We rather approach this problem complex in the two emblematic cases of Italy and Spain by foregrounding the disciplinary effects of capital accumulation in both the countries through a long-term historical reconstruction of the fiscal and steering capacity of their respective state institutions. Despite key specificities in the respective fragile accumulation regimes, the main findings point to the fact that the structure of accumulation has imposed strong constraints in both Italy and Spain. An unstable and crisis-prone capital accumulation characterized by low productivity, a lack of sectoral diversity, regional fragmentation, as well as high levels of exposure and dependency within variegated capitalism have restricted state capacity – a tendency only ruptured in temporary boom-cycles. This, we argue, entails some major implications, first, to address the present failures of social democratic forces and second, to gauge the concrete transformative potential at the politico-economic level of populist calls for ‘breaking the chains’ of austerity.
23 Jun 2020, 12:41 am
Capital & Class
Capital &Class, Ahead of Print.
The main purpose of this article is to confront the argument put forward by Giovanni Arrighi and Fortunata Piselli in their 1987 study on capitalist development in Calabria with recent, neo-institutionalist analyses of economic development. In particular, this article asks whether the main building blocks of Arrighi and Piselli’s analysis – the importance of social conflicts in determining the outcome of processes of social change, the multiple paths of peripheralization, the key role played by factor mobility across regions of the periphery – may be used in a discussion of current theories of economic development framed within neo-institutional theory. In particular, it can be argued that articulating a dialogue between neo-institutional analyses of economic change and Arrighi and Piselli’s approach may provide a very fruitful platform for a renewed discussion of the role of institutions in economic development, especially in the periphery of the world-economy. In addition, a reading of the 1987 essay informed by neo-institutional hypotheses and concerns may yield new insights to be gained from ‘Capitalist Development in a Hostile Environment’. The overarching concern of the article is theoretical, and the core of the article will be dedicated, therefore, to a confrontation between Arrighi and Piselli’s 1987 essay, on one hand, and, on the other hand, a selection of significant works within the vast literature that has emerged in recent decades on institutions and development.
21 Jun 2020, 9:22 pm
Capital & Class
Capital &Class, Volume 44, Issue 2, Page 295-297, June 2020.
21 Jun 2020, 9:22 pm
Capital & Class
Capital &Class, Volume 44, Issue 2, Page 297-299, June 2020.
21 Jun 2020, 9:21 pm
Capital & Class
Capital &Class, Volume 44, Issue 2, Page 301-302, June 2020.