Pub Date : 2022-01-01DOI: 10.13169/worlrevipoliecon.13.3.0344
J. Noonan
Mainstream economists have long argued that the labour theory of value cannot explain price-formation. In response, Marxists have argued that mainstream economics is fixated on abstract mathematical problems which mystify social reality and obscure the social relationships at the heart of the real economy. Marxist political economists have proposed formal solutions to the price-formation problem, but the deeper issue on which my article will focus is the way in which price signals cannot communicate the information that economic agents need to make decisions which are consistent with the life-support capacity of the natural world and the social interests of workers. While Marxists typically distinguish a socialist economy from a capitalist one on the basis of the former’s commitment to production for the sake of need-satisfaction, needs are typically defined in terms of use-values. I will argue that this identification fails to distinguish between needs as universal life-requirements and needs as means to the completion of any project whatsoever. Unless needs are defined in terms of life-requirements, then even a socialist society can continue to undermine the natural conditions of life-support and exhaust human potential in meaningless cycles of consumption.
{"title":"BEYOND PRICE AND USE-VALUE","authors":"J. Noonan","doi":"10.13169/worlrevipoliecon.13.3.0344","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.13.3.0344","url":null,"abstract":"Mainstream economists have long argued that the labour theory of value cannot explain price-formation. In response, Marxists have argued that mainstream economics is fixated on abstract mathematical problems which mystify social reality and obscure the social relationships at the heart of the real economy. Marxist political economists have proposed formal solutions to the price-formation problem, but the deeper issue on which my article will focus is the way in which price signals cannot communicate the information that economic agents need to make decisions which are consistent with the life-support capacity of the natural world and the social interests of workers. While Marxists typically distinguish a socialist economy from a capitalist one on the basis of the former’s commitment to production for the sake of need-satisfaction, needs are typically defined in terms of use-values. I will argue that this identification fails to distinguish between needs as universal life-requirements and needs as means to the completion of any project whatsoever. Unless needs are defined in terms of life-requirements, then even a socialist society can continue to undermine the natural conditions of life-support and exhaust human potential in meaningless cycles of consumption.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66274977","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.13169/worlrevipoliecon.13.3.0414
John Bellamy Foster
John Bellamy Foster is Professor Emeritus in Sociology at the University of Oregon, United States, and the editor of Monthly Review. He is the author of many books, including The Theory of Monopoly Capitalism (1986, 2014), The Vulnerable Planet (1994), Marx’s Ecology (2000), Ecology Against Capitalism (2002), Naked Imperialism (2006), The Ecological Revolution (2009), The Great Financial Crisis (with Fred Magdoff, 2009), The Ecological Rift (with Brett Clark and Richard York 2010), The Endless Crisis (with Robert W. McChesney 2012), The Robbery of Nature (with Brett Clark 2020), The Return of Nature (2020), and Capitalism in the Anthropocene (2022). Email: jfoster@uoregon.edu
{"title":"FOREWORD TO CHINA’S ECONOMIC DIALECTIC: THE ORIGINAL ASPIRATION OF REFORM BY CHENG ENFU","authors":"John Bellamy Foster","doi":"10.13169/worlrevipoliecon.13.3.0414","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.13.3.0414","url":null,"abstract":"John Bellamy Foster is Professor Emeritus in Sociology at the University of Oregon, United States, and the editor of Monthly Review. He is the author of many books, including The Theory of Monopoly Capitalism (1986, 2014), The Vulnerable Planet (1994), Marx’s Ecology (2000), Ecology Against Capitalism (2002), Naked Imperialism (2006), The Ecological Revolution (2009), The Great Financial Crisis (with Fred Magdoff, 2009), The Ecological Rift (with Brett Clark and Richard York 2010), The Endless Crisis (with Robert W. McChesney 2012), The Robbery of Nature (with Brett Clark 2020), The Return of Nature (2020), and Capitalism in the Anthropocene (2022). Email: jfoster@uoregon.edu","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66275218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.13169/worlrevipoliecon.13.3.0322
K. Sen, I. Qadeer, E. Missoni
The systemic inadequacies of models of health systems propagated by the advocates of global health policies (GHPs) have fragmented health service systems, particularly in middle- and lower-income countries. GHPs are underpinned by economic interests and the need for control by the global elite, irrespective of people’s health needs. The COVID-19 pandemic challenged the advocates of GHPs, leading to calls for a movement for “decolonisation” of global health. Much of this narrative on the “decolonisation” of GHPs critiques its northern knowledge base, and the power derived from it at individual, institutional and national levels. This, it argues, has led to an unequal exchange of knowledge, making it impossible to end decades of oppressive hegemony and to prevent inappropriate decision-making on GHPs. Despite these legitimate concerns, little in the literature on the decolonisation of GHPs extends beyond epistemological critiques. This article offers a radically different perspective. It is based on an understanding of the role of transnational capital in extracting wealth from the economies of low- and middle-income countries resulting in influencing and shaping public health policy and practice, including interactions between the environment and health. It mobilises historical evidence of distorted priorities underpinning GHPs and the damaging consequences for health services throughout the world.
{"title":"Understanding the Context of Global Health Policies","authors":"K. Sen, I. Qadeer, E. Missoni","doi":"10.13169/worlrevipoliecon.13.3.0322","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.13.3.0322","url":null,"abstract":"The systemic inadequacies of models of health systems propagated by the advocates of global health policies (GHPs) have fragmented health service systems, particularly in middle- and lower-income countries. GHPs are underpinned by economic interests and the need for control by the global elite, irrespective of people’s health needs. The COVID-19 pandemic challenged the advocates of GHPs, leading to calls for a movement for “decolonisation” of global health. Much of this narrative on the “decolonisation” of GHPs critiques its northern knowledge base, and the power derived from it at individual, institutional and national levels. This, it argues, has led to an unequal exchange of knowledge, making it impossible to end decades of oppressive hegemony and to prevent inappropriate decision-making on GHPs. Despite these legitimate concerns, little in the literature on the decolonisation of GHPs extends beyond epistemological critiques. This article offers a radically different perspective. It is based on an understanding of the role of transnational capital in extracting wealth from the economies of low- and middle-income countries resulting in influencing and shaping public health policy and practice, including interactions between the environment and health. It mobilises historical evidence of distorted priorities underpinning GHPs and the damaging consequences for health services throughout the world.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66274970","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-01DOI: 10.13169/worlrevipoliecon.13.2.0154
Xian Zhang, Yu Xue
As part of the literature denying Marx’s Law of Tendency of Rate of Profit to Fall, the Okishio theorem exerts extensive influence. This theorem uses rigorous mathematical methods in an attempt to prove that the introduction of advanced technology in the basic goods sector of capitalism leads inevitably to an increase in the general rate of profit. In the literature criticizing the Okishio theorem, there are two main flaws identified. One is that the literature fails to investigate the validity of the production price, which forms the basis of the theorem. The other is that it does not examine the authenticity of the economic theory underlying the theorem. The analysis set forward here shows that the Okishio theorem’s “production price” amounts to a complete departure from Marx’s definition and is simply a product of the commodity circulation markup. The theorem follows the vulgar components of Smith’s theory of value and Ricardo’s theory of transformation. Okishio does not understand that the decline of the general rate of profit is precisely the compound result of individual capital pursuing excess profit, which represents the “prisoner’s dilemma” of capitalists.
{"title":"A Critical Deconstruction of the Okishio Theorem","authors":"Xian Zhang, Yu Xue","doi":"10.13169/worlrevipoliecon.13.2.0154","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.13.2.0154","url":null,"abstract":"As part of the literature denying Marx’s Law of Tendency of Rate of Profit to Fall, the Okishio theorem exerts extensive influence. This theorem uses rigorous mathematical methods in an attempt to prove that the introduction of advanced technology in the basic goods sector of capitalism leads inevitably to an increase in the general rate of profit. In the literature criticizing the Okishio theorem, there are two main flaws identified. One is that the literature fails to investigate the validity of the production price, which forms the basis of the theorem. The other is that it does not examine the authenticity of the economic theory underlying the theorem. The analysis set forward here shows that the Okishio theorem’s “production price” amounts to a complete departure from Marx’s definition and is simply a product of the commodity circulation markup. The theorem follows the vulgar components of Smith’s theory of value and Ricardo’s theory of transformation. Okishio does not understand that the decline of the general rate of profit is precisely the compound result of individual capital pursuing excess profit, which represents the “prisoner’s dilemma” of capitalists.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66274840","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-01DOI: 10.14293/s2199-1006.1.sor-econ.clzzosl.v1
ScienceOpen Admin
The World Review of Political Economy (WRPE) is a quarterly, peer-reviewed title published by Pluto Journals in close association with the Shanghai-based World Association for Political Economy (WAPE). This groundbreaking project is the first of its kind: a pioneering collaboration between Chinese academics and a Western left publisher to produce a serious periodical of Marxist political economy. The WRPE is certain to be the essential forum for dialogue, cooperation, debate
{"title":"World Review of Political Economy","authors":"ScienceOpen Admin","doi":"10.14293/s2199-1006.1.sor-econ.clzzosl.v1","DOIUrl":"https://doi.org/10.14293/s2199-1006.1.sor-econ.clzzosl.v1","url":null,"abstract":"The World Review of Political Economy (WRPE) is a quarterly, peer-reviewed title published by Pluto Journals in close association with the Shanghai-based World Association for Political Economy (WAPE). This groundbreaking project is the first of its kind: a pioneering collaboration between Chinese academics and a Western left publisher to produce a serious periodical of Marxist political economy. The WRPE is certain to be the essential forum for dialogue, cooperation, debate","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42879912","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-01-01DOI: 10.13169/worlrevipoliecon.12.1.0050
Dunford
A new world order is taking shape as a result of the relative decline of the United States (US) and other Western economies. An important aspect of relative decline is a progressive secular slowing down of productivity growth. Another is the way US development has been shaped and to some extent offset by international resource transfers. To explain these phenomena, attention is paid to the role of profitability as a driver of productivity and investment and global hegemony as a driver of international resource transfers. Particular attention is paid to an empirical analysis of the profitability of the US corporate non-financial sector and the existence of a secular decline in profitability since the mid-1960s interrupted only by the upward phases of a series of shorter-term economic cycles. Attention is also paid to the role of financial investments and some of the international resource transfers that have shaped, offset, and contained relative economic decline. An analysis of these trends frame and explain epochal changes in the dynamics and map of uneven and combined development and the likelihood of a global reset as the centre of world development shifts to Asia and the Eurasian continent.
{"title":"Global Reset: The Role of Investment, Profitability, and Imperial Dynamics as Drivers of the Rise and Relative Decline of the United States, 1929–2019","authors":"Dunford","doi":"10.13169/worlrevipoliecon.12.1.0050","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.12.1.0050","url":null,"abstract":"A new world order is taking shape as a result of the relative decline of the United States (US) and other Western economies. An important aspect of relative decline is a progressive secular slowing down of productivity growth. Another is the way US development has been shaped and to some extent offset by international resource transfers. To explain these phenomena, attention is paid to the role of profitability as a driver of productivity and investment and global hegemony as a driver of international resource transfers. Particular attention is paid to an empirical analysis of the profitability of the US corporate non-financial sector and the existence of a secular decline in profitability since the mid-1960s interrupted only by the upward phases of a series of shorter-term economic cycles. Attention is also paid to the role of financial investments and some of the international resource transfers that have shaped, offset, and contained relative economic decline. An analysis of these trends frame and explain epochal changes in the dynamics and map of uneven and combined development and the likelihood of a global reset as the centre of world development shifts to Asia and the Eurasian continent.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66274765","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-01-01DOI: 10.13169/worlrevipoliecon.12.1.0004
Cheng, Zhai
{"title":"China as a “Quasi-Center” in the World Economic System: Developing a New “Center–Quasi-center–Semi-periphery–Periphery” Theory","authors":"Cheng, Zhai","doi":"10.13169/worlrevipoliecon.12.1.0004","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.12.1.0004","url":null,"abstract":"","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66274705","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-01-01DOI: 10.13169/worlrevipoliecon.12.1.0027
Tharappel
{"title":"Why China's Capital Exports Can Weaken Imperialism","authors":"Tharappel","doi":"10.13169/worlrevipoliecon.12.1.0027","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.12.1.0027","url":null,"abstract":"","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66274719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-01-01DOI: 10.13169/worlrevipoliecon.12.1.0086
Lopes
{"title":"Content-Plurality and Political-Unity in the Debate on the Transformation Problem","authors":"Lopes","doi":"10.13169/worlrevipoliecon.12.1.0086","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.12.1.0086","url":null,"abstract":"","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66274770","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-01-01DOI: 10.13169/worlrevipoliecon.12.1.0106
Marco
{"title":"A Critique of Moseley's Money and Totality","authors":"Marco","doi":"10.13169/worlrevipoliecon.12.1.0106","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.12.1.0106","url":null,"abstract":"","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66274782","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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