Why Capitalism Survives Crises: The Shock Absorbers
Emerald Group Publishing, May 21, 2009 - Political Science - 300 pages
The book, authored in the main by Simon Stander and true to the interdisciplinary nature of political economy, focuses attention on why capitalism survives crises by developing the novel argument that it has moved on from its 19th century embodiment to include a class of shock absorbers. This class, consisting of fractionalised individuals, absorbs the massive surpluses of produced commodities while buffering capitalism against the declines of values during crises of the financial system. This gives rise to Reformism, rather than class conflict, which becomes a central feature in the political arena. The absorptive class in its dialectical relationship to the other two major classes, capitalist and working class, is vital for this reformist tendency; in this context consideration of the individual in a narcissistic social environment also becomes a focus of attention. With its distinct importance, the absorptive class helps glue capitalist economy and state together, and this provides an understanding of the contradiction between the need for a 'big' state in the interest of the absorption of commodities and the 'small state' in the interest of efficient resource allocation and profit. The second portion of the volume considers the application and conceptualization of the value theory by two leading academics in political economy and concludes with an exposition of the methodology differences between two important Japanese Marxian economists.
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absorptive class abstract labor approach argued argument Baudrillard become capitalist capitalist class capitalist economy capitalist system Carchedi Chapter civil society class analysis commodified commodity concept consumption contradiction corporate created crises crisis critique determined dialectic method direct prices discussion economic economists estimated existence fact factors of production formal logic fractions function Galbraith global growth Hegel historical human important increase individual industrial inputs instance interests Juliet Schor Kliman labor power labor values Lasch market prices Marx Marx’s Capital Marxist mass middle class Mita modern movement narcissism narcissistic nature observation output ownership phenomena phenomenon physical units political economy potential price-value deviations prices of production Principles production price proletariat R-square rate of profit realized reform reformist relation reproduction sector shock absorber social Stiglitz supersession surplus value tendency tion trillion TSSI United Kingdom University Press Uno’s wage workers York