Marx鈥檚 Birthday and the Dismal Science: A Few Observations

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by Carolina Alves and Ingrid H. Kvangraven

With 2017 marking the 150th anniversary of and 2018 marking the bicentennial of the birth of Karl Marx, it is not a surprise that the number of events and exhibitions celebrating Marx’s work and exploring the significance of Marxism in the world today have gone through the roof. A little sample,,, and (see also The Guardian鈥檚 of exhibitions, books 鈥 and pub crawls)! And it would be unfair to not mention the British Library鈥檚 offered last summer, which aimed to develop ideas for events and activities that would engage the public and research communities with Marx鈥檚 life and his wider legacy (with a brilliant emphasis on – a writer and political activist in her own right). Some of the results can be seen,, and.

Of course, Friedrich Engels鈥 far-reaching contributions have not been ignored ( and ); and neither should contributions, who, like Mary Burns, have never been a[1] and, before falling in love with the Jewish romantic rebel, was a woman interested in French socialism and German romanticism, engaged in an early feminist views on women鈥檚 equality, and committed to the struggle for the working-class (influenced by her father). Hence, Jenny鈥檚 possible allusion that Marx was 鈥淕oethe鈥檚 Wilhelm Meister and Schiller鈥檚 Karl von Moor, and he would be Shelley鈥檚 Prometheus, chained to a precipice because he dared to challenge a tyrannical god鈥 (, p. 20).

Putting aside this rich line-up of events, what has caught our attention is the equal proliferation of pieces celebrating Marx鈥檚 birthday, for the better or for the worse. From misleading and derogatory articles such as the published by The Economist to educational short pieces such as Cooper鈥檚, it is difficult to not wonder about the reasons behind such opposing views. Similarly, it is difficult to resist the temptation to add a little contribution to the debate. So here we are.

We will not dwell on Marx鈥檚 contributions and current relevance, which has been done effectively by so many academics, political activists and journalists. Neither will we unpack and discuss the issues with value-laden opinions on Marx鈥檚 economic theory, and simple-minded association of Marx鈥檚 political ideas with historical events of the 20th century. We will, however, for the sake of being one more blog post on Marx鈥檚 200th birthday, reiterate and explore Marx鈥檚 work鈥檚 undeniable and vital influence in contemporary thought, politics and political practice. Further, and perhaps the main inspiration that led us to write this blog post, we wish to add some more thoughts on Marx鈥檚 influence (or lack thereof) 聽in modern times, namely the effects of the marginalization of his ideas in the field of Economics.Read More »

What is missing in the 鈥33 Theses for an Economics Reformation鈥

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Andrew Simms (New Weather Institute), Sally Svenlen (RE student), Larry Elliott (Guardian), Steve Keen (Debunking Economics) and Kate Raworth (Doughnut Economics) symbolically nail the 鈥33 Theses鈥 to the door of the London School of Economics in December 2017. .

By Erik Reinert (Talinn University of Technology) and (Universitat Oberta de Catalunya)

On the occasion of the 500th anniversary of Martin Luther鈥檚 Reformation, were formulated by Rethinking Economics and the New Weather Institute. The document was symbolically nailed to the door of the London School of Economics In December 2017 and , and was supported by an impressive list of over 60 leading academics and policy experts. The initiative offers a rare and most welcome refreshing message from the House of Economics.

Several elements in the theses are long overdue 鈥 for example, the existence of planetary limits, the superiority of political deliberation over economic logic, the appreciation of the role of uncertainty in economic predictions, the non-independence of facts and values when economic thoughts are formulated, the warning against over-reliance on modelling, econometrics and formal methods. Also important is the indication that both growth and innovation need to be conceived with a desirable end in sight, one which can be associated with material and spiritual progress 鈥 rather than with misery, inequity and inequality. It is finally all important that in the teaching of economics itself the history and philosophy of economics should be taught, together with all economic theories: not just the family tree of mainstream economics.Read More »

Thinking politically about capital controls: a class perspective

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The recent global financial crisis sparked renewed debates, both within academia and policy-making circles, about regulating highly mobile cross-border money-capital flows. A particular type of policy tool has received considerable attention: capital controls (CC). Within mainstream economics and policy-oriented circles (including policy-makers in central banks, finance ministries, and international organisations such as the IMF and the G20) there has been a growing recognition that unregulated cross-border money-capital flows can considerably disrupt capital accumulation, and debates have accordingly focused on the potential role and effectiveness of temporary CC in limiting the destabilising potential of those flows, while maintaining a long-term commitment to an open capital-account and free capital mobility.[1] By contrast, the Left (including organised labour, progressive economists, and civil society organisations) has been largely critical of capital-account liberalisation, and has denounced its detrimental effects in terms of constraining policy options for development and long-term industrial development.[2]Read More »

Towards a Critical Pluralist Research Agenda in Development Economics: Some Bricks from Berlin to Build Upon

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By Svenja Flechtner, Jakob Hafele & Theresa Neef

Much has been said about what鈥檚 going wrong in development economics 鈥 on this blog (for example by Adel Daoud, Ingrid H. Kvangraven, or Jacob Assa) and elsewhere (for example by , , and ), as well as . Much has been written, too, about alternative perspectives and approaches to economic development thinking (this gives an overview of many of them). But is it possible to build a coherent pluralist and critical framework out of these approaches? If so, what could a critical and pluralist research agenda for development economics look like?Read More »

Toward an Economic Theory of Imperialism?

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鈥淥ur role is to widen the field of discussion, not to set limits in accord with the prevailing authority.鈥 Edward Said, Orientalism (1978)

This blog post aims to introduce Patnaik鈥檚 theory of imperialism 鈥 as developed in – and its relation to economic theory. According to Patnaik a cogent economic theory that seeks to understand the laws of capitalism necessarily stems from a coherent theory of money due to the central place money plays in a capitalist mode of production. Hence, the purpose of his scientific endeavor is to examine the underlying social arrangement behind the determination of the value of money. Consequently, the conceptual framework Patnaik establishes starts with the following question: what does determine the value of money?

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e-Book Launch: Can Dependency Theory Explain Our World Today?

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Is it time for dependency theory to make a comeback? Its central idea is that developed (鈥漜ore鈥) countries benefit from the global system at the expense of developing (鈥漰eriphery鈥) countries鈥攚hich face structural barriers that make it difficult, if not impossible, for them to develop in the same way that the already developed countries did. As neo-classical economics came to dominate the field in the 1980s, the theory lost prominence and traction. Given the vast imbalances that persist within and among nations in the global economy today, it鈥檚 an opportune time to revisit the framework.

To that end, INET鈥檚 Young Scholars Initiative (YSI) has released a new e-book, . The volume, released by YSI鈥檚 Economic Development Working Group, comprises interviews with 13 scholars from around the world who express a variety of viewpoints on the meaning and relevance of dependency theory in today鈥檚 context.

Is 鈥業mperialism’ a Relevant Concept Today? A Debate Among Marxists

This month, four prominent Marxists met at The New School in New York to debate the relevance of imperialism. The debate was related to the publication of (Jawaharlal Nehru University) new book (written with Utsa Patnaik). With him in the panel were geographer (CUNY), political scientist (The New School), and economist (The New School). Economics Professor (The New School) moderated the debate. The main question for the panelists was: Is 鈥業mperialism’ a relevant concept today? A fruitful debate followed, suggesting that contemporary imperialism is crying out for analysis and critique.

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What Can We Learn from Alternative Theories of Economic Development?

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As people across the world are struggling to understand the rise of Trumpism, anti-establishment and anti-free trade movements, (Tallinn University of Technology), (Jawaharlal Nehru University) and (Tallinn University of Technology) have put together an impressive that can help make sense of what’s going on. As the field of Economics has become increasingly narrow since the 1970s, many important scholars and theories have been excluded from the field, and since forgotten. This Handbook presents rich historical accounts and ideas that can help explain economic and social development, and is a much needed attempt to correct for the existing biases in the field of Economics.Read More »