Summer Academy 2022 for Pluralist Economics,
This workshop was originally taught at the Summer Academy for Pluralist Economics 2022
Instructor: Elena Papagiannaki (Birmingham City University, UK)
‘We cannot afford their peace & We cannot bear their wars’:
Value, Exploitation, Profitability Crises & ‘Rectification’
- Workshop Session 1: INTRODUCTION (Workshop’s Structure, Political Economy as Science, Sources & Datasets)
- Workshop Session 2: LECTURE 1: Modes of Production, Labour Theory of Value, the Law of Value & Money (RECORDING: https://www.youtube.com/watch?v=dA8WlGy3ElQ&list=PLHmyyN2MktOkw_y236lXBt3jFvAo7bWhp&index=2)
- Workshop Session 3: DISCUSSION OF LECTURE 1 – Q&A, Quiz questions, Practical Exercises on calculating value, price and money based on statistical databases.
- Workshop Session 4: FREE-FLOW discussion based on Lecture 1, Q&A and potential essay topics for students’ assessment.
- Workshop Session 5: LECTURE 2: Marx on Surplus Value, Exploitation, Wages and the Rate of Profit (RECORDING: https://www.youtube.com/watch?v=C2xDnUbLgzU)
- Workshop Session 6: DISCUSSION OF LECTURE 2 – Q&A, Quiz questions, Practical Exercises on calculating the rate of surplus value, the rate of profit and graphical representation based on statistical databases.
- Workshop Session 7: FREE-FLOW discussion based on Lecture 2, Q&A and narrowing down to possible essay topics for students’ assessment.
- Workshop Session 8: LECTURE 3: Simple & Extended Capitalist Reproduction, Capitalist Crises, Rectification and Wars (RECORDING: https://www.youtube.com/watch?v=C7TF0Rs_Of4)
- Workshop Session 9: DISCUSSION OF LECTURE 3 – Q&A, Quiz questions, Practical Exercises on mapping Department I and II of the economy and Productive and Unproductive labour on archeogram.
- Workshop Session 10: FREE-FLOW discussion based on Lecture 3, Q&A, finalising essay topics for students’ assessment and division of labour among students.
- Workshop Session 11: Explore journal articles and books to compose the theoretical part of the essay.
- Workshop Session 12: Explore statistical datasets to compose the theoretical part of the essay.
- Workshop Session 13: Student meetings (facilitator present upon request)
- Workshop Session 14: Student meetings (facilitator present upon request)
- Workshop Session 15: Student meetings (facilitator present upon request)
These journals, websites, databases are all good places to start searching for research on any given topic:
- ARCHIVAL WEBSITES:
Lecture 1 Topics
Dialectical and Historical Materialism (brief introduction)
- Political Economy as a Science
- The Forces of Production, the Relations of Production and the Modes of Production
- Class Struggle
- The Economic Laws
- The Classical Political Economy (CPE), Neoclassical Economics vs the Critique of Political Economy
The Law of Value (extended analysis)
- Use Value VS Value
- Concrete VS Abstract Labour
- Form of Value
- The Functions of Money
- Price VS Value
- Marx, K. and Engels, F., 1967. The Communist Manifesto. 1848. Marx/Engels Selected Works, Vol. One, Progress Publishers, Moscow, 1969, pp. 98-137. Available at: https://www.marxists.org/archive/marx/works/download/pdf/Manifesto.pdf
- Marx, K. (2018). Capital: Volume I.
- PART I: Commodities and Money
- Marx, K. (2010). A contribution to the critique of political economy. Palgrave Macmillan, New York.
- Chapter 1: The Commodity
- Chapter 2: Money or Simple Circulation
- Stilwell, F. (2005). Teaching political economy: Curriculum and pedagogy. Australasian Journal of Economics Education Vol.2.Numbers1&2. Available at: https://ses.library.usyd.edu.au/bitstream/handle/2123/206/10%20Stilwell.pdf;sequence=1
- Engels, F. (1876). 1986." The part played by labour in the transition from ape to man.". Karl Marx and Frederick Engels Selected Works. New York: International Publishers. Available at: https://www.marxists.org/archive/marx/works/1876/part-played-labour/index.htm
- Manya M. Mooya, Aristotle to Marshall: The Evolution of Economic Value Theory.
- Marx, K., & Engels, F. (1888). Theses on Feuerbach, no. 11. Marx and F. Engels, The German Ideology, Pts I &, 3, 199. Available: https://www.marxists.org/archive/marx/works/1845/theses/
- Marx, K. (1857). Grundrisse: Foundations of the critique of political economy (rough draft) Penguin, Harmondsworth. Available at: https://www.marxists.org/archive/marx/works/1857/grundrisse/
- Philp, B., and Trigg, A. (2015) Heterodox economics, distribution and the class struggle. In Jo, T, and Todorova, Z. (eds. ) Advancing the Frontiers of Heterodox Economics: Essays in Honor of Frederic S. Lee. London: Routledge Advances in Heterodox Economics.
- Spirkin, A.G., 1983. Dialectical materialism. Moscow: Progress Publishers.
Lecture 2 Topics
The Law of Surplus Value (extended analysis)
- What is Capital?
- Transforming Money to Capital
- The Components of Capital
- Commodification of Labour OR Labour Power?
- The Labour Wage in Capitalism
- Surplus-value and Unpaid Labour
- The Allocation of Surplus Value
- Productive and Unproductive labour
The Rate of Profit (extended analysis)
- The Profit of the Industrial Capitalist
- INTRA-Industrial Competition (Competition WITHIN a branch)
- INTER-Industrial Competition (Competition AMONG branches)
- Merchants’ Profit, Loan Capital (Interest), Ground Rent
- The Law of the Tendency of the Rate of Profit to Fall (TRPF)
- Marx, K. (2018). Capital: Volume I.
- PART II: Transformation of Money into Capital – Chapter 4, 5 and 6
- PART III: The production of Surplus Value – Chapters 7, 8 and 9
- Part IV: Production of Relative Surplus Value – Chapter 12
- Part V: The Production of Absolute and of Relative Surplus-Value – Chapters 16, 17, 18
- Marx, K., 1910. Value, price, and profit. CH Kerr & Company. Available at: https://www.marxists.org/archive/marx/works/download/pdf/value-price-profit.pdf
- Fine B. (1989), Marx’s Capital, Palgrave MacMillan
- Cuestas, J. C., and Philp, B. 2012. Economic Class and the Distribution of Income: A Time-Series Analysis of the UK Economy, 1955-2010. International Review of Applied Economics, 26(5), pp.565-578.
- Foley D. (1986), Understanding Capital: Marx’s Economic Theory
- Kaldor, N., 1955. Alternative theories of distribution. The review of Economic Studies, 23(2), pp.83-100.
- Philp, B., Slater, G., and Wheatley, D. (2015) New Labour and Work-Time Regulation. Cambridge Journal of Economics 39 (3), 711-732.
- Spencer, D., 2017. Work in and beyond the Second Machine Age: the politics of production and digital technologies. Work, employment and society, 31(1), pp.142-152.
- Spencer, D. A. (2018). Fear and hope in an age of mass automation: debating the future of work. New Technology, Work and Employment, 33(1), 1-12.
- Spencer, D., & Slater, G. (2020). No automation please, we’re British: technology and the prospects for work. Cambridge Journal of Regions, Economy and Society, 13(1), 117-134.
- Tsoulfidis, L., 2015. Contending conceptions of competition and the role of regulating capital. Panoeconomicus, 62(1), pp.15-31.
Lecture 3 Topics
The Basic Economic Contradiction of Capitalism (brief outline)
- The birth of the Reserve Army of Labour (Unemployment)
- The Immiseration of the Proletariat
The Basic Cause of Crises and their ‘solution’ (extended analysis)
- Capitalist Simple and Extended Reproduction
- Disproportionality of Department I and II
- Crisis of Over-accumulation of capital
- The Periodicity of Crises, Rectification and Wars
- Marx, K. (2018). Capital: Volume III.
- PART I - The Conversion of Surplus-Value into Profit and of the Rate of Surplus-Value into the Rate of Profit : Chapter 2 and 3
- Part III. The Law of the Tendency of the Rate of Profit to Fall : Chapter 13 and 14
- Marxists Internet Archive (2014). POLITICAL ECONOMY, A Textbook issued by the Economics Institute of the Academy of Sciences of the U.S.S.R. Available at: https://www.marxists.org/subject/economy/authors/pe/index.htm
- Part Two: THE CAPITALIST MODE OF PRODUCTION
- Mavroudeas, S. (2015) The Greek saga: competing explanations of the Greek crisis. (Discussion Paper) Faculty of Arts and Social Sciences, Kingston University. 38 p. (Economics Discussion Papers, no. 2015-01). Available at: https://eprints.kingston.ac.uk/id/eprint/30428/1/2015_001.pdf
- Dunne, J.P., R.P. Smith, D. Willenbockel. 2005. “Models of Military Expenditure and Growth: A Critical Review.” Defence and Peace Economics. Vol. 16, No. 6, pp. 449– 461. http://dx.doi.org/10.1080/10242690500167791
- Dunne, J.P. 1996. “Economic Effects of Military Expenditure in Developing Countries: A Survey,” pp. 439–464 in N.P. Gleditsch, A. Cappelen, O. Bjerkholt, R.P. Smith, and J.P. Dunne, eds. The Peace Dividend. Amsterdam: North Holland.
- Grossmann, H., & Kennedy, T. (1992). The law of accumulation and breakdown of the capitalist system. London: Pluto Press. Available at: http://digamo.free.fr/grossm29.pdf
- Lenin, V. I. (1927). Imperialism: the highest stage of capitalism. Vanguard Press.
- Luxembourg R. (1913), The Accumulation of Capital. Available at: https://www.marxists.org/archive/luxemburg/1913/accumulation-capital/
- Maniatis, T. (2012, April). Marxist theories of crisis and the current economic crisis. In Forum for Social Economics (Vol. 41, No. 1, pp. 6-29). Routledge.
- Sweezy, P. (1949), The Theory of capitalist development, London: Dennis Dobson
- Shaikh, A. (1978), ‘Political Economy and Capitalism: Notes on Dobb’s Theory of Crisis’, p.233 2:2 (1978:June)
- Smith, R., Dunne, P., 1994. Is military spending a burden? A ‘Marxo-marginalist’ response to Pivetti. Cambridge Journal of Economics 18 (5), 515–521.
Download syllabus here