Hadas Thier has brilliantly succeeded in that challenge with her book introducing Marxist economics. Instead, Thier adopts a ‘secular stagnation’ theory favoured by many Keynesians and the ‘monopoly finance’ school; namely that crises are not the product of falling profitability leading to a collapse in investment, but are caused by capitalism finding it difficult obtain “additional outlets for investment.”  In other words, it’s too much investment and production rather that too little profit that causes crises. Find helpful customer reviews and review ratings for A People's Guide to Capitalism: An Introduction to Marxist Economics at Amazon.com. In my view, Marx’s theory of crisis based on his law of profitability is both cyclical and secular. A User's Guide to Capitalism and Schizophrenia is a playful and emphatically practical elaboration of the major collaborative work of the French philosophers Gilles Deleuze and Félix Guattari. Stakeholder capitalism: a system in which corporate purpose is based on a fundamental commitment to all stakeholders — customers, employees, partners, communities, the planet, and society — rather than just shareholders. A People’s Guide to Capitalism By Ian Angus on November 5, 2020 in Books & Reports , Capitalism , Marxist theory It’s not easy to explain Marx’s economics in a clear, straightforward and entertaining way, but Hadas Thier succeeds brilliantly. I would say nobody has done it better – and I ought to know because I have tried to do such in the past, but with nowhere near Thier’s success. Its subtitle is ‘A Guide to Capitalism, Nature, and the Future of the Planet’. Read honest and unbiased product reviews from our users. In reality, there is no hard line between financial and non-financial firm.”, However, her explanation of the Great Recession falls back on what she calls “two crises of overproduction”: China’s overproduction making global markets “incapable of absorbing the increased output”; and rising US debt which “undergirded a global expansion of production and the realization of extraordinary profits, despite never resolving the worldwide glut of goods.”. A People’s Guide to Capitalism Posted on November 5, 2020 It’s not easy to explain Marx’s economics in a clear, straightforward and entertaining way. For her, this is a long-term theory “rather than producing regular economic crises, the tendency for the rate of profit to fall creates a long-term drag on capitalism.” Instead she follows Simon Clarke in arguing that “Marx did not identify the tendency for the rate of profit to fall as a “privileged cause for crises,” but it nevertheless “plays the role of a factor which makes crises more likely, primarily because it leads to an intensification of the competitive struggle between capitalists.” So Marx’s law of profitability is not an underlying cause of crises although it intensifies competition. Along with David Harvey and Richard Wolff, the ideas of Karl Marx live on - hopefully to finally be understood and incorporated! Thier says that her book “aims to follow the content and arc of Marx’s Capital. Again, I consider this is an inadequate theory of crises, and certainly not Marx’s. about capitalism: A citizen’s guide to capitalism and the environment. Thier follows Marx and Engels in rightly rejecting the most popular version: underconsumption; namely that workers cannot buy all the goods they have produced and capitalists then try to sell them, causing a slump due to a ‘lack of demand’. Marx spent much of his adult life developing an account of how capitalism works and why it too cannot avoid periodic and devastating crises. Thier refers to her own experience: “when I first picked up a book on economics, I made it about two pages in before I broke down in tears, feeling hopeless that I could ever understand economics. Accessible intro to Marx, but buy it straight from Haymarket :), Reviewed in the United States on October 21, 2020, This is an amazingly accessible review of Marxism and Capital. Engels 200: His Contribution to Political Economy, the currently fashionable modern monetary theory, ‘Capitalism in the Web of Life’ – A Critique, Why capitalism is addicted to oil and coal, Too Many People? Accessible & relevant, good as an introduction or for people who want to go deeper into this topic, Reviewed in the United States on October 26, 2020. Wealth, if limits are not set for it, is great poverty. Seriously! This compulsion creates a tendency for capitalists to overproduce—for production to run ahead of demand, often way beyond what the market can absorb.”. Yet food systems exist on so many different scales, and connections to… Also full of great modern examples. A People’s Guide to Capitalism is a timely resource for those looking for an entry point into Marxist thought. (Book Review) This is doubly and triply so for working-class people, women, people of color, and other oppressed constituencies who are daily barraged with the message that we cannot hope to comprehend complex systems and ideas, let alone hope to impact.”. . Capital’s three volumes were written to provide a theoretical arsenal to a workers’ movement for the revolutionary overthrow of the system—and to do so on the most scientific foundation possible.”  But Thier rightly starts with the history of the emergence of capitalism before moving onto theory (the opposite of Marx’s approach in Capital). I’m just finishing up a book called ‘A History of the World in Seven Cheap Things’ by Raj Patel and Jason W Moore. New . 1. You can still see all customer reviews for the product. Your recently viewed items and featured recommendations, Select the department you want to search in. That brings me to Thier’s own view of Marxist crisis theory and here I beg to differ. Thier also shows how capitalists must incessantly accumulate capital (value appropriated from labour power), leading to increased concentration and centralization of assets with a few at the expense of the many. 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