Classical Political Economics and Modern Capitalism Theories of Valu
This book promotes an in-depth understanding of the key mechanisms that govern the functioning of capitalist economies, pursuing a Classical Political Economics approach to do so. It explores central theoretical issues addressed by the classical economist
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assical Political Economics and Modern Capitalism Theories of Value, Competition, Trade and Long Cycles
Classical Political Economics and Modern Capitalism
Lefteris Tsoulfidis • Persefoni Tsaliki
Classical Political Economics and Modern Capitalism Theories of Value, Competition, Trade and Long Cycles
Lefteris Tsoulfidis Department of Economics University of Macedonia Thessaloniki, Greece
Persefoni Tsaliki Department of Economics Aristotle University of Thessaloniki Thessaloniki, Greece
ISBN 978-3-030-17966-3 ISBN 978-3-030-17967-0 https://doi.org/10.1007/978-3-030-17967-0
(eBook)
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Preface
This book deals with the economics of capitalism, that is, the economic system, the salient feature of which is ‘generalized’ commodity production. The characterization ‘generalized’ refers to the systematic presence of labour markets specific to capitalism. The analysis is based on ‘classical political economy’, a term coined by Karl Marx in Capital I (p. 81), to describe ‘that economy which, since the time of W. Petty, has investigated the real relations of production in bourgeois society in contradistinction to vulgar economy, which deals with appearances only’. The classical political economy or rather economics approach originates with the old classical economists of the nineteenth century (Adam Smith and David Ricardo, in the main), although Marx was critical and made his distance from this tradition clear; nevertheless, his economics belongs to the same tradition, which reached its apogee in his own mature work, namely, the three volumes of Capital. This tradition of economic theory was ‘submerged and forgotten’
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