By M. Howard, J. King
This moment quantity of the hugely winning, A background of Marxian Economics, covers the interval from 1929 to the current. the most debates and subject matters of this era are the nice melancholy and Stalinism, the lengthy increase and its death, New Theories of Imperialism, price and Exploitation, and present Controversies. As with the 1st quantity Michael Howard and John King have written an authoritative and stimulating account of the background of Marxian Economics over this era.
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Extra resources for A History of Marxian Economics
68. 69. 70. 71. n. 73. 74. 75. 76. 77. 78. 79. 80. 23 Pathfinder Press, 1970); Day, The 'Crisis' and the 'Crash'; Sweezy, Theory, pp. 156-62; see also Chs 4 and 14 of volume I of this book. Moszkowska, Das Marxsche System, p. 159; cf. ibid, pp. 153-4, and Moszkowska, Zur Kritik, pp. 63-9, 87. Moszkowska, Das Marxsche System, pp. 115-17, 129-30, 148-9, 183-4; cr. Moszkowska, Zur Kritik, pp. 8, 102 and Preobrazhensky, Decline of Capitalism, pp. 66-8, 75-6. Ibid, pp. 24-5; cr. Naphtali, Wirtschaftskrisis, pp.
He defines accumulation as the difference between net output and consumption. If the rate of exploitation increases, accumulation will accelerate. This gives the actual increase in productive capacity. The increase in capacity which is required, however, is related to the growth in consumption by a coefficient which 'depends on the prevailing degree of development of technology', and corresponds loosely to the accelerator coefficient of Keynesian macroeconomic theory. Bauer concludes that, so long as the growth of consumption lags behind the growth of income, actual accumulation will exceed what is needed, so that 'society's constant capital grows faster than the requirement for constant capital for the production of the increase in consumption; consumption lags behind the capacity to produce'.
Between 1928 and 1937 industrial production increased threefold, rising from less than one-third of national product to nearly one-half. It more than doubled again between 1937 and 1953, constituting close to 60 per cent of total output at the time of Stalin's death. Only through large investments was this made possible. On average, over 20 per cent of output was devoted to accumulation in each year. The consumption of workers and peasants fell sharply; it was not until the early 1950s that real wages regained their level of 1928, while peasant living standards fell even more, and took longer to recover.
A History of Marxian Economics by M. Howard, J. King