Description:
The twelve papers collected in this volume mark a new phase in the study of capitalism, centred on the reproduction of total social capital. They address the widely felt need to reconnect political economy with real-world phenomena, including financial crises, long-term stagnation, poverty, inequality, and economic injustice.
Review Quotes:
Money, Value, and Marx's Circuit of Capital is that fortunate work that re-links the theory of value to experience. By placing the reproduction of total social capital and requiring money, time, and turnover as constitutive rather than as a residuum, the book decisively broke with sterile single-period equilibria. Throughout the collection of works, there is one steady presence who finds readers macro-monetary analyses of the labor theory of value, careful attention to turnover and continuous-time reproduction, and crisp bridges to stock-flow consistent thought. The prize is a pluralist research agenda that is coherent and explains crises, stagnation, and the uneven predominance of finance without stripping class or history. Regardless of where one begins in Marxian, post-Keynesian, or institutional schools of thought, the book provides analytical concepts that really explain our era's chronic imbalances. It deserves to be a touchstone for scholars and policymakers who need political economy to stand up to hard reality tests.
--Anthony William Donald Anastasi, Ph.D.