{"product_id":"the-theory-of-accumulation-a-marxian-approach-to-the-dynamics-of-capitalist-economy-9789811679049","title":"The Theory of Accumulation: A Marxian Approach to the Dynamics of Capitalist Economy","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eThis book treats the mechanisms of growth and cycles in capitalist economies in a unified manner, incorporating a highly original macro-dynamic theory based on Marxian micro-foundations and historical perspectives. That theory was developed about 50 years ago by Nobuo Okishio (1927–2003) and included the ideas of Keynes and Harrod. In mainstream economics, it used to be standard to analyse long-term economic growth and business cycles in different frameworks. That approach has been changing recently, but it still tends to be common to discuss them separately. \u003c\/p\u003e  \u003cp\u003eAt the outbreak of the global financial crisis of 2007–2008 and the prolonged stagnation that followed, there was strong criticism among policymakers and businesspeople that mainstream macroeconomics failed to provide convincing explanations and effective policy recommendations. This book offers an alternative perspective that responds to those criticisms. All these macroeconomic difficulties call for new wisdom beyond the limited neoclassical framework. The sharp, wise thoughts of Okishio will add new tools for young researchers worldwide to meet the challenges of the current resource misallocation, the Great Recession and the Lost Decades problems.\u003c\/p\u003e  \u003cp\u003eOkishio proposes a historical perspective for the capitalist system, first. He argues that production relations are conditioned by productive force. The former should evolve as the latter improves, and the latter should evolve in order for human society to survive. While reproduction is indispensable for the economy to continue in any production relations, it takes a specific form in capitalist economy. \u003c\/p\u003e  \u003cp\u003eHe next shows that the existence of profit requires the exploitation of the labourer. This is called the Fundamental Marxian Theorem. He also shows a trade-off relationship between the real wage rate and the profit rate. In his theory, the real wage rate is determined to clear commodity markets in the short run as in the Keynesian theory, while Marx believed that the real wage rate is given at subsistence level or is influenced by the labour market. \u003c\/p\u003e  \u003cp\u003eOkishio attributes the origin of the business cycle to labourers’ under-consumption and private capitalists’ dispersive decision of accumulation. The former is caused by exploitation, and the latter is based on the capitalist class’s private ownership of the means of production. Both are derived from the nature of the capitalist economy. \u003c\/p\u003e  \u003cp\u003eHe argues lastly that, in the long term, the development of productive force through the business cycle will transform the production relation into a new economic system.\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003ePreface\u003cbr\u003e1.\tIntroduction1.1\tThe Structure of this Book1.2\tVarious Issues Today1.3\tThe Relationship Between Capital and this Book\u003cbr\u003e2.\tFundamental Structure of Capitalist Economy2.1\tThe Characteristics of a Capitalist Economy\t2.1.1\tProductive Force and Production Relations\t2.1.2\tProductive Forces and Production Relations in the Capitalist Economy2.2\tThe Conditions for Profit Existence\t2.2.1\tVarious Vulgar Views\t2.2.2\tCasual Observations and the Question\t2.2.3 \tThe Conditions for Profit Existence\t2.2.4\tA Mechanism to Guarantee Profits2.3\tTheories of Determination of the Real Wage Rate\t2.3.1\tThe Reproduction Cost Theory\t2.3.2\tThe Marginal Productivity Theory\t2.3.3\tThe Labor-market Theory\t2.3.4\tThe Commodity-market Theory2.4\tMechanism of Determination of the Real Wage Rate\t2.4.1\tReproduction of Wage-labor Power and Real Wages\t2.4.2\tTemporary Determination of the Real Wage Rate\t2.4.3\tFactors That Determine the Real Wage Rate\t2.4.4\tMovement of the Real Wage RateMathematical AppendixReferences\u003cbr\u003e\u003cbr\u003e3.\tExtended Reproduction in the Capitalist Economy3.1\tReproduction\t3.1.1\tReproduction in General  \t3.1.2\tReproduction in the Capitalist System3.2\tVarious Theories on the Capital Accumulation\t3.2.1\tDavid Ricardo’s Point of View\t3.2.2 \tMalthus’s View\t3.2.3\tSismondi, the Narodniks, and Luxemburg’s View3.3\tExtended Reproduction in the Capitalist Economy\t3.3.1\tReproductive Replacement in the Capitalist Economy: Simple Reproduction\t3.3.2\tExtended Reproduction in the Capitalist Economy3.4\tThe “Equilibrium” Accumulation Trajectory\t3.4.1\tSteady Extended Reproduction Trajectory\t3.4.2\tThe Equilibrium Accumulation Trajectory: A Constant Technology Case\t3.4.3\tThe Implication of the Equilibrium Accumulation Trajectory\t3.4.4\tAn Equilibrium Trajectory of Capital Accumulation with Technological ProgressMathematical AppendixReferences\u003cbr\u003e\u003cbr\u003e4.\tAccumulation and Crisis in Capitalist System4.1.   \tCumulative Process of Disequilibrium\t4.1.1\tThe Vulgar View\t4.1.2 \tImportance of Accumulation Demand\t4.1.3\tCapitalists’ Decision on Accumulation Demand\t4.1.4\tCumulative Process of Disequilibrium4.2\tTheories on Economic Crisis\t4.2.1\tUnderconsumption Theory\t4.2.2\tTheory of Declining Profit Rate Due to Real Wage Rate Increase4.3\tEconomic Crisis\t4.3.1\tInevitability of Economic Crisis\t4.3.2\tTriggers of Economic Crisis\t4.3.3\tImplications of Economic Crisis4.4\tReversal\t4.4.1\tInevitability of Reversal\t4.4.2\tTriggers of Reversal\t4.4.3\tBusiness CycleMathematical AppendixReferences\u003cbr\u003e\u003cbr\u003e5.\tTendency Law in Capitalistic Accumulation5.1 \tArguments on Tendency Law\t5.1.1 \tCounterarguments Against Tendency Law\t5.1.2\tEquilibrium Growth Theory\t5.1.3\tBreakdown Theory5.2 \tMarx’s Tendency Law\t5.2.1\tLaw of the Tendency of the Rate of Profit to Fall\t5.2.2\tThe Law of the Progressive Production of the Relative Surplus Population\t5.2.3\tSignificance of the Laws5.3\tCapitalist Production Relations and Fetters to the Productive Force\t5.3.1\tDifficulty of Realization and a Fall in the Profit Rate in Relation to an Increase in the Productive Force\t5.3.2\tIncrease in the Minimum Required Funds and the Mobilization of Public Funds\t5.3.3\tGlobal Control over Nature and Environmental Pollution\t5.3.4\tInformation-processing Ability and its Monopoly5.4\tTransformation of the Capitalist System\t5.4.1\tRebellion of the Labor Class\t5.4.2\tRealistic Direction of Human ContinuanceReferences\u003cbr\u003e6.\tA Vision Toward New SocietyReferences","brand":"Springer Verlag, Singapore","offers":[{"title":"Default Title","offer_id":53518303691095,"sku":"9789811679049","price":89.99,"currency_code":"GBP","in_stock":true}],"url":"https:\/\/bookcurl.com\/products\/the-theory-of-accumulation-a-marxian-approach-to-the-dynamics-of-capitalist-economy-9789811679049","provider":"Book Curl","version":"1.0","type":"link"}