This paper analyzes the contradictions in the process of accumula tion in the context of backwardness, looking in detail at the Peruvian economy over an eight year period. A general theoretical framework is developed in which the barrier to accumulation is derived from the sphere of production,...

1. Value as embodied labor -- 2. Value as a social relation -- 3. Exploitation and surplus value -- 4. Circuit of capital -- 5. Commodity money -- 6. Capital and money -- 7. Credit, crises and capital -- 8. Competition among capitals -- 9. Fixed capital and circulation -- 10. Accumulation and...

pt. 1. Methodology of the neoclassical macro model -- pt. 2. Paradigm lost : the basic neoclassical model -- pt. 3. A critique of self-adjusting full employment -- pt. 4. So-called open economy analysis -- pt. 5. Paradigm regained : reclaiming policy.

<italic>The euro crisis has been typically presented as excessive fiscal deficits leading to the accumulation of unsustainable public debts. This debt and deficit diagnosis applied most notably in Greece and Italy, but also in Portugal and Spain (the 'PIGS'). Implicit in much of the analysis, and...</italic>