Existing theories of political economy, liberal as well as Marxist, see capital as a dual entity. According to these theories, the "real" essence of capital consists of material/productive commodities, while the "financial" appearance of capital either accurately mirrors or fictitiously distorts...

The LA Times called the bluff: William D. Nordhaus won the Nobel prize in economics for a climate model that minimized the cost of rising global temperatures and undermined the need for urgent action. Unfortunately, though, the article missed the nugget in the racket.

The April 21, 2005 issue of the LONDON REVIEW OF BOOKS carried a lead article titled ‘Blood for Oil?’ The paper is attributed to a group of writers and activists – Iain Boal, T.J. Clark, Joseph Matthews and Michael Watts – who identify themselves by the collective name ‘Retort.’ In...

Israeli politics saw major realignments in 1977 and 1992. The effect of long range economic cycles on the nature and outcome of Israeli electoral politics is examined in these two elections.

An exchange between Andrew Kliman and Shimshon Bichler and Jonathan Nitzan. 1. Andrew Kliman: 'Value and Crisis: Bichler and Nitzan versus Marx' EDITORS' NOTE: In the first article, Andrew Kliman responds to Bichler and Nitzan's recent paper on 'Systemic Fear, Modern Finance and the Future of...

Do capitalists really want a recovery? Can they afford it? On the face of it, the question sounds silly: of course capitalists want a recovery; how else can they prosper? According to the textbooks, both mainstream and heterodox, capital accumulation and economic growth are two sides of the same...

This essay examines the Israeli market structure from the perspective of ownership. We distinguish between the several corporate holding-groups that dominate the ‘Big Economy’ and the multitude of smaller, largely independent, business entities of the ‘Small Economy’. Although the two...

The present essay is the second in a series of four papers in which examine the political economy of armaments in recent decades. In this paper we focus on the ‘armament core’ of large military producers which recently emerged as a powerful bloc within the big economy of the United States....