Both Rosa Luxemburg and Michal Kalecki utilised Marx’s scheme’s or reproduction as the starting point of their analysis of economic dynamics. However, Luxemburg did not realise that they were not meant to serve as models of capitalist growth, but rather to show that the conditions for stable...

This paper argues that capitalist social relations do not presuppose wage-labour. It defends a functional definition of the capitalist relations of production, in terms of what Marx calls the ‘subsumption of labour by capital'. I argue that there are at least four modes of subsumption, one...

This article explores the history of the renowned world economic and political reformist, Karl Marx with a special focus on the social class concept. It also discusses to what extent that the Marx’s concept of social class struggle is capable to provide a way out to the proletariats, to free...

This work is a critical introduction to Volume I of Karl Marx's "Capital," based on my lecture notes for undergraduate economics students at the Universidade de Brasília (UnB). It is a non-Marxist economist's perspective on the key points of this important, yet difficult-to-read work. My goal...

This paper presents an overview of different models which explain financial crises, with the aim of understanding economic developments during and possibly after the Great Recession. In the first part approaches based on efficient markets and rational expectations hypotheses are analyzed, which...

Most mainstream neoclassical economists completely failed to anticipate the crisis which broke in 2007 and 2008. There is however a long tradition of economic analysis which emphasises how growth in a capitalist economy leads to an accumulation of tensions and results in periodic crises. This...

Income inequality in China is severe; measured by the Gini-coefficient it amounted to 0.46 in 2011; wealth distribution is even worse with 0.61. These disparities led to a major shift in emphasis of politics in general and of the Five-Year Plan for National Economic and Social Development by the...

This article analyzes the role of the asymmetry hypothesis in Marx’s reproduction schemes. We assume a propensity of capitalists for endogenous and uniform saving, and study its effect on the result found by Marx. Afterward, the dynamic relationship between the organic composition of capital...