This is a proposal to restate the theory of capital along critical Marxian lines aimed at providing a better integration of the theory of capital with the theory of money and finance. The time value of money must be properly accounted for. An analytical method is proposed to accomplish this...

This essay provides a critical Marxist reformulation, internal to the cultural tradition of Western Marxism, of Marx’s theoretical treatment of value and capital. It implies the abandonment of the ‘pure’ labour theory of value of the young Marx in favour of a ‘mixed’ labour-and capital...

This is a paper on the theory of capital. It deals with the role of capital in a cost-of-production theory of value in which both labour and capital are directly productive. The guidelines of an analytical method are proposed. Marx’s ‘monetary expression of abstract labour-value’ (MEV) is...

This paper was presented to the May 2013 conference of the Postglobalization Initiative in Moscow, and deals with the function of economics in the modern world order. It seeks to explain why, as a profession (notwithstanding individual exceptions) economics failed to predict the crisis that...

This joint paper was presented to the Marx International II conference in Paris, 30th September-2nd October 1998. It sets out the principal propositions of the Temporal Single System Interpretation of Marx’s theory of value in a systematic and comprehensive way, making it a reference document...

This paper reproduces, for archival purposes, chapter 5, of the same name, which appeared in Dunne (1991). It represents one of the first systematic attempts that I know of, to present complete ‘Value National Accounts’, that is to say, accounts presenting social reproduction in terms of the...

This article comprises our introduction to the book The Politics of Empire: Globalization in Crisis (Freeman and Kagarlitsky 2004) which we wrote jointly to introduce the articles in that volume, was the outcome of a seminar called in 2002 by the Transnational Institute to assess responses to...

Article that appeared as Zarembka, P (ed) Economic Theory of Capitalism and its Crises, Research in Political Economy 18, pp285-93. Stanford, CT: JAI Press. (http://www.elsevier.com/wps/find/bookdescription.cws_home/621298/description#description) Responds to debate initiated in Research in...

This paper presents a schematic history of the global economy since 1800. The economic and political logic of global capitalism in this period is defined by its ability to derive a growing share of its energy from fossil fuels. The explosive growth of this period, the dominance of capital, the...

The paper argues that a formal, and fruitful, historical analogy can be drawn between economics and a religious hierarchy, most notably the mediaeval Catholic church. This idea was fully developed in Freeman (2007), ‘Heavens Above: what equilibrium means for economics’, in Mosini, V (ed)...