Theories of society, as of nature, are characterized by their elementary particles. The elementary particle of neoclassical economics is the util. The elementary particle of classical Marxism is abstract labour. These elementary particles represent material quanta. They are deemed useful because...

FROM THE CLOSING COMMENTS BY JONATHAN NITZAN: Today’s talk has, like the one I gave at last year's conference on Capital as Power, presented my joint work with Bichler on the present crisis. Last year, I argued that this crisis is a systemic one, and that capitalists were struck by systemic...

The United States is often hailed as the world's largest 'free market'. But this 'free market' is also the world's largest penal colony. It holds over seven million adults – roughly five per cent of the labour force – in jail, in prison, on parole and on probation. Is this an anomaly, or...

This essay deals with the relationship between stagflation and the process of restructuring. The literature dealing with the interaction of stagnation and inflation is invariably based on some explicit or implicit assumptions about economic structure, but there are very few writings which...