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...

Over the past century, the nexus of imperialism and financialism has become a major axis of Marxist theory and praxis. Many Marxists consider this nexus to be a prime cause of our worldly ills, but the historical role they ascribe to it has changed dramatically over time. The key change concerns...

This is the latest in a series of articles we have been writing on the current crisis. The purpose of our previous papers was to characterize the crisis. We claimed that it was a 'systemic crisis', and that capitalists were gripped by 'systemic fear'. In this article, we seek to explain why. The...

Conventional theories of capitalism are mired in a deep crisis: after centuries of debate, they are still unable to tell us what capital is. Liberals and Marxists think of capital as an economic entity that they count in universal units of utils and abstract labour, respectively. But these units...

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...

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...

During the late 1980s and early 1990s, we identified a new Middle East phenomenon that we called 'energy conflicts' and argued that these conflicts were intimately linked with the global processes of capital accumulation. This paper outlines the theoretical framework we have developed over the...

THE MISMATCH THESIS: What do economists mean when they talk about "capital accumulation"? Surprisingly, the answer to this question is anything but clear, and it seems the most unclear in times of turmoil. Consider the "financial crisis" of the late 2000s. The very term already attests to the...

¿Qué quieren decir los economistas cuando hablan de “acumulación de capital'? La respuesta es todo, menos clara. La opinión convencional es que hay dos tipos de capital: real y financiero, que deben guardar correspondencia y que, infortunadamente, la mayoría de las veces no se...

Most explanations of stock market booms and busts are based on contrasting the underlying 'fundamental' logic of the economy with the exogenous, non-economic factors that presumably distort it. Our paper offers a radically different model, examining the stock market not from the mechanical...