Marxian Political Economy: Legacy and Renewal

Gerard Dumenil, Dominique Levy

Research output: Contribution to journalArticle

Abstract

"The article discusses the relevance of a reference to the framework(s) of analysis
of capitalism developed by Marx during the second half of the 19th century in the analysis of contemporary capitalism. The perspective is simultaneously the history of modern human societies and, more technically, the economy of capitalism. The contention is that, in both instances, a Marxian political economy provides the foundations of our understanding, but a number of adjustments are also required. The analysis of modern corporations in Volume III of Capital, with
the separation of ownership and management, must be prolonged to present-day institutional features and mechanisms. The homogeneity of wage labor must be broken to incorporate the class foundations of the social divide between managers and other categories of production or clerical workers. The new framework allows for the reassertion of the role of class struggle as
the engine of history. Concerning basic concepts, such as the theories of value and capital, or mechanisms, such as competition, the business cycle, and technical and distributional tendencies, the issue is the use of contemporary theoretical and empirical tools, introducing to a process of “sophistication” rather than “revision.”"
Original languageEnglish
Pages (from-to)7-22
Number of pages16
JournalWorld Review of Political Economy
Volume1
Issue number1
Publication statusPublished - 2010
Externally publishedYes

Fingerprint

Political economy
Renewal
Capitalism
Workers
Ownership
Karl Marx
Wages
Managers
Labor
Class struggle
Homogeneity
Sophistication
Business cycles

Keywords

  • political economy
  • Marx
  • capitalism
  • classes
  • periodization

Cite this

Marxian Political Economy: Legacy and Renewal. / Dumenil, Gerard; Levy, Dominique.

In: World Review of Political Economy, Vol. 1, No. 1, 2010, p. 7-22.

Research output: Contribution to journalArticle

Dumenil, G & Levy, D 2010, 'Marxian Political Economy: Legacy and Renewal', World Review of Political Economy, vol. 1, no. 1, pp. 7-22.
Dumenil, Gerard ; Levy, Dominique. / Marxian Political Economy: Legacy and Renewal. In: World Review of Political Economy. 2010 ; Vol. 1, No. 1. pp. 7-22.
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