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Late Capitalism (Paperback, New edition)
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Late Capitalism (Paperback, New edition)
Series: Verso Classics
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Late Capitalism is the first major synthesis to have been produced
by the contemporary revival of Marxist economics. It represents, in
fact, the only systematic attempt so far ever made to combine the
general theory of the "laws of motion" of the capitalist mode of
production developed by Marx, with the concrete history of
capitalism in the twentieth century. Mandel's book starts with a
challenging discussion of the appropriate methods for studying the
capitalist economies. He seeks to show why the classical approaches
of Luxemburg, Bukharin, Bauer and Grossman failed to accomplish the
further development of Marxist theory whose urgency became evident
after Marx's death. He then sketches the structure of the world
market and the variant types of surplus-profit that have
characterized its successive stages. On these foundations, Late
Capitalism proceeds to advance an extremely bold schema of the
"long waves" of expansion and contraction in the history of
capitalism, from the Napoleonic Wars to the present. Mandel
criticizes and refines Kondratieff's famous use of the notion.
Mandel's book surveys in turn the main economic characteristics of
late capitalism as it has emerged in the contemporary period. The
last expansionary long wave, it argues, started with the victory of
fascism on the European continent and the advent of the war
economies in the US and UK during the 1940s, and produced the
record world boom of 1947-72. Mandel discusses the reasons why the
dynamic upswing of growth in this period was bound to reach its
limits at the turn of the 1970s, and why a long wave of economic
stagnation and intensified class struggle has set in today. Late
Capitalism is a landmark in Marxist economic literature.
Specifically designed to explain the international recession of the
1970s, it is a central guide to understanding the nature of the
world economic crisis today.
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