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Capitalism, Development and Empowerment of Labour - A Heterodox Political Economy (Hardcover)
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Capitalism, Development and Empowerment of Labour - A Heterodox Political Economy (Hardcover)
Series: Routledge Frontiers of Political Economy
Expected to ship within 12 - 19 working days
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The dominant neoliberal approach presents politics and political
economy as nuisances which disturb the smooth operation of
self-regulating markets. But political economy is not merely an
academic issue - it is a class issue, and this book forcefully
argues that political economy should return to a central position
in the study of the social sciences. Offering nothing less than a
reconciliation of Marxian, Keynesian and neoclassical economics,
the work opens with a discussion of the key, interconnected
economic concepts which help us to understand capitalism: price,
income, profit, value, growth and crisis. Prices reflect income
distribution and therefore class relations, and the chapters show
that the very emergence of capitalism resulted from mass
empowerment of the so-called "lower orders". Profit is always
available if entrepreneurs spend on net investment and create
incomes for additional labour; this, in turn, requires expanding
demand, and so therefore profit depends on rising mass incomes.
Conversely, underdevelopment is the result of the destitution and
disempowerment of the masses. In the Global South today, it is
clear that enormous riches go hand in hand with widespread misery
and poverty because the market does not transform wealth into the
kind of investment that might benefit all. This book argues that
the new wealth triggered by productivity increases has enabled the
rich to liberate themselves from the capitalist constraints of
competition and waste their new wealth in the form of rents. The
main threat today is, in fact, the globalisation of rent. The text
makes a point for a progressive counter strategy: capitalist
structures that empower labour need to be transferred to the Global
South. This requires political and economic efforts towards
empowering labour in the Global South. This book demonstrates the
analytical power of political economy for all social scientists and
will be invaluable reading for economists, political scientists and
sociologists in particular.
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