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Books > Business & Economics > Economics > Financial crises & disasters
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Why Capitalism Survives Crises - The Shock Absorbers (Hardcover)
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Why Capitalism Survives Crises - The Shock Absorbers (Hardcover)
Series: Research in Political Economy
Expected to ship within 10 - 15 working days
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The book, authored in the main by Simon Stander and true to the
interdisciplinary nature of political economy, focuses attention on
why capitalism survives crises by developing the novel argument
that it has moved on from its 19th century embodiment to include a
class of shock absorbers. This class, consisting of fractionalised
individuals, absorbs the massive surpluses of produced commodities
while buffering capitalism against the declines of values during
crises of the financial system. This gives rise to Reformism,
rather than class conflict, which becomes a central feature in the
political arena. The absorptive class in its dialectical
relationship to the other two major classes, capitalist and working
class, is vital for this reformist tendency; in this context
consideration of the individual in a narcissistic social
environment also becomes a focus of attention. With its distinct
importance, the absorptive class helps glue capitalist economy and
state together, and this provides an understanding of the
contradiction between the need for a 'big' state in the interest of
the absorption of commodities and the 'small state' in the interest
of efficient resource allocation and profit. The second portion of
the volume considers the application and conceptualization of the
value theory by two leading academics in political economy and
concludes with an exposition of the methodology differences between
two important Japanese Marxian economists.
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