Capitalism, Development and Empowerment of Labour: A Heterodox Political Economy

The dominant neoliberal approach views politics and the economy as disturbances to self-regulating markets. This book argues that political economy should be central to the study of the social sciences, offering a reconciliation of Marxian, Keynesian, and neoclassical economics. It discusses key economic concepts such as price, income, profit, value, growth, and crisis, showing how capitalism emerged from the mass empowerment of the lower orders. The book argues that the globalisation of rent is the main threat today and that capitalist structures that empower labour need to be transferred to the Global South.

Format: Hardback
Length: 224 pages
Publication date: 09 September 2021
Publisher: Taylor & Francis Ltd

The dominant neoliberal approach views politics and the political economy as mere disturbances to the smooth functioning of self-regulating markets. However, it is crucial to recognize that political economy extends beyond the realm of academia and becomes a class issue. This book passionately advocates for the re-emphasis of political economy in the study of the social sciences. By reconciling Marxian, Keynesian, and neoclassical economic theories, the work provides a comprehensive framework for understanding capitalism.

The book begins by delving into the fundamental economic concepts that shape capitalism, including price, income, profit, value, growth, and crisis. Prices, as reflective of income distribution, inherently reflect class relations. The chapters demonstrate that the emergence of capitalism was driven by the mass empowerment of the so-called lower orders. Profit becomes attainable when entrepreneurs invest in net investment, generating incomes for additional labor. This, in turn, necessitates expanding demand, thus relying on rising mass incomes. Conversely, underdevelopment arises from the destitution and disempowerment of the masses.

In the context of the Global South, it is evident that immense wealth coexists with widespread misery and poverty, as the market fails to transform wealth into investments that could benefit all. This book argues that the new wealth generated by productivity increases has liberated the rich from the constraints of competition and allowed them to waste their newfound wealth in the form of rents. The primary threat facing the world today is the globalization of rent.

The text emphasizes the need for a progressive counterstrategy. It advocates for the transfer of capitalist structures that empower labor to the Global South. This necessitates political and economic efforts aimed at empowering labor and promoting social justice. By recognizing the class dimensions of political economy, we can strive for a more equitable and sustainable world.

Weight: 504g
Dimension: 159 x 243 x 21 (mm)
ISBN-13: 9781032022390