Value and Crisis: Essays on Marxian Economics in Japan

Marxist economic thought has a long and distinguished history in Japan, dating back to the First World War. Makoto Itohs Value and Crisis, a second edition of his book, deepens his study of Marx's theories of value and crisis, as an essential reference point to analyze the multiple crises that have arisen during the past four decades of neoliberalism. Itohs book demonstrates an even wider-ranging familiarity with major schools of Marxist thought, summarizing and assessing viewpoints of theorists such as Hilferding, Bauer, Kautsky, Bukharin, Luxemburg, Grossman, Sweezy, and Kozo Uno. The promise of Marx's theories has not waned, and given the failure of Soviet-style socialism and the catastrophe of neoliberalism, it grows daily.

\n Format: Paperback / softback
\n Length: 296 pages
\n Publication date: 01 February 2021
\n Publisher: Monthly Review Press,U.S.
\n

Marxist economic thought has a rich and storied history in Japan, dating back to the First World War. While interest in Marxist theory was relatively limited in the United States, rival schools of thought emerged in Japan, sparking insightful debates on Marx's Capital and the evolving capitalism in the country. Forty years ago, Makoto Itoh's Value and Crisis began to document these Japanese contributions to Marxist theory, particularly focusing on his views on value and crisis, as well as the challenges of Marx's theory of market value. In this second edition of his book, Itoh delves deeper into Marx's theories of value and crisis, serving as a crucial reference point for analyzing the various crises that have unfolded during the past four decades of neoliberalism.

One of the original contributions of Value and Crisis was to bridge Japan and the global community in the field of Marxian political economy. Itoh's second edition showcases an even broader familiarity with major schools of Marxist thought, summarizing and assessing viewpoints of theorists such as Hilferding, Bauer, Kautsky, Bukharin, Luxemburg, Grossman, Sweezy, the Japanese Marxist Kozo Uno, and the relevant parts of Capital, as well as a section on the 1930s Great Depression. In the context of today's pressing global emergencies of world capitalism and socialism, Itoh emphasizes the need for collaboration to address new global challenges, articulating fresh issues of Marx's theories of value and crisis.

Despite the failures of Soviet-style socialism and the catastrophic consequences of neoliberalism, the promise of Marx's theories remains unwavering. If anything, it grows stronger daily, as we witness the ongoing struggles and injustices perpetuated by these economic systems. The relevance and significance of Marxist thought are more apparent than ever, as we seek to understand the underlying mechanisms of inequality, exploitation, and social unrest.

Marxist economic analysis provides a valuable framework for understanding the complexities of capitalism and its impact on society. It offers a critical perspective on the power structures that perpetuate economic inequality, exploitation, and social injustice. By analyzing the contradictions and dynamics of capitalism, Marxist thinkers have developed a range of theories and ideas to challenge and transform these systems.

One of the key concepts in Marxist economic thought is the concept of surplus value. Surplus value is the difference between the value of labor power and the cost of production. It is the source of profit for capitalists and the basis for the accumulation of wealth. Marxist economists argue that surplus value is created through the exploitation of labor power, as workers are paid less than the value they create in the workplace. This exploitation leads to a growing gap between the rich and the poor, as well as to social unrest and political instability.

Another important concept in Marxist economic thought is the concept of class struggle. Marxist thinkers argue that there is a fundamental conflict between the working class and the ruling class, which is expressed through economic and political power. The working class is exploited by the ruling class, while the ruling class holds onto economic and political power to maintain their dominance. Class struggle is a key driver of social change and revolution, as it seeks to redistribute wealth and power from the ruling class to the working class.

Marxist economic thought also emphasizes the importance of the state in shaping economic and social outcomes. The state is seen as a tool of the ruling class to maintain their dominance and control over the working class. Marxist economists argue that the state can be used to promote social welfare and economic development, but it can also be used to suppress social movements and maintain the status quo.

In addition to these core concepts, Marxist economic thought encompasses a range of other ideas and theories, such as the theory of imperialism, the theory of globalization, and the theory of ecological economics. These theories provide a broader understanding of the complex and interconnected nature of economic and social systems, and they offer insights into the ways in which capitalism is perpetuating global inequality, exploitation, and social injustice.

Despite the challenges and criticisms that Marxist economic thought has faced over the years, it remains a powerful and relevant tool for analyzing and challenging the dominant economic systems of our time. Its critical perspective on power structures, exploitation, and social injustice provides a valuable framework for understanding the ongoing crises and struggles of our world. As we navigate the complex and interconnected world of today, it is essential to engage with Marxist economic thought and to work towards a more equitable and sustainable future.

In conclusion, Marxist economic thought has a long and distinguished history in Japan, dating back to the First World War. While interest in Marxist theory was relatively limited in the United States, rival schools of thought emerged in Japan, sparking insightful debates on Marx's Capital and the evolving capitalism in the country. Makoto Itoh's Value and Crisis began to document these Japanese contributions to Marxist theory, particularly focusing on his views on value and crisis, as well as the challenges of Marx's theory of market value. In this second edition of his book, Itoh delves deeper into Marx's theories of value and crisis, serving as a crucial reference point for analyzing the various crises that have unfolded during the past four decades of neoliberalism.

One of the original contributions of Value and Crisis was to bridge Japan and the global community in the field of Marxian political economy. Itoh's second edition showcases an even broader familiarity with major schools of Marxist thought, summarizing and assessing viewpoints

theorists such as Hilferding, Bauer, Kautsky, Bukharin, Luxemburg, Grossman, Sweezy, the Japanese Marxist Kozo Uno, and the relevant parts of Capital, as well as a section on the 1930s Great Depression. In the context of today's pressing global emergencies of world capitalism and socialism, Itoh emphasizes the need for collaboration to address new global challenges, articulating fresh issues of Marx's theories of value and crisis.

Despite the failures of Soviet-style socialism and the catastrophic consequences of neoliberalism, the promise of Marx's theories remains unwavering. If anything, it grows stronger daily, as we witness the ongoing struggles and injustices perpetuated by these economic systems. The relevance and significance of Marxist thought are more apparent than ever, as we seek to understand the underlying mechanisms of inequality, exploitation, and social unrest.

Marxist economic analysis provides a valuable framework for understanding the complexities of capitalism and its impact on society. It offers a critical perspective on the power structures that perpetuate economic inequality, exploitation, and social injustice. By analyzing the contradictions and dynamics of capitalism, Marxist thinkers have developed a range of theories and ideas to challenge and transform these systems.

One of the key concepts in Marxist economic thought is the concept of surplus value. Surplus value is the difference between the value of labor power and the cost of production. It is the source of profit for capitalists and the basis for the accumulation of wealth. Marxist economists argue that surplus value is created through the exploitation of labor power, as workers are paid less than the value they create in the workplace. This exploitation leads to a growing gap between the rich and the poor, as well as to social unrest and political instability.

Another important concept in Marxist economic thought is the concept of class struggle. Marxist thinkers argue that there is a fundamental conflict between the working class and the ruling class, which is expressed through economic and political power. The working class is exploited by the ruling class, while the ruling class holds onto economic and political power to maintain their dominance. Class struggle is a key driver of social change and revolution, as it seeks to redistribute wealth and power from the ruling class to the working class.

Marxist economic thought also emphasizes the importance of the state in shaping economic and social outcomes. The state is seen as a tool of the ruling class to maintain their dominance and control over the working class. Marxist economists argue that the state can be used to promote social welfare and economic development, but it can also be used to suppress social movements and maintain the status quo.

In addition to these core concepts, Marxist economic thought encompasses a range of other ideas and theories, such as the theory of imperialism, the theory of globalization, and the theory of ecological economics. These theories provide a broader understanding of the complex and interconnected nature of economic and social systems, and they offer insights into the ways in which capitalism is perpetuating global inequality, exploitation, and social injustice.

Despite the challenges and criticisms that Marxist economic thought has faced over the years, it remains a powerful and relevant tool for analyzing and challenging the dominant economic systems of our time. Its critical perspective on power structures, exploitation, and social injustice provides a valuable framework for understanding the ongoing crises and struggles of our world. As we navigate the complex and interconnected world of today, it is essential to engage with Marxist economic thought and to work towards a more equitable and sustainable future.

\n Weight: 360g\n
Dimension: 209 x 138 x 24 (mm)\n
ISBN-13: 9781583678985\n
Edition number: 2 ed\n