In 2008 the capitalist world was swept by the severest crisis since the Great Depression of the 1930s, which took the form of a collapse of financial assets, many of which were arcane and incomprehensible even to experts. Mainstream economics neither anticipated nor could account for this disastrous collapse of assets, which required massive state intervention throughout the capitalist world. Karl Marx did anticipate this type of financial collapse, arguing that it was derivative from the ‘fetishism of commodities’ inherent in the capitalist mode of production. This book substantiates the foregoing claim by a journey from Marx’s analysis of commodities to the capitalist crisis of the twenty-first century.
About the Author
John Weeks is Professor Emeritus of Economics at the School of Oriental and African Studies, University of London.
Table of Contents
Introduction, 1. Value as Embodied Labor, 2. Value as a Social Relation, 3. Exploitation and Surplus Value, 4. The Circuit of Capital, 5. Commodity Money, 6. Capital and Money, 7. Credit, Crises and Capital, 8. Competition among Capitals, 9. Fixed Capital and Circulation, 10. Accumulation and Crises, 11. First Crisis of the Twenty-first Century