↳ Marx

August 26th, 2020

↳ Marx

Banks, Bubbles, Profits

An interview with Richard Westra

Richard Westra is University Professor at the Institute of Political Science, University of Opole, Poland and international Adjunct Professor of the Center for Macau Studies, University of Macau. His research focuses on the philosophical underpinnings of economic phenomena, with an emphasis on financialization, globalization, and neoliberalism. His many writings also consider the politics of states of exception, legalization of politics, and the study of global apartheid.

Alongside Robert Albritton, Makoto Itoh, and Thomas Sekine, Westra traces his intellectual lineage to Japanese political economist Kozo Uno (1887–1977). Arising largely out of debates about the nature of the transition from feudalism to capitalism in Japan, Uno’s thought responds to a need to comprehend social-economic forms displaying “mixed” characteristics—mixed modes of production (i.e. feudal societies with capitalist characteristics or vice versa) and mixed economies (i.e. socialistic economic forms internal to capitalist economies or vice versa), as well as “capitalist” economic activity in pre-capitalist societies. Both Uno and Westra’s work is therefore concerned with reconciling the “law-like” aspects of economic phenomena with the contingency of empirical history. The task of analytically articulating these mixes necessitates a theoretical understanding of capitalism in its most pure and general form.

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August 8th, 2020

Economics, Bosses, and Interest

An interview with Stephen Marglin

Stephen Marglin is Walter S. Barker Professor Economics at Harvard University, where he has taught since he received tenure in 1968. Somewhat infamous for his post-tenure radicalism, Marglin has published extensively on a wide range of topics over his decades-long career. Among his most cited early works is the two-part "What Do Bosses Do?", which sought to explain hierarchical production as a function of accumulation, not technical efficiency. Divisions of labor between workers, managers, and bosses do not, Marglin argued, serve increases in productivity and material prosperity, but rather the consolidation of wealth and power.

Similarly influential work conducted with Amit Bhaduri contested neoclassical models that view economic growth as a product of technological advancement and increases in the factors of production. Drawing on a Kaleckian framework which sees output as a function of effective demand, their paper distinguishes between "wage-led" and "profit-led" growth regimes. In the former, income redistribution increases employment and productivity, and in the latter it does not.

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