Value and Crisis: Essays on Marxian Economics in Japan, second edition
296
Value and Crisis: Essays on Marxian Economics in Japan, second edition
296Hardcover
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Overview
Marxist economic thought has had a long and distinguished history in Japan, dating back to the First World War. When interest in Marxist theory was virtually nonexistent in the United States, rival schools of thought in Japan emerged, and brilliant debates took place on Marx’s Capital and on capitalism as it was developing in Japan. Forty years ago, Makoto Itoh’s Value and Crisis began to chronicle these Japanese contributions to Marxist theory, discussing in particular views on Marx’s theories of value and crisis, and problems of Marx’s theory of market value. Now, in a second edition of his book, Itoh deepens his study Marx’s theories of value and crisis, as an essential reference point from which to analyze the multiple crises that have arisen during the past four decades of neoliberalism.
One contribution of the original Value and Crisis was to bridge Japan and the world in the field of Marxian political economy. Itoh’s second edition demonstrates an even wider-ranging familiarity with major schools of Marxist thought, summarizing and assessing viewpoints of such theorists as Hilferding, Bauer, Kautsky, Bukharin, Luxemburg, Grossman, Sweezy, the Japanese Marxist Kozo Uno, together with the relevant parts of Capital and a section on the 1930’s Great Depression. Given today’s current emergencies of world capitalism and socialism, says Itoh, we need to work together to resolve new global problems, articulating new issues of Marx’s theories of value and crisis. The promise of Marx’s theories has not waned. If anything—given the failure of Soviet-style socialism and the catastrophe of neoliberalism—it grows daily.
Product Details
| ISBN-13: | 9781583678992 |
|---|---|
| Publisher: | Monthly Review Press |
| Publication date: | 12/30/2020 |
| Pages: | 296 |
| Product dimensions: | 5.50(w) x 8.25(h) x (d) |
About the Author
Academy. He taught at the New School, New York University, Harvard University, Cambridge University,
the University of London, York Universityin Canada and University of Sydney. His books include The
Basic Theory of Capitalism, The World Economic Crisis and Japanese Economy, Political Economy for
Socialism, Political Economy of Money and Finance, and The Japanese Economy Reconsidered.
Table of Contents
Preface and Acknowledgments 7
Introduction to Second Edition 12
I Marxian Economics in Japan 21
1 The Development of Marxian Economics in Japan 23
The Pre-First World War Period 24
The Fervent Debates of the Interwar Period 27
The Postwar Period 38
A Brief Conclusion 56
2 How to Apply Uno Theory to Contemporary Capitalism in Multiple Crises 58
Characteristics of Uno Theory 58
How to Analyze the Thirty Years of Interwar Crises 63
The Postwar Period of High Economic Growth 66
Multiple Crises under Neoliberalism 70
II Value 83
3 A Study of Marx's Theory of Value 85
The Twofold Concept of Value 85
The Forms of Value 90
The Substance of Value 96
Prices of Production 103
4 Marx's Theory of Market Value 117
The Problems in Marx's Theory of Market Value 117
The Technical Average Theory of Market Value 121
Uno's Theory of Market Value 123
Prices of Production and Market Value 126
5 Unequal Exchange in Our Age of Globalization 130
Classic Theories 131
Japanese Debates on International Values 136
Unequal Exchange in Dependency Theories 139
In Our Age of Globalization 141
III Crisis 145
6 The Formation of Marx's Theory of Crisis 147
Two Types OF Crisis Theory 148
Crisis Theory in Grundrisse 149
Crisis Theory in Theories of Surplus Value 155
Completion of the Crisis Theory in Capital 160
7 Marxist Theories of Crisis 173
The Diversity OF Crisis Theories 174
Completing the Basic Theory of Crisis 184
The Metamorphoses OF Crisis 192
IV Contemporary Capitalism in Crisis 203
8 The Inflationary Crisis OF World Capitalism 205
The Inflationary Crisis of the 1970s 205
How to Apply Marx's Theory OF Crisis 207
The Overaccumulation OF World Capitalism 210
The Breakdown OF the Relative Stability of Postwar World Capitalism 215
9 Spiral Reversal OF Capitalist Development: What Does It Imply FOR the Twenty-First Century? 220
Marx, Lenin, and Uno 220
The Period OF High Economic Growth 224
The Spiral Reversal of Historical Development 230
10 The Historical Significance and the Social Costs of the Subprime Crisis: Drawing on the Japanese Experience 240
The Specific Features of the Subprime Financial Crisis and a Comparison with the Japanese Bubble 240
Once in a Hundred Years? 247
The Social Costs 251
Notes 258
Bibliography 282
Index 291