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By M. Howard, J. King

This moment quantity of the hugely winning, A heritage of Marxian Economics, covers the interval from 1929 to the current. the most debates and subject matters of this era are the good melancholy and Stalinism, the lengthy increase and its loss of life, New Theories of Imperialism, price and Exploitation, and present Controversies. As with the 1st quantity Michael Howard and John King have written an authoritative and stimulating account of the historical past of Marxian Economics over this era.

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Moszkowska, Zur Dynamik des Spiitkapitalismus (Zurich: Verlag 'der Aufbruch', 1943), and Corey, Decline of American Capitalism, pp. 168-9. Similar ideas were expressed by the Soviet economist E. B. Day, The 'Crisis' and the 'Crash ': Soviet Studies of the West (1917-1939) (London: New Left Books, 1981), pp. 213-8. Bauer, Zwischen, pp. 47-8, 66-79. Varga, The Great Crisis, pp. 68-9; cr. Day, The 'Crisis' and the 'Crash', pp. 26970 and C. S. Varga and the Theory of State Monopoly Capitalism', Review of Radical Political Economics 12, 1980, pp 36-49.

In consequence Stalin's Marxism was highly eclectic and this, together with the complexity of Lenin's ideas (which Stalin often ignored), contributed to the belief of his defeated opponents that he used ideas only as instruments in his struggle for personal power. 17 Nevertheless, Stalin's intellectual endeavours should not be so lightly dismissed. He valued theory for exactly the same reason as did other Marxists. It provided 'the power of orientation, and an understanding of the inner relation of surrounding events ...

This gives rise to disequilibrium in commodity markets, causing a growing disproportion between production and consumption. One result is an increase in circulation costs, as capitalists try desperately to create demand through various forms of sales promotion. 6o In monopoly capitalism underconsumptionist forces are stronger as, due to the suppression of price competition, the rate of exploitation rises even if money wages remain constant. 61 Moszkowska denies that underconsumptionism entails stagnation rather than sharp fluctuations in economic activity.

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