Why is the Wealth of Nations so important? Adam Smith and classical economics

Why is the Wealth of nations so important? Adam Smith and classical economics (2010) Continue reading Why is the Wealth of Nations so important? Adam Smith and classical economics

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Economics, Socialism, Ecology: A Critical Outline (Part 2)

by Kamran Nayeri Introduction In Part 1, I argued that economics is neither an objective science nor capable of providing a lasting solution to the contradictions of the capitalist economy and society. As a discipline it has emerged to maintain and justify the capitalist system and it will wither away with its downfall.  Also, I argued that Karl Marx’s critique of political economy (“economics” of his time) and the capitalist system is a specific application of his theory of history, historical materialism, that aims to serve self-activity and self-organization of working people with the logic of transcending the capitalist system … Continue reading Economics, Socialism, Ecology: A Critical Outline (Part 2)

Economics, socialism and ecology: A critical outline (Part 1)

by Kamran Nayeri Introduction Economics appears as the religion of modern times. As John Maynard Keynes asserted, it seems as if the world is ruled by little else than economics. Following Marx, I will argue that economics is a pseudo (ideologically driven) science that originated with the rise of the capitalist mode of production and will wither away with its downfall.  I will cite some key junctures in the evolution of economics from classical political economy to the neoclassical and Keynesian economics to illustrate this claim.  I will also argue that Marx’s critique of political economy (“economics” of his time) … Continue reading Economics, socialism and ecology: A critical outline (Part 1)

Illusion of the epoch: Twentieth century socialism

by Paresh Chattopadhyay In the eyes of a considerable section of the Left the Bolshevik seizure of power signalled the victory of socialist revolution leading to the establishment of socialism in Russia and setting the stage for a number of such seizures of power by the communist parties in the different parts of the world — China, Vietnam, Cuba, etc, though the latter events were  considered not quite  as socialist revolution, but as democratic revolution preparing the way towards socialism. Nevertheless, the regimes that ultimately resulted in all these lands have also been considered as socialist. In this paper we … Continue reading Illusion of the epoch: Twentieth century socialism

Getting serious about politics

by Zoltan Zigedy Economic relations clarify politics just as politics can return the favor. In truth, it is impossible to fully understand one without an understanding of the other, and especially without a grasp of their inter-relationship. No doubt that explains the wisdom of the classical economists (and Marx and Engels) in describing their studies as “political economy.” Similarly, the failure to systematically integrate the two social domains explains the frustration of the modern-day academic economists, even Nobel laureates, who fume about the politicians standing in the way of their ready solutions to the current global economic crisis. A case … Continue reading Getting serious about politics