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Article
Publication date: 1 November 1988

Tibor R. Machan

Here Marx's philosophy is dissected from the angle of bourgeois capitalism which he, Marx, sought to overcome. His social, political and economic ideas are criticised…

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Abstract

Here Marx's philosophy is dissected from the angle of bourgeois capitalism which he, Marx, sought to overcome. His social, political and economic ideas are criticised. Although it is noted that Marx wanted to ameliorate human suffering, the result turned out to be Utopian, contrary to his own intentions. Contrary to Marx, it is individualism that makes the best sense and capitalism that holds out the best hope for coping with most of the problems he sought to solve. Marx's philosophy is alluring but flawed at a very basic level, namely, where it denies the individuality of each person and treats humanity as “an organic body”. Capitalism, while by no means out to guarantee a perfect society, is the best setting for the realisation of the diverse but often equally noble human goals of its membership.

Details

International Journal of Social Economics, vol. 15 no. 11/12
Type: Research Article
ISSN: 0306-8293

Keywords

Abstract

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Special Edition: Financial Crisis - Environmental Crisis: What is the Link?
Type: Book
ISBN: 978-1-78052-670-6

Open Access
Article
Publication date: 22 December 2020

Yinxing Hong

The socialist political economy with Chinese characteristics reflects the characteristics of ushering into a new era, and the research object thereof shifts to productive…

1942

Abstract

Purpose

The socialist political economy with Chinese characteristics reflects the characteristics of ushering into a new era, and the research object thereof shifts to productive forces. Emancipating and developing productive forces and achieving common prosperity become the main theme. Wealth supersedes value as the fundamental category of economic analysis.

Design/methodology/approach

The theoretical system of socialist political economy with Chinese characteristics cannot proceed from transcendental theories but is problem-oriented. Leading problems involve development stages and research-level problems.

Findings

The economic operation analysis is subject to the goal of optimal allocation of resources with micro-level analysis focused on efficiency and macro-level analysis focused on economic growth and macroeconomic stability also known as economic security. The economic development analysis explores the laws of development and related development concepts in compliance with laws of productive forces. The new development concepts i.e. the innovative coordinated green open and shared development drive the innovation of development theory in political economy.

Originality/value

Accordingly, the political economy cannot study the system only, but also needs to study the problems of economic operation and economic development. Therefore, the theoretical system of the political economy tends to encompass three major parts, namely economic system, economic operation and economic development (including foreign economy). The basic economic system analysis needs to understand the relationship between public ownership and non-public ownership, between distribution according to work and factor payments, and between socialism and market economy from the perspective of coexistence theory, thus transforming institutional advantage into governance advantage.

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China Political Economy, vol. 3 no. 2
Type: Research Article
ISSN: 2516-1652

Keywords

Article
Publication date: 1 July 1992

Geoffrey M. Hodgson

Marx is widely regarded today as an “evolutionary”economist. However, what is clear from a close examination of thewritings of both Marx and Engels is that they did not…

Abstract

Marx is widely regarded today as an “evolutionary” economist. However, what is clear from a close examination of the writings of both Marx and Engels is that they did not actually take Darwin′s theory of natural selection on board. Consequently, if their theory of socio‐economic change is evolutionary, it is not so in a Darwinian sense. Considers the different sense in which the economics of Marx can be regarded as “evolutionary” and the distance between Darwinian and Marxian conceptions of natural or social change.

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International Journal of Social Economics, vol. 19 no. 7/8/9
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 1 January 1991

Leonard Pluta

Introduction Economics has been defined and re‐defined several times in the past, and even within the dominant scientific orientation of the discipline, there are…

Abstract

Introduction Economics has been defined and re‐defined several times in the past, and even within the dominant scientific orientation of the discipline, there are currently a number of alternative definitions. One of the definitions, which has been gaining increasing popularity in recent years is “economics as the science of choices.” This definition focuses on the fundamental objective of the discipline as currently formulated, namely, the optimum allocation of resources through appropriate choices, or in other words, the development of economic engineering based on science. We will use the concept of choices as the convenient point of entry into the exploration of the nature of economic reality, or its ontology.

Details

Humanomics, vol. 7 no. 1
Type: Research Article
ISSN: 0828-8666

Article
Publication date: 1 February 1989

Madan Handa

Introduction The objective of this paper is twofold: to discuss some methodological issues on the study of school‐job nexus and to provide a review of Marxism and…

Abstract

Introduction The objective of this paper is twofold: to discuss some methodological issues on the study of school‐job nexus and to provide a review of Marxism and Education and the existing state of the art of Political Economy of Education.

Details

Humanomics, vol. 5 no. 2
Type: Research Article
ISSN: 0828-8666

Open Access
Article
Publication date: 28 July 2020

Zhaozi Rong

This paper is a response to the doctrine that capital is incompatible with public ownership. The fundamental characteristics of modern productivity determine the…

Abstract

Purpose

This paper is a response to the doctrine that capital is incompatible with public ownership. The fundamental characteristics of modern productivity determine the co-existence of the market economy and capital relations.

Design/methodology/approach

Socialism can neither bypass the market economy nor “go beyond capital”; capital appears in two historical forms, including the private capital and the public capital. Public capital is the inevitable outcome of the inherent contradictions of public ownership in a socialist market economy.

Findings

It represents an economic relationship that compels individual labourers to provide surplus labour for the society. The combination of the strong accumulation function of public capital and the improvement of people's welfare is the main cause of China's development miracle.

Originality/value

The innovation impetus of the public capital and its “immunity” to the capitalist crisis highlight the tremendous power of socialism with Chinese characteristics in breaking free of the shackles of capitalism and continuously developing productive forces. Public capital demonstrates and will continue to demonstrate the historical legitimacy of socialism.

Details

China Political Economy, vol. 3 no. 1
Type: Research Article
ISSN: 2516-1652

Keywords

Abstract

Details

A Research Annual
Type: Book
ISBN: 978-1-84950-045-6

Article
Publication date: 1 February 1992

Jon D. Wisman

In the history of economic thought, a number of heterodox economic thinkers have focused upon the manner in which economic doctrines are built upon an essentially…

Abstract

In the history of economic thought, a number of heterodox economic thinkers have focused upon the manner in which economic doctrines are built upon an essentially unexamined vision of social reality. Karl Marx referred to this vision as an ideology generated in the interest of the ruling class. Thorstein Veblen saw it as a complex of preconceptions reflecting prevailing beliefs. Joseph Schumpeter saw these visions as providing the “raw material for the analytic effort” of economists. [Schumpeter, 1954:42] In all three instances the vision was understood as a complex of assumptions concerning social reality that economists accept uncritically, if not unconsciously, and upon which the science of economics is constructed.

Details

Humanomics, vol. 8 no. 2
Type: Research Article
ISSN: 0828-8666

Book part
Publication date: 2 September 2016

Bernard Paranque

This chapter reconsiders commonly held views on the ownership and management of private property, contrasting capitalist and simple property, particularly in relation to…

Abstract

Purpose

This chapter reconsiders commonly held views on the ownership and management of private property, contrasting capitalist and simple property, particularly in relation to how a firm shareholder governance model has shaped society. This consideration is motivated by the scale and scope of the modern global crisis, which has combined financial, economic, social and cultural dimensions to produce world disenchantment.

Methodology/approach

By contrasting an exchange value standpoint with a use value perspective, this chapter explicates current conditions in which neither the state nor the market prevail in organising economic activity (i.e. cooperative forms of governance and community-created brand value).

Findings

This chapter offers recommendations related to formalised conditions for collective action and definitions of common guiding principles that can facilitate new expressions of the principles of coordination. Such behaviours can support the development of common resources, which then should lead to a re-appropriation of the world.

Practical implications

It is necessary to think of enterprises outside a company or firm context when reflecting on the end purpose and means of collective, citizen action. From a methodological standpoint, current approaches or studies that view an enterprise as an organisation, without differentiating it from a company, create a deadlock in relation to entrepreneurial collective action. The absence of a legal definition of enterprise reduces understanding and evaluations of its performance to simply the performance by a company. The implicit shift thus facilitates the assimilation of one with the other, in a funnel effect that reduces collective projects to the sole projects of capital providers.

Originality/value

Because forsaking society as it stands is a radical response, this historical moment makes it necessary to revisit the ideals on which modern societies build, including the philosophy of freedom for all. This utopian concept has produced an ideology that is limited by capitalist notions of private property.

Details

Finance Reconsidered: New Perspectives for a Responsible and Sustainable Finance
Type: Book
ISBN: 978-1-78560-980-0

Keywords

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