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The socialist political economy with Chinese characteristics is a systematic economic discipline, which theoretically summarises the socialist economic system and the path of economic development with Chinese characteristics. It is a systematic economic theory of adapting Marxism to the Chinese context. The theoretical system construction for the discipline of socialist political economy with Chinese characteristics is currently a major task.

From the perspective of disciplinary cognition, the theoretical system of the discipline of socialist political economy with Chinese characteristics includes the disciplinary attributes and connotations, theoretical basis, the origin of thoughts, major principles, logical starting point, main logic and problem-based study of major theoretical and practical issues.

Developing the discipline and building the theoretical system of the socialist political economy with Chinese characteristics, several major principles should be adhered to, including building the socialist political economy with Chinese characteristics on the basis of historical materialism; building the theoretical paradigm of socialist political economy with Chinese characteristics around the analysis of production relations; adhering to the people-centred principle; taking common prosperity as the main logic of the socialist political economy with Chinese characteristics; studying the major theoretical and practical issues of building the socialism with Chinese characteristics in the new era based on problems; and reflecting the innovative development of the discipline in the textbook, The Socialist Political Economy with Chinese Characteristics.

Disciplinary cognition involves the connotations, attributes, mission and development path of the discipline, which is related to how to construct the discipline system and is a significant part of the disciplinary construction.

The paper provides a detailed historical account of Douglass C. North's early intellectual contributions and analytical developments in pursuing a Grand Theory for why some countries are rich and others poor.

The author approaches the discussion using a theoretical and historical reconstruction based on published and unpublished materials.

The systematic, continuous and profound attempt to answer the Smithian social coordination problem shaped North's journey from being a young serious Marxist to becoming one of the founders of New Institutional Economics. In the process, he was converted in the early 1950s into a rigid neoclassical economist, being one of the leaders in promoting New Economic History. The success of the cliometric revolution exposed the frailties of the movement itself, namely, the limitations of neoclassical economic theory to explain economic growth and social change. Incorporating transaction costs, the institutional framework in which property rights and contracts are measured, defined and enforced assumes a prominent role in explaining economic performance.

In the early 1970s, North adopted a naive theory of institutions and property rights still grounded in neoclassical assumptions. Institutional and organizational analysis is modeled as a social maximizing efficient equilibrium outcome. However, the increasing tension between the neoclassical theoretical apparatus and its failure to account for contrasting political and institutional structures, diverging economic paths and social change propelled the modification of its assumptions and progressive conceptual innovation. In the later 1970s and early 1980s, North abandoned the efficiency view and gradually became more critical of the objective rationality postulate. In this intellectual movement, North's avant-garde research program contributed significantly to the creation of New Institutional Economics.

In this introduction to the special issue, ‘Marxist Thought in South Asia’, we detail the long history of Marxist politics and theorizing in South Asia and highlight the unique contributions and perspectives of South Asian Marxists to global Marxism. Three contributions we find particularly significant are (1) South Asian Marxists' approach to thinking about questions of capitalism, colonialism and imperialism, (2) the treatment of agrarian and feudal continuities in Marxist theories from South Asia and (3) unique South Asian contributions to theorizing caste from a Marxist perspective.

This chapter offers an introduction to two leading Sri Lankan Marxist political economists, S. B. D. de Silva and G. V. S. de Silva. By surveying their most influential writings – the 645-page book The Political Economy of Underdevelopment by S. B. D. de Silva and the pungent essays ‘Heretical Thoughts' and ‘Social Change’ by G. V. S. de Silva – -it traces the distinctive and provocative qualities of these two thinkers, especially concerning problems of development and underdevelopment. In doing so, it is argued that S. B. D. de Silva is best understood as a leading anti-imperialist political economist alongside Samir Amin, Immanuel Wallerstein and Giovanni Arrighi, distinguished by a classical Marxist focus on class struggle and relations of production in his narration of the ‘colonial mode of production’ in Sri Lanka. As for G. V. S. de Silva's erudite reflections on the trajectories of transition to capitalism and socialism as well as the prospects of social and economic development in countries emerging from pre-capitalist social formations in the wake of colonization, his remarkable attention to spatial questions at multiple scales – between country and city, colony and metropole – receives special attention. The conclusion underlines the sustained relevance of both de Silvas to making sense of the origins of the present crisis in Sri Lanka.

This essay charts an intellectual journey. Geoffrey M. Hodgson became an institutional economist in the 1980s. He explains how he discovered institutional economics and what strains of institutional thought were attractive for him. Another issue raised in this essay is how institutional researchers organize and move forward. Hodgson argues for an interdisciplinary approach, but this is not without its problems.

The popular uprising in Sri Lanka on July 9th, 2022, led to President Gotabaya Rajapaksa fleeing the country. It represented a stunning culmination of a wave of protests during the recent past. The proximate cause of the uprising was the worst economic crisis that Sri Lanka had experienced since the Great Depression of the 1930s. The breakdown was long in the making since the island nation became the first country in South Asia to take the neoliberal turn in the late 1970s. The dramatic collapse was catalyzed by a sovereign debt crisis with the onset of the COVID-19 pandemic and the war in Ukraine. Nevertheless, like all great revolts, it has led to a counter revolution by the ruling class, including the reconfiguration of the old regime.

We examine the tremendous consequences of recent events, both in terms of Sri Lanka's long history of struggles involving working people and the global unravelling underway. We explore whether Sri Lanka is a harbinger of more global political economic changes to come. The process includes the possibility of systemic resistance to financialization in the scores of countries in the Global South experiencing tremendous debt distress. In this regard, we ask whether Sri Lanka's revolt could yet become a revolution. To frame the potential implications, we turn to a deeper interrogation of classic Marxist theories and concepts.

The goal of this chapter is to reexamine the nature and structure of the military–industrial complex (MIC) through the works of John Kenneth Galbraith. MIC, or military power as he prefers, is a coalition of vested interests within the state and industry that promoted the military power in the name of “national security” for their interests. Galbraith’s theory of giant corporations helps us understand the role of military corporations in the MIC. Moreover, he is a critical scholar in examining this topic because he was a political insider in the Roosevelt, Kennedy, and Johnson administrations and a prominent public intellectual against the Vietnam War. Against this background, this chapter has three parts. After explaining the development of military Keynesianism with respect to the main economic thoughts, it examines the history of the MIC and its impact on economic priorities during and after the Cold War through Galbraith’s works. Finally, this chapter discusses MIC’s relevancy today and evaluates Galbraith’s prophecies.

This chapter presents a critical analysis of the wealth current practices of multinational firms as wealth predators; and relevant references from the theory of multinational corporations and globalization from a Marxist perspective. The Marxist approach has also contributed to a theory of the self-expansion of capital (internationalization of the circuits of capital) on a global scale, within an analysis of the differentiation and of inequality.