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Book part
Publication date: 5 July 2005

W.Paul Cockshott and Allin Cottrell

We revisit the model of socialism proposed in our Towards a New Socialism (1993) and attempt to answer various questions that have been raised regarding the connection…

Abstract

We revisit the model of socialism proposed in our Towards a New Socialism (1993) and attempt to answer various questions that have been raised regarding the connection between our view of socialism and our perspective on capitalism, the process of transition to socialism, the failings of the Soviet model, the relationship between socialism and communism, the role of direct democracy under socialism, and the use of labor-time calculation in a socialist economy. We argue that the contradictions of capitalist property relations, and of the accumulation process on a world scale, are set to present once again the necessity of the abolition of private property during the 21st century, and offer some thoughts on transitional forms that could implement this abolition. We defend the ideas of direct democracy and economic calculation in terms of labor time, and argue that these elements distinguish our proposals from the Soviet model. We trace the demise of the latter both to specifics of the Russian situation and to more general problems of Leninism, notably Lenin’s conception of the council state, and of socialism as a long period during which the productive forces are built up in preparation for an eventual communism.

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The Capitalist State and Its Economy: Democracy in Socialism
Type: Book
ISBN: 978-0-76231-176-7

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Book part
Publication date: 5 July 2005

Abstract

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The Capitalist State and Its Economy: Democracy in Socialism
Type: Book
ISBN: 978-0-76231-176-7

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Book part
Publication date: 5 July 2005

Abstract

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The Capitalist State and Its Economy: Democracy in Socialism
Type: Book
ISBN: 978-0-76231-176-7

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Book part
Publication date: 17 July 2006

Fletcher Baragar

For Marxists, the present controversies are rooted in Marx's own development and exposition of the labor theory of value, especially its presentation in Volumes I (Marx

Abstract

For Marxists, the present controversies are rooted in Marx's own development and exposition of the labor theory of value, especially its presentation in Volumes I (Marx, 1954 [1867]) and III of Capital. As is well known, in Volume I, Marx begins with his analysis of commodities, emphasizing the role of human labor in both its concrete and abstract aspects, and from that he develops (1) the concepts of (exchange) value, of socially necessary labor time, and of its expression in the form of money and the distinction between value and price; (2) the concepts of capital and of surplus value; and (3) the concept of the commodity labor power. With these concepts, his analysis of capitalist production lays bare the nature of capitalist exploitation and links the phenomenon of profit to surplus value (i.e., the unpaid labor time of productive workers). In Parts I and II of Volume III, Marx, explicitly allowing for the interplay of many different capitals, endeavors to show how surplus value is converted into profit, how the rate of surplus value is converted into the rate of profit, how the general rate of profit is formed, and how the values of commodities are transformed into prices of production. He claimed that the transformation preserved the following equalities: total value=total prices; total surplus value=total profits; and, the rate of profit=the rate of surplus value. Marx's presentation of this material in Volume III is, unfortunately, quite rough, since this material is comprised of manuscripts that he had prepared prior to the publication of Volume I in 1867. These manuscripts were not, however, in a final, finished state, and unfortunately Marx never got around to getting them ready for publication.

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Research in the History of Economic Thought and Methodology
Type: Book
ISBN: 978-0-76231-349-5

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Book part
Publication date: 17 June 2009

Lefteris Tsoulfidis and Dimitris Paitaridis

This paper subjects to empirical testing the standard (based on the notion of vertical integration) method for the estimation of labor values and prices of production…

Abstract

This paper subjects to empirical testing the standard (based on the notion of vertical integration) method for the estimation of labor values and prices of production against an alternative one known as the Temporary Single-System Interpretation (TSSI), an approach that finds strong support among a new generation of researchers. Our empirical findings from the Canadian economy suggest that both methods give rise to estimates of labor values and prices of production that are surprisingly close to observed prices. Further examination however reveals that the TSSI contradicts some of the basic tenets of logical consistency of the theory that indents to vindicate. These results lend support to the standard Marxian theory, and the estimating methods associated with it constitute a fertile ground for further research.

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Why Capitalism Survives Crises: The Shock Absorbers
Type: Book
ISBN: 978-1-84855-587-7

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Book part
Publication date: 29 April 2013

Julian Wells

Popular understandings of the financial crisis tend to focus on the rents extracted by elite personnel in the financial sector. Professional discussions, however, have…

Abstract

Popular understandings of the financial crisis tend to focus on the rents extracted by elite personnel in the financial sector. Professional discussions, however, have addressed the faulty assumptions underlying theory and practice – in particular, the assumption that returns to financial assets follow the Gaussian distribution, in the face of much empirical evidence that these have power law distributions with far higher kurtosis. It turns out that the power law tails of returns to financial assets are also a feature of the distribution of company rates of profit, a discovery that stems from proposals to ‘dissolve’ the traditional transformation problem by abandoning the condition of a uniform rate of profit and instead considering its distribution.Marx himself was aware of the importance of considering the distributional properties of economic variables, based on his reading of Quetelet. In fact, heavy-tailed distributions characterise a wide range of variables in capitalist economies, the best-known probably being the Paretian tail component in distributions of income and wealth. Nor is this simply an empirical fact – such distributions emerge readily from a range of agent-based simulations.Capitalist economies are, in a particular technical sense, complex self-organising systems perpetually on the brink of crisis. This modern understanding is prefigured in Marx’s discussion of how the compulsive character of social relations emerges from the atomistic exercise of human free will in commercial society. The developing literature of probabilistic Marxism successfully applies these insights to the wider fields of econophysics and complexity, demonstrating the continuing relevance of Marx’s thought.

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Contradictions: Finance, Greed, and Labor Unequally Paid
Type: Book
ISBN: 978-1-78190-671-2

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Book part
Publication date: 8 May 2004

Andrew J. Kliman

During the last two decades, many Marxian economists have brought forth empirical evidence that supposedly supports a version of the “labor theory of value” that Marx…

Abstract

During the last two decades, many Marxian economists have brought forth empirical evidence that supposedly supports a version of the “labor theory of value” that Marx rejected, namely the theory that individual commodities’ prices tend to equal their values. However, recent studies have challenged this conclusion. The present paper offers additional evidence and arguments against it. Firstly, the theory in question implies that prices will be higher, ceteris paribus, in industries in which variable capital is a relatively large component of total cost, but regression analysis of U.S. data compels us to reject this hypothesis. Secondly, although sectoral values and prices are very strongly correlated, simulation results indicate that the observed correlations are no higher than the correlations that can be obtained by aggregation, even if the disaggregated values and prices are uncorrelated and extremely far apart. Finally, many studies have found that average price-value deviations are small, but it is shown here that this finding is meaningless, since aggregation of the data tends systematically to reduce measures of average deviation.

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Neoliberalism in Crisis, Accumulation, and Rosa Luxemburg's Legacy
Type: Book
ISBN: 978-0-76231-098-2

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Article
Publication date: 1 September 2000

J. Paul Siebert and Stephen J. Marshall

Describes a non‐contact optical sensing technology called C3D that is based on speckle texture projection photogrammetry. C3D has been applied to capturing all‐round 3D…

Abstract

Describes a non‐contact optical sensing technology called C3D that is based on speckle texture projection photogrammetry. C3D has been applied to capturing all‐round 3D models of the human body of high dimensional accuracy and photorealistic appearance. The essential strengths and limitation of the C3D approach are presented and the basic principles of this stereo‐imaging approach are outlined, from image capture and basic 3D model construction to multi‐view capture and all‐round 3D model integration. A number of law enforcement, medical and commercial applications are described briefly including prisoner 3D face models, maxillofacial and orofacial cleft assessment, breast imaging and foot scanning. Ongoing research in real‐time capture and processing, and model construction from naturally illuminated image sources is also outlined.

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Sensor Review, vol. 20 no. 3
Type: Research Article
ISSN: 0260-2288

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Article
Publication date: 1 November 1913

Well‐founded complaint has recently been made concerning the characters of the various forms of “candy,” or, as we should term them, “sweets,” that are manufactured in…

Abstract

Well‐founded complaint has recently been made concerning the characters of the various forms of “candy,” or, as we should term them, “sweets,” that are manufactured in great quantities in the United States.

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British Food Journal, vol. 15 no. 11
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 1 July 1946

This report is addressed to the Health Committee of the City of Salford and the associated boroughs of Eccles and Stretford, on whose behalf the analytical examinations…

Abstract

This report is addressed to the Health Committee of the City of Salford and the associated boroughs of Eccles and Stretford, on whose behalf the analytical examinations were made, the account of which form the basis of the report. It is stated that the number of samples of foods and drugs examined during the year 1945 is the highest for any year since the laboratory was opened in 1914. The number is 3,754. It includes 948 sunlight tests. We judge that the demands made on the time of the laboratory could not be met, as the report points out that the phosphatase tests so increased in number—292—that the sunlight tests had to be discontinued for several months in the year. The smoke versus sunshine problem is acute and unsolved in all large manufacturing centres. Manchester, for example, is said to lose half its share of winter sunshine through its smoke‐polluted air. While the purity of water supply in all large centres of population is fortunately assured, the administrative and technical difficulties of clearing the air from suspended impurities are of a different order and very great. Apart from factories and workshops, everyone who lights a fire to cook a breakfast adds, of necessity, to the volume of acrid filth surging in the air overhead. The figures given illustrate this. The soot gauge records from four stations show monthly averages of from 5·60 to 8·85 metric tons of soot per square kilometre or say from 15 to 20 odd long tons per square mile. A high proportion of this stuff consists of carbonaceous matter, other than tar, and ash. In addition to this there are gaseous sulphur compounds, acid in character.

Details

British Food Journal, vol. 48 no. 7
Type: Research Article
ISSN: 0007-070X

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