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Marx or Hicks? Structural Proportions and Crisis: The Transition from the First to the Third Volume of Capital

In: Marxian Economics: A Reappraisal

Author

Listed:
  • Joseph Halevi
  • Peter Kriesler

Abstract

Two fundamental aspects of modem capitalist economies are not adequately treated in volume III of Capital. The first of these, the monopolistic stage of capitalism, is not discussed in any of the volumes. Instead there is an emphasis on competitive capitalism, governed by a tendency towards a uniform rate of profit, which, according to Marx, provides capitalism with its long-run dynamic. The second feature is the role of structural and sectoral adjustment in the dynamic growth process. Here the problem lies mainly with volumes I and III, as volume II embarks on an embryonic consideration of the issues in its treatment of the reproduction schemes.

Suggested Citation

  • Joseph Halevi & Peter Kriesler, 1998. "Marx or Hicks? Structural Proportions and Crisis: The Transition from the First to the Third Volume of Capital," Palgrave Macmillan Books, in: Riccardo Bellofiore (ed.), Marxian Economics: A Reappraisal, chapter 13, pages 194-205, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-26121-5_13
    DOI: 10.1007/978-1-349-26121-5_13
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    Cited by:

    1. G. C. Harcourt & Peter Kriesler, 2014. "Michał Kalecki and Rosa Luxemburg on Marx’s Schemes of Reproduction: Two Incisive Interpreters of Capitalism," Palgrave Studies in the History of Economic Thought, in: Riccardo Bellofiore & Ewa Karwowski & Jan Toporowski (ed.), The Legacy of Rosa Luxemburg, Oskar Lange and Michał Kalecki, chapter 1, pages 9-18, Palgrave Macmillan.

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