By Michel Aglietta
Michel Aglietta’s path-breaking publication is the 1st test at a rigorous ancient concept of the complete improvement people capitalism, from the Civil warfare to the Carter presidency. an important rfile of the “Regulation School” of heterodox economics, it was once got because the boldest publication in its box because the vintage reports of Paul Baran, Paul Sweezy and Harry Braverman.
This edition incorporates a huge postface by way of Aglietta, which situates legislation concept within the context of twenty-first-century capitalism.
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Additional info for A Theory of Capitalist Regulation: The US Experience (Radical Thinkers)
For in spite of the sharp rises and falls in the course of a cycle, in spite of crises, the needs of society are always satisﬁed more or less, reproduction continues on its complicated course, and productive capacities develop progressively. How can this take place, leaving cycles and crises out of consideration? Here the real question begins. The attempt to solve the problem of reproduction in terms of the periodical character of crises is fundamentally a device of vulgar economics, just like the attempt to solve the problem of value in terms of ﬂuctuations in demand and supply.
A despotic organisation of the plan of production may on occasion lead to similar phenomena. When in ancient Egypt Pharaoh’s will chained thousands of fellaheen for decades to the building of the pyramids; when in modern Egypt Ismail Pasha ordered 20,000 fellaheen to forced labour on the Suez Canal; or when, about two hundred years before Christ, the Emperor Shi Hoang Ti, founder of the Chin dynasty, allowed 400,000 people to perish of hunger and exhaustion and thus sacriﬁced a whole generation to his purpose of consolidating the Great Wall at China’s northern frontier, the result was always that vast stretches of arable land were left fallow and that regular economic life was interrupted for long periods.
Cambridge. 56 Hicks, Value and Capital, p. 302, note. Mr. Hicks himself, however, regards the increase in population as the mainspring. 57 Cf. A Survey of Contemporary Economics (ed. Ellis), p. 63. xxxvii Section I The Problem of Reproduction 1 THE OBJECT OF OUR INVESTIGATION Karl Marx made a contribution of lasting service to the theory of economics when he drew attention to the problem of the reproduction of the entire social capital. It is signiﬁcant that in the history of economics we ﬁnd only two attempts at an exact exposition of this problem: one by Quesney, the father of the Physiocrats, at its very inception; and in its ﬁnal stage this attempt by Marx.
A Theory of Capitalist Regulation: The US Experience (Radical Thinkers) by Michel Aglietta