Between structuralism and individualism

As Michael Pettis notes in his book The Great Rebalancing, economic, social and political forces, which include policy changes, all larger than the individual in society, can overwhelm or largely determine the incentives of the individual. Continue reading

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Marxism across academic study

Marxism has an influence in academic study far beyond economics and political economy, especially as social science has split into separate disciplines such as economics, political science, sociology etc. It retains more of an influence in the social sciences outside mainstream economics, as well as in various heterodox schools of economics. Continue reading

A short hop from left to right?

The emphasis of some Marxist political economists on the innate instability and injustice of the capitalist economy has suggested to me that it may not be a massive leap politically from the Marxist left analysis of capitalism to the free market right. This may sound a little odd, but Marxists often emphasise the production side of a capitalist economy as dominant over the consumption and distributional aspects. Continue reading