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This paper analyzes the contradictions in the process of accumula tion in the context of backwardness, looking in detail at the Peruvian economy over an eight year period. A general theoretical framework is developed in which the barrier to accumulation is derived from the sphere of production, following the method of Marx (a fuller development of this analysis is found in a forthcom ing joint work by Elizabeth Dore and John Weeks). The economic crises of 1967- 1969 and 1975 to the present are explained in terms of this theoretical analysis. Annual and quarterly data are employed to describe the form of these crises. It is argued that these crises are not the result of deficiencies in demand, either in the domestic market or in exports, but result from fundamental contradictions in the sphere of production. It is these contradictions which gave rise to the coup of 1968, in which the local industrial capitalist class seized power from an alliance of financial and exporting capitalists and pre-capitalist expropriators.

Introduction: debt, deficits and austerity -- We must live within our means -- Governments must balance their books -- We must tighten our belts -- Don't go into debt -- Taxes are a burden -- Austerity: there is no alternative -- Always an alternative.

How much do economists really know? In most cases, they claim to have profound knowledge but in fact understand little and obscure almost everything. Most people are convinced that economics should be left to the 'experts', when they themselves are perfectly capable of understanding it. This book explains that mainstream economics serves the interests of the rich through its logical inconsistency and unabashedly reactionary conclusions. John F. Weeks exposes the myths of mainstream economics and explains in straightforward language why current policies fail to serve the vast majority of people in the United States, Europe and elsewhere. Their failure to serve the interests of the many results from their devoted service to the few

Professor Weeks proposes that the key to Marx's critique of capitalist society is the labor theory of value. A commodity-producing society, he argues, necessarily gives rise to a capitalist society, so that commodity production and the exploitation of labor are inseparably linked. Originally published in 1982. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These paperback editions preserve the original texts of these important books

Professor Weeks proposes that the key to Marx's critique of capitalist society is the labor theory of value. A commodity-producing society, he argues, necessarily gives rise to a capitalist society, so that commodity production and the exploitation of labor are inseparably linked. Originally published in 1982. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These paperback editions preserve the original texts of these important books.

COVER -- TITLE PAGE -- CONTENTS -- INTRODUCTION -- Chapter 1 EARLY DEVELOPMENTS -- Chapter 2 EUROPE 1940 -- Chapter 3 CRETE 1941 -- Chapter 4 NORTH AFRICA AND SICILY 1941-43 -- Chapter 5 THE PACIFIC 1942-45 -- Chapter 6 NORTH-WEST EUROPE 1944-45 -- Chapter 7 FAR EAST 1950S -- Chapter 8 MIDDLE EAST AND THE CONGO 1950S AND 1960S -- Chapter 9 VIETNAM -- Chapter 10 CONCLUSION: INTO THE 1980s -- GLOSSARY -- BIBLIOGRAPHY -- ACKNOWLEDGEMENTS -- ABOUT THE AUTHOR -- IMPRINT

pt. 1. Methodology of the neoclassical macro model -- pt. 2. Paradigm lost : the basic neoclassical model -- pt. 3. A critique of self-adjusting full employment -- pt. 4. So-called open economy analysis -- pt. 5. Paradigm regained : reclaiming policy.

In 2008 the capitalist world was swept by the severest crisis since the Great Depression of the 1930s. Mainstream economics neither anticipated nor could account for this disastrous financial crisis, which required massive state intervention throughout the capitalist world. Karl Marx did anticipate this type of financial collapse, arguing that it was derivative from the 'fetishism of commodities' inherent in the capitalist mode of production. This book substantiates the foregoing claim by a journey from Marx's analysis of commodities to the capitalist crisis of the twenty-first century

In 2008 the capitalist world was swept by the severest crisis since the Great Depression of the 1930s. Karl Marx anticipated this type of financial collapse, arguing that it was derivative from the 'fetishism of commodities' inherent in the capitalist mode of production. This book substantiates the foregoing claim by a journey from Marx's analysis of commodities to the capitalist crisis of the twenty-first century.

The purpose of this book is to provide a critique of the standard neoclassical macroeconomic model. This model is the basis of certain "parables" which play a major role in policy-making and in the way that the layman conceives of economic policy and management.