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simonator's review
informative
fast-paced
5.0
Exceptionally clear explanation of Marxian economics. Still reads very well.
historicalmaterialgirl's review
challenging
informative
slow-paced
4.5
Though this was hard and confusing at times, I feel like I understand sooooo much more now and understand better. This was a really good follow up to Principles of Communism.
I feel like my overall understanding of how capitalist economy works is stronger after this. Like, I understand now why there's a recession every 5 years (because of overproduction of something that's selling well, no more demand for it but all these extra products out leading to wasted money so people get fired), or how unpaid labor is essential to the 1% making a profit, or how the government helps protect capitalism through social security and technological innovation. I really really think other people would benefit reading this!! Just be prepared to reread things and take your time with it.
I feel like my overall understanding of how capitalist economy works is stronger after this. Like, I understand now why there's a recession every 5 years (because of overproduction of something that's selling well, no more demand for it but all these extra products out leading to wasted money so people get fired), or how unpaid labor is essential to the 1% making a profit, or how the government helps protect capitalism through social security and technological innovation. I really really think other people would benefit reading this!! Just be prepared to reread things and take your time with it.
tgestabrook's review
4.0
A very accessible crash course in the basics of Marxist theory. Not a replacement for reading Marx himself, but fine as an introduction, companion, or refresher.
The second half of the book deals with "neo-capitalism" and (from the perspective of 2017) is somewhat less interesting. Though his account of the Keynesianism of the 40s - 60s is probably very astute, he doesn't anticipate the rise of neoliberalism and thus only has a limited amount to say about the form capitalism has taken today.
The second half of the book deals with "neo-capitalism" and (from the perspective of 2017) is somewhat less interesting. Though his account of the Keynesianism of the 40s - 60s is probably very astute, he doesn't anticipate the rise of neoliberalism and thus only has a limited amount to say about the form capitalism has taken today.
carlosmartinez's review
5.0
Rounded up from 4.5 stars.
The first three-quarters of this book provide a very solid, easy-to-understood introduction to the key concepts of Marxist economics. Really helped to solidify what I learned reading [b:Capital: Volume 1: A Critique of Political Economy:|28438597|Capital Volume 1 A Critique of Political Economy (Illustrated)|Karl Marx|https://i.gr-assets.com/images/S/compressed.photo.goodreads.com/books/1451824547l/28438597._SY75_.jpg|345846], and introduced some ideas that don't appear until volumes 2 and 3 (which, let's face it, hardly anyone reads): specifically, equalisation of the rate of profit, the tendency of the rate of profit to fall, and crises of overproduction.
The last quarter introduces Mandel's hypotheses about 'neo-capitalism'. These are certainly interesting, but a lot more contentious, and some of them I wasn't really convinced by. For example, he makes a big thing about the inflationary effect of increased military spending, since it creates jobs (and provides wages) but doesn't put new products on the market. Is this unique to military spending? Not sure.
Also the book was written in 1967, so during what might have been 'neo-capitalism' then but is now considered the Keynesian 'golden age', before the emergence of global value chains and the near-complete victory of neoclassical economics via neoliberalism. As such, its attempt to update Marxism is, well, dated.
But those little weaknesses aside, it's a very worthwhile book and I wouldn't hesitate to recommend it.
The first three-quarters of this book provide a very solid, easy-to-understood introduction to the key concepts of Marxist economics. Really helped to solidify what I learned reading [b:Capital: Volume 1: A Critique of Political Economy:|28438597|Capital Volume 1 A Critique of Political Economy (Illustrated)|Karl Marx|https://i.gr-assets.com/images/S/compressed.photo.goodreads.com/books/1451824547l/28438597._SY75_.jpg|345846], and introduced some ideas that don't appear until volumes 2 and 3 (which, let's face it, hardly anyone reads): specifically, equalisation of the rate of profit, the tendency of the rate of profit to fall, and crises of overproduction.
The last quarter introduces Mandel's hypotheses about 'neo-capitalism'. These are certainly interesting, but a lot more contentious, and some of them I wasn't really convinced by. For example, he makes a big thing about the inflationary effect of increased military spending, since it creates jobs (and provides wages) but doesn't put new products on the market. Is this unique to military spending? Not sure.
Also the book was written in 1967, so during what might have been 'neo-capitalism' then but is now considered the Keynesian 'golden age', before the emergence of global value chains and the near-complete victory of neoclassical economics via neoliberalism. As such, its attempt to update Marxism is, well, dated.
But those little weaknesses aside, it's a very worthwhile book and I wouldn't hesitate to recommend it.
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