Radical Political Economy

Reformulating radical political economy, this book argues that Marxist theories of capitalism must learn both from the problems of socialism and, more controversially, from the experience of liberalism. Andrew Sayer is the author of "Method In Social Science: A Realist Approach". With the rise of the New Right, the demise of state socialism, and the development of concerns over the nature of modernity, the reception of Marxist and radical theories of capitalist society has become, to say the least, skeptical. In this book Andrew Sayer rethinks and reformulates radical political economy. The author argues that Marxist theories of capitalism must learn both from the problems of socialism and, more controversially, from liberalism. In a major critique of Marxist and post-Marxist political economy he argues that one of its central problems may be traced to its treatment of the apparently innocuous concept of division of labor. This has led, he shows, to a confusion of the effects of markets and property relations. In consequence explanations of uneven development and of the distribution of power in advanced economies are flawed. The author illustrates the argument by reference to the study of uneven spatial development. He concludes by outlining the constructive potential for a dialoge between radical political economy and liberal thought, and between critical social science and normative political philosophy. Written in the author's characteristically direct and accessible style, this book will be widely read by students of contemporary capitalism and political economy in many disciplines. With the rise of the New Right, the demise of state socialism, and the development of concerns over the nature of modernity, the reception of Marxist and radical theories of capitalist society has become, to say the least, skeptical. In this book Andrew Sayer rethinks and reformulates radical political economy. The author argues that Marxist theories of capitalism must learn both from the problems of socialism and, more controversially, from liberalism. In a major critique of Marxist and post-Marxist political economy he argues that one of its central problems may be traced to its treatment of the apparently innocuous concept of division of labor. This has led, he shows, to a confusion of the effects of markets and property relations. In consequence explanations of uneven development and of the distribution of power in advanced economies are flawed. The author illustrates the argument by reference to the study of uneven spatial development. He concludes by outlining the constructive potential for a dialoge between radical political economy and liberal thought, and between critical social science and normative political philosophy. Written in the author's characteristically direct and accessible style, this book will be widely read by students of contemporary capitalism and political economy in many disciplines.

For too long radical political economy has suffered for lack of a coherent alternative to formal Marxian economic theory. People have had to choose between (1) continuing to use a formal model based on the labor theory of value as Marx developed in Capital to justify and retain one’s opposition to capitalism, or (2) abandoning the formal Marxian framework as outdated, and risk losing a critical evaluation of capitalism. Radical Political Economy: Sraffa Versus Marx provides readers with a third choice. A point-by-point comparison of Sraffian and Marxian treatments of prices, profits, technological change, economic crises, environmental sustainability, and the moral case against capitalism, are presented in six core chapters. They explain how the Sraffian treatment surpasses the formal Marxian treatment in every case. Both Marxian and Sraffian theories are presented in a highly accessible way, while large professional literatures are thoroughly referenced throughout. Marx was not the first, but remains the greatest, critic of capitalism, and richly deserves his place in history. However it is time to use intellectual tools unavailable to Marx in the nineteenth century to improve upon his formal analysis. This book is of great importance to those who study Sraffa and Marx, as well as academics and students who are interested in political economy, the history of economic thought, and economic and philosophical theory.