This volume analyzes two decisive factors that have become embedded in the world spread of capitalism, a shift toward dominance of the financial sector, now entailing massive greed and calling into question whether the 'rules' of capitalism have been broken, and of global wage differentials so deep
that recognition of a labor aristocracy cannot be avoided. These chapters are supplemented by two additional showing that gold still regulates the dollar's value, and that unpaid reproductive labor of women adversely affects labor productivity. Analysis of finance engenders discussion of its place
in value theory, posed around the rate of profit, and is more complex than often presented. Furthermore, the varying rates of profit at the firm level, not just for financials, are distributed in a manner exhibiting more frequent extreme cases than a Bell-curve would suggest. Implications for
incorporation of randomization into political economy are drawn. The final chapters provide evidence that Marx was more correct than Kalecki and Minsky when arguing the lead of profits for investment, and that product innovations can mitigate problems of over-production resulting from process
innovations.
This volume begins with an introduction to Marx's theory of capitalism in his own words, with his examples modernized from use of shillings and pence as subdivisions of the Pound. Well-known 1901 work on the theory of crises in capitalism by Michael Tugan-Baranowsky is translated into English for
the first time, with a Preface placing it in context. The political activism and theoretical work of Henryk Grossman through 1926 is summarized in some detail, and a rarely-known brief article of his from 1919 included. Ambiguity in Marx's definition of accumulation of capital and the differing
directions Lenin and Luxemburg took with it are next analyzed, with a more precise definition offered. Debate, begun in the last volume, over the valuation of means of production and its effect on the possibility of a falling tendency of the profit rate is taken a step forward as contrasting
positions are developed. Finally, credit money as an advanced form of money is analyzed and the post-Keynesian analysis of it, originating from Kaldor, subject to critique. Several theories of inflation theory are reviewed, with focus on the agencies causing inflation. A rediscovery of Marxian
inflation theory is proposed.
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