WORLD REVIEW OF POLITICAL ECONOMY Volume 10 • Number 3 • Autumn 20219

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Notes on Michio Morishima’s Understanding of Marxian Economics

Xian Zhang

Abstract: Michio Morishima’s recapitulation and study of Marxian economics by means of mathematical methods focus primarily on the typical themes such as the labor theory of value, the theory of exploitation, the transformation problem, the theory of reproduction and so on, which provides a new mathematical perspective for understanding Marxian economics. However, Morishima’s understanding of Marxian economics is full of contradictions: on the one hand, he speaks highly of Marxian economics, believing that Marx has conducted pioneering work in and made innovative contributions to general equilibrium theory, dynamic general equilibrium theory, contemporary economic growth theory, input–output analysis and the dual dualities of commodity production society and the like important fields and front subjects of modern economics, in particular Morishima, employing mathematical methods, has proved the objectivity of values and the sufficiency and necessity of exploitation to capitalism; on the other hand, Morishima attempts to integrate Marxian economics into orthodox economics, and finally contends abandoning the labor theory of value, the theory of exploitation (the theory of surplus value) and the theory of the breakdown of capitalism. The work of Morishima shows that formalized Marxian economics must follow the logic of Marxian economics, otherwise, replacing the logic of economics with the logic of mathematics will lead to erroneous results.

Keywords: Michio Morishima, Marxian economics, formalization, the logic of economics, the logic of mathematics, critical thinking

How Feasible are Jack Ma’s Proposals for Computerized Planning?

Paul Cockshott

Abstract: The use of linear optimization for the construction of economic plans was first introduced by Kantorovich with an algorithm similar to those later developed in the West by Danzig. In recent years linear optimization packages have become readily available on desktop computers, an example being the lp-solve system. In this paper I first show how the lp-solve package can be used to construct macro-economic plans starting from information in IO table. I then examine the empirical computational complexity of the package in dealing with this sort of problem. This will show that the complexity is too great to allow the package to be applied to highly disaggregated IO tables. As an alternative to lp-solve I explain the Harmony algorithm and how that can be extended to the problem of multi-year plans. Performance measurements are given which indicated that the Harmony algorithm has a markedly lower computational complexity than lp-solve, making it more suitable for highly disaggregated plans.

Keywords: socialist-planning, Kantorovich, complexity

The Theory of Factions in Monopoly Capital

Richard Corell and Ernst Herzog

Abstract: Kurt Gossweiler has become known as one of the most important German researchers on fascism. Particularly his books The Röhm AffairBig Banks, Industrial Monopolies, State: Economy and Policy of the State Monopolistic Capitalism in Germany 1914–1932 and Capital, Reichswehr and NSDAP: To the Early History of German Fascism 1919–1924 are found as reference books also in Western German university libraries, despite Gossweiler’s main merit: having irrefutably hammered out the class character of fascism analyzing the factions in German monopoly capitalism. After 1989, after the incorporation of the socialist German Democratic Republic (GDR), he devoted himself to researching the causes of the collapse of the Soviet Union and its impact with focus on revisionism.

Keywords: Kurt Gossweiler, factions of German monopoly capital, fascism, German imperialism

Capital Outflow and the Place of Russia in Core–Periphery Relationships

Oleg Komolov

Abstract: The problem of capital outflow from the Russian economy is considered in three aspects: export of capital, flight of capital and drain of capital. Permanent net capital outflow through private and public channels allows the state to devalue the ruble and create a favorable environment for export-oriented mining industries. This circumstance, firstly, inhibits the qualitative growth of the Russian economy, and secondly, is a sign of its peripheral nature in the global capitalism.

Keywords: export of capital, flight of capital, drain of capital, core-periphery relations, unequal exchange

The Role of Chinese Financial Industry in Promoting Reform and Opening up and Serving the Real Economy in the New Era

Jiaxin Zhang and Qingqi Wang

Abstract: Finance plays an important role in the economic development of the new era. In the historical process of further deepening reform and opening up, the financial industry should upgrade the level of supervision and strengthen the ability of risk prevention so as to realize the strategic goal of serving the real economy. Based on background, it’s necessary to analyze the limited openness and protectionist behavior of the financial industry in developed countries, and then review the important achievements of Chinese financial industry in opening up and reform. In the new historical period, China should attach great importance to the work of financial security from the basic national conditions, improve the level of supervision and risk prevention, strengthen abilities of technological innovation, especially gradually expand the two-way reciprocal opening in the financial field, and introduce social capital into the real economy through deepening reform and effective use of financial means, so that finance can return to serving the real economy. The aim is to promote the healthy development of the national economy in the new era, and constantly improve Chinese comprehensive competitiveness in the world economic system.

Keywords: reform and opening up, financial industry, financial security, real economy, risk prevention

Aesthetics and the Economic Beauty of Socialism

Linan Li

Abstract: Some scholars have studied economic beauty with the lack of overall, systematic ideas. Basing on the previous research, this article focuses on the economic beauty and socialist economic beauty, and discusses the concept and characteristics of economic beauty. According to the definition and characteristics of economic beauty, the alienation of economic beauty appears in capitalist economic activities, which is rooted in capitalist production relations, and existed in its economic activities. Socialist economy avoids the problem of alienation of capitalist economic beauty. The value, humanistic care, and belief in truth, goodness and beauty in socialist economy are of great theoretical and practical significance.

Keywords: economic beauty, economic aesthetics, economic beauty of socialism

In Search of “Greener Pitches”: African Footballers and Labor Market Migration in European Football

Iwebunor Okwechime and Olumide A. Adetiloye

Abstract: This article examines the migration of African, including Nigerian, footballers to Europe in search of better professional opportunities. The paper situates the migration of Nigerian footballers to European football clubs in the political economy of international football and the location of African footballers in that context. The search for “greener pitches” among African footballers is, the paper argues, largely a product of a combination of political and economic factors, central to which is the neoliberal market ideology underlain by globalization and the technological breakthroughs in information and communications technology, and the massive developments that the world has witnessed in the transportation system. The paper highlights how the role of international organizations like FIFA, UEFA and CAF has led to the emergence of unscrupulous elements whose activities have served to undermine the growth and development of African football. By way of conclusion, the article suggests that unless these apex governing bodies of world football join forces, the exploitation of aspiring young African footballers seeking to migrate to Europe will persist, with grave implications for the development of the “beautiful game” in Africa.

Keywords: Greener pitches, African football, African footballers, commoditization, European football


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