Marx, Engels, and Marxisms

Series EditorsMarcello MustoYork University

Toronto, ON, Canada

Terrell CarverUniversity of Bristol

Bristol, UK

The Marx renaissance is underway on a global scale. Wherever the critique of capitalism re-emerges, there is an intellectual and political demand for new, critical engagements with Marxism. The peer-reviewed series Marx, Engels and Marxisms (edited by Marcello Musto & Terrell Carver, with Babak Amini and Kohei Saito as Assistant Editors) publishes monographs, edited volumes, critical editions, reprints of old texts, as well as transla-tions of books already published in other languages. Our volumes come from a wide range of political perspectives, subject matters, academic dis-ciplines and geographical areas, producing an eclectic and informative col-lection that appeals to a diverse and international audience. Our main areas of focus include: the oeuvre of Marx and Engels, Marxist authors and traditions of the 19th and 20th centuries, labour and social move-ments, Marxist analyses of contemporary issues, and reception of Marxism in the world.

More information about this series at http://www.palgrave.com/gp/series/14812

Shaibal Gupta • Marcello Musto Babak Amini

Editors

Karl Marx’s Life, Ideas, and Influences

A Critical Examination on the Bicentenary

ISSN 2524-7123 ISSN 2524-7131 (electronic)Marx, Engels, and MarxismsISBN 978-3-030-24814-7 ISBN 978-3-030-24815-4 (eBook)https://doi.org/10.1007/978-3-030-24815-4

© The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature Switzerland AG 2019This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed.The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use.The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

Cover illustration: © petekarici / Getty Images

This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG.The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland

EditorsShaibal GuptaAsian Development Research InstitutePatna, Bihar, India

Babak AminiLondon School of EconomicsLondon, UK

Marcello MustoDepartment of SociologyYork UniversityToronto, ON, Canada

v

The Marx revival

The Marx renaissance is under way on a global scale. Whether the puzzle is the economic boom in China or the economic bust in ‘the West’, there is no doubt that Marx appears regularly in the media nowadays as a guru, and not a threat, as he used to be. The literature dealing with Marxism, which all but dried up twenty-five years ago, is reviving in the global con-text. Academic and popular journals and even newspapers and online jour-nalism are increasingly open to contributions on Marxism, just as there are now many international conferences, university courses and seminars on related themes. In all parts of the world, leading daily and weekly papers are featuring the contemporary relevance of Marx’s thought. From Latin America to Europe, and wherever the critique to capitalism is re- emerging, there is an intellectual and political demand for a new critical encounter with Marxism.

Types of publicaTions

This series brings together reflections on Marx, Engels and Marxisms from perspectives that are varied in terms of political outlook, geographi-cal base, academic methodologies and subject-matter, thus challenging many preconceptions as to what ‘Marxist’ thought can be like, as opposed to what it has been. The series will appeal internationally to intellectual communities that are increasingly interested in rediscovering the most powerful critical analysis of capitalism: Marxism. The series editors will

series foreword

vi SERIES FOREWORD

ensure that authors and editors in the series are producing overall an eclec-tic and stimulating yet synoptic and informative vision that will draw a very wide and diverse audience. This series will embrace a much wider range of scholarly interests and academic approaches than any previous “family” of books in the area.

This innovative series will present monographs, edited volumes and critical editions, including translations, to Anglophone readers. The books in this series will work through three main categories:

Studies on Marx and EngelsThe series will include titles focusing on the oeuvre of Marx and Engels which utilize the scholarly achievements of the on-going Marx-Engels Gesamtausgabe, a project that has strongly revivified the research on these two authors in the past decade.

Critical Studies on MarxismsThese volumes will awaken readers to the overarching issues and world- changing encounters that shelter within the broad categorization ‘Marxist’. Particular attention will be given to authors such as Gramsci and Benjamin, who are very popular and widely translated nowadays all over the world, but also to authors who are less known in the English- speaking countries, such as Mariátegui.

Reception Studies and Marxist National TraditionsPolitical projects have necessarily required oversimplifications in the twen-tieth century, and Marx and Engels have found themselves ‘made over’ numerous times and in quite contradictory ways. Taking a national per-spective on ‘reception’ will be a global revelation and the volumes of this series will enable the worldwide Anglophone community to understand the variety of intellectual and political traditions through which Marx and Engels have been received in local contexts.

Toronto, Canada Marcello MustoBristol, UK Terrell Carver

vii SERIES FOREWORD

TiTles published

1. Terrell Carver & Daniel Blank, A Political History of the Editions of Marx and Engels’s “German Ideology” Manuscripts, 2014.

2. Terrell Carver & Daniel Blank, Marx and Engels’s “German Ideology” Manuscripts: Presentation and Analysis of the “Feuerbach chapter”, 2014.

3. Alfonso Maurizio Iacono, The History and Theory of Fetishism, 2015. 4. Paresh Chattopadhyay, Marx’s Associated Mode of Production: A Critique of

Marxism, 2016. 5. Domenico Losurdo, Class Struggle: A Political and Philosophical History, 2016. 6. Frederick Harry Pitts, Critiquing Capitalism Today: New Ways to Read

Marx, 2017. 7. Ranabir Samaddar, Karl Marx and the Postcolonial Age, 2017. 8. George Comninel, Alienation and Emancipation in the Work of Karl

Marx, 2018. 9. Jean-Numa Ducange & Razmig Keucheyan (Eds.), The End of the Democratic

State: Nicos Poulantzas, a Marxism for the 21st Century, 2018. 10. Robert Ware, Marx on Emancipation and the Socialist Transition: Retrieving

Marx for the Future, 2018. 11. Xavier LaFrance & Charles Post (Eds.), Case Studies in the Origins of

Capitalism, 2018. 12. John Gregson, Marxism, Ethics, and Politics: The Work of Alasdair

MacIntyre, 2018. 13. Vladimir Puzone & Luis Felipe Miguel (Eds.), The Brazilian Left in the 21st

Century: Conflict and Conciliation in Peripheral Capitalism, 2019. 14. James Muldoon & Gaard Kets (Eds.), The German Revolution and Political

Theory, 2019. 15. Gustavo Moura de Cavalcanti Mello & Mauricio de Souza Sabadini (Eds.),

Financial Speculation and Fictitious Profits: A Marxist Analysis, 2019. 16. Michael Brie, Lenin—Dialectics of Revolution and Metaphysics of

Domination, 2019. 17. August H. Nimtz, Marxism versus Liberalism: Comparative Real Time

Political Analysis, 2019. 18. Gustavo Moura de Cavalcanti Mello & Mauricio de Souza Sabadini (Eds.),

Financial Speculation and Fictitious Profits: A Marxist Analysis. 19. Michael Brie, Rediscovering Lenin: Dialectics of Revolution and Metaphysics of

Domination. 20. August H.  Nimtz, Marxism versus Liberalism: Comparative Real-Time

Political Analysis.

viii SERIES FOREWORD

TiTles forThcoMing

Igor Shoikhedbrod, Revisiting Marx’s Critique of Liberalism: Rethinking Justice, Legality, and Rights.

Juan Pablo Rodríguez, Resisting Neoliberal Capitalism in Chile: The Possibility of Social Critique.

Alfonso Maurizio Iacono, The Bourgeois and the Savage: A Marxian Critique of the Image of the Isolated Individual in Defoe, Turgot and Smith.

Antonio Oliva, Ivan Novara & Angel Oliva, Marx and Contemporary Critical Theory: The Philosophy of Real Abstraction.

Jean-Numa Ducange, Jules Guesde: The Birth of Socialism and Marxism in France.Spencer A. Leonard, Marx, the India Question, and the Crisis of Cosmopolitanism.Kevin B.  Anderson, Kieran Durkin & Heather Brown, Raya Dunayevskaya’s

Intersectional Marxism: Race, Gender, and the Dialectics of Liberation.Kaan Kangal, Friedrich Engels and the Dialectics of Nature.Vesa Oittinen, Marx’s Russian Dimension.Victor Wallis, Socialist Practice: Histories and Theories.Giuseppe Vacca, Alternative Modernities: Antonio Gramsci’s Twentieth Century.Marcello Mustè, Marxism and Philosophy of Praxis: An Italian Perspective from

Labriola to Gramsci.

ix

preface

Capitalism was ushered into Europe when the First Industrial Revolution began in about 1760. Since then, global material production has increased manifold. But this has simultaneously resulted in skewed development. Some people have become ultra-rich, while others remain poor and devas-tated. Marx wrote about the unfolding of economic and social script since the French Revolution. Not only did he interpret the world the way it was, but he also provided a strategy to change it. If an author’s eternal youth consists in his capacity to keep stimulating new ideas, then it may be said that Marx has without question remained young in the past 200 years. Thus, even after two centuries, Marx is still relevant.

Marx was born when the First Industrial Revolution was over. When he died, the Second Industrial Revolution was in full swing. He could not see the ultimate face of the Industrial Revolution manifesting as “assembly line production”. Most of his formulations were around these two indus-trial revolutions. Marx left many of his most famous texts incomplete. Volumes II and III of Capital were posthumously edited by Engels, while the Economic and Philosophic Manuscripts of 1844, The German Ideology and Grundrisse—all of them non-conceived for publication—appeared almost one century after they were written. Recently, the resumed publica-tion of the Marx-Engels-Gesamtausgabe (MEGA2), the new historical- critical edition of his complete works, has been helping scholars around the world for an overall reassessment of Marx’s oeuvre. Many new materi-als show us an author very different from the one that numerous critics or self-styled followers presented for such a long time. For example, they reveal an author who extended his examination of the contradictions of

x PREFACE

capitalist society beyond the conflict between capital and labour to other domains. In the lesser-known period of his life, Marx also devoted a lot of his time to the study of non-European issues. Moreover, contrary to inter-pretations that equate Marx’s conception of socialism with the develop-ment of productive forces, some manuscripts demonstrated that ecological concerns figured in his work.

Amongst the biggest authors of political and economic thought, Marx is the one whose profile has changed the most in recent years. Some man-uscripts highlighted that he was widely interested in several other topics that people often ignore when they talk about him. Among them, there are the potential of technology, the search for collective forms of owner-ship not related to state control, and the need for individual freedom in contemporary society: all fundamental issues of our times. The renewal in the interpretation of Marx’s thought is a phenomenon destined to con-tinue. He is not at all an author about whom everything has already been said or written, despite frequent claims to the contrary. Many sides of Marx remain to be explored.

Marxism is not as alive today as it was in the past. Aside from the Soviet Union and the Eastern Bloc, most of the anti-colonial struggles across the world in the last century were anchored around Marxian doctrine. At one point of time, “actually existing socialism” countries covered nearly one- third of the world. Yet the changed political landscape also contributed to the present Marx revival. The fall of the Berlin Wall liberated him from the chains of an ideology that had little to do with his conception of society. The implosion of the Soviet Union helped to free Marx from the role of figurehead for a state apparatus. At the same time, to relegate Marx to the position of an embalmed classic, suitable only for academia, would be a serious mistake.

Returning to Marx is still indispensable to understand the logic and dynamics of capitalism. While billionaires have mushroomed around the globe, the recent Inequality Index, Global Hunger Index or Human Development Index all tell dismal stories about the other side of the world. Starvation is still a diabolic reality. At the same time, there is a continuous move to fetter the workers, instead of ensuring their welfare. Moreover, Marx’s work is also a very useful tool that provides a rigorous examination addressing why previous socio-economical experiments to replace capital-ism with another mode of production failed. Economic crises, profound inequalities that exist in our society—in particular between the Global North and South—and the dramatic environmental issues of our time

xi PREFACE

have urged several scholars and politicians to reopen the debate on the future of capitalism and the need for an alternative.

This volume contains the proceedings of the five-day international con-ference, Karl Marx’s Life, Ideas, Influences: A Critical Examination on the Bicentenary. This event, held at Asian Development Research Institution (Patna, India), from 16 to 20 June 2018, was amongst the largest interna-tional conferences in the world convened to celebrate the 200th anniver-sary of Marx’s birth. It included the participation of 53 scholars, from all continents and 17 countries.

The Bicentenary conference on Marx in Patna in 2018 was a follow-up to the conference on Marx, 50 years ago, in a small subdivisional town of Begusarai in Bihar (India) in 1967, to celebrate the 150th anniversary of his birth. The canvas of the Begusarai conference was limited to “Marx and India”; in contrast, the canvas of the Patna conference was much wider geographically as well as thematically. In the Patna conference, it was not Marx alone who was remembered; there were 38 dedicated memorial lectures in the memory of philosophers, economists, academics and political figures, such as Friedrich Engels, Rudolf Hilferding, György Lukács, Kozo Uno, E.  M. S.  Namboodripad, Puran Chand Joshi and Frantz Fanon, who had either influenced him or were influenced by him.

This book contains a selection of 16 papers that were presented at the conference, divided into two parts: “On the Critique of Politics” and “On the Critique of Political Economy”. Part I begins with an essay by Miguel Vedda which offers an interpretation of Marx as an essayist and one of the founding figures of the modern critic-Intellectual. By comparing Heinrich Heine and Marx, the chapter highlights the authenticity of Marx’s role as a critic-Intellectual beyond the Hegelian concept of “torn conscience” as a politically engaged orientation towards the world with the purpose of understanding and transforming it. The next chapter by Marcello Musto argues that Marx’s idea of socialism was profoundly different from State socialism and reformism that emerged in the German Social Democratic Party and that became hegemonic after the foundation of the Second International. Marx’s vision of a revolutionary transition from capitalism is what Kohei Saito’s chapter probes into. It sees Marx’s theory of revolu-tion as an attempt to overcome the modern dualism of the state and civil society through a dialectic understanding of the “separation” and “unity” of the economic and the political under capitalism. The chapter uses this framework to propose a critique of post-Marxist theorists. Michael Brie’s chapter elaborates on Marx’s theoretical- methodological approach as

xii PREFACE

consisting of a new mode of critique that is both dialectical and emancipa-tory. The chapter exemplifies the maturation of this mode of critique in Capital in which the dramatic exploration of the exploitive dynamics of capital also reveals pathways that point to elements for the formation of a new society. Peter Hudis’s chapter delves deeper into how Marx’s critique of political economy always already contains an emancipatory vision of a post-capitalist society. The chapter by Peter Beilharz audits some of the new innovations in scholarships on Marx in the Anglophone world that drive the Marx revival in recent years. Babak Amini’s chapter traces the genesis of the notion of “workers’ control”, defined in contrast to a vision of a communist society based on state or party control, in Marx and Marxists from the Paris Commune up to the February Revolution in Russia. Another example of such an innovative reading of Marx is exhib-ited in Andrew J. Douglas’s chapter, which considers Martin Luther King Jr.’s call for a “revolution of values” through the lens of a theory of value production and circulation within global (racial) capitalism, the founda-tions of which can be traced to Marx’s critique of political economy. Part I closes with a chapter by Paula Rauhala which presents the (dis)continu-ities in the interpretations of Capital in Germany between the 100th and 150th anniversaries of its publication by contextualizing these receptions in the historical contexts within which they emerged. The chapter there-fore argues that any new readings of Capital must put the specificity of the present historical conjecture at the centre of their interpretive frame-work—a task that requires historicization of the past receptions of Capital.

Jan Toporowski opens Part II of the book by exploring Marx’s critique of the classical theory of interest, as articulated by David Ricardo. The chapter argues that in a purely capitalist economy, interest is a simple transfer of capitalists’ monetary resource. Therefore, interest does not require a surplus of production over costs and is independent of the rate of profit. Ramaa Vasudevan takes a philosophical view of Marx’s theory of money (including credit money) and argues that it reflects both his mate-rialist conception of history and dialectic method of analysis. Samuel Hollander seeks to replace the view of Marx as a “revolutionary” who embraced a violent overthrow of capitalism with an evolutionary one. He argues that Marx’s evolutionism extends not only to his understanding of advanced capitalism but also to his vision of the transition beyond it. Tian Yu Cao analyses the possibility of a non-statist model of socialism guided by Marx’s ideas of establishing a socialized economy through the struggle of the working classes. It offers a framework of socializing economic

xiii PREFACE

activities based on the Marxian notion of association of free and equal producers which still leaves room for various forms of embedded market transactions. Ajit Sinha’s chapter locates the root of Marx’s problem of relating values to prices and surplus values to profits in his analysis of labour time in a capitalist economy. The chapter further argues that Piero Sraffa was able to overcome these problems by liberating Marx from his metaphysics of “human labour”. Cynthia Lucas Hewitt empirically exam-ines the validity of Marx’s understanding of the monopolizing tendency of capital amidst capitalist market expansion at a global scale by analysing the IMF Financial Access Survey Data. It also analyses the particular chal-lenges that the rise of China has introduced within the capitalist world system and the possibilities for African peripheries with communal princi-ples in a period of core system collapse. In the last chapter of the book, Muhammad Ali Jan and Barbara Harriss-White critically examine the extent to which Marx’s conceptions regarding the dynamics of transition from pre-capitalist to capitalist societies are applicable to understand the scale and persistence of petty commodity production in India.

These contributions all come together to give a sense of new directions in the scholarship around Marx. What they make clear is that the ideas of Marx continue to engage the intellect, imagination and conscience of human minds across the world from perspectives that are understandably very diverse. Thus, during the bicentenary of the great philosopher, it is certainly an apt moment not just to remember him, but also to rethink and interrogate all that is sourced to him, both academically and politically.

Patna, India Shaibal GuptaToronto, ON, Canada Marcello MustoLondon, UK Babak Amini

xv

conTenTs

Part I On the Critique of Politics 1

Heinrich Heine and Marx As Essayists: On the Genesis and the Function of the Critic-Intellectuals 3Miguel Vedda

Marx’s Critique of German Social Democracy: From the International to the Political Struggles of the 1870s 21Marcello Musto

Revolution and Radical Democracy: Marx Versus Post- Marxism 41Kohei Saito

Marx’ Research Project As a Future Science for Emancipatory Action: A Delineation 61Michael Brie

The Intimations of a Post-Capitalist Society in Marx’s Critique of Political Economy 85Peter Hudis

xvi CONTENTS

Recovering Marx: Steps Towards a Breakdance 103Peter Beilharz

On the Notion of “Workers’ Control” in Marx and Marxists (1871–1917): A Survey 121Babak Amini

King, Marx, and the Revolution of Worldwide Value 159Andrew J. Douglas

Fetishism and Exploitation Marx - 150 and Marx 200: What Has Changed? 181Paula Rauhala

Part II On the Critique of Political Economy 209

Marx’s Observations on the Classical Theory of Interest 211Jan Toporowski

Money, Power, and Capitalism: Marx’s Theory of Money and the Contemporary State-Credit Standard 229Ramaa Vasudevan

Marx as Evolutionary and Some “Revisionist” Implications 247Samuel Hollander

Marx’s Ideas and Conceptions of Socialism in the Twenty-First Century 273Tian Yu Cao

Marx’s Metaphysics of Human Labour in the Light of Sraffa: Labour Theory of Value Reconsidered 289Ajit Sinha

xvii CONTENTS

Marx’s Prescient Theory of Centralization of Capital: Crises and an Nkrumahist Response 319Cynthia Lucas Hewitt

Petty Production and India’s Development 345Muhammad Ali Jan and Barbara Harriss-White

Index 369

xix

Babak Amini is a PhD Candidate in Sociology at the London School of Economics. He is the editor of The Radical Left in Europe in the Age of Austerity (2016) and the co-editor of Routledge Handbook of Marx’s Capital: A Global History of Translation (forthcoming).

Peter  Beilharz is Professor of Critical Theory at Sichuan University, China, and Professor of Culture and Society at Curtin University, Australia. He is the author of Socialism and Modernity (2009), Circling Marx (forth-coming), Alastair Davison—Gramsci in Australia (forthcoming) and Working with Zygmunt Bauman (forthcoming).

Michael Brie is a senior fellow at the Institute for Critical Social Analysis of the Rosa Luxemburg Stiftung, Berlin, Germany. He is the author of Lenin neu entdecken. Zur Dialektik der Revolution und Metaphysik der Herrschaft (2017) and Luxemburg neu entdecken. Freiheit für den Feind (2019). He is the editor of Karl Polanyi in Dialogue. A Socialist Thinker of Our Times (2017) and co-editor of Karl Polanyi’s Vision of a Socialist Transformation (2018).

Tian Yu Cao is Professor of Philosophy at Boston University, USA. He is the author of Power and Rationality: Marxism and Liberalism in the World History (2016). He is the editor of Labor’s Property Rights and the China Model (2006), The Social Democratic Trends in China’s Contemporary Reform (2008), Culture and Social Transformations in Reform Era China

noTes on conTribuTors

xx NOTES ON CONTRIBUTORS

(2010) and Culture and Social Transformations—Theoretical Framework and Chinese Context (2014).

Andrew  J.  Douglas is Associate Professor of Political Science at Morehouse College, Atlanta, GA, USA. He is the author of In the Spirit of Critique: Thinking Politically in the Dialectical Tradition (2013) and W. E. B. Du Bois and the Critique of the Competitive Society (2019).

Shaibal Gupta is the founding Member Secretary of Asian Development Research Institute in Patna, India. He is the author of Idea of the Hindi Heartland (2014) and Idea of Bihar (2013). He is the co-editor of Resurrection of the State—A Saga of Bihar: Essays in Memory of Papiya Ghosh (2013).

Barbara Harriss-White is Emeritus Professor of Development Studies at Oxford University, UK.  She is the author of Rural Commercial Capital: Agricultural Markets in West Bengal (2008) and Dalits and Adivasis in India’s Business Economy (2014). She is the editor of The Comparative Political Economy of Development: Africa and South Asia (2010), Mapping India’s Capitalism: Old and New Regions (2015), Middle India and Urban-Rural Development: Four Decades of Change (2016) and The Wild East: Criminal Political Economies in South Asia (2019).

Cynthia Lucas Hewitt is Associate Professor of Sociology and Faculty of the Sustainability Minor and the African American Studies Program at Morehouse College, Atlanta, GA, USA. She is the author of The Nana Ohemaas (“Queen Mothers”) of Ghana and Good Governance in Africa (forthcoming).

Samuel Hollander is an Officer in the Order of Canada and University Professor Emeritus at the University of Toronto, Canada. Among his recent publications are The Economics of Karl Marx: Analysis and Application (2008), Friedrich Engels and Marxian Political Economy (2011), John Stuart Mill: Political Economist (2015) and A History of Utilitarian Ethics: Studies in Individual Motivation and Distributive Justice, 1700–1875 (2019).

Peter  Hudis is Professor of Philosophy and Humanities at Oakton Community College, Illinois, USA.  His most recent works are Marx’s Concept of the Alternative to Capitalism (2012) and Frantz Fanon, Philosopher of the Barricades (2015). He is the co-editor of The Rosa

xxi NOTES ON CONTRIBUTORS

Luxemburg Reader (2004) and The Letters of Rosa Luxemburg (2011). He currently serves as general editor of The Complete Works of Rosa Luxemburg.

Muhammad  Ali  Jan is a junior research fellow at Wolfson College, University of Oxford, UK.

Marcello Musto is Associate Professor of Sociological Theory at York University in Toronto, Canada. He is the author of Another Marx: Early Manuscripts to the International (2018) and The Last Years of Karl Marx: An Intellectual Biography (forthcoming). He is the editor of Karl Marx’s Grundrisse: Foundations of the Critique of Political Economy 150 Years Later (2008), Marx for Today (2012) and Workers Unite! The International 150 Years Later (2014); and the co-editor of Routledge Handbook of Marx’s Capital: A Global History of Translation (forthcoming).

Paula Rauhala is a doctoral researcher at Tampere University, Finland.

Kohei Saito is Associate Professor of Political Economy at Osaka City University in Osaka, Japan. He is the author of Karl Marx’s Ecosocialism: Capital, Nature and the Unfinished Critique of Political Economy (2017). He is the co-editor of Marx-Engels-Gesamtausgabe, vol. IV/18, Exzerpte und Notizen: Februar 1864 bis Oktober 1868, November 1869, März, April, Juni 1870, Dezember 1872 (with Teinosuke Otani and Timm Graßmann, De Gruyter, 2019).

Ajit  Sinha is Professor of Economics at Azim Premji University, Bengaluru, India. He is the author of Theories of Value from Adam Smith to Piero Sraffa (2010), A Revolution in Economic Theory: The Economics of Piero Sraffa (2016) and Essays on Theories of Value in the Classical Tradition (2019). He is the editor of A Reflection on a Revolution in Economic Theory (forthcoming).

Jan  Toporowski is Professor of Economics and Finance at SOAS University of London, UK. He is the author of Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics (2010), Michał Kalecki: An Intellectual Biography Volume I, Rendezvous in Cambridge 1899–1939 (2013) and Michał Kalecki: An Intellectual Biography, Volume II: By Intellect Alone 1939–1970 (2018).

xxii NOTES ON CONTRIBUTORS

Ramaa  Vasudevan is an associate professor at the Department of Economics, Colorado State University, USA. She is the author of Things Fall Apart: From the Crash of 2008 to the Great Slump (2013).

Miguel Vedda is a Full Professor of German Literature at the University of Buenos Aires, Argentina, and Principal Investigator of the National Scientific and Technical Research Council (CONICET). His recent publi-cations include Siegfried Kracauer: Un pensador más allá de las fronteras (2010), Urbane Beobachtungen: Walter Benjamin und die neuen Städte (2010), La irrealidad de la desesperación: Estudios sobre Siegfried Kracauer y Walter Benjamin (2011), Walter Benjamin: Experiência histórica e ima-gens dialéticas (2015) and Leer a Goethe (2015).

xxiii

lisT of figures

Marx’ Research Project As a Future Science for Emancipatory Action: A Delineation

Fig. 1 Marx’s concept of critique 67Fig. 2 Marx’s prism of intervention 69Fig. 3 Marx’s Capital as a process in the form of a spiral 73Fig. 4 The reproductive relationship of capitalist societies 79

Marx’s Prescient Theory of Centralization of Capital: Crises and an Nkrumahist Response

Fig. 1 The spiral of wage labour and capital 323Fig. 2 Automated teller machines (ATMs) per 100,000 adults, 2015 331Fig. 3 Mobile money accounts registered (MMAR) per 1000 adults,

2012 333Fig. 4 Mobile money accounts registered (MMAR) per 1000 adults,

2015 333Fig. 5 Linear growth in density of ATMs annually, from 2008, in

semi-periphery countries 335Fig. 6 Growth in density of ATMs in year, linear and exponential

projections from 2008, in China 336

xxv

lisT of Tables

Marx’s Prescient Theory of Centralization of Capital: Crises and an Nkrumahist Response

Table 1 Foreign direct investment (FDI), net outflows (in millions) five-year average, 2012–2016 326

Table 2 Foreign direct investment stocks, 2017 (2016) (in millions) 328Table 3 World-systems status and IMF percentage of votes by country,

Top 30 329Table 4 ATM machines per 1000 persons by world-system position 332Table 5 ATM machines per 1000 persons by region 332Table 6 Mobile money accounts registered (MMAR) per 1000 persons

by world-system position 334Table 7 Mobile money accounts registered (MMAR) per 1000 persons

by region 334