Abstract
This chapter presents Marx’s theory of surplus value and exploitation. It also discusses Marx’s theories of crises of underconsumption/overproduction and disproportionality. It, then, proceeds to examine whether we can apply Marx’s crisis theories to explain the recent growth performances of the major capitalist countries. In this context, it elucidates the theories of primitive accumulation and the theory of imperialism of Hobson, Luxemburg and Lenin.
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Hobson, J. A. (1965). Imperialism: A Study. Ann Arbor: University of Michigan Press.
Lenin, V. I. (1967). Imperialism, the Highest Stage of Capitalism. Moscow: Progress Publishers.
Luxemburg, R. (1972). The Accumulation of Capital. New York: Monthly Review Press.
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Ghosh, C., Ghosh, A.N. (2019). Marxian Economics. In: An Introduction to Economics. Palgrave Pivot, Singapore. https://doi.org/10.1007/978-981-15-1056-4_3
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DOI: https://doi.org/10.1007/978-981-15-1056-4_3
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Publisher Name: Palgrave Pivot, Singapore
Print ISBN: 978-981-15-1055-7
Online ISBN: 978-981-15-1056-4
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