ABSTRACT
Without wishing to begin in an unduly negative way, it is important to recognise that there are a number of difficulties which confront the future development of Marxian economics. Theoretical problems associated with value, the falling rate of profit and surplus-value require investigation, and these are discussed in detail in this book. The nature, mechanisms and structures advocated as an alternative to capitalist/market systems require parallel elaboration, in particular in the light of the failures of the political and economic systems which prevailed in Eastern Europe throughout much of the twentieth century. The failure of ‘Communism’ in Eastern Europe and the former Soviet Union, the continued dominance of dictatorial politics in China, the apparent failure of the central allocation of resources, and the incentive problems which arise as a consequence of these factors all warrant explanation from Marxists wishing to develop a sound materialist alternative to capitalism. However, in recognising the failure of Communism in Eastern Europe one should not be distracted from developing a modern, alternative understanding of the functioning and dynamics of capitalist economies, to that which is proposed by neoclassical economists. And while Marx provided many valuable theoretical, historical and methodological insights, capitalist economies have evolved and developed since his death. Moreover, Marx’s theory of capitalism was incomplete when he died. There have been noteworthy developments in Marxian economics in the intervening period. But the task of developing Marx’s work has not been completed, and theoretical work is required to render convincing the case for replacing capitalism with a democratic socialist alternative.
