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Polity, 2008-2011, 331 pgs., index, references, notes, paperback
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Reviewer comment
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Introduction
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Part I Classical theories about capitalism
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Chapter 1 Smith, Marx, and Weber
Adam Smith (1723-1790); the market as a harmonizing 'invisible hand'
The factors of production
The division of labour and market exchange
Commerce, politics and the state
Value and distribution
Smith's legacy
Karl Marx (1818-1883): exploitation and the fatal contradictions of the
capitalist mode of production
Use value and exchange-value
Labour and labour power
The forces and relations of production and their contradictions
Is Marx's Capital relevant today?
Max Weber (1864-1920) and the historical specificity of capitalism:
rationality, calculation and doination The ideal type of modern capitalism
The development of capitalism in the West
Conclusion
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Chapter 2 Schumpeter and Keynes
Joseph Schumpeter (1883-1950): money markets and the'headquarters of
capitalism'
Profits and the role of the capitalist entrepreneur
Capitalism and credit-money
John Maynard Keynes (1883-1946): making capitalism work better
Finance and the capital market
The labour market and effective demand
The management of aggregate demand
Conclusion
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Chapter 3 The basic elements of capitalism
A. Monetary system and bank-credit money
B. Market exchange
C. Private enterprise production of commodities
The state
Culture and capitalism
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Part II - The institutions
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Chapter 4 Money
What is money?
Capitalism credit-money
The money market and the production of credit-money
Monetary disorder in capitalism
Inflation
Deflation
Conclusion
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Chapter 5 Market exchange
The competitive market
Monopolistic competition and mass consumption
Conflict and contradictions
Conflict
Contradictions and crises
Conclusion
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Chapter 6 The enterprise
Theories of the capitalist enterprise
The struggle for the enterprise's surplus
The struggle for control of the 'labour process'
Corporate governance and the struggle between ownership and management
'The revenge of the rentier'
The ownership of capital and the political struggle
Conclusion
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Chapter 7 Capital and financial markets
Stock markets and the investment bank oligopoly
The enterprise as a commodity: mergers and acquisitions
Financial risk management and speculation
The Enron affair
Conclusion
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Chapter 8 The state
The two logics of power
Social peace: coercion and legitimacy
Capitalist social relations and liberal democracy
The state in the economy
The state, human capital and welfare
Management of the economy: counter-cyclical stabilization, financial crises
Conclusion
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Chapter 9 Conclusions
Globalization
'Varieties' of capitalism
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Postcript: the financial crisis and its aftermath
Finance-capital: increasing dominance and fragility
Crisis point: from the 'subprime' defaults to the fall of Lehman Brothers
States to the rescue
Consequences
What is to be done?
Concluding remarks
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