Capitalism: Competition, Conflict, Crises by Anwar ShaikhCapitalism: Competition, Conflict, Crises by Anwar Shaikh

Capitalism: Competition, Conflict, Crises

byAnwar Shaikh

Hardcover | February 19, 2016

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Orthodox economics operates within a hypothesized world of perfect competition in which perfect consumers and firms act to bring about supposedly optimal outcomes. The discrepancies between this model and the reality it claims to address are then attributed to particular imperfections inreality itself. Most heterodox economists seize on this fact and insist that the world is characterized by imperfect competition. But this only ties them to the notion of perfect competition, which remains as their point of departure and base of comparison. There is no imperfection withoutperfection. In Capitalism, Anwar Shaikh takes a different approach. He demonstrates that most of the central propositions of economic analysis can be derived without any reference to standard devices such as hyperrationality, optimization, perfect competition, perfect information, representative agents, orso-called rational expectations. This perspective allows him to look afresh at virtually all the elements of economic analysis: the laws of demand and supply, the determination of wage and profit rates, technological change, relative prices, interest rates, bond and equity prices, exchange rates,terms and balance of trade, growth, unemployment, inflation, and long booms culminating in recurrent general crises. In every case, Shaikh's innovative theory is applied to modern empirical patterns and contrasted with neoclassical, Keynesian, and Post-Keynesian approaches to the same issues. Shaikh's object of analysis is the economics of capitalism, and he explores the subject in this expansive light. This ishow the classical economists, as well as Keynes and Kalecki, approached the issue. Anyone interested in capitalism and economics in general can gain a wealth of knowledge from this ground-breaking text.

About The Author

Anwar Shaikh is Professor of Economics at the Graduate Faculty of Political and Social Science of the New School University and Associate Editor of the Cambridge Journal of Economics. From 2000-2005, he was Senior Scholar and member of the Macro Modeling Team at the Levy Economics Institute of Bard College.

Details & Specs

Title:Capitalism: Competition, Conflict, CrisesFormat:HardcoverDimensions:1024 pages, 9.41 × 6.61 × 2.09 inPublished:February 19, 2016Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199390630

ISBN - 13:9780199390632

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Table of Contents

PART I. FOUNDATIONS OF THE ANALYSIS1. Introduction2. Turbulent Trends and Hidden Structures3. Microfoundations and Macro Patterns4. Production and Costs5. Exchange, Money, and Price6. Capital and ProfitPART II. REAL COMPETITION7. The Theory of Real Competition8. Debates on Perfect and Imperfect Competition9. Competition and Interindustrial Relative Prices10. Competition, Finance, and Interest Rates11. International Competition and the Theory of Exchange RatesPART III. TURBULENT MACRODYNAMICS12. The Rise and Fall of Modern Macroeconomic13. Classical Macrodynamics14. The Theory of Wages and Unemployment15. Modern Money and Inflation16. Growth, Cycles, and Crises17. Summary and Conclusions

Editorial Reviews

"This new book by Anwar Shaikh is a veritable tour de force from a unique economist who skillfully links deep insights from classical economic theory with cutting edge ideas in econophysics and economic complexity to penetratingly deal with issues from microeconomic competition throughmacroeconomic dynamics and turbulence." --J. Barkley Rosser, Jr., Professor of Economics and Kirby L. Cramer, Jr. Professor of Business Administration, James Madison University