Economics 7004



1. Introduction


Karl Marx, “Preface to A Contribution to the Critique of Political Economy,” pp. 3-6.



2. Historical Materialism


The Following are from Robert C. Tucker (ed.), The Marx-Engels Reader, Second Edition, W.W. Norton & Company (1978)


Karl Marx and Friedrich Engels, “Manifesto of the Communist Party,” pp. 469-500.


Friedrich Engels, “Socialism: Utopian and Scientific,” pp. 687-717.



3. The Capitalist World System


Immanuel Wallerstein, World-Systems Analysis: An Introduction, Chapter 2 (pp.23-41) (2007)


Giovanni Arrighi et al., “Historical Capitalism, East and West” (1999)


Karatasli, “Changing Modes of the Global Distribution of Wealth, 1500-2008”


Ali Alsamawi et al., “The Employment Footprints of Nations” (2014)



4. Accumulation and Crisis: Marxian Approaches


The Following are from The Imperiled Economy, Book 1 (Macroeconomics from a Left Perspective), published by the Union for Radical Political Economics (1987)


James N. Devine, “An Introduction to Radical Theories of Economic Crises,” pp. 19-32.


David Laibman, “Technical Change and the Contradiction of Capitalism,” pp. 33-42.


David M. Gordon, Thomas E. Weisskopf and Samuel Bowles, “Power, Accumulation, and Crisis: the Rise and Demise of the Postwar Social Structure of Accumulation,” pp. 43-58.


John Bellamy Foster, “What Is Stagnation?” pp. 59-70.




5. Accumulation and Crisis: Post-Keynesian Approaches


John Maynard Keynes, The General Theory of Employment, Interest, and Money, Chapter 12 (1936)


James Crotty, “A Keynes-Marx-Schumpeter Analysis of Neoliberal Globalization” (2000)


David Felix, “Why International Capital Mobility Should Be Curbed” (2001)


Gary A. Dymski, “Minskian and Kaleckian Dynamics in the Neoliberal Era” (2002)



6. After the “Great Recession”


Herden, Ash, and Pollin, “Does High Public Debt Consistently Stifle Economic Growth?” (2013)

Robert Gordon, “Why Has Economic Growth Slowed?” (2018)

Levy Economics Institute, “Avoiding a Recession: The Fed Conundrum” (2022)


7. Imperialism and the 21st Century

V.I. Lenin, Imperialism: The Highest Stage of Capitalism (1916)

Turner, Is China An Imperialist Country? (2014)

Joseph Ball, “China: Victim of Imperialism Not Perpetrator” (2019)

Adrian Budd, “China and Imperialism in the 21st Century” (2021)

Jason Hickel et al., “Drain from the Global South through Unequal Exchange” (2022)



8. The End of the Capitalist History?


Immanuel Wallerstein, World-Systems Analysis: An Introduction, Chapter 3 (pp.42-59) (2007)


Giovanni Arrighi, “Hegemony Unravelling I” and “Hegemony Unravelling II” (2005)


Cato Institute, “China: Rise or Demise?” (2021)


Lowy Institute, “Revising Down the Rise of China” (2022)


Foreign Policy, “China Is A Declining Power” (2021)



10. Capitalism and the Global Environmental Crisis


Huesemann, “The Limits to Technological Solutions to Sustainable Development” (2003).


Schade and Pimentel, “Population Crash: prospects for famine in the twenty-first century” (2010)


Robin Hahnel, “The Growth Imperative” (2012)


Ward et al., “Is Decoupling of GDP Growth from Environmental Impact Possible?” (2016)


Europe Environmental Bureau, “Decoupling Debunked” (2019)


Bologna and Aquino, “Deforestation and World Population Sustainability” (2020)




11. Climate Change: Barbarism or Socialism?


Anderson and Bows, “Reframing the Climate Change Challenge in Light of Post-2000 Emission Trends” (2008)


Glen P. Peters et al, “Measuring A Fair and Ambitious Climate Agreement Using Cumulative Emissions” (2015)


James Hansen, et al “Ice Melt, Sea Level Rise, and Superstorms: Evidence that 2°C Global Warming is Highly Dangerous” (2015)


Sherwood and Huber, “An Adaptation Limit to Climate Change Due to Heat Stress” (2010)


Christopher T. M. Clark et al. “Evaluation of A Proposal for Reliable Low-Cost Grid Power with 100% Wind, Water and Solar” (2017)


Mastini, Kallis, and Hickel, “A Green New Deal without Growth?” (2021)



12. Historical and Future Socialisms: Economics


Friedrich A. Hayek, “The Use of Knowledge in Society” (1945)


Joseph Stiglitz, Whither Socialism, Chapter 11 (1994)


John E. Roemer, The Future for Socialism, Chapter 5 (1994)


Thomas Weisskopf, “Towards A Socialism for the Future” (1992)


David Schweickart, “Socialism, Democracy, Market, Planning” (1992)


Albert and Hahnel, “Socialism as It Was Always Meant to Be” (1992)


Cedric Durand et al., “Planning Beyond Growth” (2023)



13. Historical and Future Socialisms: Politics


Immanuel Wallerstein, World-Systems Analysis: An Introduction, Chapter 4 (pp.60-75) (2007)


Carl Riskin, “Surplus and Stagnation in Modern China,” in China’s Modern Economy in Historical Perspective (Stanford University Press, 1975), pp. 49-84.


Giovanni Arrighi, “World Income Inequalities and the Future of SocialismNew Left Review 189: 39-66 (September / October 1991).


Vicente Navarro, “Has Socialism Failed? An Analysis of Health Indicators under Capitalism and SocialismScience & Society 57(1): 6-30 (Spring 1993).


Robert Allen, “A Reassessment of the Soviet Industrial Revolution” (2003) and “The Rise and Decline of the Soviet Economy” (2001)


Joseph Ball, “Does Socialism Really Lead to Economic Failure?” (2020)


Carnevali and Ystehede, “Is Socialism Back?” (2021)



14. Value, Price, and Profit


Karl Marx, Capital, Volume 3, Chapter 8, 9 and 10


Eduardo M. Ochoa, “Values, Prices, and Wage-Profit Curves in the US Economy” (1989)


Tsoulfidis and Rieu, “Labor Values, Prices of Production, and Wage-Profit Rate Frontiers in the Korean Economy” (2006)


Cheng and Li, “Do Labor Values Explain Chinese Prices?” (2020)



15. The Twenty-First Century Crisis


Immanuel Wallerstein, World-Systems Analysis: An Introduction, Chapter 5 (pp.76-90) (2007)


Christian Parenti, “Trump Against Empire” (2023)


John J. Mearsheimer. “Why The Ukraine Crisis Is the West’s Fault” (2019)


V. Putin, Full Speech on the Accession of Donetsk, Lugansk, Kherson and Zaporozhye (2022)


Alex Vershinin, “The Return of Industrial Warfare” (2022)


Alex Vershinin, “What’s Ahead in the War in Ukraine” (2022)


Dr Michael Vlahos interviews Col. Douglas Macgregor (video, December 2022)

Part 1

Part 2

Part 3



Black Mountain Analysis, Economics and Empires, Part 1 (2023)


Black Mountain Analysis, Economics and Empires, Part 4 (2023)