“Marx and Hayek: Comparative Study of Marx’s Capital and Mainstream Economics”

(Renmin University, Summer 2017)



July 3  The Rise and Future Demise of the Capitalist World System

Marx and Engels, “The Manifesto of the Communist Party” (1848)

Friedrich Engels, “Socialism: Utopian and Scientific” (1880)

Immanuel Wallerstein, “The Rise and Future Demise of the World Capitalist System” (1974)

Minqi Li, “The Rise of China and the Demise of the Capitalist World-Economy” (2003)


July 5  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)

Nils Frohlich, “Labor Values, Prices of Production and the Missing Equalization of Profit Rates” (2010)


July 7  Tendency for the Rate of Profit to Fall?

Karl Marx, Capital, Volume 3, Chapter 11, 12, and 13

James Devine, “An Introduction to Radical Theories of Economic Crisis” (1987)

Li, Xiao and Zhu, “Long Waves, Institutional Changes, and Historical Trends” (2007_

Esteban Ezequiel Maito, “The Historical Transience of Capital” (2014)

Minqi Li, “Endless Accumulation, Limits to Growth and the Tendency for the Rate of Profit to Fall” (2016)


July 10 Stabilizing the Unstable Capitalism?

John Maynard Keynes, The General Theory, Chapter 12

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

Robert Skidelsky, “The Present State of Economics” (2010)

Riccardo Bellofiore, “Socialization of Investment, from Keynes to Minsky and Beyond” (2014)

Levy Economics Institute, Strategic Analysis, “The Trump Effect: Is This Time Different” (2017)


July 12 Money, Finance, and Crisis

Karl Marx, Capital, Volume 3, Chapter 29, 30, and 34

Dornbusch and Frenkel, “The Gold Standard and Bank of England in the Crisis of 1847” (1982)

Mah-Hui and Ee, “From Marx to Morgan Stanley: Inequality and Financial Crisis” (2011)

Maria Ivanova, “Marx, Minsky, and the Great Recession” (2012)


July 14 Whither Socialism?

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

Carl Riskin, “Surplus and Stagnation in Modern China” (1975)

Giovanni Arrighi, “World Income Inequalities and the Future of Socialism” (1991)

Joseph Stiglitz, “The Socialist Experiment: What Went Wrong” (1994)

Robert Allen, “A Reassessment of the Soviet Industrial Revolution” (2003)


July 17 End of Growth: Barbarism or Socialism?

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

Robert Gordon, “Is U.S. Economic Growth Over” (2012)

Glen Peters et al., “Measuring a Fair and Ambitious Climate Agreement” (2015)

James Hansen et al., “Ice Melt, Sea Level Rise and Superstorms” (2015)


July 19 General Discussions and Final Exam