[OPE] Shaikh and McNally: "Marx and the Global Economic Crisis,"

While I like Anwar Shaikh's presentation (especially his rejection of the
claims of general equilibrium theory), unfortunately his argument as
provided is not adequate.

He argues that in capitalism "order is generated through disorder", through
successive deviations and adjustments to a norm ("turbulent regulation"),
but he fails to specify what the order consists in, or what the "hidden
order", to which he refers, actually is.

In my own analyses, I have tried to make this much more explicit: the order
is to be found in the reproduction of the relations of production necessary
for the accumulation of capital, which express enforcible property rights
entitling people to income and wealth produced by others, and enabling them
to extract it.

But anyway Prof. Shaikh does reject bourgeois Marxism, according to which
the market creates equilibrium, and that is an enormous theoretical advance.

Jurriaan

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Received on Tue Sep 15 07:56:22 2009