Neoclassical economics focuses on the economic exchange process itself, driven by “sovereign” consumers and producers. There is a strong reliance on the market as self-equilibrating, and it is assumed that the collective action of self-interested economic agents still produces a socially beneficial outcome for all. But the focus on exchange and consumption neglects the sphere […]

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Introduction Marx’s speech on free trade was given before the Democratic Association of Brussels on January 9, 1848. It was published in French in Brussels, in early February 1848. The German translation appeared in the same year and was done by Joseph Weydemeyer – a friend of Marx and Engels. In compliance with a wish […]

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The following excerpt is Chapter 7 of Joseph Schumpeter’s book “Capitalism, Socialism, Democracy, originally written in 1942. It describes Capitalism as an evolutionary process, with continuous creative destruction of old structures. THE theories of monopolistic and oligopolistic competition and their popular variants may in two ways be made to serve the view that capitalist reality […]

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These are selected passages from an essay on the “Sociology of Imperialism” (1919) written by Joseph Schumpeter (1883-1950). For a short time, he was the Finance Minister of Austria in 1919, and later he became a Harvard professor of economics. He is famous for (1942). Schumpeter’s analysis of imperialism contradicts the analysis of Lenin. Imperialism is not […]

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I am teaching  a class on the philosophy of environmental science and policy, and the question that comes up again and again is how the earth will cope with the tremendous population increase that we are experiencing since 1900. This is an ethical, political, humanitarian, and environmental problem of historic proportions. Less population growth is […]

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The market mechanism, taught to millions of business and economics students, is not a simple model. Even though it has been studied extensively, the political discussion about the role and applicability of markets often seems confused. A deep fact/value problem distorts the debates about markets and democracy as the cornerstones of Western societies. Is the market mechanism a […]

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