Overview

The health emergency that broke out in 2020 is a landmark event in the development of capitalism, confirming the underlying change signalled by the Great Crisis of 2007-9. The Pandemic Crisis has catapulted the state to the centre of economic activity. However, a historic impasse is steadily becoming apparent at the core of the world economy Productive accumulation is flaccid, as both profitability and labour productivity are weak. Financialisation has entered a new phase, as ""shadow banking"" grew relative to other banks but is entirely dependent on the state. The power of the state derives from command over fiat money and can certainly deliver enormous boosts to aggregate demand, but that is not enough to tackle the weakness of the productive sector. The rise in inflation for the first time in forty years indicates the impasse. There is a transparent need for intervention on the supply side, directly challenging capitalist property rights. There is no evidence, however, that the ruling blocs in core countries would engage in such policies. The Pandemic Crisis also brought to the fore fresh divisions of core and periphery across the world economy. Imperialism has assumed new forms, spurred by globally active financial capital and internationalised productive capital. A renewed contest for hegemony has emerged as US power declined. The economic challenge of China will unfold steadily in the years ahead, intensifying political tensions and military rivalries. This book is the work of a research collective comprising authors from several parts of the world. It analyses these vital issues from the perspective of Marxist political economy and puts forth alternative anticapitalist proposals.

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9781839767845

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Reviews

Praise for The Left Case Against the EU -- : For those wanting a clear and concise summary of the left case against the euro and of the misrepresentation of German European hegemony as the consummation of the European idea , there is no way around this book. Nowhere has the political economy of the common currency and of German ascendancy in Europe been more clearly exposed. -- Wolfgang Streeck, Max Planck Institute for the Study of Societies Costas Lapavitsas is the most important commentator on the EU and its current crises, including Brexit. This is one of the most significant books on modern politics to appear in the last decade, and virtually the only one fully to grasp the nature of our present situation. -- Richard Tuck, Harvard University Praise for Against the Troika -- : Lapavitsas is fascinating and thoughtful. * Financial Times * Costas Lapavitsas is part of the cadre of academics-turned-politicians forging Syriza's economic thinking. * Wall Street Journal * Highly readable. A fresh and imaginative look at the crisis, it contributes greatly to the relevant debate, and is especially useful in detailing the theoretical foundations of economic programmes advocated by the radical Left parties that have begun to gain strength across Europe, and in particular Syriza. * Times Higher Education * Praise for Profiting Without Producing -- : This book is a profound and panoramic study of the most powerful but destructive economic force of our time - financialization. Based on a sophisticated modern reinterpretation of Marxist theories and in depth empirical analysis, the book comes up with bold and fundamental reform proposals. It is a must-read for anyone who is committed to progressive economic and social transformation. -- Ha-Joon Chang, author of <i>23 Things They Don't Tell You About Capitalism</i> The growing dominance of global finance over the past generation ushered in the Wall Street crisis of 2007-09, and, along with it, mass unemployment and punishing austerity policies throughout the world. Building from his command of both the Marxian tradition and alternative theoretical perspectives, Costas Lapavitsas provides both a wide panorama and fresh insights as to how 'finance exploits us all.' Profiting Without Producing is a major contribution to our understanding of financialization and its discontents. -- Robert Pollin, Political Economy Research Institute, University of Massachusetts-Amherst Costas Lapavitsas has provided an original account of the difficulties that economies will face recovering from the 2008 economic crisis. It is not an optimistic picture, but one that people should struggle with. -- Dean Baker, Center for Economic and Policy Research This work is clearly a masterpiece on the financialized capitalism of our age. -- Makoto Itoh, Professor Emeritus, University of Tokyo A Marxist take on economic meltdown. Costas Lapavitsas's Profiting Without Producing highlights the corrosive effect of finance. * Financial Times * Praise for Crisis in the Eurozone -- : This book is indispensable for anyone trying to make sense of the European Union's implosion. -- Alex Callinicos, Professor of European Studies, King's College London Crisis in the Eurozone combines the urgency of front-line reporting with insightful detail about the players involved and mechanisms at work. -- Gary A. Dymski, Professor of Economics, University of California, Riverside The most comprehensive, thoughtful, and insightful dissection of the Eurozone's problems. If you could only read one item on this momentous crisis, this book would be it. -- Stergios Skaperdas, Professor of Economics, University of California, Irvine

Praise for The Left Case Against the EU: For those wanting a clear and concise summary of the left case against the euro and of the misrepresentation of German European hegemony as the consummation of the European idea , there is no way around this book. Nowhere has the political economy of the common currency and of German ascendancy in Europe been more clearly exposed. -- Wolfgang Streeck, Max Planck Institute for the Study of Societies Praise for The Left Case Against the EU: Costas Lapavitsas is the most important commentator on the EU and its current crises, including Brexit. This is one of the most significant books on modern politics to appear in the last decade, and virtually the only one fully to grasp the nature of our present situation. -- Richard Tuck, Harvard University Praise for Against the Troika: Lapavitsas is fascinating and thoughtful. * Financial Times * Praise for Against the Troika: Costas Lapavitsas is part of the cadre of academics-turned-politicians forging Syriza's economic thinking. * Wall Street Journal * Praise for Against the Troika: Highly readable. A fresh and imaginative look at the crisis, it contributes greatly to the relevant debate, and is especially useful in detailing the theoretical foundations of economic programmes advocated by the radical Left parties that have begun to gain strength across Europe, and in particular Syriza. * Times Higher Education * Praise for Profiting Without Producing: This book is a profound and panoramic study of the most powerful but destructive economic force of our time - financialization. Based on a sophisticated modern reinterpretation of Marxist theories and in depth empirical analysis, the book comes up with bold and fundamental reform proposals. It is a must-read for anyone who is committed to progressive economic and social transformation. -- Ha-Joon Chang, author of 23 Things They Don't Tell You About Capitalism Praise for Profiting Without Producing: The growing dominance of global finance over the past generation ushered in the Wall Street crisis of 2007-09, and, along with it, mass unemployment and punishing austerity policies throughout the world. Building from his command of both the Marxian tradition and alternative theoretical perspectives, Costas Lapavitsas provides both a wide panorama and fresh insights as to how 'finance exploits us all.' Profiting Without Producing is a major contribution to our understanding of financialization and its discontents. -- Robert Pollin, Political Economy Research Institute, University of Massachusetts-Amherst Praise for Profiting Without Producing: Costas Lapavitsas has provided an original account of the difficulties that economies will face recovering from the 2008 economic crisis. It is not an optimistic picture, but one that people should struggle with. -- Dean Baker, Center for Economic and Policy Research Praise for Profiting Without Producing: This work is clearly a masterpiece on the financialized capitalism of our age. -- Makoto Itoh, Professor Emeritus, University of Tokyo Praise for Profiting Without Producing: A Marxist take on economic meltdown. Costas Lapavitsas's Profiting Without Producing highlights the corrosive effect of finance. -- Financial Times Praise for Crisis in the Eurozone: This book is indispensable for anyone trying to make sense of the European Union's implosion. -- Alex Callinicos, Professor of European Studies, King's College London Praise for Crisis in the Eurozone: Crisis in the Eurozone combines the urgency of front-line reporting with insightful detail about the players involved and mechanisms at work. -- Gary A. Dymski, Professor of Economics, University of California, Riverside Praise for Crisis in the Eurozone: The most comprehensive, thoughtful, and insightful dissection of the Eurozone's problems. If you could only read one item on this momentous crisis, this book would be it. -- Stergios Skaperdas, Professor of Economics, University of California, Irvine

Praise for The Left Case Against the EU: For those wanting a clear and concise summary of the left case against the euro and of the misrepresentation of German European hegemony as the consummation of the European idea , there is no way around this book. Nowhere has the political economy of the common currency and of German ascendancy in Europe been more clearly exposed. -- Wolfgang Streeck, Max Planck Institute for the Study of Societies Costas Lapavitsas is the most important commentator on the EU and its current crises, including Brexit. This is one of the most significant books on modern politics to appear in the last decade, and virtually the only one fully to grasp the nature of our present situation. -- Richard Tuck, Harvard University Praise for Against the Troika: Lapavitsas is fascinating and thoughtful. * Financial Times * Costas Lapavitsas is part of the cadre of academics-turned-politicians forging Syriza's economic thinking. * Wall Street Journal * Highly readable. A fresh and imaginative look at the crisis, it contributes greatly to the relevant debate, and is especially useful in detailing the theoretical foundations of economic programmes advocated by the radical Left parties that have begun to gain strength across Europe, and in particular Syriza. * Times Higher Education * Praise for Profiting Without Producing: This book is a profound and panoramic study of the most powerful but destructive economic force of our time - financialization. Based on a sophisticated modern reinterpretation of Marxist theories and in depth empirical analysis, the book comes up with bold and fundamental reform proposals. It is a must-read for anyone who is committed to progressive economic and social transformation. -- Ha-Joon Chang, author of <i>23 Things They Don't Tell You About Capitalism</i> The growing dominance of global finance over the past generation ushered in the Wall Street crisis of 2007-09, and, along with it, mass unemployment and punishing austerity policies throughout the world. Building from his command of both the Marxian tradition and alternative theoretical perspectives, Costas Lapavitsas provides both a wide panorama and fresh insights as to how 'finance exploits us all.' Profiting Without Producing is a major contribution to our understanding of financialization and its discontents. -- Robert Pollin, Political Economy Research Institute, University of Massachusetts-Amherst Costas Lapavitsas has provided an original account of the difficulties that economies will face recovering from the 2008 economic crisis. It is not an optimistic picture, but one that people should struggle with. -- Dean Baker, Center for Economic and Policy Research This work is clearly a masterpiece on the financialized capitalism of our age. -- Makoto Itoh, Professor Emeritus, University of Tokyo A Marxist take on economic meltdown. Costas Lapavitsas's Profiting Without Producing highlights the corrosive effect of finance. * Financial Times * Praise for Crisis in the Eurozone: This book is indispensable for anyone trying to make sense of the European Union's implosion. -- Alex Callinicos, Professor of European Studies, King's College London Crisis in the Eurozone combines the urgency of front-line reporting with insightful detail about the players involved and mechanisms at work. -- Gary A. Dymski, Professor of Economics, University of California, Riverside The most comprehensive, thoughtful, and insightful dissection of the Eurozone's problems. If you could only read one item on this momentous crisis, this book would be it. -- Stergios Skaperdas, Professor of Economics, University of California, Irvine

Author Information

Costas Lapavitsas is Professor of Economics at SOAS. He has published widely on the Political Economy of Money and Finance and his research during the last few years has focused on the financialisation of capitalism. In January 2015 he was elected as a member of the Greek Parliament. His most recent books include Capitalism in the Ottoman Balkans, with P. Cakiroglu, 2019, The Left Case Against the EU, 2018, and Profiting Without Producing, 2013. The EReNSEP Writing Collective: Nicolás Aguila, Universität Witten/Herdecke; Carla Coburger, University of Bayreuth, Germany; Pablo Cotarelo; Sergi Cutillas, University of Barcelona; Juan J. Duque, SOAS; Matteo Giordano, SOAS; Spyros Marchetos, Aristotle University of Thessaloniki; Thanos Moraitis, UMass Amherst; Marie Hyllested; Yuning Shi, SOAS; Aylin Soydan, Istanbul Okan University.

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