This book provides a framework for thinking about economic institutions such as firms. The basic idea is that institutions arise in situations where people write incomplete contracts and where the allocation of power or control is therefore important. Power and control are not standard concepts in economic theory. The book begins by pointing out that traditional approaches cannot explain on the one hand why all transactions do not take place in one huge firm and on the other hand why firms matter at all. An incomplete contracting or property rights approach is then developed. It is argued that this approach can throw light on the boundaries of firms and on the meaning of asset ownership. In the remainder of the book, incomplete contracting ideas are applied to understand firms' financial decisions, in particular, the nature of debt and equity (why equity has votes and creditors have foreclosure rights); the capital structure decisions of public companies; bankruptcy procedure; and the allocation of voting rights across a company's shares. The book is written in a fairly non-technical style and includes many examples. It is aimed at advanced undergraduate and graduate students, academic and business economists, and lawyers, as well as those with an interest in corporate finance, privatization and regulation, and the transition from socialism to capitalism. Little background knowledge is required, since the concepts are developed as the book progresses and the existing literature is fully reviewed.

Foreign policy, for leftists, used to be relatively simple. They were for the breakdown of capitalism and its replacement with a centrally planned economy. They were for the workers against the moneyed interests and for colonized peoples against imperial (Western) powers. But these easy substitutes for thought are becoming increasingly difficult. Neo-liberal capitalism is triumphant, and the workers movement is in radical decline. National liberation movements have produced new oppressions. A reflexive anti-imperialist politics can turn leftists into apologists for morally abhorrent groups. In Michael Walzers view, the left can no longer (in fact, could never) take automatic positions but must proceed from clearly articulated moral principles. In this book, adapted from essays published in Dissent, Walzer asks how leftists should think about the international scene -- about humanitarian intervention and world government, about global inequality and religious extremism -- in light of a coherent set of underlying political values.

Fortunately for the reader, the author is not only a sophisticated practicing anthropologist--and incidentally a medical man--but also a person of wide and cosmopolitan literary culture. ... The interest of this exercise extends far beyond two backward corners of South America. How human beings make intellectual sense of the world in which they live, and which they no longer even partially control, is a question which concerns all of us. What they do with the 'social constructions (and deceptions) of reality' is equally significant. For men strive not only to understand but to change the world."--E.J. Hobsbawm, New York Review of Books "[Taussig] gives us superb ethnography, a Marxist critique of world capitalism, a lesson in analogical and dialectical techniques (some of them bordering on the mystical), and argues convincingly that humanist interpretation can be as empirically 'hard' as scientific measurement. ... [He] develops a set of painstaking techniques that allow us to 'read' the text of Caucana beliefs by means of an elaborate iconography derived from analogic reasoning and grounded in Marxist theory. Such a text is not to be 'understood' as a peasant or folk recourse to 'limited good' or 'folk Catholocism, ' but rather as revelatory of real social relationships that are disguised in more advanced capitalist societies by the process of ideological mystification that Marx called 'the fetishism of commodities.'"

Marxism has long been accused of economic determinism, reductionism and a silence on human experience. Beyond Capital argues that these problems can be traced back to Marx's failure to write his planned book on Wage-Labor. Added to the subsequent ignorance of Marx's method, the result has been a one-sided presentation of Marxism. By considering workers and their needs, Beyond Capital demonstrates the one-sidedness of such concepts as the value of labor-power and the theoretical inferences drawn from Capital. However, rather than rejecting Marx, Beyond Capital argues that his "political economy of the working class" and the process of struggle are central for going beyond capitalism.

First published in Italian in 1977, Mario Mieli's groundbreaking book is an early landmark of revolutionary queer theory - here available for the first time in a complete and unabridged English translation, with extensive annotations. Among the most important works ever to address the relationship between homosexuality, homophobia and capitalism, Mieli's essay continues to pose a radical challenge to today's dominant queer theory and politics. With extraordinary prescience, Mieli exposes the efficiency with which capitalism co-=opts "perversions" which are then "sold both wholesale and retail." In his view the liberation of homosexual desire requires the emancipation of sexuality from both heteropatriarchal sex roles and capital.

First published in Italian in 1977, Mario Mieli's groundbreaking book is an early landmark of revolutionary queer theory - here available for the first time in a complete and unabridged English translation, with extensive annotations. Among the most important works ever to address the relationship between homosexuality, homophobia and capitalism, Mieli's essay continues to pose a radical challenge to today's dominant queer theory and politics. With extraordinary prescience, Mieli exposes the efficiency with which capitalism co-=opts "perversions" which are then "sold both wholesale and retail." In his view the liberation of homosexual desire requires the emancipation of sexuality from both heteropatriarchal sex roles and capital.

The Brothers Ashkenazi by I.J. Singer is a multi-generational saga set in the tumultuous backdrop of nineteenth- and twentieth-century Poland. The novel follows the lives of two vastly different brothers, Meshulam and Asa Ashkenazi, as they navigate the complexities of family, business, and identity within the Jewish community. Meshulam, a shrewd and ambitious businessman, embraces modernity and capitalism to rise in society, even at the expense of his traditions. Asa, on the other hand, remains deeply rooted in his Jewish faith and studies, rejecting the pursuit of material success. The brothers' contrasting paths lead to a bitter rivalry that mirrors the social changes and political upheavals of their time, including World War I and the rise of antisemitism. Amidst personal struggles, power struggles, and shifting allegiances, the novel explores themes of assimilation, cultural transformation, and the enduring struggle to balance tradition with progress. Through intricate character development and vivid historical detail, Singer crafts a compelling narrative that illuminates the complexities of Jewish identity and the forces that shape a society in flux.

Defeated in the East and discredited in the West, Marxism has broken down as an ideology and as a guide to governance. But, for all its flaws, it remains an important tool for understanding and raising questions about key aspects of modern life. In Marxism and the City Ira Katznelson critically assesses the scholarship on cities that has developed within Marxism in the past quarter century to show how some of the most important weaknesses in Marxism as a social theory can be remedied by forcing it to engage seriously with cities and spatial concerns. He argues that such a Marxism still has a significant contribution to make to the discussion of such historical questions as the transition from feudalism to a world composed of capitalist economies and nation-states and the acquiescence of the western working classes to capitalism. Professor Katznelson demonstrates how a Marxism that embraces complexity and is open to engagement with other social-theoretical traditions can illuminate our understanding of cities and of the patterns of class and group formation that have characterized urban life in the West.

Few documents have had more of an impact on the course of history as has the Communist Manifesto. From its famous opening lines--"A specter is haunting Europe: the specter of Communism"--to its final rallying cry--"Workers of the world unite!"--the words of Marx and Engels have moved millions to join in the struggle against capitalism. But they have also inspired a legion of critics, detractors, and even a few despots to intentionally distort their meanings so as to sow confusion and justify untold horrors. According to Hal Draper, these mis-readings have, in part, been made possible by the enduring prevalence of translations from the original German that fail to accurately capture the intended meaning of certain key phrases. In this magisterial volume, Draper assembles the original German text, the first English translation, the officially authorized English translation--providing enlightening commentary throughout--as well as his own new translation of the pamphlet.

Sickened by the contamination of their water, their air, of the Earth itself, more and more people are coming to realize that it is capitalism that is, quite literally, killing them. It is now clearer than ever that capitalism is also degrading the Earth s ability to support other forms of life. Capitalism s imperative to make profit at all costs and expand without end is destabilizing Earth s climate, while increasing human misery and inequality on a planetary scale. Already, hundreds of millions of people are facing poverty in the midst of untold wealth, perpetual war, growing racism, and gender oppression. The need to organize for social and environmental reforms has never been greater. But crucial as reforms are, they cannot solve our intertwined ecological and social crises. Creating an Ecological Society reveals an overwhelmingly simple truth: Fighting for reforms is vital, but revolution is essential. Because it aims squarely at replacing capitalism with an ecologically sound and socially just society, Creating an Ecological Society is filled with revolutionary hope. Fred Magdoff and Chris Williams, who have devoted their lives to activism, Marxist analysis, and ecological science, provide informed, fascinating accounts of how a new world can be created from the ashes of the old. Their book shows that it is possible to envision and create a society that is genuinely democratic, equitable, and ecologically sustainable. And possible not one moment too soon for society to change fundamentally and be brought into harmony with nature.

Leon Trotsky has become one of the twentieth century’s most enduring political legends. Joining the Bolsheviks on the eve of the 1917 revolution he played a vital role as Lenin’s right-hand man in the insurrection and went on to lead the Red Army to victory in the ensuing civil war. Having lost to Stalin the struggle for power which followed Lenin’s death, he became an implacable opponent of the dictator over the next three decades—a stance which cost him his political career, his citizenship and ultimately his life. A charismatic orator, a prolific author and a political philosopher whose ideas continue to resonate in the wake of the collapse of the Stalinist regimes of Eastern Europe, Trotsky made an indelible mark on world history. Ernest Mandel, one of the foremost leaders of the international movement which Trotsky founded before the Second World War and an influential economist and political theorist, is uniquely placed to review the life and work of Trotsky. In Trotsky as Alternative he presents a portrait of his subject which is appreciative yet critical. He shows that Trotsky’s contribution to the history of the twentieth century was primarily political rather than sociological, and this in a practical as well as a theoretical sense. He locates Trotsky’s theory of uneven and combined development as a crucial tool whose explanatory power of the mechanisms of world imperialism is as relevant to the late capitalism of the 1990s as it was to the first three decades of the century when it was formulated. Ranging across Trotsky’s struggles against Stalin’s bureaucracy, his formulation of an alternative economic strategy, his theories relating to the Third World, fascism and the national question, his extensive literary criticism, and concluding with a moving assessment of an extraordinary life, this book is a fitting testimony to a man who, in Mandel’s words, “will be judged by history as the most important strategist for the socialist movement.”

"A People's History of the Second World War unearths the fascinating history of the war as fought "from below." Until now, the vast majority of historical accounts have focused on the regular armies of the allied powers. Donny Gluckstein shows that an important part of the fighting involved people's militias struggling against not just fascism, but also colonialism, imperialism, and capitalism itself. Gluckstein argues that despite this radical element, which was fighting on the ground, the allied governments were more interested in creating a new order to suit their interests. He shows how various anti-fascist resistance movements in Poland, Greece, Italy, and elsewhere were betrayed by the Allies despite playing a decisive part in defeating the Nazis. This book will fundamentally challenge our understanding of the Second World War - both about the people who fought it and the reasons for which it was fought."--Publisher's website

In eleven incisive, biting essays, Marxist philosopher Darko Suvin suggests that "capitalism (and all of us in Leviathan's belly) stands today in the presence of Yeats's rough beast advancing toward Bethlehem, that finance capitalism is not simply a stage but a recurrent 'Autumn' signal of transition from one world regime of accumulation and domination to another; it signals the destruction of the old regime and creation of a 'new' one." And to bolster his argument, Suvin points to the economic and social chaos creeping and growing through western society, bank failures, riots, unrest, loss of private capital, loss of middle-class jobs, increase in drug and alcohol abuse, proliferation of guns and other weapons in society, failure of our school systems, inability of police to provide security, and political revolution in less-developed states. The author stresses the need to provide "universal guaranteed income sufficient to modestly live on for all adults working 35 hours a week, and a stress on [providing decent] education and health." And to fund these simple measures: "Just pay trillions to people instead of banks and the military." Suvin's intelligent analysis and commentary will open many eyes that have been prejudiced against socialist thought by the rise of right-wing politicians, and demonstrate quite clearly to the modern reader that there IS another perspective worth considering.

"What's old is new. 'Pope Leo XIII addressed the social question in the content of the first industrial revolution. Today, the Church offers her social teaching in response to another industrial revolution and artificial intelligence.'--Pope Leo XIV, First Address to the College of Cardinals, 2025. In 1891, as strikes paralyzed nations and socialist revolution loomed, Pope Leo XIII issued Rerum Novarum--a groundbreaking document that reshaped Catholic social thought. Confronting industrial capitalism's brutality while rejecting Marxism, Leo XIII charted a third way. 'When a man engages in remunerative labor, the impelling reason and motive of his work is to obtain property, and thereafter to hold it as his very own.' Leo XIII defended private property while demanding just wages, reasonable hours, and workers' dignity. He affirmed unions but rejected revolutionary violence. His vision inspired global labor reforms and founded modern Catholic social teaching. Published as Pope Leo XIV invokes this legacy to address AI and digital disruption, this edition features historical context, paragraph summaries, and illuminating footnotes for today's reader. Essential reading for understanding Catholic responses to economic injustice--then and now."--from the back cover.

We can't sit under Mises at his famous Vienna private seminar. We can't go back in time and attend his New York seminar, or follow him to his speaking engagements that he held in the 50s and 60s.But thanks to this second volume in a thrilling series (here is volume one), we do have access to what he said. He is warm, funny, passionate, and learned. This book provides a candid look at the man and his teaching style. It demonstrates his dazzling command over the material, and teaches in a breezier way than his treatises.This volume contains nine lectures delivered over one week, from June 23, to July 3, 1952, at the San Francisco Public Library. Mises was at his prime as a teacher and lecturer. He shares a lifetime of learning on topics that were (and remain) central to American public life.As the title indicates, his main focus is on Marxism. He discusses Marx and his place in the history of ideas, the destruction wrought by his dangerous ideology, the manner in which his followers have covered up his errors, and how the Marxists themselves have worked for so long to save Marxism from itself. He discusses Marxist claims about history and refutes the smear of the industrial revolution.The approach is systematic but casual. So the reader encounters wonderful insights in the form of short asides. For example: "The worst thing that can happen to a socialist is to have his country ruled by socialists who are not his friends."As a lecturer, he is steady and relentless. The reader can nearly "hear" him speaking through the prose. And there are times when Mises reveals a level of rhetorical passion that you would never encounter in print. That's because what is printed here are not pre-prepared lectures in the sense that they were written out. They were transcribed by Bettina Bien Greaves from what he actually said.Thus can we hear this passage:It is not true, as Marx said, that the improvements in technology are available only to the exploiters and that the masses are living in a state much worse than on the eve of the Industrial Revolution. Everything the Marxists say about exploitation is absolutely wrong! Lies! In fact, capitalism made it possible for many persons to survive who wouldn't have otherwise.Some readers of Mises's larger works have said that while his rigor is dazzling, the man himself can seem remote. Whether or not you agree with this observation, Mises comes across in these lectures as brilliant but very warm and charming in an old world sense.This approach is particularly fruitful in the last four of the lectures, which cover topics such as savings, interest, inflation, profit and loss, and the place of foreign investment. The lecture on interest rates, for example, must surely rank as one of the best explanations of this complicated topic. He recounts the history of the attempt to suppress interest rates, from the ancient world to the modern period. He explains why this cannot work because interest is merely the objective sign of a phenomenon that is integral to human action. As he moves on to money, Mises reveals himself to be tougher on the issue of fiduciary media than he was when he wrote his 1912 book The Theory of Money and Credit.In response to a question Mises says: "In the future no additional banknotes should be issued, no additional credit should be entered on a bank subject to check, unless there is 100 percent coverage in money."Also not to be missed is Mises's wry defense of "money cranks": at least they were only more consistent than the advocates of Keynesian and monetarism.Mises was clearly pressed for time, so he had to be at once thorough and move quickly through the material. It's still not "light reading" by the normal standards, but for people who want to see a great mind at work, this has a wonderful element of spontaneity about it that attracts and teaches at the same time.

CONTENTS: Introduction - Labour, Necessary product, Surplus Product - Exchange, Commodity, Value - Money, Capital, Surplus-value - The Development of Capital - The Contradictions of Capitalism - Trade - Credit - Money - Agriculture- Reproduction and the Growth of National Income - Periodical Crises - Monopoly Capitalism - Imperialism - The Epoch of Capitalist Decline - The Soviet Economy - The Economy of the Transition Period - Socialist Economy - Origin, Rise and Withering Away of Political Economy- Bibliography - Index

For two months in 1871, the workers of Paris took control of Europe's most celebrated capital city. When they established the world's first workers' democracy--the Paris Commune--they found no ready-made blueprints, and no precedents to study for how to run their city without princes, prison wardens, or professional politicians. All they had was the boundless revolutionary enthusiasm of Paris's socialists, communists, anarchists, and radical Jacobins, all of whom threw their energies into creating a new society. As the city's bakers, industrial workers, and other "ruffians" built new institutions of collective political power to overturn social and economic inequality, their former rulers sought to thwart their efforts by any means necessary--ultimately deciding to drown the Communards in blood. By paying particular attention to the historic problems of the Commune, critical debates over its implications, and the glimpse of a better world the Commune provided, Gluckstein reveals its enduring lessons and inspiration for today's struggles. Donny Gluckstein is author of The Nazis, Capitalism and the Working Class and The Tragedy of Bukharin . He is a lecturer in history in Edinburgh and is a member of the Socialist Workers Party.

In this critical new work, sociologist William I. Robinson offers an engaging and accessible introduction to his theory of global capitalism. He applies this theory to a wide range of contemporary topics, among them, globalization, the trans- national capitalist class, immigrant justice, educational reform, labor and anti-racist struggles, policing, Trumpism, the resurgence of a neo-fascist right, and the rise of a global police state. Sure to spark debate, this is a timely contribution to a renewal of critical social science and Marxist theory for the new century. William I. Robinson's many award-winning books include: Global Capitalism and the Crisis of Humanity (2014), Latin America and Global Capitalism (2008), and A Theory of Global Capitalism (2004).

"Michael A. Lebowitz deepens the arguments he made in his "Beyond Capital." Whereas Karl Marx, in "Capital," treated capitalism as an organic system that reproduces its premises of capital and wage-labor, Lebowitz argues that the solidarity of workers in struggle points toward an organic system of community, an alternative system that produces its own premises, communality, and recognition of the needs of others. "Between Capitalism and Community" demonstrates the analysis that capitalism contains within itself elements of a different society, one of community"--

We live in and from nature, but the way we have evolved of doing this is about to destroy us. capitalism and its by-products–imperialism, war, neoliberal globalization, racism, poverty and the destruction of community–are all playing a part in the destruction of our ecosystem. only now are we beginning to realize the depth of the crisis and the kind of transformation that will have to occur to ensure our survival. This second, thoroughly updated, edition of The Enemy of Nature speaks to this new environmental awareness. By suggesting a radical new way forward, a new kind of “ecosocialism,” Joel Kovel offers real hope and vision for a more sustainable future.