PLSC 270: Capitalism: Success, Crisis and Reform
Lecture 04 - Karl Marx, Joseph Schumpeter, and an Economic System Incapable of Coming to Rest. Professor Rae relates Marxist theories of monopoly capitalism to Schumpeter's theory of creative destruction. Both Marx and Schumpeter agree that capitalism is a system that is "incapable of standing still," and is always revising (or revolutionizing) itself. Professor Rae critiques Marxist determinism and other features of Marx's theories. To highlight Schumpeterian creative destruction, Professor Rae uses examples from technological revolutions in energy production since water-powered mills. Marx's labor theory of value is discussed. Professor Rae highlights aspects overlooked by Marx, including supply and demand for labor, labor quality, and the role of capital in economic growth. Professor Rae also notes problems with Marx's predictions, including the prediction that the revolution will occur in the most advanced capitalist economies. Professor Rae also discusses Marx's theory of the universal class, the end of exploitation, and the withering away of the state. (from oyc.yale.edu)
| Lecture 04 - Karl Marx, Joseph Schumpeter, and an Economic System Incapable of Coming to Rest |
| Time | Lecture Chapters |
| [00:00:00] | 1. Introduction |
| [00:06:30] | 2. Marxist Historicism |
| [00:11:36] | 3. Monopoly Capitalism |
| [00:27:31] | 4. Falling Rates of Profit |
| [00:34:42] | 5. Immiseration of the Working Class in Late Capitalism |
| [00:38:30] | 6. Inevitable Revolution in Advanced Capitalist Systems |
| [00:42:06] | 7. Theory of the Universal Class |
| [00:43:23] | 8. Withering Away of the State |
| References |
| Lecture 4 - Karl Marx, Joseph Schumpeter, and an Economic System Incapable of Coming to Rest Instructor: Professor Douglas W. Rae. Transcript [html]. Audio [mp3]. Download Video [mov]. |
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