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A New Theory of Capitalism

Anatoliy Zheleznyak

Abstract

A new theory of capitalism is suggested. Its key moments and general logic are presented. This theory is based on the distinction between two market types – the simple commodity market and the capitalist one. Disequilibrium and «imperfect competition» are admitted to be a functional norm of capitalism. Respectively, an equilibrium and «perfect competition» are admitted to be a functional anomaly; crises are considered as the result of such an anomaly. General principles and concrete measures of crisis-proof policy and crisis-proof behavior are suggested.

Keywords

Theory of capitalism; capitalism; market; equilibrium (balance); disequilibrium (imbalance); perfect competition; imperfect competition; monopoly; crisis; crisis-proof policy; crisis-proof behaviour.

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This article was published in EASTERN EUROPEAN BUSINESS AND ECONOMICS JOURNAL, Volume 1, Number 1 (2015)

http://eebej.eu/Zheleznyak-A-2015-A-New-Theory-of-Capitalism-Key-Moments-and-General-Logic-Eastern-European-Business-and-Economics-Journal-11-28-45/

A New Theory of Market and Capitalism

In three parts

Preface

Anatoliy Zheleznyak

Abstract

A new heterodox theory of market and capitalism is suggested. Its key moments and general logic are presented. The theory is based on the distinction between two market types – the simple commodity market and the capitalist one. Disequilibrium and «imperfect competition» are admitted to be a functional norm of capitalist market. Respectively, an equilibrium and «perfect competition» are admitted to be a functional anomaly; crises are considered as the result of such an anomaly. General principles and concrete measures of crisis-proof policy and crisis-proof behavior are suggested.

The theory consists of three interconnected parts – a theory of market, a theory of value and a theory of capitalism. Every part is shaped as a separate text (with its abstract, introduction, conclusions and other attributes). Comparison with alternative theories is made in each part.

This text contains a common preface and common references only.

Keywords

Theory of market and capitalism, market, capitalism, value, price, profit, equilibrium (balance), disequilibrium (imbalance), perfect competition, imperfect competition, monopoly, crisis, crisis-proof policy, crisis-proof behaviour

Full text in Russian see http://sociohum.com/рынок-и-капитализм/

 

A New Theory of Market and Capitalism

In three parts

Anatoliy Zheleznyak

Part 1

Market

Abstract

A new heterodox theory of market is suggested. Its key moments are presented. The theory is based on the distinction between two market types – the simple commodity market and the capitalist one. Definitions of market and of each of its types are given. Internal logic of transition from the former to the latter is considered. Comparison with alternative theories is made.

Keywords

Market, simple commodity market, capitalist market

Full text in Russian see http://sociohum.com/рынок-и-капитализм/

 

A New Theory of Market and Capitalism

In three parts

Anatoliy Zheleznyak

Part 2

Value

Abstract

A new theory of value is suggested. Its key moments and general logic are presented. The theory has all-purpose nature (is applicable to any commodities, any markets and any market situations). Value is considered as a multicomponent notion which characterizes commodity’s internal behaviour (i.e. behaviour independent of market conjuncture). Labour and use values as well as supply and demand ones are interpreted as different components of total value. The role of these components in pricing on balanced and unbalanced markets is investigated. The fundamental conclusion about relationship between value and social psychology and culture is made. Comparison with alternative theories is made.

Keywords

Value, price, supply, demand, market equilibrium (market balance), market disequilibrium (market imbalance)

Full text in Russian see http://sociohum.com/рынок-и-капитализм/

 

A New Theory of Market and Capitalism

In three parts

Anatoliy Zheleznyak

Part 3

Capitalism

Abstract

A new heterodox theory of capitalism is suggested. Its key moments and general logic are presented. Capitalism is considered as a special case of market, as its higher form. Disequilibrium and «imperfect competition» are admitted to be a functional norm of capitalism. Respectively, an equilibrium and «perfect competition» are admitted to be a functional anomaly; crises are considered as the result of such an anomaly. General principles and concrete measures of crisis-proof policy and crisis-proof behavior are suggested. Comparison with alternative theories is made.

Keywords

Theory of capitalism, capitalism, profit, equilibrium (balance), disequilibrium (imbalance), perfect competition, imperfect competition, monopoly, crisis, crisis-proof policy, crisis-proof behaviour

Full text in Russian see http://sociohum.com/рынок-и-капитализм/

 

Life and Death of Russian Government Short-term Bonds (in General Context of Russian Criminal Economy)

Abstract

Quiet life and big death of Russian government short-term bonds (in Russian abbreviation GKOs) is considered in general context of postcommunist Russia criminal economy. The GKOs system is characterized on the one hand as the highest and therefore extremely interesting «achievement» of Russian criminal economy in the nineties, on the other hand as its striking and representative example, which illustrates fundamental features and functioning principles of Russian criminal economy in whole. And Russian «criminalizm» is interpreted as an absolutely special economy type which is different in essence from both western capitalism and soviet socialism. Specifically, the paper deals with the financial and economic crisis started on August 17, 1998 by bankers under the pretence of stopping GKOs mechanism, the crisis which has evidently represented criminal nature of Russian economy. The main conclusion of the paper is that in the absence of drastic structural anti-criminal measures an «August, 17» may be repeated in Russia and its consequences may be more serious.

Keywords

Criminal economy of Russia, GKOs system, the 1998 year crisis, anti-criminal measures.

Full text in Russian see http://sociohum.com/публицистика/