The State and Accumulation under Contemporary Capitalism
<p class="first" id="d348403e80">The classical and neo-classical economists present capitalism as a self-regulating and self-sustaining system. A system works on Say's law of market or Walrasian general equilibrium lines where market device work...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Pluto Journals
2020-03-01
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| Series: | World Review of Political Economy |
| Online Access: | https://www.scienceopen.com/hosted-document?doi=10.13169/worlrevipoliecon.11.1.0076 |
| _version_ | 1797834047948324864 |
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| author | Paramjit Singh Balwinder Singh Tiwana |
| author_facet | Paramjit Singh Balwinder Singh Tiwana |
| author_sort | Paramjit Singh |
| collection | DOAJ |
| description | <p class="first" id="d348403e80">The classical and neo-classical economists present capitalism as a self-regulating
and self-sustaining system. A system works on Say's law of market or Walrasian general
equilibrium lines where market device works so efficiently that there are no possibilities
of instability. The full utilization of available resources keeps the economy on a
steady state growth path. However, Marxian and Keynesian economists do not believe
in this idealistic interpretation of the working of capitalist economic system. They
argue that cyclical instability is a fundamental tendency of capitalist economic structure.
Historically, it has been proven that the capitalist system, from its very inception,
has required state intervention, not only in its external relations but also in its
internal functioning. The stability of capitalism depends upon the stability of capital
accumulation which in turn depends upon state facilitation and direct state intervention
in the economic affairs. In the light of these facts, the present paper makes an attempt
to scrutinize the role of state in the accumulation process, which has evolved with
the evolution of social classes and has been dominating economic and social affairs
in accordance with the needs of the dominant class.
</p> |
| first_indexed | 2024-04-09T14:33:27Z |
| format | Article |
| id | doaj.art-3acd987793794aacb5f0215fa73fbc47 |
| institution | Directory Open Access Journal |
| issn | 2042-891X 2042-8928 |
| language | English |
| last_indexed | 2024-04-09T14:33:27Z |
| publishDate | 2020-03-01 |
| publisher | Pluto Journals |
| record_format | Article |
| series | World Review of Political Economy |
| spelling | doaj.art-3acd987793794aacb5f0215fa73fbc472023-05-03T14:15:22ZengPluto JournalsWorld Review of Political Economy2042-891X2042-89282020-03-01111769410.13169/worlrevipoliecon.11.1.0076The State and Accumulation under Contemporary CapitalismParamjit SinghBalwinder Singh Tiwana<p class="first" id="d348403e80">The classical and neo-classical economists present capitalism as a self-regulating and self-sustaining system. A system works on Say's law of market or Walrasian general equilibrium lines where market device works so efficiently that there are no possibilities of instability. The full utilization of available resources keeps the economy on a steady state growth path. However, Marxian and Keynesian economists do not believe in this idealistic interpretation of the working of capitalist economic system. They argue that cyclical instability is a fundamental tendency of capitalist economic structure. Historically, it has been proven that the capitalist system, from its very inception, has required state intervention, not only in its external relations but also in its internal functioning. The stability of capitalism depends upon the stability of capital accumulation which in turn depends upon state facilitation and direct state intervention in the economic affairs. In the light of these facts, the present paper makes an attempt to scrutinize the role of state in the accumulation process, which has evolved with the evolution of social classes and has been dominating economic and social affairs in accordance with the needs of the dominant class. </p>https://www.scienceopen.com/hosted-document?doi=10.13169/worlrevipoliecon.11.1.0076 |
| spellingShingle | Paramjit Singh Balwinder Singh Tiwana The State and Accumulation under Contemporary Capitalism World Review of Political Economy |
| title | The State and Accumulation under Contemporary Capitalism |
| title_full | The State and Accumulation under Contemporary Capitalism |
| title_fullStr | The State and Accumulation under Contemporary Capitalism |
| title_full_unstemmed | The State and Accumulation under Contemporary Capitalism |
| title_short | The State and Accumulation under Contemporary Capitalism |
| title_sort | state and accumulation under contemporary capitalism |
| url | https://www.scienceopen.com/hosted-document?doi=10.13169/worlrevipoliecon.11.1.0076 |
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