Contemporary Radical Economics Author(s): Howard J. Sherman Source: The Journal of Economic Education, Vol. 15, No.

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RadicalEconomics Contemporary
HowardJ. Sherman

of contemporary radicaleconomics, This articlediscussesthe predecessors the social originsof radicaleconomics,the radicalcritiqueof neoclassical and some specificapplications of economics,the generalradicalparadigm, radicaleconomics.
THE PREDECESSORS OF CONTEMPORARY RADICAL ECONOMICS'

Althoughsome Americanradicalsare influencedby ThorsteinVeblenand by variousother U.S. dissidenteconomists,most are heavilyindebtedto KarlMarxfor theirinspiration, the questionstheyask, and the methodthey use. Very few accept all of Marx's analyses or conclusions. Radical economistsstressthe need for everyoneto thinkindependently, so theywill not blindlyfollow Marxor anyone else. Marx had four main beliefs associatedwith the philosophyof science. that is, he believedthat thereis no supernatural First, he was a materialist; world, so that one mustbase one's analyseson the facts of this world. Second, Marx believed in scientific determinism,that any given event, includingour own behavior,can be explainedby antecedentevents. Third, Marxbelievedin a dialecticmethod,whichstatesthat one mustalwaysask: Is this phenomenoninterconnected with others? Are two apparently oppositeaspectsof any processactuallyrelated? Is the relationone of conflict or of cooperation? Are the slow changes we observe going to lead to some qualitative change? If thereis a qualitative jump, what slow changesled up to it? Fourth, Marxwas an ethicalhumanist.Since there is nothinghigherthan humanity,the good of humanbeingsis the highestethicalstandard.Marx fromtheutilitarians, differed in therecognition of divergent andconhowever, for example,the ethically best policyis different flictingclassinterests; from the respective viewsof slavesandslaveowners. Marxalso recognized thatthere is no socialscienceseparate fromethicalvalues;everysignificant in statement the socialsciencesis a combination of fact and value. Marxist socialscience shouldreflectthe ethicalvaluesof oppressed and exploited groups.

Howard J. Sherman is a professor of economics at the University of California, Riverside.

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Marx's theory of history sees society as a process composed of two elements. There is the economic base (or mode of production)and the The economic base is not merelythe techsocial-politicalsuperstructure. nical componentsof land, labor, capital,and technology(whichMarxcalls the forces of production),but is also the humanrelationsof productionparticularlythe class relationshipsin the economic process. The social includes(a) institutions,suchas government, the educational superstructure and the from and to individual system, family; (b) ideas, ideology psycholinteract ogy to scientificideas. The economicbase and the superstructure as one unity, each determining the other. Marxwas equallyopposedto the narrowtheorythat ideas (themselves determine the economic unexplained) base and the narrow theory that the economic base (itself unexplained) determines ideas and institutions. Historicalchangecomes about when the human, class relationsof productionbecomefrozeninto law in waysthat protectthe interestsof the ruling class, but hold back any furtherprogressof the forces of production. The tension betweenprogressand frozen class relationscauses class conflicts, leadingto revolution.The class conflicts are manifestin the economy, in the governmentand other institutions, and in the ideological haveappliedthis theoryto the EnglishRevolutionof 1648, sphere.Marxists ending feudalism;the FrenchRevolutionof 1789, ending feudalism;the U.S. Civil War, ending slavery; the Soviet Revolution of 1917, ending and the ChineseRevolution of 1948,endingcapitalism in China. capitalism; Marxbelievedin a labor theory of value in which the value of all commoditiesis determined laborthat goes by the amountof sociallynecessary into theirproduction.Capitalists hireworkersfor a givenlengthof timeand pay them a certainwage. The value of what the workersproducein that of labor.The wageof lengthof timeis determined solelyby the expenditure the workeris determined in the labor marketaccordingto the valuationof the workerand what is necessaryto keep the worker functioningin our presentsociety. Marxvisualizedthe workeras first producingthe value of his or herown wage, thenproducing morevalueuntilthe dayends. Thatextra value is surplusvalue or profit. All workers,regardless of their wage, must produceprofit undercapitalism; that is what Marxcalls exploitation. Periodicbusinessrecessionsor depressions are inherentin the capitalist system.The processof expansionitself causesthe decline,not any external cause.Marx,an earlycriticof Say'sLaw,pointedoutthatSayreallyassumed an isolated,nonmarket,bartereconomy. Whenwe note that capitalism actuallyhas productiononly for exchangein the market,throughthe medium of money, for a privateprofit, the possibilityof unemployment and depression becomes explicable. During every expansion, the class structureof capitalismleads to limited demand and rising costs. Demand is limited becauseworkers'wagesarehelddownby exploitation.Costsrisebecauseof shortagesof raw materialsand fixed capital(e.g., interestrates rise along
with the price of machinery). Because wages are the largest component of demand, as well as of cost, crises cannot be solved by either higher wages or
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lower wages. As profit ratesare squeezedat the cycle peak, capitalcan no longer find an outlet in new investment,so savingsare hoarded.Reduced investmentmeans fewerjobs, less income, and the reductionin consumer demand.The recessionis underway. The same processin reverseleads to recovery. The Marx'stheoryof the state is basedon his analysisof class structure. class holding dominanteconomic power will always be the class holding dominantpolitical power. It would be absurdto think that slaveholders could hold most economic power while slaves held dominant political couldhold domipower. It wouldbe equallyabsurdto thinkthatcapitalists nant economicpowerwhile workershold dominantpoliticalpower. When the bourgeoisiein westernEuropebegan to accumulateeconomicpower, they were held back in theirgoals by the still dominantpoliticalpower of the feudal landowningnobility and they eventuallyresortedto political into conformitywiththe changrevolutionto bringthe politicalinstitutions classcan gain some Of course,an oppressed ing economicpowerstructure. degreeof politicalpowerin a given society, dependingon the degreeof its organization,the degreeof politicaldemocracy,and so forth. Marxarguedthat workersnot only are exploited,but also are mystified and then alienatedby the capitalistsystem. Each workerproducesonly a small partof a product,has no controlover production,and no ownership of the product.Thus, workersare alienatedfrom the productiveprocess. Because competitionis pervasive,workersare alienatedalso from their fellow workers.Thus, in the Marxianview, lonelinessand exploitationof individual lead to manyof our socialproblems, suchas high the competitive divorcerates, mentalsickness,and suicide. Marx believed that capitalism, through imperialism,would spread to coverthe whole world. As it spreadto othercountries,it wouldbe, in part, very destructive, ruiningage-oldsocietiesand theireconomicsystems.Yet, for it wouldbringall econMarxbelievedthat it also wouldbe constructive, omies into the international and would marketplace plant the seeds of inin all countries.Marxbelievedthat the socialistrevolution dustrialization would take place first in the most maturecapitalistcountries-a prediction that has been disproved by history. Lenin substitutedthe theory that capitalismwould break at its weakestlinks in the international capitalist world system. Marxsaw socialismas a systemin whichworkerswouldcontrolthe state; there would be public ownershipof all the means of production,accompanied by economic planning. Differential wages and prices, however, would still persist. Under the final stage of socialism,which Lenin called communism,classeswould be eliminatedand the state would no longerbe necessary.There would still be public ownershipand planning,but there would be no more wages or pricesbecauseall goods would be public and free. The productivity gains made undercapitalismand the first stage of
socialism would make the "law of scarcity" mostly irrelevant, eliminating a source of conflict over distributional shares. Common ownership would
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eliminateclass and the competitiveconflict. The end of privateownership would mean an end to the causes of war, crime, poverty,unemployment, and so forth.
SOCIAL ORIGINS OF CONTEMPORARY RADICAL ECONOMICS2

In the 1950s,the UnitedStateswas an apparently stablesocietywitha high of and a condition that led some degree political apathy conformism, theorists to proclaim the "end of ideology." Blacks were held by discriminationin their "place," which meant having the lowest-paying menialjobs, little education,and no politicalpower. Womenwereheld by to their "place," which meant the kitchen, cleaning,child discrimination and rearing, low-payingmenialjobs. In the 1960s, the situation slowly changed. Best selling books "discovered"poverty,racism,sexism, the dangersof nuclearwar, and environmentaldestruction.The Civil Rights movement, demandingequal becauseblacks rightsfor blacks,becamemoreand moreimportant--partly had moved out of southernagriculture into the cities of the South and the North. These ideologicalchanges,social changes,and movements werereflected to some extent in the Kennedyadministration of the early 1960s. That administrationsympathizedwith the Civil Rights movement and promisedto help those oppressedby povertyand/or discrimination. Some improvements were made, but they were not enough to radically the changethe positionof blacksand otherslivingin poverty.Furthermore, Johnsonadministration involvedthe United Statesin an unpopular war in Vietnam.As a result,therewasdisillusionment withthe establishment and a powerfulmovementgrew up against the VietnamWar. The black movement became more militant, demandingblack power. A women's movement cameinto being, demanding women'sliberation-partly basedon the increasingnumbersof women in paid jobs, now over 50 percentof all women. None of these movementshad much theoreticalunderstanding of the issues. Yet thereweremanyissueson whichsome theoretical understanding was imperative; for example,one could oppose the VietnamWar, but one could not understand it or builda lastingpoliticalpartywithouta theoryof imperialism. Lackingany othertheory,some of those who werelookingfor answers turned to Marxism.Their Marxistviews were based on limited knowledgeand also involved attemptsto transformMarxistdoctrinesto meet the new circumstances of the presentworld. These newerversionsof Marx-with muchradicalism, muchflexibility,and not muchknowledge or even interestin Marx-were called the New Left theories.They reflecteda new leftwingmovementthat was differentfrom the old Socialistor Communistparties,a movementlooking for new answerssuitedto the modern
U.S. situation. Because the anti-war movement was focused on campuses, as were parts 268 JOURNALOF ECONOMIC EDUCATION

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of the black and women's movements,universitieswere profoundly influencedby all of this turmoil.From the studentsof the 1960s-and from some of the faculty-emerged radical points of view in anthropology, politicalscience,sociology, history,and economics,to nameonly a few. In knownas the economics,the radicaleconomistsformeda new organization Union of Radical Political Economics, which published the Review of
Radical Political Economics. This journal began with a New Left rather

than old-lineMarxistpoint of view; it containedthen-and still does-the entirerangeof radicalpoliticaland theoretical pointsof view. The summary below can only indicatemajortrends,not all of the disputescontinuously occurringin the lively debatesamong radicals.
CRITIQUE OF NEOCLASSICAL ECONOMICS3

Radical economics has been better at criticizing the old neoclassical economicsthan it has been at formulating a whole new view of economics. Most radicalshaveagreedon the mainline of criticism of the existingdominant school of economics. Radicalsarguedfirstthat neoclassical economicswas irrelevant becauseit did not addressmajorpublicissues. Its failureto do so may havebeen due partlyto the neoclassical philosophyof science,whichtendsto be narrowly empirical,looks at economic phenomenaas isolated from social-political structures,and ignores evolutionarychange. Neoclassicismconsequently did not deal with issues such as war and peace, racism, sexism, or imeconomicsdid respond. perialism.This is a criticismto whichneoclassical For the first time, some mainstream neoclassicaleconomistsdid begin to apply neoclassicalanalysisto issues of the family, the environment,and race (e.g., the theories of Gary Beckerand Thomas Sowell). From the radicalpoint of view, however,theseanalyseshavebeeninadequate because have conservative solutionsthat frethey produced (i.e., market-oriented) quently appear to explain away, rather than explain, the issues. Nevereconomistsnow have addressed theseissues-partly as theless,neoclassical a resultof the radicalcritique. economicsis inadequate because Second,radicalsarguethat neoclassical of its unrealistic realities.It ignores assumptionsand neglectof structural the facts of powerand of class conflict, whileassumingthatthe economyis perfectlycompetitive. Third, radicalschargethat neoclassicaleconomicsis biased in favor of the status quo of capitalism.It concentrates on marginalchangesand implicitly assumes that major changes are impossible. It focuses on the criterionof efficiency for economic systems, but disregards or minimizes other important criteria, such as equity and income distribution, environmental The whole theoryof marginal destruction,or unemployment.
productivity defends the present income distribution by concluding that each factor gets an income equal to its marginal product. Not only does this
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rule out the exploitationof workers,but it also leads to the tautological mustbe inferiorbecausetheyare paid argumentthat womenand minorities less incomethan white males. THE OVERALL RADICALAPPROACH4 The overall radical approachis interdisciplinary, historical-evolutionary, and institutional.It focuseson conflictratherthan harmony,powerrather than assumptionsof equality, class ratherthan individualbehavior,dynamics rather than statics, and on fundamentalrather than marginal changes. natureof radicaleconomics is shown by the fact The interdisciplinary that radicals frequentlypublish in noneconomicsjournals and that the radicaljournal in economicsfrequentlycarriesarticlesby noneconomists. Radicalssee societyas an evolvingunityand they see all socialproblemsas interrelated; thus, it makesno senseto themto examineproblemsfrom the viewpointof one discipline.Radicalsdo not believethat a givensocietycan the historicalevolutionthat broughtit be understoodunlesswe understand to its presentstate. History, therefore,is an importantpart of the radical paradigm.Radicalsalso reject any pure theory in favor of a careful examinationof existinginstitutionsin a given historicalcontext,and they believe it appropriateto build theoreticalstructuresonly on such realistic bases. Radicalsbelievethat presentday capitalismis a conflictbetweenvarious class interestsratherthan a simpleaggregation of individual,relatively harmoniousinterests.Thereis a class conflict becausemost peoplework for a class, however, living, gettingwagesor salariesfor theirlabor;the capitalist owns the corporations andtheirproducts.Because the capitalist classmakes its profit from the laborof workers,thereis an inherent conflict. It does no good to wishawaythis conflict;the conflictcan be endedonly by removing the basis for it. Radicalscontend that the exchangebetweenworkersand capitalists is not a simple exchange between equals, but that capitalist workers.Thispoweris seen employershave far morepowerthanindividual not only in wagebargaining, but also in influenceovergovernment. Finally, radicaleconomistsconsiderit importantto contribute to the studyof comparative systems. They believe it is not sufficient to examine marginal reformswithinour capitalistsystem;it is necessary also to examinesocioeconomic alternatives.One cannot understandone's own system without And economists,radicalsbelieve,must considerthe seeingthe alternatives. economic possibilitythat thereshouldbe a radicalchangeto an alternative system. SPECIFICAPPLICATIONSOF RADICALECONOMICS Price and Value Theory The best knownof Marx'scontributions to economicsis his labortheoryof value. Marxcontendedthat all valuein the exchangeprocessis the resultof
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of sociallynecessary(at a given level of technology)labor the expenditure time. He arguedthat the value producedby capital is all attributable to labor becausecapitalgoods are themselves all producedby previouslabor. Workers,becausethey are not paid the full amountof the value that they add to previouslyexistingcapital goods and raw materials-with the differencein value taken by the capitalistas profit-are "exploited." Thereis an enormousamountof difficult,abstract,abstruse,and elegant theorizing on the details of Marx's theory among present day radicals. from value Many of the debateshave centeredon Marx'stransformation down to the level of pricesof production.This projecthas entaileda great deal of mathematical as wellas conclusionsrangingfromreaffirargument, mationof Marx'stheory,to drasticchangesin his theory,to rejectionof his theory. A rival theory to Marxismthat has been taken seriouslyby many radicalsis the neo-Ricardian theorythat reachessome of the same conclusions but uses a very different analysis. This importantdebate on the transformation problem may be seen in the pages of many issues of the Reviewof RadicalPoliticalEconomics.5
Labor Segmentation Theory

Radicals have done a great deal of work on theories of sex and race work that reflectstheir involvementin movementsagainst discrimination, One areaof investigation has beenthe factualexamination discrimination.6 of the split in the labor marketbetweenthe primarylabor marketof welland the secondary labormarket paid, permanent jobs in largecorporations of poorlypaid, mostlytemporary and in the less atjobs in smallbusinesses tractivejobs of big business.7 This institutional understanding helpsclarify discrimination becausemost womenand blacksare employedin the secondary labor market.
Business Cycles

Radicalshave contributedto a considerable of businesscycle renaissance which had in died the and 1950s 1960s. Radicals theory, away prosperous call this area of the economic crises because normally theory they view downturnsas crises for the whole capitalistsystem. Radicalshave emphasized that the presenttype of businesscycle appearsonly in capitalism and can be eliminatedonly by endingcapitalism.Thereare threemajorradical theoriesof economic crises. A Marxisttype of underconsumption theory claims that the limitedconsumerdemand,arisingfrom the limitedwages paid to exploitedworkers,causesthe systemto reacha limit in each expansion at which profits can no longer be realizedby the sale of additional goods.8A Marxisttype of overinvestment theoryemphasizesthat each expansion leads to a dryingup of the reservearmyof unemployed workers,
after which, the increased bargaining power of labor leads to a rising wage share that reduces exploitation and profits, causing a downturn.9 A Marxist
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view that is usually applied only to long-run problemsemphasizesthat changingtechnologyadds more capitalgoods than labor to the process,so the same degree of exploitationwill lead to a falling rate of profit on capital. Many Marxistwritershave tried to synthesizethese theoriesinto one unifiedtheory."'
Industrial Organization

and on its Radicalshave done much researchon economicconcentration out how have theories economic conspelled implications.They explaining and the entire businesscycle." centrationaffects prices, wages, profits, Lately,therehas been muchemphasison how monopolypowermayaffect inflation.
Government and Business

thanothereconomistson the theory Radicalshavepublishedmoreresearch of the state, or how governmentand businessare in a particularkind of symbiosis.Class interestsare reflectedin the state, whichdifferentclasses attempt to control. The ruling class in the political sphereis usually the same as the rulingclass in the economicsphere,that is, the capitalistclass how wealthis directly undercapitalism.Radicalinstrumentalists emphasize controlledby capitalistsor their proxiesto generatepower. Radicalstructuralists emphasize that control remains with capitalist corporations of who gets into government,becausegovernmentmust follow regardless the wishesof businessor face economiccrisis.12
Imperialism and Development

Perhapsthe largestnumberof radicaleconomistsworkin the development field, wherethey emphasizethe dominationof the capitalistcountriesover the ThirdWorldcountries.Thereis a splitbetweenthoseradicals who stress the role of foreignimperialism in causingunderdevelopment and those who stress the internal class forces that prevent development.Although all radical scholars acknowledgeboth the externaland internal barriersto development,there is a very real differencebetweenthose who emphasize as an obstacleand those who emphasize the role of reactionary dependency classes and their landowning governments."
Comparative Systems

Finally,many radicalsanalyzethe differentsystemsof the world, comparing the capitalistsystemwiththe so-called"socialist"systemin manycountries. Radicalsdisagreeabout callingeconomiessuch as the SovietUnion's
"socialist." Although the means of production are government owned, the government is certainly not democratically controlled. Radicals have done 272 JOURNALOF ECONOMIC EDUCATION

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concrete researchin great detail on China, Cuba, the Soviet Union, and EasternEurope. There is a theoreticaldebate about the meritsof central planning versus market socialism. There is also a debate about the new literature'sassertionthat capitalismis a unitaryworld systemand, consequently,any so-calledsocialistnationsmustactuallybe partof the capitalist worldsystem.Most radicalsdisagree.4

NOTES 1. An unpublished paper by Gurley (1984) has influenced my thinking on the relation of Marx to contemporary radical economics. 2. Weisskopf (1982) gives some of the background. Gintis (1982) explores the social background and each of the main fields. 3. See any issue of the Review of Radical Political Economics in the 1970s. Also see Edwards, Reich, and Weisskopf (1978). 4. For the overall radical approach, see Sherman (1972). 5. See Review of Radical Political Economics, "Special Issue on Value Theory," 14(2). Also see Hunt and Schwartz (1972). 6. See Reich (1981). 7. See Gordon, Edwards, and Reich (1982). 8. See discussion in Sherman and Evans (1984), chapter 14. 9. See ibid., chapter 15. 10. See ibid., chapter 15. 11. See Kotz (1982). 12. See Szymanski (1978). 13. See Magdoff (1978) on the importance of foreign imperialism. See Lippit (1978) for the importance of internal class forces. 14. See Zimbalist and Sherman (1984) for a radical approach to comparative systems. For a world systems approach, see Amin, Arrighi, Frank, and Wallerstein (1982).

REFERENCES Amin, S., Arrighi, G., Frank, A. G., and Wallerstein, I., Dynamics of Global Crisis, New York: Monthly Review Press, 1982. Edwards, R., Reich, M., and Weisskopf, T., The Capitalist System: A Radical Analysis of American Society (2nd ed.), Englewood Cliffs, New Jersey: Prentice-Hall, 1978. Gintis, Herbert, "The Resurgence of Marxian Economics in America," in B. Ollman and E. Vernoff, eds., The Left Academy, New York: McGraw-Hill, 1982. Gordon, D., Edwards, R., and Reich, M., Segmented Work, Divided Workers, Cambridge: Cambridge University Press, 1982. Gurley, John G., Marx's Contributions and TheirRelevance Today, Mimeo, Stanford University Economics Department, 1984. Hunt, E. K. and Schwartz, J. G., A Critique of Economic Theory, London: Penguin, 1972. Kotz, David M., "Monopoly, Inflation, and Economic Crisis," Review of Radical Political Economy, Winter 1982, 1-17. Lippit, Victor, "The Development of Underdevelopment in China," Modern China, 1978, 4(3). Magdoff, Harry, Imperialism From the Colonial Age to the Present, New York: Monthly Review Press, 1978. Reich, Michael, Racial Inequality: A Political-Economic Analysis, Princeton, New Jersey: Princeton University Press, 1981. Sherman, Howard J., Radical Political Economy, New York: Basic Books, 1972. Sherman, H. and Evans, G., Macroeconomics: Keynesian, Monetarist, and Marxist Views, New York: Harper and Row, 1984.

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Szymanski, Albert, The Capitalist State and the Politics of Class, Cambridge, Massachusetts: Winthrop Publishers, 1978. Weisskopf, Thomas, "Radical Economics," in D. Greenwald, ed., Encyclopedia of Economics, New York: McGraw-Hill, 1982. Zimbalist, A. and Sherman, H., Comparative Economic Analysis: A Political Perspective, Orlando, Florida: Academic Press, 1984. Submitted: March 1984

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