Sherman (1984) Radical Economics

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Contemporary Radical EconomicsAuthor(s): Howard J. ShermanSource: The Journal of Economic Education, Vol. 15, No. 4 (Autumn, 1984), pp. 265-274Published by: Taylor & Francis, Ltd.Stable URL: http://www.jstor.org/stable/1182554 .

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ContemporaryRadicalEconomicsHowardJ. Sherman

This articlediscusses he predecessors f contemporaryadicaleconomics,the socialoriginsof radicaleconomics,the radicalcritiqueof neoclassicaleconomics,thegeneralradicalparadigm,andsomespecificapplications fradicaleconomics.THE PREDECESSORS OF CONTEMPORARYRADICAL ECONOMICS'

Althoughsome Americanradicalsare influencedby ThorsteinVeblenandby various other U.S. dissidenteconomists,most are heavilyindebted oKarlMarx ortheir nspiration,hequestions heyask,and the method heyuse. Very few accept all of Marx's analyses or conclusions. Radicaleconomists tress heneedforeveryone o think ndependently,o theywillnot blindlyfollow Marxor anyoneelse.Marxhad four main beliefsassociatedwith the philosophyof science.First,he wasa materialist;hatis, he believed hatthere s no supernaturalworld,so thatone must baseone'sanalyseson the factsof this world.Sec-ond, Marxbelievedin scientificdeterminism, hat any given event, in-cludingour own behavior,can be explainedby antecedent vents.Third,Marxbelieved n a dialecticmethod,whichstates hatone mustalwaysask:Is this phenomenonnterconnectedwithothers?Are two apparently ppositeaspectsof any processactuallyrelated?Is the relationone of conflictor of cooperation?Are the slow changes we observegoing to lead to some qualitativechange?If there is a qualitative ump, what slow changes ed up to it?

Fourth,Marxwas an ethicalhumanist.Since there is nothinghigher hanhumanity, hegood of humanbeings s the highestethicalstandard.Marxdifferedrom heutilitarians,owever,ntherecognitionf divergentndcon-flictingclassinterests;or example, heethicallybestpolicy s different romtherespectiveiewsof slavesandslaveowners.Marxalsorecognizedhatthereis no socialscience eparateromethicalvalues; very ignificanttatementnthe socialsciencess a combination f factandvalue.Marxist ocialscienceshouldreflect heethicalvaluesof oppressedndexploited roups.

Howard J. Sherman is a professor of economics at the University of California, Riverside.Fall 1984 265

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Marx's theory of historysees society as a processcomposedof twoelements.There is the economicbase (or mode of production)and thesocial-political uperstructure. he economic base is not merelythe tech-nicalcomponentsof land, labor,capital,andtechnology whichMarxcallsthe forcesof production),but is also the humanrelationsof production-particularly he class relationships n the economic process. The socialsuperstructurencludes a)institutions, uchasgovernment,he educationalsystem,andthe family;and(b) ideas,fromideology o individualpsychol-ogy to scientific deas. The economicbaseand the superstructurenteractas one unity,eachdetermininghe other.Marxwasequallyopposedto thenarrow heorythat ideas(themselvesunexplained) etermine he economicbase and the narrowtheorythat the economic base (itself unexplained)determines deas and institutions.Historicalchangecomes aboutwhen the human,classrelationsof pro-ductionbecomefrozen ntolawin waysthatprotect heinterestsof the rul-ing class, but hold backany furtherprogressof the forcesof production.The tensionbetweenprogressand frozenclass relationscauses classcon-flicts, leadingto revolution.The class conflicts are manifest n the econ-omy, in the governmentand other institutions,and in the ideologicalsphere.Marxistshaveapplied histheory o theEnglishRevolutionof 1648,endingfeudalism; he French Revolutionof 1789,endingfeudalism; heU.S. Civil War, ending slavery;the Soviet Revolution of 1917, endingcapitalism; nd theChineseRevolutionof 1948,endingcapitalismnChina.Marxbelieved n a labortheoryof valuein whichthe valueof all com-modities s determined y theamountof sociallynecessaryabor thatgoesintotheirproduction.Capitalists ireworkersoragiven engthof timeandpay them a certainwage. The value of whatthe workersproduce n thatlengthof timeis determinedolelybytheexpendituref labor.Thewageofthe worker s determinedn the labormarketaccording o the valuationofthe worker and what is necessary o keep the workerfunctioning n ourpresentsociety.Marxvisualized he workeras firstproducinghe valueofhis orherownwage,thenproducingmorevalueuntil thedayends. Thatex-tra valueis surplusvalueor profit. All workers,regardless f theirwage,mustproduceprofitundercapitalism;hat is what Marxcallsexploitation.Periodicbusinessrecessionsor depressions re inherent n the capitalistsystem.Theprocessof expansion tselfcausesthedecline,not anyexternalcause.Marx,anearlycriticof Say'sLaw,pointedout thatSayreallyassumedan isolated,nonmarket,bartereconomy.Whenwe notethatcapitalism c-tuallyhasproductiononlyforexchangen themarket, hrough hemediumof money,fora privateprofit,thepossibilityof unemploymentnddepres-sion becomesexplicable.During every expansion, the class structureofcapitalism eads to limiteddemand and risingcosts. Demand is limitedbecauseworkers'wagesarehelddownby exploitation.Costsrisebecauseofshortagesof rawmaterialsand fixedcapital(e.g., interestrates risealongwith the price of machinery). Because wages are the largest component ofdemand, as well as of cost, crises cannot be solved by either higher wages or266 JOURNAL OF ECONOMIC EDUCATION



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lowerwages.As profitratesaresqueezedat the cycle peak,capitalcannolongerfind an outlet in new investment, o savingsarehoarded.Reducedinvestmentmeansfewerjobs, less income,and the reduction n consumerdemand.The recession s underway. The sameprocess n reverse eadstorecovery.Marx's heoryof the stateis basedon hisanalysisof class structure.Theclass holdingdominant economicpowerwill alwaysbe the class holdingdominantpolitical power. It would be absurdto think that slaveholderscould hold most economic power while slaves held dominantpoliticalpower.Itwould beequallyabsurd o thinkthatcapitalists ouldhold domi-nant economicpowerwhile workersholddominantpoliticalpower.Whenthe bourgeoisie n westernEuropebeganto accumulate conomicpower,they wereheld backin theirgoals by the still dominantpoliticalpowerofthe feudal landowningnobilityand they eventuallyresortedto politicalrevolution o bring hepolitical nstitutionsntoconformitywiththechang-ingeconomicpowerstructure.Of course,an oppressed lasscangainsomedegreeof politicalpower n a givensociety, dependingon thedegreeof itsorganization, he degreeof politicaldemocracy,and so forth.Marxargued hatworkersnot onlyareexploited,but also aremystifiedand then alienatedby the capitalistsystem.Each workerproducesonlyasmallpartof a product,hasno controloverproduction,andno ownershipof the product.Thus, workersare alienated romthe productiveprocess.Becausecompetitionis pervasive,workersare alienatedalso from theirfellow workers.Thus, in the Marxianview, lonelinessandexploitationofthecompetitivendividual eadto manyof our socialproblems, uch ashighdivorcerates,mentalsickness,and suicide.Marx believed that capitalism, through imperialism,would spreadtocoverthe whole world.As it spread o othercountries, t wouldbe, in part,verydestructive, uiningage-oldsocietiesand theireconomicsystems.Yet,Marxbelieved hatit also wouldbeconstructive,or it wouldbringall econ-omiesinto the internationalmarketplace nd wouldplantthe seedsof in-dustrializationn all countries.Marxbelievedthat the socialist revolutionwould takeplacefirstin the most maturecapitalist ountries-a predictionthat has been disproved by history. Lenin substitutedthe theory thatcapitalismwould break at its weakest inks in the international apitalistworldsystem.Marxsawsocialismas a system nwhichworkerswouldcontrolthestate;there would be publicownershipof all the meansof production,accom-panied by economic planning. Differentialwages and prices, however,would still persist.Under the final stageof socialism,which Lenin calledcommunism,classeswouldbe eliminatedandthestate wouldno longerbenecessary.There would still be publicownershipand planning,but therewouldbe no morewagesor pricesbecauseall goods would be publicandfree. The productivitygainsmade undercapitalismand the first stageofsocialism would make the "law of scarcity" mostly irrelevant, eliminating asource of conflict over distributional shares. Common ownership wouldFall 1984 267



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eliminateclass and the competitive onflict.Theend of privateownershipwould mean an end to the causesof war, crime,poverty, unemployment,and so forth.SOCIAL ORIGINS OF CONTEMPORARY RADICAL ECONOMICS2

In the 1950s, heUnitedStateswas an apparentlytablesocietywitha highdegree of political apathy and conformism,a condition that led sometheorists to proclaim the "end of ideology." Blacks were held bydiscriminationn their "place," which meant havingthe lowest-payingmenial obs, littleeducation,and no politicalpower.Womenwereheld bydiscriminationo their"place," whichmeant the kitchen,cleaning,childrearing,andlow-payingmenial obs.In the 1960s, the situation slowly changed. Best selling books"discovered"poverty,racism,sexism,thedangersof nuclearwar,anden-vironmentaldestruction.The Civil Rights movement,demandingequalrightsfor blacks,becamemoreand moreimportant--partly ecauseblackshad movedout of southernagriculturento thecitiesof the South and theNorth.Theseideologicalchanges,socialchanges,and movementswerere-flectedto some extent in the Kennedyadministration f the early 1960s.That administration ympathizedwith the Civil Rights movement andpromised o helpthoseoppressedby povertyand/or discrimination.Some improvementsweremade, but they werenot enoughto radicallychange hepositionof blacksand others iving npoverty.Furthermore,heJohnsonadministrationnvolved he UnitedStates n an unpopularwarinVietnam.As a result, herewasdisillusionmentwiththe establishment nd apowerfulmovementgrew up againstthe VietnamWar.The blackmove-ment becamemoremilitant,demandingblackpower. A women's move-ment came intobeing,demandingwomen's iberation-partlybasedon theincreasingnumbersof women in paid jobs, now over 50 percentof allwomen.None of these movementshad much theoreticalunderstanding f theissues. Yetthereweremany ssueson whichsometheoretical nderstandingwas imperative;or example,one couldopposethe VietnamWar,but onecouldnot understandt orbuilda lastingpoliticalpartywithouta theoryofimperialism.Lackinganyothertheory,someof those whowere ookingforanswersturnedto Marxism.Their Marxistviews were basedon limitedknowledgeand also involvedattemptsto transformMarxistdoctrinestomeet the newcircumstancesf thepresentworld.ThesenewerversionsofMarx-with muchradicalism,muchflexibility,and notmuchknowledge reveninterest n Marx-were called the New Left theories.Theyreflectedanew leftwingmovement hatwas differentfromthe old Socialistor Com-munistparties,a movement ookingfor newanswers uitedto themodernU.S. situation.

Because the anti-war movement was focused on campuses, as were parts268 JOURNALOFECONOMIC DUCATION



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of the black and women's movements,universitieswereprofoundlyin-fluencedby all of this turmoil.Fromthe studentsof the 1960s-and fromsome of the faculty-emerged radicalpoints of view in anthropology,politicalscience,sociology,history,andeconomics, o nameonlya few. Ineconomics, heradicaleconomists ormeda neworganization nownas theUnion of Radical Political Economics, which publishedthe Review ofRadical Political Economics. This journal began with a New Left ratherthanold-line Marxistpointof view;it contained hen-and stilldoes-theentirerangeof radicalpoliticaland theoretical ointsof view.Thesummarybelowcan only indicatemajortrends,not all of the disputescontinuouslyoccurringn the livelydebatesamongradicals.

CRITIQUE OF NEOCLASSICAL ECONOMICS3Radical economics has been better at criticizingthe old neoclassicaleconomics hanit hasbeenat formulating whole new view of economics.Most radicalshaveagreedon the main ineof criticism f theexistingdomi-nantschoolof economics.Radicalsargued irst thatneoclassical conomicswas irrelevant ecause tdid not addressmajorpublic ssues.Its failure o do so mayhave beenduepartly o the neoclassicalphilosophyof science,whichtendsto benarrowlyempirical, ooks at economicphenomenaas isolatedfrom social-politicalstructures,and ignoresevolutionarychange. Neoclassicismconsequentlydid not deal with issues such as war and peace, racism,sexism, or im-perialism.This is a criticism o whichneoclassical conomicsdidrespond.For the first time, some mainstreamneoclassicaleconomistsdid begintoapply neoclassicalanalysisto issues of the family, the environment,andrace (e.g., the theoriesof Gary Becker and Thomas Sowell). From theradicalpointof view, however, heseanalyseshavebeen nadequate ecausethey haveproducedconservativei.e., market-oriented)olutionsthat fre-quently appearto explainaway, rather than explain, the issues. Never-theless,neoclassical conomistsnowhaveaddressed heseissues-partly asa resultof the radicalcritique.Second,radicalsargue hatneoclassical conomics s inadequatebecauseof its unrealisticassumptionsand neglectof structural ealities.It ignoresthefactsof powerand of classconflict,whileassuming hattheeconomy sperfectlycompetitive.

Third,radicalschargethat neoclassical conomics s biasedin favor ofthe statusquo of capitalism.It concentrates n marginal hangesandim-plicitly assumes that major changes are impossible. It focuses on thecriterionof efficiencyfor economicsystems,but disregards r minimizesother important criteria, such as equity and income distribution,en-vironmentaldestruction,or unemployment.Thewholetheoryof marginalproductivity defends the present income distribution by concluding thateach factor gets an income equal to its marginal product. Not only does thisFall 1984 269



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rule out the exploitationof workers,but it also leads to the tautologicalargumenthatwomenandminoritiesmustbe inferiorbecause heyarepaidless income than white males.THEOVERALLRADICALAPPROACH4The overall radicalapproach s interdisciplinary, istorical-evolutionary,and institutional. t focuseson conflictrather hanharmony,powerratherthan assumptionsof equality,class ratherthan individualbehavior,dy-namics rather than statics, and on fundamentalrather than marginalchanges.The interdisciplinaryatureof radicaleconomicsis shownby the factthat radicalsfrequentlypublishin noneconomics ournalsand that the

radical ournalin economicsfrequently arriesarticlesby noneconomists.Radicals eesocietyas an evolvingunityandtheysee all socialproblemsasinterrelated;hus, it makesno senseto themto examineproblems romtheviewpointof onediscipline.Radicalsdo not believe hat a givensocietycanbe understoodunlesswe understandhehistorical volution hatbrought tto its presentstate. History,therefore, s an importantpartof the radicalparadigm.Radicalsalso reject any pure theoryin favorof a careful ex-aminationof existing nstitutionsn a givenhistorical ontext,andtheybe-lieve it appropriate o build theoreticalstructuresonly on such realisticbases.Radicalsbelieve hatpresentdaycapitalisms a conflictbetweenvariousclass interests ather hana simpleaggregation f individual, elativelyhar-monious nterests.There s a classconflict becausemostpeopleworkforaliving, gettingwagesor salaries ortheir abor; hecapitalist lass,however,ownsthecorporations nd theirproducts.Because hecapitalist lassmakesits profitfromthelaborof workers, here s an inherent onflict. It doesnogood to wishawaythisconflict; he conflict can beendedonlybyremovingthe basis for it. Radicalscontend that the exchangebetweenworkersandcapitalistsis not a simple exchangebetweenequals, but that capitalistemployershavefarmorepower han individualworkers.Thispower s seennotonlyinwagebargaining, utalsoin influenceovergovernment.Finally,radicaleconomistsconsider t importanto contributeo thestudyof com-parativesystems. They believe it is not sufficient to examinemarginalreformswithinour capitalist ystem; t is necessaryalso to examinesocio-economicalternatives.One cannot understandone's own systemwithoutseeingthe alternatives.Andeconomists,radicalsbelieve,mustconsider hepossibility hat thereshould be a radicalchange o an alternative conomicsystem.

SPECIFICAPPLICATIONSOF RADICALECONOMICSPriceand ValueTheoryThe bestknownof Marx'scontributionso economics s hislabortheoryofvalue. Marxcontended hat all value n theexchangeprocess s theresultof270 JOURNAL OF ECONOMIC EDUCATION



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the expenditure f socially necessary at a givenlevelof technology)abortime. He arguedthat the value producedby capitalis all attributableolabor becausecapitalgoodsarethemselves ll producedby previous abor.Workers,because heyarenot paidthe full amountof the valuethattheyadd to previouslyexistingcapitalgoods and rawmaterials-with the dif-ference n value takenby the capitalistas profit-are "exploited."There s anenormousamountof difficult, abstract,abstruse,andeleganttheorizingon the details of Marx'stheory among present day radicals.Manyof the debates have centeredon Marx'stransformationromvaluedown to the levelof pricesof production.Thisprojecthasentaileda greatdealof mathematicalrgument, swellas conclusions anging romreaffir-mationof Marx's heory,to drasticchangesnhistheory,to rejectionof histheory.A rivaltheoryto Marxism hathas beentakenseriouslyby manyradicals s the neo-Ricardianheorythatreaches omeof the same conclu-sions but uses a very differentanalysis. This importantdebate on thetransformationproblemmay be seen in the pagesof manyissuesof theReviewof RadicalPoliticalEconomics.5Labor Segmentation TheoryRadicalshave done a great deal of work on theories of sex and racediscrimination,work that reflectstheirinvolvementn movementsagainstdiscrimination.6 ne area of investigation asbeen thefactualexaminationof the split in the labormarketbetween he primaryabormarketof well-paid, permanentobs in largecorporations nd thesecondaryabormarketof poorlypaid,mostlytemporary obs in smallbusinesses ndintheless at-tractive obs of bigbusiness.7Thisinstitutionalunderstanding elpsclarifydiscrimination ecausemostwomenandblacksareemployed nthe secon-darylabormarket.Business CyclesRadicalshave contributed o a considerable enaissance f businesscycletheory,which had diedawayin the prosperous1950sand 1960s.Radicalsnormallycall this area the theoryof economiccrises becausethey viewdownturnsas crisesfor thewholecapitalist ystem.Radicalshaveempha-sized thatthepresent ypeof businesscycle appearsonlyin capitalism ndcan be eliminatedonlyby endingcapitalism.Thereare threemajorradicaltheoriesof economiccrises.A Marxist ype of underconsumptionheoryclaimsthat the limitedconsumerdemand,arisingfromthe limitedwagespaidto exploitedworkers,causesthesystemto reacha limit in eachexpan-sion at which profitscan no longerbe realizedby the sale of additionalgoods.8A Marxist ypeof overinvestmentheoryemphasizeshateachex-pansionleadsto a dryingup of the reservearmyof unemployedworkers,after which, the increased bargaining power of labor leads to a rising wageshare that reduces exploitation and profits, causing a downturn.9 A MarxistFall 1984 271



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view that is usuallyapplied only to long-runproblemsemphasizes hatchanging echnologyadds morecapitalgoodsthan labor to theprocess,sothe same degreeof exploitationwill lead to a falling rate of profit oncapital. ManyMarxistwritershave triedto synthesize hese theories ntoone unifiedtheory."'Industrial OrganizationRadicalshave done much researchon economicconcentration nd on itsimplications.Theyhavespelledout theoriesexplaininghoweconomiccon-centrationaffects prices, wages, profits, and the entirebusinesscycle."Lately,therehas been muchemphasison howmonopolypowermayaffectinflation.Government and BusinessRadicalshavepublishedmoreresearch han othereconomistson thetheoryof the state, or how governmentand businessare in a particularkindofsymbiosis.Class interestsarereflected n the state,whichdifferentclassesattemptto control. The rulingclass in the politicalsphereis usuallythesame as the rulingclassin the economicsphere,thatis, thecapitalistclassundercapitalism.Radical nstrumentalistsmphasizehowwealth s directlycontrolledby capitalistsor theirproxiesto generatepower.Radicalstruc-turalists emphasize that control remains with capitalist corporationsregardless f who gets into government,becausegovernmentmust followthewishesof businessor faceeconomiccrisis.12Imperialism and DevelopmentPerhaps helargestnumberof radicaleconomistsworkin thedevelopmentfield, wheretheyemphasize he dominationof thecapitalistcountriesoverthe ThirdWorldcountries.There s a splitbetween hose radicalswhostressthe role of foreign mperialismncausingunderdevelopmentndthosewhostress the internalclass forces that preventdevelopment.Althoughallradicalscholarsacknowledgeboth the external and internalbarriers odevelopment, hereis a veryrealdifferencebetween hosewho emphasizedependency s an obstacleand those whoemphasizeheroleof reactionarylandowning lassesand theirgovernments."Comparative SystemsFinally, manyradicalsanalyze hedifferentsystemsof theworld,compar-ingthecapitalist ystemwiththeso-called"socialist"system nmanycoun-tries. Radicalsdisagreeaboutcallingeconomiessuch as theSoviet Union's"socialist." Although the means of production are government owned, thegovernment is certainly not democratically controlled. Radicals have done272 JOURNALOFECONOMIC DUCATION



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concrete research n greatdetailon China, Cuba, the Soviet Union, andEasternEurope.There is a theoreticaldebate about the meritsof centralplanningversus marketsocialism. There is also a debateabout the newliterature'sassertion hat capitalisms a unitaryworldsystemand, conse-quently,anyso-called ocialistnationsmustactuallybepartof thecapitalistworldsystem.Mostradicalsdisagree.4

NOTES1. An unpublished paper by Gurley (1984) has influenced my thinking on the relation ofMarx 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). Alsosee 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 theimportance of internal class forces.14. See Zimbalist and Sherman (1984) for a radical approach to comparative systems. For aworld systems approach, see Amin, Arrighi, Frank, and Wallerstein (1982).

REFERENCESAmin, S., Arrighi, G., Frank, A. G., and Wallerstein, I., Dynamics of Global Crisis, NewYork: Monthly Review Press, 1982.Edwards, R., Reich, M., and Weisskopf, T., The Capitalist System: A Radical Analysis ofAmerican 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 Univer-sity 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 PoliticalEconomy, 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: MonthlyReview 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 ofEconomics, 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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