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Ernest Mandel

Late Capitalism (Verso Classics) Paperback – April 17, 1999

by Ernest Mandel (Author)

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Late Capitalism is the first major synthesis to have been produced by the contemporary revival of Marxist economics. It represents, in fact, the only systematic attempt so far ever made to combine the general theory of the “laws of motion” of the capitalist mode of production developed by Marx, with the concrete history of capitalism in the twentieth century.

Mandel’s book starts with a challenging discussion of the appropriate methods for studying the capitalist economies. He seeks to show why the classical approaches of Luxemburg, Bukharin, Bauer and Grossman failed to accomplish the further development of Marxist theory whose urgency became evident after Marx’s death. He then sketches the structure of the world market and the variant types of surplus-profit that have characterized its successive stages. On these foundations, Late Capitalism proceeds to advance an extremely bold schema of the “long waves” of expansion and contraction in the history of capitalism, from the Napoleonic Wars to the present. Mandel criticizes and refines Kondratieff’s famous use of the notion.

Mandel’s book surveys in turn the main economic characteristics of late capitalism as it has emerged in the contemporary period. The last expansionary long wave, it argues, started with the victory of fascism on the European continent and the advent of the war economies in the US and UK during the 1940s, and produced the record world boom of 1947-72. Mandel discusses the reasons why the dynamic upswing of growth in this period was bound to reach its limits at the turn of the 1970s, and why a long wave of economic stagnation and intensified class struggle has set in today.

Late Capitalism is a landmark in Marxist economic literature. Specifically designed to explain the international recession of the 1970s, it is a central guide to understanding the nature of the world economic crisis today.

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Editorial Reviews

Review

“Late Capitalism is the answer to how Marx might view the complex economic phenomena of the 1970s. It is sophisticated, well written, impressively documented. This volume is, indeed, one of the major contributions of the last decade to Marxist economics.”—Choice

“I recommend this book for the grandeur of its vision, and for its innumerable, suggestive hypotheses which might lead future investigators towards fruitful research in many areas.”—Contemporary Sociology

“Mandel’s book is a serious and scholarly effort.”—Journal of Modern History

“Late Capitalism represents a significant advance for Mandel. A notable feature of his book is an attempt to revive and critically reassess the theory of ‘long waves’ normally associated with such writers as Kondratieff.”—The Economic Journal

About the Author

Ernest Mandel (1923–95), historian, economist and activist, was a leading figure in the Fourth International from 1945 and was the author of a number of books, including Late Capitalism, Marxist Economic Theory, Long Waves of Capitalist Development, and The Meaning of the Second World War.

Product details

Language ‏ : ‎ English
ISBN-10 ‏ : ‎ 185984202X
Product Dimensions ‏ : ‎ 5.4 x 1.33 x 8.4 inches; 1.73 Pounds
Publication date ‏ : ‎ April 17, 1999
Publisher ‏ : ‎ Verso; 2nd Revised ed. edition
Country of Origin ‏ : ‎ USA
ISBN-13 ‏ : ‎ 978-1859842027
Release date ‏ : ‎ April 17, 1999

Best Sellers Rank: #201,675 in Books (See Top 100 in Books)
- #141 in Theory of Economics
- #196 in Communism & Socialism (Books)
- #452 in Political Conservatism & Liberalism

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Guy Denutte

In the long run, we're all broke

Reviewed in the United States on February 13, 2009

Not only does capitalism deplete natural resources essential to humanity, it even "borrows" on the next generations to increase the current consumption in order to prevent crises due to overproduction, following Keynes' recipe, invented when he thought that anyway, "in the long run, we're all dead". Therefore we are supposed to live "now", to take whatever we can lay hands on. We should leave nothing behind, for nobody. Ernest Mandel didn't agree with such a perverse logic. He knew that you cannot expand consumption beyond a certain point. He was only mistaken with the year in which this collapse was supposed to happen. He thought already in 1969 - when families in the US had taken up 22.8 % of their annual income in outstanding debts - that the expansion of credit had gone wild. However, capitalism is capable of producing the most awkward of tendencies. The private debts of families continued to rise and rise over the last forty years, passing 58.6 % of the annual income in 1973 and 83.9 % in 1994. Finally, in 2006, when the private debt surpassed already more than 100 % of the annual income of families, we got what Mandel had anticipated. Mortgages were no longer paid back. Banks went broke. People lost their houses. Big corporations are firing thousands of people worldwide. Recession is upon us and it seems it will stay here for a good while. Some compare this crisis with the crisis of 1929, but I don't agree, since at this time, we hadn't the same enormous burden of debt we have now. This crisis is like no other crisis experienced before. Lowering taxes as the US government now tries will not solve anything, since this extra money is used by the families to pay back the debts they have. No new economic activity is created. Confiscating the houses of broke people doesn't solve anything either, since nobody has money available to buy houses now, and those who still have some money left, won't buy houses since those prices are going downwards. In the meantime, the Fed is printing money... That recipe has also been tried, in Germany, in the 30's. In this case, a vicious cycle of hyperinflation was triggered. If this eventually should happen, everything will lose whatever residual value it had, we will all go broke, and we can all start from scratch again...

Maybe we could then implement some common sense. May I suggest a sustainable way of consumption and production ? Or do I ask too much ?

23 people found this helpful

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C. E. R. Mendonça

A necessary stumbling block.

Reviewed in the United States on November 22, 2008

What Mandel tries to do in this work is something completely out of date by our postmodern standards: to write about the history of capitalism in terms of change in the general material basis of production, the patterns of class struggle between the bourgeoisie and the working classes over it, and their joint effects on the general profit rate. Having read his work in the early 1980s, I daresay much of it woood appear to us today as wooden, naive, or both; but neverthless it refreshes our memory to the fact that, behind our "mentalities" and "discourses", there is an actual ecpnomy moved by actual class interest. In short: a must-read.

17 people found this helpful

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Cheryl Pump

Excellent upate of Marxism

Reviewed in the United States on February 4, 2009

Late Capitalism is an scholarly update of Marxism for the late imperalist age of Cpitalism.

5 people found this helpful

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Jeffrey

A quintessential and faithful extension of Marxian capitalist critique into ...

Reviewed in Canada on February 4, 2018

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A quintessential and faithful extension of Marxian capitalist critique into the contemporary era. This book is absolutely essential for anyone interested in understanding their world and social order.

It should be noted, however, that the book is a PhD dissertation and those unfamiliar with the body of classical Marxist work that precedes it (Capital, Vol. 1, 2, & 3 / The Accumulation of Capital) will probably be left baffled.

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