From Marx to Goldman Sachs: The Fictions of Fictitious Capital

As published in Critique, based on a presentation given at the China Academy of Sciences, School of Marxist Studies in Beijing in November 2009, and at the Left Forum in New York City, March 20, 2010. Classical economists developed the labor theory of value to isolate economic rent, which they defined as the excess of…

Re: China won’t suffer a Western type financial crisis

John Ross, Senior Fellow at Chongyang Institute for Financial Studies, Renmin University of China, wrote an interesting piece giving his reasons why “China won’t suffer a Western type financial crisis”. After having looked it over I don’t understand what argument he is making in the post. If I understand the author correctly, he’s saying that…