The Capitalist Economy and its Prosthetics : Necessity, Evolution and Dilemmas of a Brotherhood / Gerhard H. Wächter.

Format:

Book

Author/Creator:

Wächter, Gerhard H., Author.

Series:

Edition transcript ; 13

Language:

English

Subjects (All):

Capitalism.

Deficit financing.

Physical Description:

1 online resource (532 p.)

Place of Publication:

Bielefeld : transcript Verlag, [2024]

Language Note:

In English.

Summary:

Notwithstanding its ruthless dynamics, the capitalist economy has the flaw of deficient employment-generating spending. This leads to unemployment of non-owners, individual suffering, social unrest and it undermines military strength. To deal with these issues, states use prosthetic policies, artificial transfers to the productive economy and to non-owners. But the funding of such prosthetic policies - through violent wealth appropriation abroad, protectionism, war, domestic expropriation and taxation, debt and money creation - is caught in dilemmas, while politicians are caught between non-solutions. According to Gerhard H. Wächter, the history of capitalist society is largely the history of this dilemmatic brotherhood.

Contents:

Frontmatter

Contents

Foreword

Part I: Introduction to elementary economics of profit economies

Chapter I. Praeter-Economics: Wealth procurement by violence

Chapter II. Value, money and the economic system

Section 1. Value and value attribution

Section 2. Money and money creation

Section 3. The economic system

Chapter III. Wealth procurement by exchange

Section 1. Consumptive and investive spending: C–M–C’ and M–C–M’

Section 2. The productive and the sterile economy

Section 3. A tableau économique of modern capitalism

Section 4. An original assembly

Part II: Ancient capitalism, the ascent of ancient prosthetics and their dilemmas

Chapter IV. Primitive society, civilization and the ancient master drama

Section 1. Goods procurement in primitive society

Section 2. Primitive society and civilization

Section 3. The master drama of ancient capitalism: Land for peasants

Chapter V. Conservative-restorative policies and prosthetics in ancient capitalism

Section 1. Conservative-restorative policies and prosthetics in ancient Greece

Section 2. Conservative-restorative policies and prosthetics in ancient Rome

Section 3. China: A glance at 2000 years of East-Eurasian ancient master drama

Section 4. The failure of conservatism/restoration, ancient prosthetics and their dilemmas

Part III: The deficiency of employment-generating spending in modern capitalism

Chapter VI. The master drama of modern capitalism: Employment for workers

Chapter VII. The structural deficiency of employmentgenerating spending in modern capitalism

Section 1. Circuit closure analysis

Section 2. Quesnay’s dépenses-integrated “royaume agricole”

Section 3. Smith: An invisible hand over suppliers and customers

Section 4. Proudhon and Sismondi: Producers cannot buy their produce

Section 5. Malthus: Costs cannot buy value

Section 6. What Say said and Ricardo’s Law of Say

Section 7. Marx’s insufficient theory on insufficient employmentgenerating spending

Section 8. Keynes: Firms’ deficient employment-generating spending as deficient remedy for consumers’ deficient employment-generating spending

Section 9. Kalecki: Only capitalists can save capitalists

Section 10. Minsky: Liquidity and firms’ employment-generating spending

Chapter VIII. The deficient-producive-spendingsyndrome

Section 1. A merely abstract possibility of circuit closure in capitalism

Section 2. The drain of wealth out of the productive economy

Section 3. The deficient-producive-spending-syndrome

Section 4. Secondary dynamics and the deficient-producive-spendingsyndrome

Part IV: The prosthetics of modern capitalism and their dilemmas

Chapter IX. Redistributive and expansive prosthetics

Chapter X. Redistributive prosthetics funded without money creation

Section 1. Redistributive prosthetics funded with domestic taxation and expropriations

Section 2. Redistributive prosthetics funded with war, external violent wealth procurement and protectionism

Section 3. Redistributive prosthetics funded with redistributive debt

Chapter XI. Expansive prosthetics funded with money creation in commodity money regimes

Section 1. Expansive prosthetics funded with commodity money creation

Section 2. Expansive prosthetics funded with merchant credit money creation

Section 3. Expansive prosthetics funded with private bank credit money creation

Chapter XII. Expansive prosthetics funded with money creation in state fiat money regimes

Section 1. From commodity money regimes to state fiat money regimes

Section 2. State fiat money creation aside private bank credit money creation

Section 4. Expansive prosthetics funded with state fiat money creation

Chapter XIII. The dilemmas of the prosthetics of modern capitalism

Afterword: An outlook in questions and answers

Appendix

Conventions

List of Figures

References

Notes:

This eBook is made available Open Access under a CC BY-NC-ND 4.0 license: https://creativecommons.org/licenses/by-nc-nd/4.0

Description based on online resource; title from PDF title page (publisher's Web site, viewed 02. Jun 2024)

ISBN:

9783839472781

3839472784