This book brings together some of the more prominent recent analyses within the Marxian tradition that bear on the topics of class formation and social conflict in contemporary capitalism. After examining debates over historical agency, class structure, and electoral dynamics, it explores the provocative arguments of analytical Marxists, Claus Offe, Jürgen Habermas, and Immanuel Wallerstein. In light of these discussions, the author concludes that even if the variety of forces contemporary capitalism structurally generates do not promote the formation of a revolutionary "proletariat," class relations continue to be important for analyzing the historical trajectory of, and challenges to, capitalism—although not in the way that Marx imagined.

Over the last twenty-five years, Stephen Resnick and Richard Wolff have developed a groundbreaking interpretation of Marxian theory generally and of Marxian economics in particular. This book brings together their key contributions and underscores their different interpretations. In facing and trying to resolve contradictions and lapses within Marxism, the authors have confronted the basic incompatibilities among the dominant modern versions of Marxian theory, and the fact that Marxism seemed cut off from the criticisms of determinist modes of thought offered by post-structuralism and post-modernism and even by some of Marxism’s greatest theorists.

A systematic comparison of the 3 major economic theories—neoclassical, Keynesian, and Marxian—showing how they differ and why these differences matter in shaping economic theory and practice. Contending Economic Theories offers a unique comparative treatment of the three main theories in economics as it is taught today: neoclassical, Keynesian, and Marxian. Each is developed and discussed in its own chapter, yet also differentiated from and compared to the other two theories. The authors identify each theory's starting point, its goals and foci, and its internal logic. They connect their comparative theory analysis to the larger policy issues that divide the rival camps of theorists around such central issues as the role government should play in the economy and the class structure of production, stressing the different analytical, policy, and social decisions that flow from each theory's conceptualization of economics. Building on their earlier book Economics: Marxian versus Neoclassical, the authors offer an expanded treatment of Keynesian economics and a comprehensive introduction to Marxian economics, including its class analysis of society. Beyond providing a systematic explanation of the logic and structure of standard neoclassical theory, they analyze recent extensions and developments of that theory around such topics as market imperfections, information economics, new theories of equilibrium, and behavioral economics, considering whether these advances represent new paradigms or merely adjustments to the standard theory. They also explain why economic reasoning has varied among these three approaches throughout the twentieth century, and why this variation continues today—as neoclassical views give way to new Keynesian approaches in the wake of the economic collapse of 2008.

Marx’s Inferno reconstructs the major arguments of Karl Marx’s Capital and inaugurates a completely new reading of a seminal classic. Rather than simply a critique of classical political economy, William Roberts argues that Capital was primarily a careful engagement with the motives and aims of the workers’ movement. Understood in this light, Capital emerges as a profound work of political theory. Placing Marx against the background of nineteenth-century socialism, Roberts shows how Capital was ingeniously modeled on Dante’s Inferno, and how Marx, playing the role of Virgil for the proletariat, introduced partisans of workers’ emancipation to the secret depths of the modern “social Hell.” In this manner, Marx revised republican ideas of freedom in response to the rise of capitalism. Combining research on Marx’s interlocutors, textual scholarship, and forays into recent debates, Roberts traces the continuities linking Marx’s theory of capitalism to the tradition of republican political thought. He immerses the reader in socialist debates about the nature of commerce, the experience of labor, the power of bosses and managers, and the possibilities of political organization. Roberts rescues those debates from the past, and shows how they speak to ever-renewed concerns about political life in today’s world.

This major reassessment of the relevance of Marxism in the social sciences decisively rebuts claims that it has been consigned to the dustbin of history by the collapse of communism and apparent triumph of capitalism and liberal democracy. The book first considers how Marxism has engaged with various critiques including Postmodernism, New Right theory and Feminism before assessing its continuing utility as a framework for analysis of a range of substantive issues from class and the state to culture, ecology and globalization.

Marxist Theory of Class for a Skeptical World is a critique of Analytical Marxist and Post-structuralist Marxist theories of class, and offers an alternative approach rooted in the ideas of Marx and Engels, as well as Lenin and Trotsky.

First Published in 2002. Routledge is an imprint of Taylor & Francis, an informa company.