Papers by Terrence McDonough
Review of Political Economy, 2018
This article conducts groundwork for a discussion of Marx’s influence through examining the bound... more This article conducts groundwork for a discussion of Marx’s influence through examining the boundaries of the specifically Marxian school of economics. This Marxian school extends well beyond the bounds of the self-identified Marxian school. Marx’s influence, Marxian themes and effectively Marxian theory can be found in several important heterodox traditions of economics, though this is often unacknowledged. A consideration of the proper boundaries of the Marxian school of economics is essential for a full understanding of Marx’s legacy and could contribute to the emergence of a more unified heterodoxy in economics.
KEYWORDS: Marxism, heterodox economics, political economy, Post-Keynesianism, Sraffa, Veblen
JEL CODES: B00, B50
People also read
Article
Marx's Legacy, Régulation Theory and Contemporary Capitalism
Robert Boyer
Review of Political Economy
Volume 30, 2018 - Issue 3
Published online: 23 May 2018
Article
Marx, Finance and Political Economy
Jan Toporowski
Review of Political Economy
Volume 30, 2018 - Issue 3
Published online: 10 Aug 2018
Article
MARX@200
M. C. Howard et al.
Review of Political Economy
Volume 30, 2018 - Issue 3
Published online: 8 May 2018
Article
Marx 200: The Abiding Relevance of the Labour Theory of Value
Ben Fine et al.
Review of Political Economy
Volume 30, 2018 - Issue 3
Published online: 15 Mar 2018
Article
Sraffa’s Constructive and Interpretive Work, and Marx
Christian Gehrke et al.
Review of Political Economy
Volume 30, 2018 - Issue 3
Published online: 8 May 2018
Article
Say’s Law, Marxian Crisis Theory and the Interconnectedness of the Capitalist Economy
Joseph Persky
Review of Political Economy
Volume 30, 2018 - Issue 3
Published online: 6 Jul 2018
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boundary 2:an international journal of literature and culture. (2018) 45 (1): 7-30., 2018
Economic Thought 6.1: 16-34, 2017, 2017
This paper challenges Tony Lawson's account of the relationship between mainstream economics and ... more This paper challenges Tony Lawson's account of the relationship between mainstream economics and ideology along two key axes. First off, we argue that Newtonian physics has been the primary version of pro-science ideology within mainstream economics, rather than mathematics per se. Secondly, we argue that the particular uses of mathematics within mainstream economics have always been ideological in the pro-capitalist sense of the term. In order to defend these claims we develop a line of argument that Lawson has thus far strategically avoided. Namely, we view mainstream economic theory as an integrated theoretical paradigm with intrinsic links to the capitalist economy. Viewed in this way, it becomes clear that Lawson's (trans) historical account of ideology is too general to capture the complexity of the relationship between natural science, mathematics and mainstream methods. Having briefly outlined Lawson's central argument, we highlight the non-mathematical methods underpinning Classical Political Economy. Thereafter, we assess the nature of the mathematics associated with the Marginal Revolution of the 1870s and the Formalist Revolution of the 1950s.
Journal for the Theory of Social Behaviour, Volume 46, Issue 2, June 2016, pp. 143–164, 2016
This paper undertakes an historical re-evaluation of Louis Althusser's philosophical legacy for m... more This paper undertakes an historical re-evaluation of Louis Althusser's philosophical legacy for modern Marxism. While Althusser self-consciously sought to defend the scientific character of Marxism, many of his closest followers eventually exited the Marxian paradigm for a post-structural post-Marxism. We argue that this development was predominately rooted in a series of philosophical errors that proved fatal in a period of retreat for European socialism. There has always been, however, a second post-Althusserian legacy associated with the critical realist conception of Marxism initiated by Roy Bhaskar. Bhaskar found part of his inspiration in Althusser's successful posing of the question of Marx's science and this paper sets out to excavate the proper links between Althusser and Bhaskar in order to deepen the relationship between critical realism and scientific Marxism.
Economic and Industrial Democracy, vol. 37, no. 2, May 2016 pp. 319-344,, 2016
Contemporary capitalism in Ireland took off in the late 1950s and affirmed itself as an inward in... more Contemporary capitalism in Ireland took off in the late 1950s and affirmed itself as an inward investment-focused model of development. With enterprise development at the core of the policy (as a way of developing the economy and society and ending emigration), all other policy domains – financial, governance, industrial relations, welfare and education – became subservient to the 'industrialization-by-invitation' strategy. This article examines and characterizes the Irish model of development, using the lens of the varieties of capitalism literature (VoC) as a starting point. The article also examines whether a stage theory of capitalism perspective can capture changes which the VoC perspective might obscure. The collapse of the Irish banking system since 2008 and the subsequent recession raises major challenges for Ireland's variety of capitalism and may represent a critical juncture.
Erwagen Wissen Ethik, 25, 2014, Issue 4., 2014
Research in Political Economy, 2014
International Journal of Pluralism and Economics Education, 2012
The introductory course poses a particular problem for a pluralist approach. The mainstream has ... more The introductory course poses a particular problem for a pluralist approach. The mainstream has assumed that its paradigm constitutes the whole of what is worthwhile communicating to first year students. Thus a substantial portion of the available teaching time has been pre-allocated. The typical pluralist response is to allocate time at the end of the semester to present alternative perspectives. This is problematic. This article proposes a practical alternative strategy by introducing alternative paradigms, specifically Marxian economics and institutionalism/post-Keynesianism, through using the standard introductory textbook sequence of definition, basic concepts, general model, description of capitalism, identification of key economic factor, and theory. This allows presenting alternative perspectives from the beginning of the course without necessarily abandoning the standard textbook. Macroeconomics can be introduced through presenting the three paradigms approach to issues, including unemployment, inflation, the business cycle, and trade\development.
Cambridge Journal of Regions, Economy, and Society, Vol. 5, Issue 3, November, 2012, pp. 413-434, 2012
Spatial restructuring of work across borders is an ongoing process that relies on heteroge-neity ... more Spatial restructuring of work across borders is an ongoing process that relies on heteroge-neity of place. Strategic differentiation is key, as the ability of corporations to implement differences in the organisation of work and work practices facilitates the weakening of local labour forces. Taking the Mexican maquiladora automotive industry as an example of cross-border spatial restructuring, the paper asks if and how labour is undermined by (i) consciously constructed functional differences and (ii) the active exploitation of existing local differences. Strategic differentiation is heavily dependent on the specifics of place, while the specifics of place themselves can serve as additional, pre-existing sources of differentiation.
American Journal of Economics and Sociology, Vol. 70, No. 5, , November 2011, pp. 1234–1247., 2011
This article starts from the institutional/evolutionary insight that economic processes are neces... more This article starts from the institutional/evolutionary insight that economic processes are necessarily embedded in broader sets of social institutions and that these institutions change over time. It uses a Marxian framework, the Social Structure of Accumulation school, to argue that this change is not gradual or continuous. Rather, wide-ranging institutional transformations follow periods of capitalist crisis, setting the stage for renewed accumulation and, eventually, new crises. This leads to a punctuated pattern of successive stages of capitalism. By now it is almost uncontroversial that the capitalist economy is embedded in a range of institutions. Further, it is recognized that the market economy cannot function without the effective functioning of its embedding institutions. This insight is, of course, one of the founding principles of the Institutional school of economics. Marxian economics has always seen capitalism as an historical mode of production in a complex dynamic relationship with various institutional conditions of existence at the economic, political, and ideological levels. Post Keynesian economics is rooted in the recognition of the essential importance of money and accompanying financial institutions , demand and consumption, and the institutional responses to the inevitable uncertainty of economic decision-making. Even the neo-classical mainstream has interpreted the failure of " shock therapy " in Eastern Europe as due to insufficient attention to the institutional context of markets. Thus it is widely accepted within economics that capitalism exists in relationship to a number of conditioning institutions. 1 It would be possible to adopt a strictly static approach to this relationship. Indeed,
Capital and Class, Vol. 35, No.1, February, 2011, 2011
This paper argues that while critical realist insights are important for heterodoxy, any engageme... more This paper argues that while critical realist insights are important for heterodoxy, any engagement with the economic mainstream must remain faithful to Bhaskar's original formulation with its explicit focus on 'ideology critique'. The article proceeds by distinguishing Bhaskar's more Marxian-inspired realism from the broadly heterodox variety of the 'critical realism in economics' (CRE) project. It then highlights the weaknesses of the CRE critique of the economic mainstream before positing an alternative critique in terms of ideology.
World Review of Political Economy, Vol 1, No.3, 2010, pp. 442-462. , 2010
This article will compare the development of the global neoliberal crisis and the irish crisis, w... more This article will compare the development of the global neoliberal crisis and the irish crisis, which is home-grown but, at the same time, an instance of the broader collapse of the recent stage of capitalism. This analysis will be carried out in the context of the social structure of accumulation (ssa) framework. While capitalism has long had an international dimension, prior to the global neoliberal era, this dimension was a shared international structure linked to discreet national ssas. in the global neoliberal era, different national structures were integrated into a transnational ssa. one of the strengths of this structure is its ability to link different national formations into global commodity chains locating each productive operation in its potentially most profitable location. While non-neoliberal national formations were capable of integration into the global neoliberal order, the different locations within the global neoliberal ssa tended to produce national variations of the basic institutions of global neoliberalism. The Celtic Tiger era in ireland will be analyzed as an instance and illustration of this phenomenon.
Industrial Relations Journal, Jan 1, 2010
Irish Historical Studies, 2008
Review of Radical Political Economics, Jan 1, 2008
Research in Political Economy, 2007
This article traces the history of a continuous tradition of Marxian stage theory from the beginn... more This article traces the history of a continuous tradition of Marxian stage theory from the beginning of the twentieth century until the present day.
Economic and …, Jan 1, 2007
Competition and Change, Jan 1, 2006
... 10, No. 2, June 2006 200212 E-mail address: [email protected] © the Editors an... more ... 10, No. 2, June 2006 200212 E-mail address: [email protected] © the Editors and WS Maney & Son Ltd DOI: 10.1179/102452906X104240 ... the Regulation Approach and the European Union TERRENCE McDONOUGH and EMLYN NARDONE ...
Journal of the History of Economic Thought, Jan 1, 2003
When the article ''Experimental Confirmation of the Existence of a Giffen Good,... more When the article ''Experimental Confirmation of the Existence of a Giffen Good,'' authored by Raymond C. Battalio, John H. Kagel, and Carl A. Kogut, appeared in 1991 in the American Economic Review it represented the culmination of two separate and seemingly unrelated traditions ...
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Papers by Terrence McDonough
KEYWORDS: Marxism, heterodox economics, political economy, Post-Keynesianism, Sraffa, Veblen
JEL CODES: B00, B50
People also read
Article
Marx's Legacy, Régulation Theory and Contemporary Capitalism
Robert Boyer
Review of Political Economy
Volume 30, 2018 - Issue 3
Published online: 23 May 2018
Article
Marx, Finance and Political Economy
Jan Toporowski
Review of Political Economy
Volume 30, 2018 - Issue 3
Published online: 10 Aug 2018
Article
MARX@200
M. C. Howard et al.
Review of Political Economy
Volume 30, 2018 - Issue 3
Published online: 8 May 2018
Article
Marx 200: The Abiding Relevance of the Labour Theory of Value
Ben Fine et al.
Review of Political Economy
Volume 30, 2018 - Issue 3
Published online: 15 Mar 2018
Article
Sraffa’s Constructive and Interpretive Work, and Marx
Christian Gehrke et al.
Review of Political Economy
Volume 30, 2018 - Issue 3
Published online: 8 May 2018
Article
Say’s Law, Marxian Crisis Theory and the Interconnectedness of the Capitalist Economy
Joseph Persky
Review of Political Economy
Volume 30, 2018 - Issue 3
Published online: 6 Jul 2018
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Copyright © 2018 Informa UK Limited Privacy policy & cookies Terms & conditions Accessibility
Registered in England & Wales No. 3099067
5 Howick Place | London | SW1P 1WG
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We use cookies to improve your website experience. To learn about our use of cookies and how you can manage your cookie settings, please see our Cookie Policy. By
KEYWORDS: Marxism, heterodox economics, political economy, Post-Keynesianism, Sraffa, Veblen
JEL CODES: B00, B50
People also read
Article
Marx's Legacy, Régulation Theory and Contemporary Capitalism
Robert Boyer
Review of Political Economy
Volume 30, 2018 - Issue 3
Published online: 23 May 2018
Article
Marx, Finance and Political Economy
Jan Toporowski
Review of Political Economy
Volume 30, 2018 - Issue 3
Published online: 10 Aug 2018
Article
MARX@200
M. C. Howard et al.
Review of Political Economy
Volume 30, 2018 - Issue 3
Published online: 8 May 2018
Article
Marx 200: The Abiding Relevance of the Labour Theory of Value
Ben Fine et al.
Review of Political Economy
Volume 30, 2018 - Issue 3
Published online: 15 Mar 2018
Article
Sraffa’s Constructive and Interpretive Work, and Marx
Christian Gehrke et al.
Review of Political Economy
Volume 30, 2018 - Issue 3
Published online: 8 May 2018
Article
Say’s Law, Marxian Crisis Theory and the Interconnectedness of the Capitalist Economy
Joseph Persky
Review of Political Economy
Volume 30, 2018 - Issue 3
Published online: 6 Jul 2018
Browse journals by subject
Back to top
Area Studies
Arts
Behavioral Sciences
Bioscience
Built Environment
Communication Studies
Computer Science
Development Studies
Earth Sciences
Economics, Finance, Business & Industry
Education
Engineering & Technology
Environment & Agriculture
Environment and Sustainability
Food Science & Technology
Geography
Health and Social Care
Humanities
Information Science
Language & Literature
Law
Mathematics & Statistics
Medicine, Dentistry, Nursing & Allied Health
Museum and Heritage Studies
Physical Sciences
Politics & International Relations
Social Sciences
Sports and Leisure
Tourism, Hospitality and Events
Urban Studies
Information for
Authors
Editors
Librarians
Societies
Open access
Overview
Open journals
Open Select
Cogent OA
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Help & contact
Newsroom
Commercial services
Keep up to date
Register to receive personalised research and resources by email
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Copyright © 2018 Informa UK Limited Privacy policy & cookies Terms & conditions Accessibility
Registered in England & Wales No. 3099067
5 Howick Place | London | SW1P 1WG
Accept
We use cookies to improve your website experience. To learn about our use of cookies and how you can manage your cookie settings, please see our Cookie Policy. By
This overview of degrowth offers a comprehensive coverage of the main topics and major challenges of degrowth in a succinct, simple and accessible manner. In addition, it offers a set of keywords useful for intervening in current political debates and for bringing about concrete degrowth-inspired proposals at different levels - local, national and global.
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More information at: vocabulary.degrowth.org
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