Transcending the arid formalism of present-day economic theory, Frontiers of Political Economy develops a new and accessible perspective on the world economy. Guglielmo Carchedi identifies and analyses three key features of modern capitalism: the rapidly increasing share of human labour needed for the advancement of science and technology rather than for the production of goods; the global, rather than national, nature of production, distribution and consumption; and the dominance of the oligopolies. This analysis enables Carchedi to explore new theoretical frontiers: from an original theory of mental and material labour to an investigation of the conditions under which mental labour produces value; from an assessment of the class structure of modern capitalism to an appraisal of the social content of science and technology; from an alternative account of crises, inflation and stagflation to a study of their relation to the destruction of value and to arms production. He also cast fresh light on a number of basic contemporary issues - including the present financial and monetary crisis - and surveys the most important recent controversies in language accessible to non-specialists.
Rigorous and wide-ranging, but written with great lucidity, Frontiers of Political Economy is an essential book for both specialists and students in economics and politics.
Guglielmo Carchedi is a Lecturer in the Faculty of Economics at the University of Amsterdam. He is the author of On the Economic Identification of Social Classes, Problems in Class Analysis and Class Analysis and Social Research.