Costas Lapavitsas's Books

The State of Capitalism

Economy, Society, and Hegemony

By: Costas Lapavitsas,EReNSEP Writing Collective

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The State of Capitalism

Economy, Society, and Hegemony

By: Costas Lapavitsas,EReNSEP Writing Collective

Thinking beyond pandemic capitalism The health emergency that broke out in 2020 is a landmark event in the development of capitalism, confirming the underlying change signalled by the Great Crisis of 2007-9. The pandemic has catapulted the state to the centre of economic activity. However, a historic impasse is steadily becoming apparent at the core of the world economy Productive accumulation is flaccid, as both profitability and labour productivity are weak. Financialisation has entered a new phase, as “shadow banking” grew relative to other banks but is entirely dependent on the state. The power of the state derives from command over fiat money and can certainly deliver enormous boosts to aggregate demand, but that is not enough to tackle the weakness of the productive sector. The rise in inflation for the first time in forty years indicates the impasse. There is a transparent need for intervention on the supply side, directly challenging capitalist property rights. There is no evidence, however, that the ruling blocs in core countries would engage in such policies. The pandemic crisis also brought to the fore fresh divisions of core and periphery across the world economy. Imperialism has assumed new forms, spurred by globally active financial capital and internationalised productive capital. A renewed contest for hegemony has emerged as US power declined. The economic challenge of China will unfold steadily in the years ahead, intensifying political tensions and military rivalries. This book is the work of a research collective comprising authors from several parts of the world. It analyses these vital issues from the perspective of Marxist political economy and puts forth alternative anticapitalist proposals.

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385

Publisher

Verso Books

Published Date

ISBN 10

1839767847

ISBN 13

9781839767845

Profiting Without Producing

How Finance Exploits Us All

By: Costas Lapavitsas

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Profiting Without Producing

How Finance Exploits Us All

By: Costas Lapavitsas

Financialization is one of the most innovative concepts to emerge in the field of political economy during the last three decades, although there is no agreement on what exactly it is. Profiting Without Producing puts forth a distinctive view defining financialization in terms of the fundamental conduct of non-financial enterprises, banks and households. Its most prominent feature is the rise of financial profit, in part extracted from households through financial expropriation. Financialized capitalism is also prone to crises, none greater than the gigantic turmoil that began in 2007. Using abundant empirical data, the book establishes the causes of the crisis and discusses the options broadly available for controlling finance.

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Page Count

417

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Verso Books

Published Date

ISBN 10

1781681414

ISBN 13

9781781681411

Crisis in the Eurozone

By: Costas Lapavitsas

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Crisis in the Eurozone

By: Costas Lapavitsas

First, there was the credit crunch, and governments around the world stepped in to bail out the banks. The sequel to that debacle is the sovereign debt crisis, which has hit the eurozone hard. The hour has come to pay the piper, and ordinary citizens across Europe are growing to realize that socialism for the wealthy means punching a few new holes in their already-tightened belts. Building on his work as a leading member of the renowned Research on Money and Finance group, Costas Lapavitsas argues that European austerity is counterproductive. Cutbacks in public spending will mean a longer, deeper recession, worsen the burden of debt, further imperil banks, and may soon spell the end of monetary union itself. Crisis in the Eurozone charts a cautious path between political economy and radical economics to envisage a restructuring reliant on the forces of organized labour and civil society. The clear-headed rationalism at the heart of this book conveys a controversial message, unwelcome in many quarters but soon to be echoed across the continent: impoverished states have to quit the euro and cut their losses or worse hardship will ensue.

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Page Count

273

Publisher

Verso Books

Published Date

ISBN 10

1844679691

ISBN 13

9781844679690

The Left Case Against the EU

By: Costas Lapavitsas

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The Left Case Against the EU

By: Costas Lapavitsas

Many on the Left see the European Union as a fundamentally benign project with the potential to underpin ever greater cooperation and progress. If it has drifted rightward, the answer is to fight for reform from within. In this iconoclastic polemic, economist Costas Lapavitsas demolishes this view. He contends that the EU’s response to the Eurozone crisis represents the ultimate transformation of the union into a neoliberal citadel that institutionally embeds austerity, privatization, and wage cuts. Concurrently, the rise of German hegemony has divided the EU into an unstable core and dependent peripheries. These related developments make the EU impervious to meaningful reform. The solution is therefore a direct challenge to the EU project that stresses popular and national sovereignty as preconditions for true internationalist socialism. Lapavitsas’s powerful manifesto for a left opposition to the EU upends the wishful thinking that often characterizes the debate and will be a challenging read for all on the Left interested in the future of Europe.

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Page Count

160

Publisher

John Wiley & Sons

Published Date

ISBN 10

1509531084

ISBN 13

9781509531080

Against the Troika

Crisis and Austerity in the Eurozone

By: Heiner Flassbeck,Costas Lapavitsas

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Against the Troika

Crisis and Austerity in the Eurozone

By: Heiner Flassbeck,Costas Lapavitsas

A radical anti-capitalist alternative to Eurozone austerity On the 25th January 2015 the Greek people voted in an election of historic importance—not just for Greece but potentially all of Europe. The radical party Syriza was elected and austerity and the neoliberal agenda is being challenged. Suddenly it seems as if there is an alternative. But what? The Eurozone is in a deep and prolonged crisis. It is now clear that monetary union is a historic failure, beyond repair—and certainly not in the interests of Europe’s working people. Building on the economic analysis of two of Europe’s leading thinkers, Heiner Flassbeck and Costas Lapavitsas (a candidate standing for election on Syriza’s list), Against the Troika is the first book to propose a strategic left-wing plan for how peripheral countries could exit the euro. With a change in government in Greece, and looming political transformations in countries such as Spain, this major intervention lays out a radical, anti-capitalist programme at a critical juncture for Europe. The final three chapters offer a detailed postmortem of the Greek catastrophe, explain what can be learned from it—and provide a possible alternative. Against the Troika is a practical blueprint for real change in a continent wracked by crisis and austerity.

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145

Publisher

Verso Books

Published Date

ISBN 10

1784783153

ISBN 13

9781784783150

Marxist Monetary Theory

Collected Papers

By: Costas Lapavitsas

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Marxist Monetary Theory

Collected Papers

By: Costas Lapavitsas

The collected papers of Costas Lapavitsas are a pathway to Marxist monetary theory, a field that continues to attract strong interest. The papers range far and wide, including markets and money, finance and the enterprise, power and money, the financialisation of capitalism, finance and profit, even money as art. Despite its breadth, the collection remains highly coherent. Money and finance are pre-eminent, even dominant, features of contemporary capitalism. Lapavitsas has been one of the first political economists to notice their ascendancy and to devote his research to it. He offers a resolutely Marxist perspective on contemporary capitalism while remaining conversant with the history of political economy, sensitive to mainstream economic theory, and fully aware of the empirical reality of financialisation.

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Page Count

331

Publisher

BRILL

Published Date

ISBN 10

9004272712

ISBN 13

9789004272712

The Cost of Living Crisis

(and how to get out of it)

By: Costas Lapavitsas,James Meadway,Doug Nicholls

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The Cost of Living Crisis

(and how to get out of it)

By: Costas Lapavitsas,James Meadway,Doug Nicholls

We are living through a cost of living crisis, with interest rate hikes and the prices of everyday consumables and energy bills sky-rocketing. Why is this happening? Sometimes we are told that wages are too high, or that the government has "printed" too much money or that events far away, such as the war in Ukraine, are solely to blame. The plain argument that high prices go together with high profits, falling wages, and weak production is often distorted and hidden by mainstream commentary in the media and elsewhere. This plain-speaking pamphlet tells it straight: the big businesses dominating production and distribution make huge profits out of high inflation, while working people lose out. It sets out factual evidence to illustrate that the source of record profits is the fall in real wages as inflation rises. A large part of the income of working people is being transferred directly into the profits of big business. The pamphlet shows that the deeper roots of the "cost of living crisis" lie in the very low investment and poor productivity growth for many years. The basic steps to resolving the crisis are simple: prices, especially of essentials, must be brought down, and wages, salaries, benefits, and pensions must be increased.

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Verso Books

Published Date

ISBN 10

1804293857

ISBN 13

9781804293850

Social Foundations of Markets, Money and Credit

By: Costas Lapavitsas

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Social Foundations of Markets, Money and Credit

By: Costas Lapavitsas

Where does the power of money come from? Why is trust so important in financial operations? How does the swapping of gifts differ from the exchange of commodities? Where does self-interest stop and communal solidarity start in capitalist economies?These issues and many more are discussed in a rigorous, yet readable, manner in Social Foundations of

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Page Count

166

Publisher

Routledge

Published Date

ISBN 10

1134368798

ISBN 13

9781134368792

The State of Capitalism

Economy, Society, and Hegemony

By: Costas Lapavitsas,EReNSEP Writing Collective

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The State of Capitalism

Economy, Society, and Hegemony

By: Costas Lapavitsas,EReNSEP Writing Collective

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385

Publisher

Verso Books

Published Date

ISBN 10

1839767863

ISBN 13

9781839767869

Crisis in the Eurozone

By: Costas Lapavitsas

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Crisis in the Eurozone

By: Costas Lapavitsas

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390

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Verso Books

Published Date

ISBN 10

1781684456

ISBN 13

9781781684450

Capitalism in the Ottoman Balkans

Industrialisation and Modernity in Macedonia

By: Costas Lapavitsas,Pinar Cakiroglu

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Capitalism in the Ottoman Balkans

Industrialisation and Modernity in Macedonia

By: Costas Lapavitsas,Pinar Cakiroglu

The Ottoman Empire went through rapid economic and social development in the late nineteenth and early twentieth centuries, as it approached its end. Profound changes took place in its European territories, particularly and prominently in Macedonia. In the decades before the First World War, industrial capitalism began to emerge in Ottoman Macedonia and its impact was felt across society. The port city of Salonica was at the epicentre of this transformation, led by its Jewish community. But the most remarkable site of development was found deep in provincial Macedonia, where industrial capitalism sprang from domestic sources in spite of unfavourable conditions. Ottoman Greek traders and industrialists from the region of Mount Vermion helped shape the economic trajectory of 'Turkey in Europe', and competed successfully against Jewish capitalists from Salonica. The story of Ottoman Macedonian capitalism was nearly forgotten in the century that followed the demise of the Empire. This book pieces it together by unearthing Ottoman archival materials combined with Greek sources and field research. It offers a fresh perspective on late Ottoman economic history and will be an invaluable resource for scholars of Ottoman, Greek and Turkish history. Published in Association with the British Institute at Ankara

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254

Publisher

Bloomsbury Publishing

Published Date

ISBN 10

1788316606

ISBN 13

9781788316606

Against the Troika

Crisis and Austerity in the Eurozone

By: Heiner Flassbeck,Costas Lapavitsas

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Against the Troika

Crisis and Austerity in the Eurozone

By: Heiner Flassbeck,Costas Lapavitsas

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145

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Verso Books

Published Date

ISBN 10

1784783153

ISBN 13

9781784783150

Syriza in Power

Reflections of an Accidental Politician

By: Costas Douzinas

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Syriza in Power

Reflections of an Accidental Politician

By: Costas Douzinas

Amid the turmoil of economic crisis, Greece has become the first European experiment of left rule in a sea of neoliberalism. What happens when a government of the Left, committed to social justice and the reversal of austerity, is blackmailed into following policies it has fought against and strongly opposes? What can the experience of the Syriza government tell us about the prospects for the Left in the twenty-first century? In this engaging and provocative book, Costas Douzinas uses his position as an 'accidental politician', unexpectedly propelled from academia into the world of Greek politics as a Syriza MP, to answer these urgent questions. He examines the challenges facing Syriza since its ascent to power in 2015 and draws out the theoretical and political lessons from one of the boldest and most difficult experiments in governing from the Left in an age of neoliberalism and austerity.

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Page Count

180

Publisher

John Wiley & Sons

Published Date

ISBN 10

150951161X

ISBN 13

9781509511617

The capitalist mode of destruction

Austerity, ecological crisis and the hollowing out of democracy

By: Costas Panayotakis

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The capitalist mode of destruction

Austerity, ecological crisis and the hollowing out of democracy

By: Costas Panayotakis

The capitalist mode of destruction traces contemporary capitalism’s economic, ecological and democratic crises. Combining insights from a range of disciplines, including psychology, sociology and political economy, Panayotakis interprets these crises as manifestations of a previously unrecognized contradiction: over time, the benefits of capitalism’s technological dynamism tend to decline even as its threats to humanity and the planet continue to mount. To explain this contradiction, the book analyzes the production and distribution of surplus in capitalist societies and rethinks the concept of surplus itself. Identifying the public sector and households as sites of production no less important than the workplace, this book attributes capitalism’s contradictions to working people’s lack of control over the surplus they produce. This lack of control is undemocratic and threatens the planet. Only a classless society, in which working people democratically determine the size and use of the surplus they produce, can effectively respond to our current predicament. Recognizing such a democratic classless society as the essence of the communist ideal, the book argues that, far from becoming obsolete, this ideal is ever more indispensable. But since the necessity of this ideal does not guarantee its realization, the book also investigates the conditions necessary for the formation of an anti-capitalist alliance for social justice, democracy and ecological sustainability.

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Page Count

270

Publisher

Manchester University Press

Published Date

ISBN 10

1526144530

ISBN 13

9781526144539

Capitalism in the Ottoman Balkans

Industrialisation and Modernity in Macedonia

By: Costas Lapavitsas,Pinar Cakiroglu

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Capitalism in the Ottoman Balkans

Industrialisation and Modernity in Macedonia

By: Costas Lapavitsas,Pinar Cakiroglu

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Page Count

254

Publisher

Bloomsbury Publishing

Published Date

ISBN 10

1788316606

ISBN 13

9781788316606

Political Economy of Money and Finance

By: Makoto Itoh,Costas Lapavitsas

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Political Economy of Money and Finance

By: Makoto Itoh,Costas Lapavitsas

This book provides a comprehensive introductory guide to the political economy and finance. There has been a strong revival of Western Marxist political economy in recent years, but despite the importance of financial instability, output in the area of finance has been meager. This paucity of analysis has to be confronted, even if only to clarify the basic socio-economic relations of capitalist production in its actual dynamics. Marx's own theories, and the contributions of his followers in Japan, will be presented and employed in the analysis of contemporary issues.

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Page Count

321

Publisher

Palgrave Macmillan

Published Date

ISBN 10

0312211643

ISBN 13

9780312211646

Book's by Costas Lapavitsas

The State of Capitalism

The State of Capitalism

Profiting Without Producing

Profiting Without Producing

Crisis in the Eurozone

Crisis in the Eurozone

The Left Case Against the EU

The Left Case Against the EU

Against the Troika

Against the Troika

Marxist Monetary Theory

Marxist Monetary Theory

The Cost of Living Crisis

The Cost of Living Crisis

Social Foundations of Markets, Money and Credit

Social Foundations of Markets, Money and Credit

The State of Capitalism

The State of Capitalism

Crisis in the Eurozone

Crisis in the Eurozone

Capitalism in the Ottoman Balkans

Capitalism in the Ottoman Balkans

Against the Troika

Against the Troika

Syriza in Power

Syriza in Power

The capitalist mode of destruction

The capitalist mode of destruction

Capitalism in the Ottoman Balkans

Capitalism in the Ottoman Balkans

Political Economy of Money and Finance

Political Economy of Money and Finance

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