jones/bhandari djones at
Wed Mar 29 21:13:02 MST 1995

I have been quite impressed with the work of Riccardo Bellofiore; in a
critical reading of Schumpeter's works, he has developed an
anti-traditional Marxism, defined in opposition to Dobb-Sweezy-Meek, while
drawing on the works of II Rubin and Henryk Grossmann.  Bellofiore has
saved me several years of difficult study.

As he writes in the preface to his 1985 RRPE (Rev. of Radical Political
Economy) article: "In Schumpeter's model of economic development money
plays an essential role and capitalism is seen as a structurally unstable
process.  These distinctive features of Schumpeterian theory are due to the
endogenity of innovations and, as a consequence, of money supply." In all
of three pieces mentioned below, Bellofiore then explores the lessons that
can be drawn for Marx's critique of political economy.

Moreover, the lessons drawn enables the development of the Marxian critique
of traditional Marxism which finds its most brilliant expression in  of the
most important theoretical works in social theory after WWII: Moishe
Postone's Time, Labor and Social Domination: a reinterpretation of Marx's
critical theory.

As Postone theorizes capital's immanent dynamic on the basis of a dazzling,
albeit careful, reinterpretation of Marx's basic concepts, Bellofiore uses
Schumpeter to free Marxism from its reduction to a theory of 'equilibrium'
relative prices. While Bellofiore's work is much more substantive on the
critique of the economic concept of equilibrium (as well as the theory of
money), Postone broadens considerably the phenomological reach of Marx's
critical theory.  And both do so on the basis of what Marx considered to be
his pivotal discovery: the duality of labor under capitalism. Finally,
truly Marx-ian work is being done.

I have the following pieces by Bellofiore; would someone kindly inform me
whether any of his other work has been translated?

"Marx after Schumpeter", Capital and Class 24 (Winter 1985)

"Money and Development in Schumpeter" RRPE vol 17 (1/2): 21-40 (1985)

"A Monetary Labor Theory of Value" RRPE, vol 21 (1+2): 1-25 (1989).


ps to all those to whom I sent my Grossmann bibliography, please add these
articles, especially the first one.

     --- from list marxism at ---


More information about the Marxism mailing list