Classical economics began with the publication of Adam Smith's Wealth of Nations in 1776. It continued with John Stuart Mill's Principles of Political Economy, first published in 1848, which was to remain a standard textbook on the subject for nearly a century. After the Second World War, neoclassical economics became the new orthodoxy in academia. The main difference with neoclassical economics is a much greater emphasis on mathematical formulas. However, what unites classical and neoclassical economics, together with all its various sub-divisions, is a theory of price with explicit or implicit policy recommendations for running the economy – unemployment levels, interest rates, cures for inflation, and so on. Where does Marxian economics fit into all this? The short answer is – it doesn't. Marxian economics provides a theory of profit and doesn't presume to tell the capitalists and their governments how they should run their system.

Profit-making is the life-blood of capitalism, though you wouldn't guess it from the news reports that economic well-being is threatened by a lack of “consumer confidence” – in other words, you're not buying enough stuff from the shops. Capitalist economics is there to explain that profit is untouchable as the reward for waiting for investments to pay off for the capitalists, and as a reward for risking their capital. But these are an attempt at justification of profit, not an explanation of the source of profit, which is what Marxian economics is concerned with. Waiting and risk in themselves do not create profit. There is only one way that vast personal fortunes and the social accumulation of capital can be satisfactorily explained: as the result of the unpaid labour of the working class being appropriated by the capitalist class in the form of profit.

And then there are the consequences of the profit motive: crises, recessions and mass unemployment; and all the other effects which create human and environmental degradation in its wake. Albritton doesn't deal adequately with any of this, which is unfortunate in a book which claims we can be “Discovering the Brilliance of Marx” in economics. Moreover, Albritton's understanding of Marx is undermined by his claim that we can “democratically manage markets so as to serve the needs of social justice.” Firstly, Marx never made that claim and in fact specifically argued against the use of markets of any sort. Secondly, markets presuppose private or class ownership of the means of production and distribution. Students of Marxian economics will need to look elsewhere.

LEW

James O'Brien contributed articles to the Poor Man's Guardian under the pseudonym “Bronterre” and eventually adopted it as his middle name. O'Brien soon became the Poor Man's Guardian editor as it campaigned for universal suffrage at the time of the 1832 Reform Act. This Act however merely redistributed the vote amongst the owning class, leading to the drawing-up of the People's Charter in response (“essentially a program for universal male suffrage,” according to Black) in 1838 by the London Working Men's Association and the Birmingham Political Union. In June 1839 a mass petition was presented to, and rejected by, Parliament. Violent uprisings then occurred around the country, including a fierce battle in Newport, South Wales, in which 24 died and 50 were wounded by gunfire. After the Newport uprising was suppressed its leader, John Frost, was sentenced to death (later commuted to transportation for life) and O'Brien was sentenced to eighteen months in prison for making seditious speeches.

Black's short tract on this particular episode reads like a Trotskyist analysis of the event as a failure of leadership (in Trotskyist literature working class setbacks are always the result of a betrayal of leadership). Thus Black argues: “if the Rising in Monmouth had not been led by John Frost it might well have succeeded.” Succeeded in doing what? Taking and holding Monmouth? Creating a revolutionary situation? Such fantasies were dismissed by O'Brien who had withdrawn from active involvement by this stage. According to Black:

“He explained later that he could not conscientiously take part in secret projects which could only at best produce partial outbreaks, which would easily be crushed and would lead to increased persecution of the Chartists.”

The Chartist campaign lasted another 10 years before collapsing in failure.

LEW