Marxist Economics and Contemporary Developing Economies

Sukhamoy Chakravarty

Cambridge Journal of Economics, 1987, vol. 11, issue 1, 3-22

Abstract: In recent years, a thesis has been put for ward by some influential economists that the experience of growth rec orded in the post-World War II period by a number of developing count ries has struck a "death blow" to Marxist economics. Experience of NICs and ASEAN countries has been strongly emphasized as part of the evidence in this context. Empirical analysis presented in this paper which explores some of the contradictory features of the development processes operating in these countries strongly suggests that the exp lanatory power of Marxist economics has been underestimated and that of neoclassical economics considerably overestimated. It also indicat es certain directions in which Marxist economics may need to be exten ded which will enhance its explanatory power. Copyright 1987 by Oxford University Press.

Date: 1987
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