Comparative critique

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Comparative critique

I had originally planned to continue the discussion of world trade and currency exchange rates the following month but the contrived U. Reader Mike has made some interesting remarks about world trade and the dollar system—the foundation of the American empire, which has dominated the world politically, militarily as well as economically since World War II.

Baker summarizes his argument as follows: In a system of floating exchange rates, like the one we have, the price of currencies is supposed to fluctuate to bring trade into balance.

This means that the trade deficit is caused by the over-valued dollar and a decline in the dollar is the predictable result. Yet this has not happened. Understanding world trade, including the question of exchange rates between currencies, is not that inherently difficult.

The main barrier to overcome is the fact that bourgeois political economy has mystified the subject of international trade more than any other in economics with the exception of the nature, origins and production of surplus value.

Just like we cannot understand the exploitation of the working class by the capitalist class without a correct theory of surplus value, we cannot understand the exploitation of one nation by another without a theory of world trade.

And if we cannot understand the exploitation of one nation by another, we cannot understand the nature of imperialism. This is true even though understanding modern imperialism as the monopoly stage of capitalism involves more than—but includes—the exploitation of one nation by another.

In order to understand world trade, we have to carry out a radical critique of the theory of world trade that is taught in university economics departments—the so-called law of comparative advantage, sometimes called the theory of comparative costs.

Ricardo and the origins of the theory of comparative advantage The modern marginalist bourgeois economists take their theory of world trade, unlike the case for most of present-day bourgeois economic theory, directly from the great English Comparative critique economist David Ricardo.

The simple answer to these questions is no. Marx by no means accepted everything that Ricardo wrote. Marx was able to see much further than Ricardo because he stood on the shoulders of a giant, David Ricardo.

The reason they do is that the concept of labor value even in its Ricardian form inevitably leads to the view that profit—surplus value—arises because a portion of the labor the workers perform is unpaid. Indeed, the entire early 19th-century pre-Marxist school of English socialism, also known as Ricardian socialism, based itself on the Ricardian labor theory of value.

Bourgeois political economy itself dared not go any further along the road that Ricardo had followed when it came to value theory. The beginnings of modern bourgeois marginalism can be traced back to the bourgeois opponents of Ricardo who, basing themselves on the very real contradictions within the Ricardian theory of value, decisively turned their backs on the theory.

The quantity theory of money 5 holds that, assuming that the level of commodity production is given, changes in the quantity of money have no effect on real effective monetary demand, output and employment, but only affect nominal prices and wages.

This is the view that a generalized overproduction of commodities is impossible. They believe that in principle we can understand capitalism even if we abstract away money. This they hold proves that a general overproduction of commodities is impossible.

At most, only a partial overproduction of some commodities backed up by a shortage of other commodities is possible. Marx on comparative advantage Marx had intended to write a whole book on world trade and the world market where he would have presented a full-fledged critique of the Ricardian theory of world trade.

It is here that Marx would probably have presented his theory of crisis as well.

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Therefore, the question of world trade and the claim that comparative advantage governs world trade under capitalism is actually closely related to crisis theory. But in fact, Marx wrote a lot about the theory of comparative advantage in the guise of criticizing the currency school and the banking legislation that the currency school inspired—the English Bank Act of Bank Act of and the currency school Under the Bank Act ofthe Bank of England—then as now the British central bank—was divided into two departments: The Banking Department carried out commercial banking operations such as taking deposits from other commercial banks and some wealthy individuals, made loans and re discounted commercial paper.

But the Banking Department, like modern commercial banks and unlike modern central banks, did not issue banknotes—or legal tender currency notes. This job was reserved for the Issue Department. If there was a drain of gold out of the Issue Department due to a negative balance of payments, the Issue Department would cancel some of the banknotes held by the Banking Department.

The currency school claimed that this fall in British prices would prevent the kind of gold drains that had played an important role during the economic crises of and According to Marx, the imbalances in trade and payments among the capitalist nations that led to the British gold drains of and were merely a consequence of the global overproduction that was the real cause of these economic crises.

The supporters of Ricardo—the currency school—took the opposite point of view. Therefore, the currency school reasoned that if the Bank of England experienced a major gold outflow that led to acute economic crises, this showed that British prices were too high relative to the prices in the rest of the world.

These high prices then caused the balance of trade and payments to turn against Britain. According to the currency school, the high prices in Britain relative to world market prices were caused by the fact that too much money was circulating within Britain.

The currency school recognized two types of money: Eventually, however, the gold in the Bank of England—and other note-issuing commercial banks—fell to such critically low levels that the British gold standard was brought to the brink of collapse—and many note-issuing commercial banks failed.

In this way, as soon as the balance of payments turned against Britain, prices and wages would quickly drop, correcting the deficit and halting the gold drain well before it reached such proportions that a financial crash—commercial crisis—would occur. In line with this thinking, the Bank Act phased out the right of commercial banks other than the Bank of England to issue banknotes.This particular analysis and comparison with Western thought is also an occasion to elaborate the possibility of and conditions for comparative political theory in general, that is, the introduction of non-Western perspectives into familiar normative debates about the problems of living together.

PAPER 1 Comparative Critique Essay: Deadline Sunday 12th October. Pay: $ I will pay the odesk fee. Description: Minimum 4 pages. Maximum 5 pages. Double-line spaced, plus a separate MLA-format Works Cited page Generate a thesis; making claims from evidence; establishing a relationship between the claims, ideas, approaches, and/or assumptions in two readings Sources: “The Princess Paradox.

Comparative critique

Abstract is a brief summary of the contents of a book or an article, it provides the key information in both reports. In public service broadcasting, the Key messages from the report functions as navigator with overall view and description of the aims, mix methods approach and the findings.

For example, a comparative essay using the block method on the French and Russian revolutions would address the French Revolution in the first half of the essay and the Russian Revolution in the second half. If you choose the block method, however, do not simply append two disconnected essays to an introductory thesis.

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The B block, or second. draft september 24, 1 draft 9/24/ gender dimorphism in the u.s. legal system: a “p ost- feminist ” and comparative critique jim wilets 1 table of contents abstract 1 i.

introduction 2 ii. expanding the contemporary feminist critique of the. Jul 06,  · How to Critique Artwork In this Article: Article Summary Describing the Work Analyzing the Work Interpreting the Work Judging the Work Community Q&A An art critique is a detailed analysis and evaluation of a work of art.

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