Absolute surplus value: The increase in surplus value that occurs when working hours are increased without a parallel increase in pay.
Abstract labour: What all particular acts of labour have in common under capitalism; is measured in terms of the proportion each constitutes of the total socially necessary labour time expended in the economy as a whole.
Austrian School: Version of bourgeois economics which tends to see economic crises as inevitable, but necessary for continued economic growth. Best known figures Friedrich August von Hayek and Joseph Schumpeter.
Autarchy: Attempt to cut an economy off from trade links with the rest of the world.
Baran, Paul: Marxist theorist who argued that development was only possible in Global South through a break with capitalism. Collaborator of Paul Sweezy.
Bauer, Otto: Austrian Marxist of first third of 20th century who followed a policy of trying to reform capitalism.
Bernstein, Edward: "Revisionist" critic of revolutionary Marxism within German socialist movement at beginning of 20th century.
Bills: Documents issued by banks and other capitalist firms that act as IOUs as they grant each other credit.
Bohm-Bawerk, Eugen von: One of the founders of neoclassical economics, wrote best known critique of Marx's work.
Bartkiewicz, Ladislaus von: Polish economist at beginning of 20th century who carried through a serious examination of Marx's work but rejected some of its crucial findings.
Bretton Woods: Venue of the conference that set up the post World War Two financial system based on gold and dollars. Name given to that system until its collapse in 1971.
BRICS: Initials standing for Brazil, Russia, India, China and South Africa.
Bukharin, Nicolai: Bolshevik leader and economist theorist; executed by Stalin in 1938.
Capitals: Term often used to describe economically competing units of capitalist system (whether individual owners, firms or states).
Centralisation of capital: Tendency for capital to pass into fewer and fewer hands through takeovers, mergers, etc, so that whole capitalist system is under direct control of fewer competing capitals.
Chicago School: Followers of Milton Friedman and monetarism.
Circulating capital: see Fixed capital.
Clark, John Bates: American economist, one of the founders of neoclassical economics.
Cliff, Tony: Palestinian born Marxist resident in Britain through second half of 20th century; developed theory of state capitalism and, in a rudimentary
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