profit 236
Lisbon Declaration 2002 239
Living in Britain 2000 334
Living labour 84; and objectified labour 33
Livingstone, Ken, praise for Gordon Brown 303
Logic of capital and greenhouse gases 315
Logic of states, counterposed to logic of capital 107
Long boom 161-192; common mistaken explanations 163,165
Long Term Capital Management hedge fund, lifeboat operation 234
Losses due to telecoms bubble 286
Lucas, Robert, on failure to understand cause of slump of 1930s 9
Luxemburg, Rosa 77, 89,132; theory of imperialism 99-101; luxury consumption of capitalist class 126; "Anti-Critique" reply to Otto Bauer 101
Macmillan, Harold 349
Mage, Shane, quoted 164-5
Mahalia al-Kubra 344
Maksakovsky, Pavel V, on Marx's theory of crisis 59-61
Malaysia 221, 242; turn to state capitalism 185; anti-Chinese riots 345
Mandel, Ernest 197; on absence of crises in Soviet economy 202
Manifesto of the Communist International to the Workers of the World, The (Leon Trotsky) 1 1 6
Mann, Michael, on limits of globalisation 261
Manual occupations in service sector 334
Manufacturing, centrality in modern society 333
Mao Zedung, death 243; see also China
Marcuse, Herbert 331
Marginal efficiency of investment, and rate of profit 150
Marginal output 41; contradiction in measuring it for neoclassical theory 44
"Marginal utility" 23, 43
Marginal value of capital 44
Index
Marginalist school of economics 9, 23, 41, 162; see also neoclassical school Marketisation 240
Marshall, Alfred 41; on failure of neoclassical theory when it comes to real world 10; time as a problem to be ignored 42; merits in a labour theory of value 44
Marx, Karl, and Engels, Frederick, reject Malthusianism 320; on capitalism's destructive effect on human interaction with nature 307; on productive forces 81
Marx, Karl, ideas 21-40, 55; on waste and organic composition of capital 129-30; financial profits as paper claim on real production 289; on role of finance 281; on role of credit system and fraud 64; discussion on finance in Volume Three of Capital 298; on accumulation for the sake of accumulation 204; on anarchy of market and despotism of factory 80; on capital accumulation and growth of "surplus" population 340; on capitalists as hostile brothers 268; on crises of 1846 and 1857 in Britain 152; on damage to agriculture by capitalism 82; on division of functions within capitalist class 1 1 4; on interest rate rises to protect value of money 286- 7; on labour and the natural world 81-82; on organisation of production within enterprise 79; on state machine in 19th century France 1 1 1; on sudden outbreak of crisis 148; on the state and unproductive expenditures 129; refines distinction between productive and unproductive labour in Capital 122-12; on vampire-like character of capitalism 84; skilled and unskilled labour 50; refutation of Say's law 57
Marx's theory of value, criticisms of 41
Marxist economic theory, tendency to look inwards 15; explanation of interwar slump 152-2; failures to integrate arms spending into analyses 165
415