332; arms spending 2005 234; balance of trade 198; trade and budget deficits in 2000s 273; blows to hegemony, 274; overseas hegemony and crisis of 2007-9 327; nationalises Freddy Mac and Fanny Mae 277; sources of oil 319; world's biggest manufacturing country 332-3
Unproductive expenditures, and the dynamic of the system 129; and boom of 1920s 146-7
Unproductive labour, and waste production 127; scale of in US 126
Urbanisation in 20th and 21st centuries 337; and growth of wage labour, 336
US capitalism's interest and climate change 317
Use value 23; in Adam Smith 22
Use value and exchange value 108, 176; and crisis 59; under military competition 1 1 7
USSR, character of economy aher 1929 158; economic mechanisms established in 1928-9 157-9; accumulation and consumption 177, 204; bureaucracy substitutes itself for capitalist class 1 57; slave labour 176; and law of value 176, 204; economic growth 1950-70s 175; seen as model for Third World development 186; imperialism in Eastern Europe 181; Competition with West, Brezhnev on 203; causes of waste 177; consumer goods appear by 1960s 175; as world's second economic power 211; productivity and competition with US 180; agricultural problems 176; cyclical fluctuations in growth 178, 204; from Stalin to Gorbachev 1 15; growth rates long term decline
203; growing dependence on foreign trade 207; stagnation of 1 980s 202-3; crisis of late 1 980s, causes and scale of 181, 207-8; compared with Japanese crisis of 1 990 217; why market reforms were not the answer 210-12; inflation of late 1 989 and early
1991 208; revolts of national minorities 208; collapse of 234
"Valorisation" 37
Value added in schools 135
Value 25, 32, 33; substance of 26; and prices 46-50; during crises 60-1; Marx on productivity and 27; and technical advance 27
Vampire-like character of capitalism 84
Variable capital 38, 70
Venezuela 221, 351; and US oil 319
Viemam 1 84, 1 85; French withdrawal 182
Viemam War 327; and cost to US 271,198
Village industries 243
Vitro 221
Volcker "coup" 296
Volcker, Paul, raises interest rates 1979 296
von Bortkiewicz, Ladislavs, on transformation of values into prices 48-9
Wade, Robert, calls for greater regulation 292
Wage controls 178
Wage labour in USSR 158
Waged employment, fall in several African countries 339
Wages, and development of crises 60; rises in US in 1 920s 145; not cause of low profits in 1970s 1 97; of US workers in 1970s 1 97; japan in 1 980s 213; real fall in Germany in early 2000s 237
Wall Street crash 143
Walras, Leon 42; ignores problem of time 42; economic crises 56
War and surplus value 156
War on terror and arms spending 234; failures in 32 7
Warren, Bill, theory imperialism as advancing economic development 189-90
Wars, waged by US in Global South 271, 273; hot, waged in Third World 268
"Washington Consensus" 221
Waste expenditure 234; in US, 1 970 127; and accumulation 129-30; a
Index
423