Marx & Political Economy

Sundays at 10 AM PST / 11 AM MST / 12 PM CST / 1 PM EST

To register, sign up for the group’s mailing list here. This reading group is open to the public.


The purpose of this study group is to gain a relatively comprehensive overview of the Marxian account of modern social dynamics and relations. It is not uncommon among leftists to regard economic theory generally or Marx’s own economic theory specifically as though it were unnecessary, less important than historical-political issues, outdated, or too ‘reductive’. Marx is admittedly a ‘critic’ of capitalism and classical political economy. But he is also ultimately committed to the idea of explanation of social phenomena on the basis of political economy. And indeed, the distinction between radical-liberal or utopian-socialist views and Marxian or materialist-socialist views is drawn in relation to the role of political economy. Hence this group focuses on Marx’s economic theory with the hope of revising some ordinary assumptions on the left. First, we will examine the fundamental concepts of Marx’s theory in the context of political economy by reading essential sections of Marx’s political economic works. Then we will address further developments of his thought by subsequent theorists and their historical periodization of Marx’s own reflections on the capitalist social formation.

We will meet weekly to discuss readings of Marx’s texts. The aim is to understand his theory and the broader extent of its implications for contemporary purposes. In order to facilitate discussion, members will take turns adopting the responsibility of summarizing and presenting the core of the readings under consideration in a given week’s meeting.

All readings will be provided as PDFs. Required and recommended (not-required) readings will be marked accordingly.

Texts (main texts marked with black dot; recommended texts marked with white dot):

  • + Karl Marx, Capital: A Critique of Political Economy, vols. 1-3 (Penguin Edition)
  • + Marx, Theories of Surplus-Value (Marx Engels Collected Works, vols. 30-4)
  • + Marx, Wage Labor and Capital & Value, Price and Profit (New York: International Publishers, 1976)
  • – Michael Heinrich, An Introduction to the Three Volumes of Karl Marx’s Capital (New York: Monthly Review Press, 2012)

Key:

  •   + Required
  •   – Recommended

I. Introduction

Session 1. Overview: Explanatory Program and Object

  • + Karl Marx, “Preface”, Contribution to the Critique of Political Economy (MECW 29, 261-5)
  • + Marx, Wage Labor and Capital (5-48)
  • + Marx, “Preface to the First Edition” and “Postface to the Second Edition” (Capital Volume I, 89-103)
  • – Michael Heinrich, An Introduction (chapters 1-3, 13-38)
  • – Ellen Meiskins-Wood, “Capitalism” (The Elgar Companion to Marxist Economics. Edward Elgar: Northampton, MA, 2012)
  • – Karl Marx, “Introduction” (Grundrisse, London: Peguin, 1993, 81-114)
  • – Daniel Little, “The Scientific Standing of Marx’s Capital” (Review of Radical Political Economics, Vol. 12, No. 4, 1985)
  • – Little, “Abstraction and Theory: Marx’s Method For Social Science” (The Southern Journal of Philosophy, Vol. 20, No. 4, Winter 1980)
  • – Little, “Dialectics and Science in Marx’s Capital” (Phil. Soc. Sci., Vol. 17, 1987)
  • – Little, “Marxism and Method” 

II. The Concept of Capital & Production of Surplus-Value

Session 2. Money, Commodities and Surplus-Value

  • + Karl Marx, Capital Volume I, “The General Formula for Capital” (chapter 4, 248-57)
  • + John Maynard Keynes, “The Distinction Between a Co-Operative Economy and an Entrepreneur Economy” (CW 29, 76-92 & 102-106)
  • + John Maynard Keynes, “A Monetary Theory of Production” (CW 8, 408-411)
  • – Michael Heinrich, An Introduction (chapter 4, 81-98)
  • – William T. Foster, “The Circuit Flow of Money” (The American Economic Review, Vol. 12, No. 3. Sep., 1922)
  • – Augusto Graziani, “A monetary economy” (The Monetary Theory of Production, Cambridge: CUP, 2009)
  • – Augusto Graziani, “The Marxist Theory of Money” (Int. Journal of Political Economy. Vol. 27. No. 2. Summer 1997)
  • – Anitra Nelson, “Marx’s Objections to the Credit Theory of Money” (Marx’s Theory of Money: Modern Appraisals, ed. Fred Moseley, New York: Palgrave Macmillan, 2005)
  • – Fred Moseley, Money and Totality, “Introduction” (Boston: Brill, 2016)
  • – G.W.F. Hegel, Elements of the Philosophy of Right [Excerpts from “Civil Society” §§182-4: “The System of Needs” §§189-208 and “The Police and the Corporation” §§230-56] (Cambridge: CUP, 2000)

Session 3. Aggregate Surplus-Value Production & Exploitation of Labor

  • + Karl Marx, Capital Volume I, Part Four (709-10, cf. 873)
  • + Marx, Capital Volume II, “The Circuit of Money Capital” (chapter 6, 109-43, cf. 185)
  • + Marx, Capital Volume I, “Absolute and Relative Surplus Value” (chapter 16, 643-654)
  • + Marx, Capital Volume I, “Results of the Immediate Process of Production” (1044)
  • – Michael Heinrich, An Introduction (chapter 5, 99-129; chapter 6, 131-7)
  • – Karl Marx, Capital Volume I, “Contradictions in the General Formula” (chapter 5, 258-269)
  • – Karl Marx, Capital Volume I, “The Sale and Purchase of Labour-Power” (chapter 6, 270-82)
  • – Karl Marx, Capital Volume I, “The Labour Process and the Valorization Process” (chapter 7, 283-306)

Session 4. Relative Surplus-Value and Competitive Dynamics of Accumulation

  • + Karl Marx, Capital Volume I, “The Concept of Relative Surplus-Value” (chapter 12, 430-8)
  • + Marx, Capital Volume I, “Co-Operation” (chapter 13, 439-54)
  • + Marx, Capital Volume I, “Machinery and Large Scale Industry” (chapter 15, 567 & 575-588)
  • + Marx, Capital Volume I, “The Transformation of Surplus-Value into Capital” (chapter 24, part 1, 725-34; part 3, 738-746)
  • + Marx, Capital Volume I, “The General Law of Capitalist Accumulation” (chapter 25, Parts 1 & 2, 762-81)

III. Unproductive Labor / Sectors of the Economy & Distribution of Surplus-Value

Session 5. Overhead Costs & Merchants Capital (Realization of Surplus-Value in Exchange)

  • + Karl Marx, Capital Volume II, “The Costs of Circulation” (chapter 6, 207-232)
  • + Marx, Capital Volume III, “Commercial Capital” (chapter 16, 379-93)
  • + Marx, Capital Volume III, “Commercial Profit” (chapter 17, 394-416)
  • + Marx, Capital Volume III, “Historical Material on Merchant’s Capital” (chapter 20, 440-458) 
  • + Marx, Selected excerpts on management [handout]
  • – Ian Gough, “Marx’s Theory of Productive and Unproductive Labour” (NLR I/76, NOV/DEC 1972)
  • – Simon Mohun, “Productive and unproductive labour” (The Elgar Companion to Marxist Economics. Edward Elgar: Northampton, MA, 2012)

Session 6. Financial Capital

  • + Karl Marx, Capital Volume III, “Money-Dealing Capital” (chapter 19, 431-9)
  • + Marx, Capital Volume III, “Interest and Profit of Enterprise” (chapter 23, 493)
  • + Marx, Capital Volume III, “Interest-Bearing Capital as the Most Superficial Form of the Capital Relation” (chapter 24, 515-524)
  • + Marx, Capital Volume III, “The Role of Credit in Capitalist Production” (chapter 27, 566-73)
  • + Marx, Capital Volume III, “Money Capital and Real Capital I” (chapter 30, 607-25)
  • + Marx, Capital Volume III, “Money Capital and Real Capital II” (chapter 31, 626-636)
  • + Marx, Capital Volume III, “Money Capital and Real Capital III” (Conclusion) (chapter 32, 636-52)
  • – Karl Marx, Capital Volume III, “Interest and Profit of Enterprise” (chapter 23, 493; 493-514)
  • – Michael Heinrich, An Introduction (chapter 8, 155-168)
  • – Thomas Marois, “Finance, finance capital and financialization” (The Elgar Companion to Marxist Economics. Edward Elgar: Northampton, MA, 2012)

Session 7. Ground Rent [Real Estate and Rentiers]

  • + Karl Marx, Capital Volume III, “Pre-Capitalist Relations” (chapter 36, 728-48)
  • + Marx, Capital Volume III, “The Transformation of Surplus Value into Ground-Rent” (chapter 38, 751-78)
  • – Erik Swyngedouw, “Rent and landed property” (The Elgar Companion to Marxist Economics. Edward Elgar: Northampton, MA, 2012)

IV. Social Relations and Relations Between Sectors of Capital

Session 8. The Relation Between Departments of Capital and Labor

  • + Karl Marx, Capital Volume I, “Simple Reproduction” (chapter 23, 711-24)
  • + Marx, Capital Volume II, “Simple Reproduction” (chapter 20, 468-78; 478-64)
  • + Marx, Capital Volume II, “Accumulation and Reproduction on an Expanded Scale” (chapter 21, 565-8; 568-599)
  • – Michael Heinrich, An Introduction (chapter 6, 137-40)
  • – Meghnad Desai, “Marx II: Profits” (Marx’s Revenge, chapter 5, esp. 67-74)
  • – Susan Himmelweit and Simon Mohun, “Domestic labour and Capital” (Cambridge Journal of Economics. Vol. 1. No. 1. March 1977)
  • – Susan Himmelweit, “Reproduction and the materialist conception of history: A feminist critique” (The Cambridge Companion to Marx. Cambridge: CUP, 1991)

Session 9. Varieties of Fetishism / The Origin of Surplus Value / Classes and Revenue

  • + Karl Marx, Capital Volume I, “The Fetishism of Commodities and the Secret Thereof” (chapter 1, 163-176)
  • + Marx, Capital Volume III, “The Trinity Formula” [the sources of revenue] (chapter 48, 953-70)
  • + Marx, Capital Volume III, “Classes” (chapter 52, 1025-6) 
  • – Michael Heinrich, An Introduction (chapter 3, 39-80; chapter 10, 179-198)
  • – Eric Olin Wright, “Understanding Class” (NLR 60, NOV/DEC 2009)
  • – Martin Nicolaus, “Proletariat and Middle Class in Marx” (Studies on the Left. Vol. 7, No. 1. 1967)
  • – Martin Nicolaus, “The Theory of the Labor Aristocracy” (Monthly Review. Vol. 21. No. 11. 1970)

Session 10. The Origin of Surplus Value / Classes and Revenue / Relations Between Sectors 

  • Karl Marx, Theories of Surplus-Value: “Revenue and Its Sources” (MECW 32, 449-541)

VI. Economic Crises

Session 11. Realization Crises and Money Crises I

  • + Cliff Bowman, “Marx’s Theory of Economic Crises”
  • + Karl Marx, Capital Volume III (“Development of the Law’s Internal Contradictions”, Chapter 15, 349-75) 
  • + Marx, Capital Volume III (chapter 30, 614-15)
  • + Marx, Capital Volume III, “Relations of Distribution and Relations of Production” (chapter 51, 1016-24)
  • + Marx, Capital Volume II (chapter 16, 391)
  • – Karl Marx, Capital Volume III (chapters 13-14, 317-348)
  • – Michael Heinrich, An Introduction (chapter 7, 141-154)
  • – Michael Heinrich, “Crisis Theory, the Law of the Tendency of the Profit Rate to Fall, and Marx’s Studies in the 1870s” (Monthly Review, Vol. 64, No. 11, April 2013)
  • – James R. Crotty, “Rethinking Marxian Investment Theory: Keynes-Minsky Instability, Competetive Regime Shifts and Coerced Investment” (Review of Radical Political Economics, Vol. 25. Issue 1. 1993)
  • – John Milios, “Marx’s Theory and the Historic Marxist Controversy on Economic Crisis (1900-1937)” (Science and Society, Vol. 58, No. 2. Summer 1994)
  • – Anwar Shaihk, “An Introduction to the History of Crisis Theories” (in U.S. Capitalism in Crisis, U.R.P.E., New York.) 

Session 12. Realization Crises and Money Crises II

  • + Karl Marx, Theories of Surplus Value (MECW 32, 131-164, 127-8, 246-8)
  • – Michael Heinrich, An Introduction (chapter 9, 169-178)
  • – Simon Clarke, “Crisis Theory” (The Elgar Companion to Marxist Economics. Edward Elgar: Northampton, MA, 2012)
  • – James N. Devine, “Underconsumption, Over-Investment and the Origins of the Great Depression” (Southwest Economy and Society, Vol. 6, Issue 2. January 1982)
  • – Anthony De Grandi and Christian Tutin “Marx and the ‘Minsky moment’ Liquidity crises and reproduction crises in Das Kapital” (ESHET Working Paper)
  • – David M. Kotz, “Marxist Crisis Theory and the Severity of the Current Economic Crisis” (UMass Amherst Working Paper)
  • – Howard J. Sherman, “Demand-Side Theories: The Underconsumption Hypothesis” (In The Business Cycle. Princeton: PUP, 1991)
  • – J.C.L. Simonde de Sismondi, New Principles of Political Economy
  • – Sismondi, Political Economy (forward to the second edition & Fourth Book, chapter 4)
  • – Sismondi, “Of Landed Wealth” (Before Marx: Socialism and Communism in France 1830-48, London: MacMillan, 1983)
  • – William T. Foster & Waddill Catchings, “The Dilemma of Thrift” (Pollak Foundation for Economic Research, 1926)
  • – Irving Fisher, “The Debt-Deflation Theory of Great Depressions” (Econometrica Vol. 1, No. 4. Oct., 1933. pp. 337-357)
  • – Michael Bleany, Underconsumption Theories: A History and Critical Analysis” (London: Lawrence and Wishart, 1976)

VII. The Preconditions of the Accumulation of Capital

Session 13. So-Called Primitive Accumulation

  • + Karl Marx, Capital Vol. I, “The Secret of Primitive Accumulation” (Ch. 26, 873-7)
  • + Karl Marx, Capital Vol. I, “The Expropriation of the Agricultural Population from the Land” (Ch. 27, 877-895)
  • + Karl Marx, Capital Vol. I, “Bloody Legislation against the Expropriated…” (Ch. 28, 896-904)
  • + Karl Marx, Capital Vol. I, “The Genesis of the Capitalist Farmer” (Ch. 29, 905-907)
  • + Karl Marx, Capital Vol. I, “Impact of the Agricultural Revolution on Industry…” (Ch. 30, 908-13)
  • + Karl Marx, Capital Vol. I, “The Genesis of the Industrial Capitalist” (Ch. 31, 914-926)
  • + Karl Marx, Capital Vol. I, “The Historical Tendency of Capitalist Accumulation” (Ch. 32, 927-30)
  • + Karl Marx, Capital Vol. I, “The Modern Theory of Colonization” (Ch. 33, 933-40)
  • – Rosa Luxemburg, The Accumulation of Capital (ch. 1)
  • – Rosa Luxembourg, The Accumulation of Capital — An Anti-Critique (chs. 1 & 6)
  • – Nikolai Bukharin, Imperialism and the Accumulation of Capital (chs. 2 & 4)
  • – Nikolai Bukharin, Imperialism and World Economy

VIII. Subsequent Developments and Reflections

Session 14. Monthly Review School I: Paul Sweezy  

  • + Paul Sweezy, “Competition and Monopoly” (Monthly Review, Vol. 33, No. 1, May 1981)
  • + Sweezy, “Production and Finance” (Monthly Review, Vol. 35, No. 1, May 1983)
  • + Sweezy, “A New Stage of Capitalism Ahead?” (with Harry Magdoff. Vol. 41, No. 1, May 1989)
  • + Sweezy, “The Triumph of Financial Capital” (Monthly Review, Vol. 46, No. 2, June 1994)
  • + Sweezy, “More (or less) on Globalization” (Monthly Review, Vol. 49, No. 4, September 1997)
  • + Sweezy, “Keynesian Chickens Come Home to Roost” (Monthly Review, Vol. 25, No. 11, April 1974) 
  • + Sweezy, “On the Theory of Monopoly Capitalism” (Monthly Review, Vol. 23, No. 11, April 1972) 
  • + Sweezy, “Monopoly Capital After Twenty-Five Years” (Monthly Review, Vol. 43, No. 7, December 1991)
  • + Sweezy, “Monopoly Capitalism” (Monthly Review, 2004, Vol. 56, No. 05, October, 2004)

Session 15. Hyman Minsky

Session 16. Michael Hudson

  • + Michael Hudson, “The New Road to Serfdom” (Harpers, 2006)
  • + Hudson, “From Marx to Goldman Sachs: The Fictions of Fictitious Capital, and the Financialization of Industry” (Critique, Vol. 38, No. 3, August 2010)
  • + Hudson, “The Transition from Industrial Capitalism to a Financialized Bubble Economy” (2010, Levy Economics Institute Working Paper, No. 627)
  • + Hudson, “The Road to Debt Deflation, Debt Peonage, and Neofeudalism” (2012, Levy Economics Institute Working Paper, No. 708)
  • + Hudson, “Finance Is Not the Economy: Reviving the Conceptual Distinction” (2016, Journal of Economic Issues, Vol. 50, No. 3) 
  • + Hudson, “‘Creating Wealth’ Through Debt” (World Review of Political Economy, Vol. 10, No. 2, Summer 2019)

Session 17. Monthly Review School II: John Bellamy Foster

  • + John Bellamy Foster, “Monopoly Finance Capital” (Monthly Review, Vol. 57, No. 8, December 2006)
  • + Foster, “The Financialization of Capitalism” (Monthly Review, Vol. 58, No. 11, April 2007)
  • + Foster, “The Financialization of Capital and the Crisis” (Monthly Review, Vol 59, No 11, April 2008)
  • + Foster, “Financial Implosion and Stagnation” (coauthored with Fred Magdoff, Monthly Review, Vol. 60, No. 7, December 2008)
  • + Foster, “The Age of Monopoly Finance Capital” (Monthly Review, Vol. 61, No. 9, February 2010)
  • + Foster, “Monopoly Finance Capital and the Paradox of Accumulation” (Monthly Review, Vol. 62, No. 5, October 2010)
  • + Foster, “The Endless Crisis” (coauthored with with Robert W. McChesney, Monthly Review, Vol. 64, No. 1, May 2012)
  • + Foster, “The New Imperialism of Globalized Monopoly-Finance Capital” (Monthly Review, Vol. 67, No. 3, July 2015)
  • + Foster, “Absolute Capitalism” (Monthly Review, Vol. 71, No. 1, May 2019)

Recommended Texts on Political-Economy & Political Conflict

Class Struggle and Wages

  • – Karl Marx, Value, Price and Profit
  • – John Bellamy Foster, “Marx, Kalecki, and Socialist Strategy” (Monthly Review vol. 64, no. 11, April 2013)
  • – M. Kalecki, “Political Aspects of Full Employment” (Political Quarterly, 1943)

Free Trade and Protectionism

  • – Friedrich Engels, “Free Trade and Protectionism” (Preface, MECW 26, 521-38)
  • – Friedrich Engels, “The Free Trade Congress at Brussels” (MECW 6, 282-90)
  • – Friedrich Engels, “Protective Tariffs or the Free Trade System” (MECW 6, 92-5)
  • – Karl Marx, “The Free Traders, The Protectionists and the Working Class (MECW 6, 279-81)
  • – Karl Marx, “The Chartists” (MECW 11, 333-41)
  • – Karl Marx, “On the Hague Congress” (MECW 23, 254-6)
  • – Karl Marx, “Speech on the Question of Free Trade” (MECW 6, 451-65)

Colonialism / Conflicts between Economic Systems

  • – Karl Marx, “British Rule in India” (MECW 12, 125-33)
  • – Karl Marx, “The East India Company — Its History and Results” (MECW 12, 148-56)
  • – Karl Marx, “The Future Results of the British Rule in India (MECW 12, 217-22)
  • – Karl Marx, “Revolution in China and in Europe” (MECW 12, 93-100)
  • – Karl Marx, Capital Volume I, “The Progressive Production of a Relative Surplus Population or Industrial Army” (chapter 25, 781-794)
  • – Karl Marx, Capital Volume I, “The Secret of Primitive Accumulation” (chapter 26, 873-6)
  • – Karl Marx, Capital Volume I, “The Modern Theory of Colonization” (chapter 33, 931-940)
  • – Karl Marx, “The North American Civil War” (MECW 19, 32-42)
  • – Karl Marx, “The Civil War in the United States” (MECW, 43-52)
  • – Karl Kautsky, “Ultra-Imperialism”
  • – V.I. Lenin, Imperialism: the Highest Stage of Capitalism
  • – V.I. Lenin, “Imperialism and the Split in Socialism”
  • – John Milios, “Classical Theories of Imperialism: A New Interpretation of Capitalist Rule, Expansionism, Capital Export, the Periodization and the ‘Decline’ of Capitalism” (Rethinking Imperialism. Palgrave Macmillan: 2009)

State Capitalism / Monopoly Capital / Keynesianism / Military Industrial Complex

  • – John Bellamy Foster, “Monopoly Capital at the Half-Century Mark” (Monthly Review, Vol. 68, No. 3, July-August 2016)
  • – Seymour Melman, “From Private to State Capitalism: How the Permanent War Economy Transformed the Institutions of American Capitalism” (Journal of Economic Issues, Vol. XXXI, No. 2, June 1997)
  • – Seymour Melman, “Ten Propositions on the War Economy” (The American Economic Review, Vol. 62, No. 1/2, March 1972)
  • – Seymour Melman, “Ten Propositions on Productivity and the War Economy” (Challenge, Vol. 18, No. 1, March/April, 1975)
  • – Rudolf Hilferding, “State Capitalism of Totalitarian State Economy”
  • – Alfred Sohn-Rethel, Economy and Class Structure of German Fascism (London: Free Association Books, 1987)

Neo-Liberalism / Financialization

  • – Giovanni Arrighi, “The Social and Political Economy of Global Turbulence” (NLR 20, March/April 2003)
  • – Gérard Duménil and Dominique Lévy, “The Neoliberal (Counter-)Revolution” (In Neoliberalism: A Critical Reader. London: Pluto Press, 2005)
  • – Gérard Duménil and Dominique Lévy, “Costs and benefits of neoliberalism. A class analysis” (Review of International Political Economy, Vol. 8, No. 4, Winter 2001)
  • – Gérard Duménil and Dominique Lévy, “The Economics of US Imperialism at the Turn of the 21st Century” (In Revue of International Political Economy, Vol. 11, No. 4, Oct 2004)
  • – Costas Lapavistas, “Financialized Capitalism: Crisis and Financial Expropriation” (Historical Materialism, Vol. 17, 2009, 114-148)
  • – Engelbert Stockhammer, “Financialization and the slowdown of accumulation” (Cambridge Journal of Economics, Vol. 28, 2004, 719-741)

Modern Capitalist Class Composition 

  • – Adolph A. Berle, “Property, Production and Revolution” (Columbia Law Review, Vol. 65, No. 1, January 1965, 1-20)
  • – Gardiner C. Means, “The Diffusion of Sock Ownership in the United States” (The Quarterly Journal of Economics, Vol. 44, No. 4, August 1930, 561-600)
  • – Gardiner C. Means, “The Separation of Ownership and Control in American Industry” (The Quarterly Journal of Economics, Vol. 46, No. 1, December 1931, 68-100)
  • – Michael Soref and Maurice Zeitlin, “Finance capital and the internal structure of the capitalist class in the United States” (Incorporate Relations: The Structural Analysis of Business. Cambridge: CUP 1988)
  • – Maurice Zeitlin, “Corporate Ownership and Control: The Large Corporation and the Capitalist Class” (American Journal of Sociology, Vol. 79, No. 5. March 1974)

Internationalization of Capitalist Corporations

  • – Christian Palloix, “The Self-Expansion of Capital on a World Scale” (Review of Radical Political Economics, Vol. 9, No. 2, 1977)
  • – Stephen Hymer, “The Multinational Corporation and the Law of Uneven Development” (The Global Challenge for Multinational Enterprises: Managing Increasing Interdependence, January 1999)
  • – Stephen Hymer, “The Efficiency (Contradictions) of Multinational Corporations” (The American Economic Review, Vol. 60, No. 2, Papers and Proceedings of the Eighty-second Annual Meeting of the American Economic Association, May 1970)
  • – Stephen Hymer, “The Internationalization of Capital” (Journal of Economic Issues, Vol. 6, No. 1, March 1972)
  • – William I. Robinson, “Debate on the New Global Capitalism: Transnational Capitalist Class, Transnational State Apparatuses, and Global Crisis (Critical Thought, Vol. 7, No. 2, 2017)

The Juridical-Legal Basis of Financial Wealth and Money

  • – Greta Krippner, “The Politics of Financialization” (Revue de la Régulation, Vol. 22, Autumn 2017)
  • – Katharina Pistor, “A legal theory of finance” (Journal of Comparative Economics, Vol. 41, 2013)
  • – L. Randall Wray, “From the State Theory of Money to Modern Money Theory: An Alternative to Economic Orthodoxy” (Levy Economics Institute of Bard College, Working Paper No. 792, March 2014) 
  • – L. Randall Wray, “State Money” (International Journal of Political Economy, Vol. 32, No. 3 Fall, 2002)