Uncertainty and exploitation in history

Stockhammer, Engelbert ORCID: https://orcid.org/0000-0002-5329-3535 and Ramskogler, Paul (2007) Uncertainty and exploitation in history. Department of Economics Working Paper Series, 104. Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, Vienna.

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Abstract

The paper builds on the Marxist concept of exploitation to explore the meaning of the Post Keynesian notion of uncertainty. Uncertainty is mediated by institutions and is distributed unevenly among different social groups. As different historical social formations entail different institutional structures, the distribution and nature of uncertainty also differ. The configurations between class relations and uncertainty are analyzed for the capitalist, feudal and slave modes of production. It is demonstrated that modes of production do not only imply specific exploitative relations but also different relative distributions of uncertainty amongst classes. Joining Marxian and Post Keynesian approaches allows a richer understanding of exploitive relations and illuminates the full societal impact of uncertainty. It is shown that only in capitalism is the exploited class exposed to a substantial degree of economic uncertainty. (author's abstract)

Item Type: Paper
Keywords: fundamental uncertainty / exploitation / mode of production / Post Keynesian economics / Marxian economics
Classification Codes: RVK QC 300, QE 500 ; JEL B50, B51, N33, N34
Divisions: Departments > Volkswirtschaft
Depositing User: Repository Administrator
Date Deposited: 10 Apr 2007 07:13
Last Modified: 31 Oct 2019 08:02
URI: https://epub.wu.ac.at/id/eprint/82

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