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A History of Underdevelopment and Political Economy of Inflation in Sri LankaAn Introduction to the Critique of Theories of Inflation in the Context of Underdevelopment

A History of Underdevelopment and Political Economy of Inflation in Sri Lanka: An Introduction to... [Contrary to established approaches, the chapter probes inflation in Sri Lanka and underdeveloped economies employing Marxist categories of mode of production and class structure, productive and unproductive labour and the gap between production and labour time specifically in agricultural sector, which shapes the composition of surplus labour in the economy. The chapter asserts that ‘capitalism proper’ employing capital accumulation, and therefore, dominance of relative surplus value over its absolute form, as the main distinction between itself and its predecessors. Concomitantly it illustrates higher relative inflation in Sri Lanka and underdeveloped economies through predominance of absolute surplus value which stagnate organic composition of capital hand in hand with higher unproductive activity in the economy compared to advanced and industrialising countries.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

A History of Underdevelopment and Political Economy of Inflation in Sri LankaAn Introduction to the Critique of Theories of Inflation in the Context of Underdevelopment

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References (35)

Publisher
Springer Singapore
Copyright
© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2020
ISBN
978-981-15-5663-0
Pages
1 –33
DOI
10.1007/978-981-15-5664-7_1
Publisher site
See Chapter on Publisher Site

Abstract

[Contrary to established approaches, the chapter probes inflation in Sri Lanka and underdeveloped economies employing Marxist categories of mode of production and class structure, productive and unproductive labour and the gap between production and labour time specifically in agricultural sector, which shapes the composition of surplus labour in the economy. The chapter asserts that ‘capitalism proper’ employing capital accumulation, and therefore, dominance of relative surplus value over its absolute form, as the main distinction between itself and its predecessors. Concomitantly it illustrates higher relative inflation in Sri Lanka and underdeveloped economies through predominance of absolute surplus value which stagnate organic composition of capital hand in hand with higher unproductive activity in the economy compared to advanced and industrialising countries.]

Published: Jul 25, 2020

Keywords: Inflation; Unproductive labour; Capital accumulation; Underdevelopment; Surplus labour; Absolute and Relative Surplus Value

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