Held in conjunction with ST 600 "Market Failure, Famines and Crises," Dr. Alex Callinicos is the fourth speaker in the Committee on Social Theory Spring Lecture Series. The 2007-8 financial crash and the deep recession and weak recovery that followed have exposed serious flaws in our economic system. But how deep do they lie? Are the faults simply a matter of poor financial regulation or banks that are too big to fail? Karl Marx argued that ' The true barrier to capitalist production is capital itself.’ In other words, capitalism is subject to inherent limits arising from its nature as a system based on class exploitation and driven by competitive accumulation. This lecture will seek to show how a Marxist understanding of capitalism can identify the interaction between deep-seated structural tendencies towards crisis and the cycle of boom and bust in the financial markets responsible for what some commentators are beginning to call the Long Depression. At a time when a new study by French economist Thomas Piketty, Capital in the 21st Century, has identified an inherent trend towards growing economic inequality, Marx’s original Capital repays renewed study. Dr. Callinicos is a professor of European Studies at King's College London. His latest book is The Revolutionary Ideas of Karl Marx (Haymarket), 2012.

Held in conjunction with ST 600 "Market Failure, Famines and Crises," Dr. Cormac O'Grada is the third speaker in the Committee on Social Theory Spring Lecture Series. His lecture, "The Nature of Famines," will focus on the long-term demographic consequences of famines. Population pressure, public policy, and human agency all play a role in causing famine. Food markets can mitigate famine or make it worse. Dr. O'Grada is a professor of economics at at the University College Dublin School of Economics. His most recent book is Famines: A Short History Princeton University Press, 2009.

Held in conjunction with ST 600 "Market Failure, Famines and Crises," Dr. Greta Krippner is the second lecturer in the Committee on Social Theory Spring Lecture Series. Her lecture is entitled, "The Crisis in Market Regulation." She finds that state policies created the conditions conducive to financialization that solved some current policy dilemmas of the 1970s and 1980s, but created major weaknesses that would ultimately fail in the new millennium. Financialization of the economy was not a deliberate outcome sought by policymakers, but rather an inadvertent result of the state's attempts to solve other problems, especially the stagnation and deregulation in the 1970s and 1980s, the encouragement of foreign capital in the US economy, and large trade imbalances caused by direct foreign investment. Dr. Krippner is an Associate Professor in Sociology at the University of Michigan. Her latest publication is Capitalizing on Crisis: The Political Origins of the Rise of Finance Harvard University Press, 2012.

Held in conjunction with ST 600, "Market Failure, Famines and Crisis," Dr. Peter Temin is the first lecturer in the Commitee on Social Theory Spring Lecture Series. His lecture is entitled "Lessons of the Great Depression." He provides an integrated view of the Depression, covering the experience in Britain, France, Germany, and the US; hediscusses the causes, why it was so widespread and prolonged; and what brought about the world's eventual recovery. Peter Temin also finds parallels between the Great Depression and current policies that are recommended and sometimes followed by governments. Dr. Temin is a professor in the Department of Economics and History at MIT. His most recent publications include The Roman Market Economy, Princeton University Press, 2013 and The Leaderless Economy: Why the World Economic System Fell Apart and How to Fix It, Princeton University Press, 2013 (with David Vines).

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Literature Reviews

Instructor: Dr. Folami Ladipo

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This week's seminar topic is to be determined.

Instructor: Dr. Bert Lynn