Working papers, Department of Economics, WU (Wirtschaftsuniversität Wien)
Uncertainty and exploitation in history
() and Paul Ramskogler
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
JEL-Codes: B50; B51; N33; N34; (follow links to similar papers)
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