1. Marcelo Dias Carcanholo (UFF-Brasil, SEP –
Dependency, Super-exploitation of Labour and Crisis – an interpretation from Marx Capital 150 years: Marx's Capital Today
Marcelo Dias Carcanholo (UFF-Brasil, SEP –
Brazilian Political Economy Society President)

2. 1- Contemporary Capitalism and Dependency
- Capitalism's response to its own crisis deepens dependency (neoliberalism → ↑ unequal exchange (value transfer) → ↑ external vulnerability) - Dependency components: (i) super-exploitation of labour (ii) Unequal exchange (value transfer) (iii) Surplus transfer (interests, profits...) (iv) Regressive distribution of income and wealth (v) Social problems - Possibility of dependent capitalist development: (ii) + (iii) + conjunctural/historical conditions→ (i) → (iv) + (v)

3. 2- Different Historical Contexts
- Even with (i), why Latin America did not grow in 80´s/90´s?
(i) value transfer (neoliberalism)
(ii) fictitious capital dialectics
- Different contexts
(i) 70’s: world crisis + higher international liquidity
(ii) 80’s: world stagnation + debt crisis
(Export adjustment)
(iii) 90’s: world instability (short business cycles) + higher international liquidity
(Import adjustment)

4. 2- Different Historical Contexts
- XXI Century:
(i) Favorable external scenario ( )
- ↑ international liquidity → ↓ i* (international interest rates) → ↓i
- ↑ g* → ↑ Qx + ↑ P commodities → ↑ X
- ↑ External capital → ↑ reserves (temporary improvement of external vulnerability) + ↓ e (exchange rate) → inflation control
(ii) Unfavorable external scenario (2007/ )
World economic crisis → structural external vulnerability (dependency) is deepened by neoliberalism.

5. 3- Crisis and Stages of Crisis
- Contemporary crisis → fictitious capital dialectics - Essays (?) of contemporary crisis: (i) 1º. Dotcom crisis (ii) 2º. Subprime mortgages (iii) 3º. Commodities - Contemporary crisis: subprime markets in America (i) Rising stage (ii) Declining stage (iii) Dissemination by the world economy

6. 3- Crisis and Stages of Crisis
- First stage: liquidity crisis and bankruptcy - Second stage: sovereign debt crisis - Third stage: “new” banking crisis (public debt securities + ↑ speculative behaviour + ↓ commodities cycle) - Unexplained explanations: (i) What did happen from the first to the second stage of crisis? (ii) What did happen from the second to the first stage of crisis?

7. 4- Orthodox adjustment: contemporary neoliberalism
- What is neoliberalism? - How does the capitalist system intend to emerge from its own crisis? (i) Medium and Long term: ↑↑ Neoliberalism (reforms), both in the center and in the periphery (ii) Short term: State acts in order to NOT to devaluate fictitious capital - public debt - necessary fiscal adjustment (?) - Dependent Capitalism (i) Neoliberalism since the 1990s (ii) Has deepened nowdays: There is no possibility of class reconciliation