Review of Classical Political Economics and Modern Capitalism: Theories of Value, Competition, Trade and Long Cycles by Lefteris Tsoulfidis and Persefoni Tsaliki

This book review presents and critically evaluates core issues raised in the recently published book titled: Classical Political Economics and Modern Capitalism: Theories of Value, Competition, Trade and Long Cycles coauthored by Lefteris Tsoulfidis and Persefoni Tsaliki. The book under review is one of the very few efforts to comprehensively cover major topics of the classical political economics approach. Among these topics included are the following: the theory of value, economic reproduction, and true competition in domestic and international markets as well as long economic cycles in the movement of key economic variables. A salient feature of the book is that the “laws of motion” of modern capitalism are derived and supported by empirical evidence based on refined economic data and appropriate input–output or econometric analysis. The overall evaluation is at the end of the present review along with a critical account for further research efforts.