by David F. Ruccio

About David F. Ruccio

David F. Ruccio is Professor of Economics at the University of Notre Dame and a former editor of the journal Rethinking Marxism. Among his recent books is Development and Globalization: A Marxian Class Analysis.


While the capitalist system is generally celebrated by mainstream economists, American studies and cultural studies scholars will search in vain through their writings for actual discussions of the term “capitalism.” Instead, neoclassical and Keynesian economists refer to the “market economy” (in which individuals and private firms make decisions in decentralized markets) or just “the economy” (defined by scarce means and unlimited desires, the correct balancing of which is said to characterize all societies) (Stiglitz and Walsh 2002; Bhagwati 2003; Krugman and Wells 2004; Samuelson and Nordhaus 2004).