The Neoclassical School of economic theory emerged from a dissatisfaction with classical political economy and the labour theory of value. Critics of capitalism, from the Marxian tradition, had hijacked the precepts of the classical school to analyze the historical tendencies of capital accumulation and the stumbling blocks inherent within the process. In a maneuver which ostensibly undermined the Marxian conception of exploitation and therefore capitalism, the neoclassical school sought to explain economic systems in terms of markets and the arbiter of economic allocation, the price mechanism. From this focus, the neoclassical economists developed the theory of general equilibrium, under which the price mechanism (within a condition of perfect competition) is conceived of as self-regulating, self-adjusting and therefore a stabilizing apparatus. In diametrical opposition, the Marxian tradition of political economy characterizes capitalism in terms of instability, structural contradic...