By Michael Heinrich
Alex Locascio (trans.)
The worldwide fiscal difficulty and recession that started in 2008 had at the least one unforeseen end result: a surge in revenues of Karl Marx's Capital. even if mainstream economists and commentators as soon as disregarded Marx's paintings as outdated and incorrect, a few are begrudgingly acknowledging an research that sees capitalism as inherently volatile. and naturally, there are these, like Michael Heinrich, who've visible the price of Marx all alongside, and are in a distinct place to give an explanation for the intricacies of Marx's thought.
Heinrich's glossy interpretation of Capital is now on hand to English-speaking readers for the 1st time. It has undergone 9 versions in Germany, is the normal paintings for Marxist learn teams, and is used commonly in German universities. the writer systematically covers all 3 volumes of Capital and explains the entire uncomplicated facets of Marx's critique of capitalism in a fashion that's transparent and concise. He offers history details at the highbrow and political milieu during which Marx labored, and appears at an important concerns past the scope of Capital, reminiscent of category fight, the connection among capital and the nation, accusations of old determinism, and Marx's knowing of communism. Uniquely, Heinrich emphasizes the financial personality of Marx's paintings, as well as the conventional emphasis at the hard work concept of worth, this highlighting the relevance of Capital to the age of monetary explosions and implosions.
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Additional resources for An Introduction to the Three Volumes of Karl Marx's Capital
Most notably in Marxist political parties, opponents in an argument frequently accuse each other of having an “undialectical conception” of whatever matter is being debated. Also today, in Marxist circles people speak of something standing in a “dialectical relationship” to another thing, which is supposed to clarify everything. ” In this situation, one shouldn’t allow oneself to be intimidated, but should rather constantly annoy the know-it-all by asking what exactly is understood by the term “dialectics” and what the “dialectical view” looks like.
With value theory, Marx seeks to uncover a specific social structure that individuals must conform to, regardless of what they think. The question posed by Marx is therefore completely different than that posed by classical or neoclassical economics; in principle, Adam Smith observes a single act of exchange and asks how the terms of exchange can be determined. Marx sees the individual exchange relation as part of a par- VA LU E , LAB O R , M O N EY 47 ticular social totality—a totality in which the reproduction of society is mediated by exchange—and asks what this means for the labor expended by the whole society.
The Object of Critique in the Critique of Political Economy In Capital, Marx examines the capitalist mode of production. The question, however, is in what manner capitalism is the object of study: in the text there are abstract-theoretical inquiries into money and capital as well as historical passages, such as those dealing with the development of capitalist relations in England. Is Capital first and foremost concerned with the main features of the history of capitalist development, or with a particular phase of capitalism, or is the point rather an abstract-theoretical depiction of the mode of operation of capitalism?