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In this collection, four philosophers and four economists consider the Third Volume of Marx's Capital. The essays take up each of the major themes of Volume III - competition, for formation and development of the general rate of profit, the credit system and finance capital, rent, the Trinity formula and the concept of class - and consider them in the light of the two previous volumes. The authors share a focus on the concept of social form in Marx's work and on the method of his argument. The collection is intended both for specialists in Marxian theory and for students of the history of economic thought and of methodology.
The essays in this important collection address specific themes at the cutting edge of recent Marxist scholarship. Although each essay can be read independently, they are united in arguing for, and demonstrating, a new focus on capitalism as a historically specific social form and in stressing the monetary nature of Marx's value theory, challenging traditional Marxist, institutionalist and neo-Schumpeterian readings of Marx's theories of money, value, surplus value and capital accumulation. The studies aim to shed new light on Marx's great work while going beyond it in many respects. The book will be welcomed by economists with an interest in the history, philosophy and methodology of economic thought as well as scholars and students of Marx. The book may also be read as an introduction to Marx's trilogy and is a companion to the collections of essays by the same contributors: The Circulation of Capital: Essays on Volume II of Marx's 'Capital'(ed. Arthur and Reuten, 1998); and The Culmination of Capital: Essays on Volume III of Marx's 'Capital' (ed. Campbell and Reuten, 2002).
In the seminal work, CAPITAL, Karl Marx delves into the intricacies of capitalism, highlighting the exploitation of the working class by the bourgeoisie. Marx's writing is dense and analytical, filled with economic theories and historical examples that provide a comprehensive understanding of the capitalist system. Written in the mid-19th century, the book remains relevant today, offering insights into income inequality and the consolidation of wealth. With a mix of philosophical inquiry and economic analysis, CAPITAL continues to be a foundational text in the study of political economy. Karl Marx, a German philosopher and economist, was deeply influenced by the social injustices of his time, particularly the harsh working conditions endured by industrial laborers. His experiences and observations led him to develop the theory of communism as a response to the inequalities perpetuated by capitalism. CAPITAL is the culmination of Marx's life's work, reflecting his desire for social change and economic equality. I highly recommend CAPITAL to readers interested in political theory, economics, and social justice. Marx's examination of capitalism remains a vital contribution to the understanding of economic systems and their impact on society.
"Prophecies about the end of capitalism are as old as capitalism. None of them, so far, has come true. Yet we keep looking into the crystal ball in search of harbingers of doom. Francesco Boldizzoni gets to the root of the very human need to imagine a better world and uncovers the mechanisms by which the same forecasting mistakes are made over and over again. He offers a compelling solution to the puzzle of what is capitalism and why it seems able to survive all sorts of shocks. The global crisis that developed countries faced at the beginning of the twenty-first century has undermined faith in the capitalist market economy bringing once again to the forefront questions about its long-term prospects. Is capitalism on its way out? If not, what should be expected from future crises? Will society be able and willing to bear the social and environmental costs of creative destruction and relentless financialization? These and other questions have lain at the heart of political economy since the age of Karl Marx. Foretelling the End of Capitalism takes us on a journey through two centuries of unfulfilled prophecies to challenge the belief in an immutable destiny"--
What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In this work the author analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings transform debate and set the agenda for the next generation of thought about wealth and inequality. He shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality--the tendency of returns on capital to exceed the rate of economic growth--today threatens to generate extreme inequalities that stir discontent and undermine democratic values if political action is not taken. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, the author says, and may do so again. This original work reorients our understanding of economic history and confronts us with sobering lessons for today.
How the largest social movement in history is making the world a better place.
The essays in this collection address specific themes in Volume I of Marx's Capital . Although the essays can be read independently, they present complementary perspectives on issues at the cutting edge of recent scholarship on Marx's work. Although all Parts of Capital I are discussed, the book is not intended to be a textbook. It will be read by specialists in the field as well as graduate students in the history of economic thought, political economy and philosophy.
This ambitious book presents a comprehensive new 'macro-monetary' interpretation of Marx’s logical method in Capital, based on substantial textual evidence, which emphasises two main points: (1) Marx’s theory is primarily a macroeconomic theory of the total surplus-value produced in the economy as a whole; and (2) Marx’s theory is a monetary theory from beginning to end and the circuit of money capital – M - C - M’ – is the logical framework of Marx’s theory. It follows from this 'macro-monetary' interpretation that, contrary to the prevailing view, there is no 'transformation problem' in Marx’s theory; i.e., Marx did not 'fail to transform the inputs of constant capital and variable capital' in his theory of prices of production in Part 2 of Volume III.
Based on computer analysis of price quotes from the eighteenth-century financial press, this work reevaluates the evolution of financial markets.
Capital, Volume III, subtitled The Process of Capitalist Production as a Whole, was prepared by Friedrich Engels from notes left by Karl Marx and published in 1894. It is in seven parts:1.The conversion of Surplus Value into Profit and the rate of Surplus Value into the rate of Profit2.Conversion of Profit into Average Profit3.The Law of the Tendency of the Rate of Profit to Fall4.Conversion of Commodity Capital and Money Capital into Commercial Capital and Money-Dealing Capital (Merchant's Capital)5.Division of Profit Into Interest and Profit of Enterprise, Interest Bearing Capital.6.Transformation of Surplus-Profit into Ground Rent.7.Revenues and Their SourcesThe work is best known today for part 3, which in summary says that as the organic fixed capital requirements of production rise as a result of advancements in production generally, the rate of profit tends to fall. This result, which orthodox Marxists believe is a principal contradictory characteristic leading to an inevitable collapse of the capitalist order, was held by Marx and Engels to, as a result of various contradictions in the capitalist mode of production, result in crises whose resolution necessitates the emergence of an entirely new mode of production as the culmination of the same historical dialectic that led to the emergence of capitalism from prior forms.