This title was first published in 2002: By exploring Marxian value theory and its relevance to present issues of economic analysis, such as the circuit of social capital, the quantity theory of money, instability and economic crises, and economic exploitation and its ideological disguise, this volume investigates the conceptual links between Marxian and Classical Political Economy. The book poses and discusses questions that have yet to be tackled thoroughly in the English-language Marxian literature, such as Marx's theoretical inconsistencies and the role of Engels as editor and "interpreter" of Marx's writings. In doing so, this excellent text provides a much-needed contemporary re-evaluation of the work of one of the world's most enduring writers.
’…a fundamental reinterpretation and contribution to an understanding of Marx’s value theory, the falling rate of profit, economic crises and the circuit of social capital…a fresh view of these critical areas of political economy and seek a holistic view of commodity fetishism and methodology. This is an important book for the university library, the scholars’ study and all those seeking to comprehend the workings of capitalism.’ Professor Phillip O’Hara, Curtin University, Australia
Contents: Value and Money: Introduction: on the objects of Marx's 'critique of political economy'; Marx versus Ricardo: (Marx's theory of value); Money and capital: (Marx's theory of money and the circuit of capital). Theory of Value and Ideology: The question of 'commodity fetishism'. Theory of Value and Prices: Marx's Ambivalence Towards Classical Political Economy: Social capital and the general rate of profit; Theory of value and ground rent: (Smith-Ricardo-Marx: converges and disputes). The Circuit of Social Capital, the Profit Rate and the Economic Crises: The 'law of the falling tendency in the rate of profit'; The historic Marxist controversy on economic crises and its theoretical significance; Defining a Marxist theory of 'over accumulation crises'. Epilogue: on the character of Marxian theory,'Ricardian Marxism' and the role of F. Engels; Bibliography; Index.