'Marx's Capital' (5th edition) by Ben Fine, Alfredo Saad-Filho

By Ben Fine, Alfredo Saad-Filho

This brilliantly concise booklet is a vintage advent to Marx's key paintings, Capital. In print now for over 1 / 4 of a century, and formerly translated into many languages, the hot variation has been absolutely revised and up-to-date, making it a great sleek advent to 1 of an important texts in political financial system. The authors hide all important elements of Marx's economics. They clarify the constitution of Marx's research and the that means of the main different types in Capital, exhibiting the interior coherence of Marx's process. Marx's strategy and terminology are explored intimately, with aiding examples. brief chapters let the which means and value of Marx's major techniques to be grasped swiftly, making it a realistic textual content for all scholars of social technology. Discussing Capital's relevance this present day, the authors contemplate Marx's influence on economics, philosophy, heritage, politics and different social sciences. protecting summary theorising to a minimal, this readable creation highlights the continued relevance of Marx's principles within the gentle of the issues of up to date capitalism.

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Alternatively, the commodity sale C – M could also be undertaken by a capitalist, either in order to buy goods for personal consumption or to renew 28 Fine 01 chaps 28 Marx’s capital 19/05/2010 10:45 production, for example, through the subsequent purchase of labour power, raw materials, machines, and so on. 1 Simple commodity exchange: selling in order to buy Capital In contrast with simple exchanges, which start with commodity sales, capitalist production must start with the purchase of two types of commodities.

They can only be understood as a whole or in relation to individuals against the perspective of the workings of capitalism, as is explained in the following chapters. Issues and Further Reading Marx’s value theory is extremely controversial among proponents and opponents alike. An essential starting point in assessing debates is the distinction between the approaches of Ricardo and Marx, with many Commodity Production Fine 01 chaps 25 25 19/05/2010 10:45 erroneously identifying the two as holding to the (same) labour theory of value.

But just as products embody social use values (production for persons unknown, reached through the market), so they are created by social labour in the abstract (by wage workers unknown, hired through the labour market and disciplined within competing firms by the profit imperative, and outside by the financial system and the stock market). In capitalist societies, the products of concrete Commodity Production Fine 01 chaps 17 17 19/05/2010 10:45 labour count as abstract social labour. In this respect, exchange does not concern quality, or type of concrete labour, but only quantity of abstract labour, necessarily expressed through commodity prices.

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