Download PDF by Michael Heinrich: An Introduction to the Three Volumes of Karl Marx's Capital

By Michael Heinrich

ISBN-10: 1583672885

ISBN-13: 9781583672884

Alex Locascio (trans.)

The international financial problem and recession that all started in 2008 had at the least one unforeseen final result: a surge in revenues of Karl Marx's Capital. even supposing mainstream economists and commentators as soon as pushed aside Marx's paintings as superseded and unsuitable, a few are begrudgingly acknowledging an research that sees capitalism as inherently risky. and naturally, there are these, like Michael Heinrich, who've visible the worth of Marx all alongside, and are in a special place to provide an explanation for the intricacies of Marx's thought.
Heinrich's smooth 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 examine teams, and is used extensively in German universities. the writer systematically covers all 3 volumes of Capital and explains the entire easy facets of Marx's critique of capitalism in a fashion that's transparent and concise. He offers history info at the highbrow and political milieu within which Marx labored, and appears at the most important matters past the scope of Capital, akin to classification fight, the connection among capital and the country, accusations of historic determinism, and Marx's realizing of communism. Uniquely, Heinrich emphasizes the financial personality of Marx's paintings, as well as the conventional emphasis at the exertions conception of worth, this highlighting the relevance of Capital to the age of economic explosions and implosions.

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Additional resources for An Introduction to the Three Volumes of Karl Marx's Capital

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To what degree a particular amount of skilled labor constitutes more value than the same amount of simple labor is again only apparent in exchange. ” The extent to which privately expended individual labor counts or is effectively valid as value-constituting abstract labor is the result of these three reductions that take place simultaneously in the act of exchange. 4 “Spectral Objectivity”: A Production or Circulation Theory of Value? Value-objectivity (Wertgegenständlichkeit) is not possessed by commodities as objectifications of concrete labor, but rather as objectifications of abstract labor.

Only in hindsight can one say what is “dialectical” about Marx’s account. For that reason, the present work does not begin with a section on dialectics. 3. 1 Use Value, Exchange Value, and Value Marx’s intent in Capital is to analyze the capitalist mode of production, but his analysis does not begin immediately with capital. In the first three chapters, only the commodity and money are mentioned, and capital is dealt with explicitly only from the fourth chapter onward. ” But the first two sentences make it clear that the chapter is not about precapitalist conditions: The wealth of societies in which the capitalist mode of production prevails appears as “an immense collection of commodities”; the individual commodity appears as its elementary form.

The magnitude of value was also understood as a property of an individual commodity and it was believed to be determined, independent of the exchange process, by the quantity of socially necessary labor-time expended in the production of the commodity. Conceptions that emphasized the importance of exchange were accused of advancing a circulation theory of value, and thus of approaching value by placing emphasis on a supposedly negligible aspect. However, even the question as to whether value and the magnitude of value are determined in the sphere of production or in the sphere of circulation (the sphere of buying and selling) is the result of a fatal reduction.

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An Introduction to the Three Volumes of Karl Marx's Capital by Michael Heinrich

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