By Michael Heinrich
Alex Locascio (trans.)
The worldwide financial trouble and recession that started in 2008 had a minimum of one unforeseen consequence: a surge in revenues of Karl Marx's Capital. even supposing mainstream economists and commentators as soon as brushed aside Marx's paintings as superseded and unsuitable, a few are begrudgingly acknowledging an research that sees capitalism as inherently risky.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 noticeable 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 sleek interpretation of Capital is now on hand to English-speaking readers for the 1st time. It has undergone 9 variations in Germany, is the traditional 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 simple points of Marx's critique of capitalism in a fashion that's transparent and concise. He presents historical past details at the highbrow and political milieu within which Marx labored, and appears at the most important matters past the scope of Capital, equivalent to type fight, the connection among capital and the nation, accusations of ancient determinism, and Marx's knowing of communism. Uniquely, Heinrich emphasizes the financial personality of Marx's paintings, as well as the normal emphasis at the exertions concept of price, this highlighting the relevance of Capital to the age of monetary explosions and implosions.
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Additional info for An Introduction to the Three Volumes of Karl Marx's Capital
The effect is the same as if each individual weaver had expended more labour-time on his particular product than was socially necessary” (Capital, 1:202). Only labor-time expended under the average existing conditions of production as well as for the satisfaction of monetary social demand constitutes value. To what extent the privately expended labor was actually necessary to satisfy demand depends on the one hand upon the amount of this demand and on the other hand upon the volume of 52 A N I N T R O D U CT I O N TO K A R L M A R X ’ S C A P I TA L production of other producers—both of which first become apparent in exchange.
In one sense, dialectics is considered to be, according to Engel’s text Anti-Dühring, “the science of the general laws of motion and development of nature, human society and thought” (MECW, 25:131). ”6 Whereas Engels was clear that with such general statements nothing is understood about individual processes,7 this was anything but clear within the framework of worldview Marxism; “dialectics,” understood as the general science of development, was often viewed as a sort of Rosetta Stone with which everything could be explained.
In worldview Marxism, as well as in bourgeois critiques of Marx, such conceptions were usually glossed over, or were viewed merely as stylistic peculiarities. However, with these descriptions Marx took aim at a central issue of the critique of political economy, namely, that the naturalization and reification of social relationships is in no way the result of a mistake by individual economists, but rather the result of an image of reality that develops independently as a result of the everyday practice of the members TH E OB J ECT O F C R I T I Q U E 35 of bourgeois society.