By Michael Heinrich
Alex Locascio (trans.)
The international financial main issue and recession that begun in 2008 had no less than one unforeseen final result: a surge in revenues of Karl Marx's Capital. even though mainstream economists and commentators as soon as disregarded Marx's paintings as outdated and mistaken, a few are begrudgingly acknowledging an research that sees capitalism as inherently volatile. and naturally, there are these, like Michael Heinrich, who've noticeable the worth of Marx all alongside, and are in a distinct place to give 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 passed through 9 variations in Germany, is the traditional paintings for Marxist research teams, and is used commonly in German universities. the writer systematically covers all 3 volumes of Capital and explains all of the easy facets of Marx's critique of capitalism in a manner that's transparent and concise. He offers historical past info at the highbrow and political milieu within which Marx labored, and appears at an important matters past the scope of Capital, similar to classification fight, the connection among capital and the country, accusations of ancient determinism, and Marx's realizing of communism. Uniquely, Heinrich emphasizes the financial personality of Marx's paintings, as well as the normal emphasis at the hard work concept of price, this highlighting the relevance of Capital to the age of economic explosions and implosions.
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Additional info for An Introduction to the Three Volumes of Karl Marx's Capital
10 In other passages, however, Marx expresses himself clearly concerning the non-naturalistic foundation of abstract labor. 6:41; Marx included this sentence in the French translation): The reduction of various concrete private acts of labor to this abstraction of equal human labor is only carried out through exchange, which in fact equates products of different acts of labor with each other. Accordingly, it is exchange, that consummates the abstraction that underlies abstract labor (independent of whether the people engaged in exchange are aware of this abstraction).
That is, we have to show the origin [Genesis] of this money-form, we 56 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 have to trace the development of the expression of value contained in the value-relation of commodities from its simplest, almost imperceptible outline to the dazzling money-form. (Capital, 1:139) This sentence has been frequently understood as if Marx’s intent is to trace, at a high level of abstraction, the historical emergence of money, starting from the simple exchange of products.
8 Applied to our example above, the labor theory of value says that a chair, 2 linen sheets, and 100 eggs have the same value, because the same quantity of labor is necessary to produce them. There are two obvious objections to the labor theory of value. For one, things are also exchanged that are not products of labor (for example, virgin soil). For another, there are certain products of labor (such as works of art) whose exchange value is completely independent of the labor-time expended for their production.
An Introduction to the Three Volumes of Karl Marx's Capital by Michael Heinrich