Karl Marxs Capital
Specifically, he rejects the conception that by using the term abstract labor Marx was making a physiological argument about the amount of work and value embedded in commodities.
Instead, he argues that value is a social relation. This is jarring, especially if you have an understanding that places value creation in production and realization of value in the market and sees these processes separated by time and space. Ultimately, the rate of profit can fall, but Heinrich argues that there is no evidence of a long-term tendency. Instead, he argues that crisis is embedded in capitalism at another level—investment in productive capacities of capital again and again outstripping consumptive capacities, thus leading to overproduction and over accumulation.
Crises, then, wipe away these excess capacities and clears the way for new periods of growth. Heinrich does not address, however, the work of other Marxist economists who have calculated rates of profit in the economy that have shed light on how the tendency functions. And it dovetails with explanations of the root of surplus value and the importance of surplus value and profits as the motive forces behind capitalist production. His explanation of fetishism, as well, is clear and refreshing.
He actually broadens the theory and argues that Marx was not merely talking about fetishism in commodities—i. Heinrich says this fetishization also applies to money and to capital. He argues that Marx was not able to adequately deal with the role of the state in Capital itself and rejects the classic argument that the state is an extension of the ruling class.
Heinrich argues that states have a vested interest in maintaining capitalism, but because of the dispersed nature of the ruling class itself, the relationship cannot be simplified to the notion that the state is simply a tool of class domination. He points to disability insurance, unemployment benefits, and welfare that can help ensure the reproduction of the working class, which is essential for capitalism. But the cost of this is appropriating a share of surplus value that individual capitalists may oppose.
Readers that have never read Capital may struggle with these sections, particularly the third chapter, where Heinrich delves deeply into the labor theory of value and lays out his alternative.
Skip to main content. The definitive critical edition of Marx's works, known as MEGA II Marx-Engels Gesamtausgabe , includes Das Kapital in German only the first volume is in French and shows all the versions and alterations made to the text as well as a very extensive apparatus of footnotes and cross-references. In , the historian Gareth Stedman Jones wrote in the Books and Arts section of the scientific journal Nature : .
What is extraordinary about Das Kapital is that it offers a still-unrivalled picture of the dynamism of capitalism and its transformation of societies on a global scale. It firmly embedded concepts such as commodity and capital in the lexicon. And it highlights some of the vulnerabilities of capitalism, including its unsettling disruption of states and political systems. In doing so, he inaugurated a debate about how best to reform or transform politics and social relations, which has gone on ever since.
Positive reception also cited the soundness of the methodology used in producing the book, which is called immanent critique. This approach, which starts from simple category and gradually unfolds into complex categories, employed "internal" criticism that finds contradiction within and between categories while discovering aspects of reality that the categories cannot explain. On the other hand, Das Kapital was also criticized for a number of supposed weaknesses. For instance, there are theorists who claimed that this text was unable to reconcile capitalist exploitation with prices dependent upon subjective wants in exchange relations.
There are also those who argued that Marx's so-called immiseration thesis is presumed to mean that the proletariat is absolutely immiserated. Capital, Volume IV — ; critical history of theories of surplus value; manuscript written by Marx; partial edition edited and published after Marx's death by Karl Kautsky as Theories of Surplus Value ; other editions published later:.
From Wikipedia, the free encyclopedia. Book by Karl Marx. For the Capital Inicial album, see Das Kapital album. For the Luke Haines album, see Das Capital album. This article is missing information about reaction, criticism, and impact on history. Please expand the article to include this information.http://solutionsexplorer.org/deep-culture-the-hidden-challenges-of-global.php
Why Marx’s Capital Still Matters
Further details may exist on the talk page. August This article possibly contains original research. Please improve it by verifying the claims made and adding inline citations. Statements consisting only of original research should be removed. October Learn how and when to remove this template message. Das Kapital: Kritik der politischen Oekonomie. Hamburg: Verlag von Otto Meissner. LSE Imact Blog. London School of Economics. Capital: The Process of Capitalist Production. New York: Knopf Doubleday.
Marx credits Aristotle for being the "first to analyze [ In addition, he identifies the categories of use and exchange value with the Aristotlean distinction between the Oeconomic and the Chrematisitic. In the Politics , the former is defined as value in use while the latter is defined as a practice in which exchange value becomes an end unto itself. Aristotle's Economic Thought.
London: Clarendon Press. New York: Rowman and Littlefield.
What is Marx's Das Kapital?
HarperCollins: London and New York. BBC News. Retrieved 24 April Capital: In Manga! Red Quill Books. Archived from the original on 25 February Retrieved 25 February Japan Today. Retrieved 30 July Marx's 'Das Kapital' For Beginners. Blacks and Social Justice. The American Economic Review.
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