By Duncan K. Foley
Realizing Capital is a brilliantly lucid creation to Marxist financial conception. Duncan Foley builds an realizing of the speculation systematically, from first ideas during the definition of critical strategies to the advance of vital purposes. all the themes within the 3 volumes of Capital are incorporated, delivering the reader with an entire view of Marxist economics.
Foley starts off with a important dialogue of philosophical difficulties readers usually come upon in tackling Marx, together with questions of epistemology, clarification, prediction, determinism, and dialectics. In an unique extension of conception, he develops the usually missed proposal of the circuit of capital to investigate Marx's idea of the replica of capital. He additionally takes up important difficulties within the capitalist economic system: equalization of the charges of revenue (the "transformation problem"); efficient and unproductive exertions and the department of surplus worth; and the falling cost of revenue. He concludes with a dialogue of the idea of capitalist challenge and of the relation of Marx's critique of capitalism to his belief of socialism.
Through a cautious therapy of the speculation of cash relating to the exertions thought of price, Foley clarifies the relation of costs to worth and of Marx's different types of study to traditional company and nationwide source of revenue money owed, allowing readers to exploit Marx's thought as a device for the research of functional difficulties. The textual content is heavily keyed all through to the appropriate chapters in Capital and contains feedback for additional studying at the subject matters mentioned.
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Additional info for Understanding Capital: Marx's Economic Theory
Example text
We can see a variety of reasons why there might be a difference between these two quantities. A particular commodity might have a price that represents more or less social labor time than is contained in the commodity. For example, suppose that the raw materials and means of production used up in making a table cost $200 and that the labor time expended in its production was 20 hours. If the value of money is 1115 hour per dollar, this labor time would be the equivalent of $300. If the price of the table is actually $500, then its price accurately reflects its value.
If the price of the table is actually $500, then its price accurately reflects its value. But the price of the table might in fact be $400, or $700, either above or below the value of the table. The reasons for these differences between price and value in the case of individual commodities lie in the relations between buyers and sellers in the markets on which they are exchanged. The ratios at which commodities actually exchange depend on the bargaining power of the buyers and sellers. If sellers have better information, or monopoly power, or State protection, or if there is a shortage of the commodity, the price will tend to be higher.
The second part of the working day (corresponding to surplus value) is labor expended by workers for which they receive no equivalent in the form of wages. Marx refers to these two parts as paid labor time and unpaid labor time, respectively. Thus the surplus value is the result of unpaid labor time. Marx does not mean, of course, that in an hourly wage system workers are forced to work some hours for zero wages. Every hour of labor-power is paid for in the sense that the worker receives the hourly value of labor-power.