Download A History of Marxian Economics, Volume I: 1883-1929 by Michael Charles Howard, John Edward King PDF

By Michael Charles Howard, John Edward King

The first quantity of this serious heritage covers the social, political, and theoretical forces in the back of the improvement of Marxian economics from Marx's dying in 1883 till 1929, the yr marking the onset of Stalin's "revolution from above," which for that reason remodeled the Soviet Union right into a smooth superpower. in the course of those years, Marxists in either Russia and Germany came across their fiscal principles inextricably associated with functional political difficulties, and handled conception as a advisor to motion. This ebook systematically examines the real theoretical literature of the interval, together with insightful works by way of political functionaries open air academia--journalists, occasion organizers, underground activists, and academics within the hard work movement--presented the following because the fundamental forgers of Marxian financial thought.

Beginning with Engels's writings, this publication analyzes the paintings of best Marxist economists within the moment overseas, then concludes with a assessment of the highbrow pursuits in the Marxian political economic system throughout the Nineteen Twenties. A moment quantity treating the interval from 1929 to the current will follow.

Originally released in 1989.

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Extra resources for A History of Marxian Economics, Volume I: 1883-1929

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There is no indication in his critique that he had managed to read much beyond the first twenty pages of Schmidt's book. After a series of lengthy digressions, however, Schmidt does return to the question and presents his argument in a more defensible way. First he defines the average rate of profit as Zw + v ) where Y/n is total surplus value and £(c + v) represents the aggregate constant and variable capital employed. Schmidt then shows that the profits received by an individual capitalist are given by the product of the general rate of profit and the amount of capital which he employs; they can be written as )m , A c + v) L( c + v ) This establishes the exchange value of the surplus product and hence also its price, which is the exchange value expressed in terms of money.

But if they employ unequal quantities of living labour, they cannot produce equal surplusvalues, or, as the Ricardians say, equal profits. Now in reality the opposite takes place. In actual fact, equal capitals, regardless of how much or how little living labour is employed by them, produce equal average profits in equal times. Here there is therefore a contradiction of the law of value which had been noticed by Ricardo himself, but which his school also was unable to reconcile. Rodbertus likewise could not but note this contradiction.

5. 38. Oakley, Making of Marx's Critical Theory, ch. 6. 39. Engels to C. Schmidt, 1 July 1891, Letters on 'Capital', p. 256. 40. Rubel, Bibliographie, pp. 25-8; editors' introduction to K. Marx, Theories of Surplus Value (London: Lawrence & Wishart, 1963) vol. I, pp. 20-4; cf. Oakley, Making, pp. 124-5. 41. This view is defended by Carver, Marx and Engels, and especially by Levine, Tragic Deception·, for an opposing view see Stedman Jones, 'Engels and the History of Marxism'. 42. See for example Kautsky, Economic Doctrines, which contains a brief and rather unenlightening discussion of fetishism and nothing on alienation; cf.

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