The two books under review are both edited collections of essays by some of the most serious scholars internationally concerned with Marx’s method in Capital and related texts. Essays in both books share an emphasis on the ‘openness’ of Marx’s texts which were extensively revised both by Marx in his own lifetime and in the editing performed by Engels. The review engages critically with contributions in both volumes with respect to ‘value-form’ approaches to Marx’s method. It highlights some of the (...) differences of approach between the various contributors which are not always apparent in the texts themselves. (shrink)

The relevance of Marx’s theory of value and his ‘law of the tendency of the rate of profit to fall’ to the analysis of the financial crisis of 2007–8 and the ensuing global slump is affirmed. The hypertrophic growth of unproductive constant capital, including the wages of ‘socially necessary’ unproductive labour and tax revenues, is identified as an important manifestation of an historical-structural crisis of capitalism, alongside the increasing weight of fictitious capital and the proliferation of fictitious profits in the (...) lead-up to the financial crisis. These phenomena have obscured the deepest roots of the global slump in the long-term profitability problems of productive capital – that is, in a crisis of surplus-value production. With these considerations taken into account, a better empirical assessment of trends in the composition of capital becomes possible, and with it a more accurate understanding of the impact of the ongoing displacement of living labour from production on the average rate of profit and the future of US and global capitalism. (shrink)

This article sets out the contours of a Marxist hermeneutic approach to political economy. It begins by outlining how such a critique of political economy would function, with a particular emphasis...

The famous Marxian ‘transformation problem’ originated from a research manuscript written by Marx in 1864/65, from which Engels assembledCapitaliii. Unequal capital compositions, equal rates of surplus-value and equal rates of profit among different sectors are posited, and reconciled using the problematic concept of ‘prices of production’. Yet the assumption of equal rates of surplus-value is at odds with the subsequent text ofCapitali, where Marx presents various determinants of the rate of surplus-value, and connects productive powers of labour diverging between sectors (...) with divergentvalue-generating potenciesof labour. Given the other determinants, diverging rates of surplus-value then result. Marx disregarded these productive power differentials when he originally formulated his transformation. In a reconstruction, building onCapitali, this omission is rectified. It makes prices of production and hence the dual account systems redundant. The transformation problem then evaporates. (shrink)