The second volume of Marx's Capital is entitled The Circulation Process of Capital. Here a collection of original essays, by internationally known scholars, treat its themes, bringing to bear on all its parts the latest textual findings, methodological resources and accumulated knowledge of Marxian theory. The result repairs the unjustified neglect of this volume in the literature on Marx and will awaken new interest in it among economists, philosophers and social theorists.

It has often been pointed out that the Marxian theory of value contains some inconsistencies, usually in relation to the concept of abstract labour. However, the contradiction between the concept of labour and the concept of validity with which Marx operates in Capital has never been discussed. A detailed analysis shows that this concept of validity refers to the process of abstraction which is carried out by the participants of the exchange process. Only the rigorous comprehension of this process of (...) abstraction can illuminate that for which the concept of abstract labour was developed: the unity and universality of value. On this basis, the paper criticises the Marxian development of the money-form and presents an alternative approach that builds on the aforementioned concept of validity. This concept is formulated in more depth by recourse to the works of Hegel, Simmel and Adorno. Furthermore, the paper reconsiders the dialectical development of categories in the light of this alternative conception of the money-form as totality and abstraction. Finally, the distinction between simple circulation and the process as a whole is explored and it is argued that, according to the novel reading proposed, it acquires a fundamental significance. (shrink)

Marxism began with the repudiation of philosophy, yet Marxists have often resorted to distinctively philosophical modes of reasoning. In recent years, Western Marxism has been more concerned with philosophy than with research or political activity, and in this book Callinicos explores the ambivalent relationship between Marxism and philosophy. Beginning with Marx and the legacy of Hegelianism, he surveys the schools of Marxist philosophy from Engels and the Second International through the revolutionary Hegelianism, of the 1920s, the Frankfurt School, and the (...) anti-Hegelian Marxism of Adorno and Althusser. (shrink)

A further critique of Fine and Saad-Filho's reading of Marxist political economy: it neglects the monetary dimension of Marx's analysis; it focuses too much on production, and on the organic composition of capital, treated in isolation from the overall circuit of capital. An alternative theorisation is proposed, stressing what will now be called emergence patterns in Marx's value theory, and giving due weight to circulation, realisation, competition and capital allocation.

This article assess two important recent books on Marx's political economy and argues that, despite many virtues, there are some crucial limitations in their approach to Marx's political economy. Ben Fine's and Alfredo Saad-Filho's Marx's 'Capital' and The Value of Marx by Saad-Filho place too much explanatory weight on the composition of capital, giving too little attention to Marx's analysis of money, and to the processes of circulation and realisation.