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Forever young Marx's Critique of political economy after 200 years

Author

Listed:
  • Riccardo Bellofiore

    (University of Bergamo)

Abstract
This article suggests a reconstruction of Marx's Critique of political economy as a macro-monetary theory of capitalist production. The first part of what follows will provide a sort of methodological introduction to Das Kapital. I am questioning the meaning of critique versus criticism, the distinction between fetish-character and fetishism, the role of dialectics, and the difference between reading, interpreting and reconstructing. I will focus especially on volume I. At the centre of the discussion are: the multiple meanings of abstract labour and socialization, the role of money as a commodity for the labour theory of value, the method of comparison in grounding valorisation (the emergence of gross profits) as the constitution of capital from class struggle in production, the unity of absolute and relative surplus value extraction, the key notion of Technologie in the real subsumption of labour to capital, the law of the tendential fall in relative wage, Marx?s two notions of competition, and the macro-monetary class perspective in capitalist reproduction crucial to Capital, volume I. Some considerations are devoted to the transformation problem, the so-called New Interpretation, and crisis theory.

Suggested Citation

  • Riccardo Bellofiore, 2018. "Forever young Marx's Critique of political economy after 200 years," PSL Quarterly Review, Economia civile, vol. 71(287), pages 353-388.
    • Handle: RePEc:psl:pslqrr:2018:41
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    File URL: https://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/14580/14174
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    Cited by:

    1. Eckhard Hein, 2019. "Karl Marx: an early post-Keynesian? A comparison of Marx's economics with the contributions by Sraffa, Keynes, Kalecki and Minsky," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 16(2), pages 238-259, September.

    More about this item

    Keywords

    Marx; value; money; crisis; macro-monetary theory of capitalist production;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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