By Michael Heinrich
Alex Locascio (trans.)
The worldwide monetary problem and recession that started in 2008 had at the very least one unforeseen end result: a surge in revenues of Karl Marx's Capital. even though mainstream economists and commentators as soon as pushed aside Marx's paintings as outdated and wrong, a few are begrudgingly acknowledging an research that sees capitalism as inherently risky. and naturally, there are these, like Michael Heinrich, who've noticeable the worth of Marx all alongside, and are in a special place to provide an explanation for the intricacies of Marx's thought.
Heinrich's glossy interpretation of Capital is now to be had to English-speaking readers for the 1st time. It has undergone 9 versions in Germany, is the normal paintings for Marxist learn teams, and is used greatly in German universities. the writer systematically covers all 3 volumes of Capital and explains the entire simple facets of Marx's critique of capitalism in a manner that's transparent and concise. He offers heritage info at the highbrow and political milieu within which Marx labored, and appears at the most important matters past the scope of Capital, comparable to classification fight, the connection among capital and the nation, accusations of historic determinism, and Marx's figuring out of communism. Uniquely, Heinrich emphasizes the financial personality of Marx's paintings, as well as the conventional emphasis at the exertions concept of worth, this highlighting the relevance of Capital to the age of monetary explosions and implosions.
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Extra info for An Introduction to the Three Volumes of Karl Marx's Capital
Capital, 1:139) This sentence has been frequently understood as if Marx’s intent is to trace, at a high level of abstraction, the historical emergence of money, starting from the simple exchange of products. But if that were the case, then his attempt to distinguish himself from bourgeois economics by claiming to accomplish something that the latter never even attempted would be completely exaggerated. 1 above). Hence it is clear that with the phrase “origin” (Genesis) he does not mean the historical emergence of money, but rather a conceptual relationship of development.
Marx’s research, therefore, now had to be continued by analyzing the next historical phase of capitalism—imperialism. Hilferding (1910), Luxemburg (1913), and Lenin (1917) took up this task in various ways. One also frequently hears from contemporary economists, insofar as they don’t reject Marx’s analysis entirely, that it is at best valid for the nineteenth century. But in the twentieth century, economic conditions have supposedly undergone such extensive change that Marx’s theory is of no use (which is why one hears so little of it in most economics departments).
Also today, in Marxist circles people speak of something standing in a “dialectical relationship” to another thing, which is supposed to clarify everything. ” In this situation, one shouldn’t allow oneself to be intimidated, but should rather constantly annoy the know-it-all by asking what exactly is understood by the term “dialectics” and what the “dialectical view” looks like. More often than not, the grandiose rhetoric about dialectics is reducible to the simple fact that everything is dependent upon everything else and TH E OB J ECT O F C R I T I Q U E 37 is in a state of interaction and that it’s all rather complicated—which is true in most cases, but doesn’t really say anything.
An Introduction to the Three Volumes of Karl Marx's Capital by Michael Heinrich