By Kenneth Smith

This booklet offers a entire consultant to all 3 volumes of Karl Marx’s ‘Capital’, with recommendation on extra examining and issues for extra dialogue. spotting the modern relevance of ‘Capital’ in the middle of the present monetary main issue, Kenneth Smith has produced a vital advisor to Marx’s principles, quite with regards to the circulate of money-capital. This consultant uniquely provides the 3 volumes of ‘Capital’ in a unique order of examining to that during which they have been released, putting them in its place within the order that Marx himself occasionally prompt as a extra basic method of examining. Dr Smith additionally argues that for many of the 20th century, the entire improvement of the capitalist mode of creation (CMP) has been undermined by way of the lifestyles of a non-capitalist ‘third world’, which has prompted the CMP to tackle the shape of what Marx referred to as a hugely constructed mercantile method, instead of one characterised through an uninterrupted circuit of commercial capital of the sort he anticipated might improve. whereas the consultant might be learn as a booklet in its personal correct, it additionally includes distinctive references to Volumes I–III in order that scholars, seminars and chat groups can simply make connections among Smith’s factors and the appropriate elements of ‘Capital’.

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Extra info for A Guide to Marx's 'Capital' Vols I-III

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3. It seems inexplicable that a capitalist state (or even a state dominated by the interests of a capitalist class) should introduce legislation restricting the freedom of capitalists to exploit labour for longer than 10 or 12 hours per day. This has a number of implications for Marx and Engels’ theory of the capitalist state as a committee for managing the common affairs of the bourgeoisie. An attempt has been made (for example, by Müller and Neusüss 1970) to argue that the capitalist state acted in the general interests of the capitalist class to prevent the particular excesses of individual capitalists from destroying one of the very foundations of the capitalist mode of production; namely, a plentiful and ready supply of labour-power.

But this, Marx insists, does not alter the facts of the matter. Either the capitalist, in keeping intact his original investment and thereby claiming to be the rightful owner of the capitalist enterprise (as it has now become), must admit that he has been consuming unproductively surplus value produced by the unpaid labour of others who worked for him during the previous 5 to 10 years, or, if as seems likely he is unwilling to concede this point, he must agree that the money he has been living off during the previous 5 to 10 years (or whatever), that he has consumed unproductively in order to reproduce himself and his family, was a return to him of a sum equivalent in value to his original investment, in which case it is hard to see on what basis he can continue to claim to be the legitimate owner of the process of production in question.

Reading: Essential: Capital, Vol. I, Ch. 10, section 1, ‘The Limits of the Working Day’ (1974a, 222–5 [1976, 340–44]); Ch. 12, ‘The Concept of Relative Surplus Value’ (1974a, 296–304 [1976, 429–38]). Recommended: Capital, Vol. I (1974a, 226–86 [1976, 344–416]). Background: Capital, Vol. I, Ch. 17 (1974a, 486–96 [1976, 655–67]), on the possible variations of an increase in productivity, the intensity of labour and/or the length of the working day. 2. COOPERATION AND THE DIVISION OF LABOUR IN CAPITAL, VOL.

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