An Introduction to the Three Volumes of Karl Marx’s Capital by Michael Heinrich

By Michael Heinrich

The worldwide fiscal drawback and recession that started in 2008 had no less than one unforeseen final result: a surge in revenues of Karl Marx’s Capital. even if mainstream economists and commentators as soon as pushed aside Marx’s paintings as outdated and unsuitable, a few are begrudgingly acknowledging an research that sees capitalism as inherently volatile. and naturally, there are these, like Michael Heinrich, who've obvious the price of Marx all alongside, and are in a special place to provide an explanation for the intricacies of Marx’s thought.

Heinrich’s smooth interpretation of Capital is now on hand to English-speaking readers for the 1st time. It has undergone 9 versions in Germany, is the normal paintings for Marxist examine teams, and is used generally in German universities. the writer systematically covers all 3 volumes of Capital and explains all of the uncomplicated points of Marx’s critique of capitalism in a manner that's transparent and concise. He presents heritage info at the highbrow and political milieu within which Marx labored, and appears at an important matters past the scope of Capital, resembling type fight, the connection among capital and the nation, accusations of ancient determinism, and Marx’s knowing of communism. Uniquely, Heinrich emphasizes the financial personality of Marx’s paintings, as well as the conventional emphasis at the hard work conception of worth, therefore highlighting the relevance of Capital to the age of economic explosions and implosions.

“I listen from many of us who’d like to learn Capital, yet locate the object virtually prohibitively daunting. Michael Heinrich has written a very good little creation to Marx’s masterpiece. between its many virtues is that it takes funds and finance heavily, which many Marxists don’t. yet no matter if you’ve learn plenty of Marx, you can research much by means of analyzing this book.” —Doug Henwood, editor, Left company Observer

“Whether one is a ‘traditional world-view Marxist’ like myself, or a scholar who desires to comprehend this global we are living in, or an activist who's devoted to altering it, Michael Heinrich’s succinct, lucid, compelling precis of the 3 volumes of Marx’s Capital is a ‘must-read’ in our time of crisis.” —Paul LeBlanc, professor of heritage, l. a. Roche university; writer, From Marx to Gramsci and Marx, Lenin and the innovative Experience

“The most sensible advent to Capital i've got learn. Heinrich has performed the realm of Marx scholarship a superb carrier. In featuring Marx’s critique of the whole constitution of capitalism, Heinrich manages to be accomplished, deep, and transparent even as. whereas creating a significant develop in interpreting Marx, he makes this ebook obtainable to readers who're really unexpected with Marx.” —Michael Perelman, professor of economics, California nation college, Chico; writer, The Invisible Handcuffs of Capitalism and The Confiscation of yank Prosperity

“A fabulous presentation of Marx’s Capital—it will be difficult to visualize a extra well timed book. a person who idea Marx was once beside the point to today’s circulation wishes simply to learn this ebook to work out issues another way. no matter if humans describe themselves as anarchists or socialists, we all can reap the benefits of figuring out what Marx really wrote. needs to studying for everybody within the Occupy flow and for everybody who desires to comprehend social relatives in modern capitalist societies.” —Paddy fast, member, Union for Radical Political Economics; St. Francis College

“This is probably going the easiest brief advent to Marx’s Capital to ever seem in English. Michael Heinrich succeeds in delivering the readers with a transparent and profound knowing of the middle of the Marxian critique of political economic climate, because of his deep wisdom of the serious variation of Marx and Engels’s gathered writings and of the German debate.” —Riccardo Bellofiore, professor of financial economics and historical past of financial proposal, collage of Bergamo, Italy; co-editor, Re-Reading Marx: New views after the serious Edition

“A primary reinterpretation and realizing of all significant ‘chapters’ of Marx’s idea, a lot of which which stay previously an issue of other interpretations or perhaps dispute between Marxist and Non-Marxist economists and, extra commonly, social scientists: price thought, funds and the credits procedure, the ‘falling price of profit,’ financial cycles and crises, and the circuit of social capital … a tremendous e-book for all these looking to understand the workings of capitalism, but additionally for the collage library and the students’ or scholars’ learn of Marx’s theory.” —John Milios, professor of economics, nationwide Technical collage of Athens, Greece

“The most sensible and so much complete creation to Marx’s Capital there's. it truly is written in a such a lot obtainable variety and offers an admirably transparent clarification of complicated principles. unlike different Introductions to Marx’s Capital, it deals a worldly observation on all 3 volumes of Capital, offers a great severe statement at the secondary literature, and comprises pertinent case stories to demonstrate the modern relevance of Capital, together with an excursus on anti-Semitism, globalization, and imperialism. Its scholarly remedy of Capital is immediately available, complete and modern. i don't comprehend of any larger creation to Capital for undergraduate scholars and non-specialist readers.” —Werner Bonefeld, division of Politics, college of York

“In in simple terms 220 pages the writer achieves a precis of the 3 volumes of Capital: explaining the relationship among hard work, commodities, and funds, how surplus price arises, what capital is, the function of banks and inventory exchanges, and from the place crises come up. along this he manages to slot in the heritage of Marxism, demystify the ambiguous time period dialectic, and throw in a last bankruptcy at the function of the nation in capitalism, the entire whereas refuting universal blunders in regards to the Marxian corpus.” —Stephan Kaufmann, Berliner Zeitung

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Extra info for An Introduction to the Three Volumes of Karl Marx’s Capital

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Marx analyzes the social development of human labor and production in terms of the historically specific relations among the producers and between the producers and the appropriators of the surplus product. This conception is materialist insofar as the social form of production is itself affected by the development of society’s productive forces conceived as a “process between man and Nature” (Marx, 1967a, III, 883). Marx’s approach is neither crudely naturist nor technological determinist, however, since it sees the wealth-creating powers of labor and nature as being developed in and through specific relations of production themselves conceived as productive forces.

Under man’s superintendence,” as well as the “modification” of (accessory and principal) raw materials by organic processes in industry (1967a, I, 181). The labor/production distinction is clarified in Volume II of Capital, where Marx states that “the time of production naturally comprises the period of the labour-process, but is not comprised in it” (1967a, II, 121). Excesses of production time over labor time are not only due to “interruptions of the labour-process necessitated by natural limitations of the labour-power itself .

Snyder himself suggests that human history can be conceived as a social evolution from ecosystem to biosphere cultures, with the latter based initially on slavery and the centralized state, and culminating in “imperialist civilization with capitalism and institutionalized economic growth” (21). Marx’s approach to human history helps account for the environmental disharmonies associated with human production. As long as the appropriation and allocation of society’s surplus product is governed by antagonistic relations between the laboring and surplus-appropriating classes, and by competition among private-propertied interests, there is no reason to expect human production to resonate viably with the biosphere.

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