This book is the first complete commentary on Marx's manuscripts of 1861-63, works that guide our understanding of fundamental concepts such as 'surplus-value' and 'production price'. The recent publication of Marx's writings in their entirety has been a seminal event in Marxian scholarship. The hitherto unknown second draft of Volume 1 and first draft of Volume 3 of Capital, both published in the Manuscripts of 1861-63, now provide an important intermediate link between the Grundrisse and the final published editions of (...) Capital. In this book, Enrique Dussel, one of the most original Marxist philosophers in the world today, provides an authoritative and detailed commentary on the manuscripts of 1861-63. The main points which Dussel emphasises in this path-breaking work are: The fundamental category in Marx's theory is 'living labour' which exists outside of capital and which capital must subsume in order to produce surplus-value Theories of Surplus Value is not a historical survey of previous theories, but rather a 'critical confrontation' through which Marx developed new categories for his own theory The most important new categories developed in this manuscript are related to the 'forms of appearance' of surplus value. The final part of the book discusses the relevance of the Manuscripts of 1861-63 to contemporary global capitalism, especially to the continuing underdevelopment and extreme poverty of Latin America. (shrink)

This is an introduction to an English translation of a 25-page excerpt from Marx’s Manuscript of 1867–68, which was published for the first time in German in 2012 in the MEGA, Volume II/4.3. This excerpt is Marx’s first and only attempt to incorporate unequal turnover times across industries into his theory of the equalisation of the profit rate and prices of production. The introduction attempts to clarify the overall logic of this excerpt as well as to point out Marx’s many (...) small errors in this messy first draft. The introduction concludes with the implications of this excerpt for the general interpretation of Marx’s theory of prices of production. (shrink)

In the first thirty years after World War II, the US economy performed very well. The rate of growth averaged 4—5%, the rate of unemployment was seldom above 5%, inflation was almost non-existent, and the living standards of workers improved steadily. These were the ‘good old days'. However, this long period of expansion and prosperity ended in the 1970s. Since then, both the rate of unemployment and the rate of inflation have been much higher than before, and the average real (...) wages of workers have declined some 20%. Productivity growth has also slowed down and the debt burden of both capitalist enterprises and the Federal government has increased dramatically. It is in this sense that we may refer to the ‘economic crisis’ of the US economy over the last two decades. This crisis has certainly not been as severe as the Great Depression of the 1930s, but the economic performance has been significantly worse than in the early post-war period. (shrink)

This book seeks to defend Marx’s theory in Capital against the long-standing criticism of logical inconsistency, which has provided the main justification for the rejection of Marx’s theory over the last century. This book presents a new interpretation of Marx’s theory that has emerged over the last several decades called the ‘temporal single-system’ interpretation. Kliman argues that the TSSI eliminates all of the alleged logical inconsistencies in Marx’s theory, and therefore logical inconsistency is not a valid reason to reject Marx’s (...) theory. I agree in general with much of this book, but I disagree on some points, especially the use of one-commodity models and its interpretation of the transformation-problem. (shrink)