Capital

Overview of "Capital" by Karl Marx

Title and Publication: "Capital: A Critique of Political Economy," commonly referred to as "Das Kapital," is a foundational theoretical text in materialist philosophy and critique of political economy written by Karl Marx. The book was published in three volumes: the first in 1867, the second in 1885, and the third in 1894. The second and third volumes were edited by Friedrich Engels from Marx's notes after his death.

Key Themes:

1. Exploitation of Labor: Marx argues that the motivating force of capitalism is the exploitation of labor. He posits that workers are paid only their subsistence wages, while capitalists appropriate the surplus value created by the workers. This exploitation is rooted in the fact that workers do not own the means of production and must sell their labor as a commodity.
2. Surplus Value: Marx explains that surplus value is the excess product created by workers beyond what is necessary for their subsistence. This surplus value is the source of profit for capitalists.
3. Historical Materialism: Marx applies his theory of historical materialism to analyze capitalism as a historical epoch and a mode of production. He examines how capitalism arose, developed, and will inevitably decline and collapse due to its internal contradictions.
4. Critique of Capitalism: Marx critiques both the capitalist system and the bourgeois political economists who argue that it is efficient and stable. He highlights the vulnerabilities of capitalism, including its disruption of states and political systems.
5. Alienation of Labor: Marx discusses how workers become alienated from their labor because they do not control or own what they create. This alienation is a result of the capitalist system treating labor as a commodity.

Plot Summary:

• Volume I: The first volume focuses on the process of commodity exchange, the transformation of money into capital, and the production of surplus value. Marx explains how commodities have both use-value and exchange-value, and how the exchange-value is rooted in the labor-power that went into producing them. He also discusses the buying and selling of labor-power and the production of absolute surplus value.
• Volume II: The second volume examines the circulation of capital, including the processes of production and circulation. Marx delves into the contradictions within the capitalist system, such as the tendency for the rate of profit to decline over time, and the concentration of capital.
• Volume III: The third volume discusses the process of capitalist accumulation, including the role of credit, the concentration and centralization of capital, and the ultimate collapse of the capitalist system. Marx argues that the capitalist class becomes unfit to rule because it is incompetent to assure an existence to its slaves within their slavery.

Critical Reception:

• Positive Reception: Marx's work has been praised for its sound methodology, known as immanent critique, which starts from simple categories and gradually unfolds into complex ones. This approach has been seen as rigorous and grounded in historical narratives and empirical evidence.
• Negative Reception: Critics have argued that Marx's theory of surplus value is unable to reconcile capitalist exploitation with prices dependent on subjective wants in exchange relations. Some have also criticized Marx's immiseration thesis, suggesting that he believed only relative immiseration would occur, rather than absolute immiseration.
• Historical Context: The book has been influential in shaping debates about how to reform or transform politics and social relations. Historian Gareth Stedman Jones noted that Das Kapital offers a still-unrivalled picture of the dynamism of capitalism and its transformation of societies on a global scale.

Overall, "Capital" by Karl Marx is a foundational text in Marxist theory, offering a comprehensive critique of capitalism and its underlying mechanisms. Its themes of labor exploitation, surplus value, and alienation of labor have had significant impacts on economic and social thought.