Capital
A Critique of Political Economy, Volume 3
By: Karl Marx
Capital, one of Marx's major and most influential works, was the product of thirty years close study of the capitalist mode of production in England, the most advanced industrial society of his day. This new translation of Volume One, the only volume to be completed and edited by Marx himself, avoids some of the mistakes that have marred earlier versions and seeks to do justice to the literary qualities of the work. The introduction is by Ernest Mandel, author of Late Capitalism, one of the only comprehensive attempts to develop the theoretical legacy of Capital.
AI Overview
Comprehensive Overview of "Capital" by Karl Marx
Key Themes:
- Surplus Value and Labor Exploitation: Marx argues that capitalists extract surplus value from workers, which is the unpaid labor that contributes to the profit of the capitalist. This exploitation is central to his critique of capitalism.
- Commodity Fetishism: Marx introduces the concept of commodity fetishism, where the social relationships behind economic transactions are obscured by the market, leading to a false consciousness about the nature of economic activity.
- Inherent Instability of Capitalism: Marx contends that capitalism is inherently unstable due to the tendency of the rate of profit to fall, leading to cyclical economic crises.
- Critique of Classical Political Economists: Marx critiques the classical political economists, such as Adam Smith, David Ricardo, and John Stuart Mill, for their failure to recognize the exploitation inherent in the capitalist system.
Plot Summary: "Capital" is a multivolume work, with only the first volume completed by Marx during his lifetime. Here is a brief summary of each volume:
- Volume I: The Process of Capitalist Production - Focuses on production and labor exploitation. It introduces the concept of surplus value and commodity fetishism, and it critiques the classical political economists for their failure to recognize the exploitation inherent in the capitalist system.
- Volume II: The Circulation of Capital - Examines capital circulation and economic crises. It delves deeper into the mechanisms by which capitalists extract surplus value and the inherent instability of the capitalist system.
- Volume III: The Process of Capitalist Production as a Whole - Explores the distribution of surplus value among economic actors. It provides a comprehensive analysis of how the capitalist system functions and how it leads to social inequality and class struggle.
Critical Reception: "Capital" initially attracted little mainstream attention but gained prominence as socialist and labor movements expanded in the late 19th and early 20th centuries. Today, it is considered one of the most influential works in the social sciences, with significant impacts on economic thought and political science. Even critics of Marxism acknowledge its significance in the development of theories of labor dynamics, economic cycles, and the effects of industrial capitalism.
Scholars continue to engage with the themes of "Capital," particularly in analyses of global capitalism, inequality, and labor exploitation. The book's influence extends beyond Marxist theory, influencing broader discussions about economic justice and social inequality.
In summary, "Capital" by Karl Marx is a foundational work in political economy that critiques the capitalist system for its inherent flaws, including the exploitation of labor and the tendency towards economic instability. Its influence on economic thought and social science is profound, making it a critical text for understanding modern capitalism.