Karl Marx was a German-born philosopher, political theorist, economist, historian, sociologist, journalist, and revolutionary socialist. His best-known works are the 1848 pamphlet The Communist Manifesto and his three-volume Das Kapital (1867–1894); the latter employs his critical approach of historical materialism in an analysis of capitalism, in the culmination of his intellectual endeavours. Marx's ideas and their subsequent development, collectively known as Marxism, have had enormous influence on modern intellectual, economic and political history.
In Marxist philosophy, commodity fetishism is the perception of the economic relationships of production and exchange as relationships among things rather than among people. As a form of reification, commodity fetishism presents economic value as inherent to the commodities, and not as arising from the workforce, from the human relations that produced the commodity, the goods and the services.
Use value or value in use is a concept in classical political economy and Marxist economics. It refers to the tangible features of a commodity which can satisfy some human requirement, want or need, or which serves a useful purpose. In Karl Marx's critique of political economy, any product has a labor-value and a use-value, and if it is traded as a commodity in markets, it additionally has an exchange value, defined as the proportion by which a commodity can be exchanged for other entities, most often expressed as a money-price.
Simple commodity production, is a term coined by Friedrich Engels in 1894 when he had compiled and edited the third volume of Marx's Capital. It refers to productive activities under the conditions of what Karl Marx had called the "simple exchange" or "simple circulation" of commodities, where independent producers trade their own products to obtain other products. The use of the adjective simple is not intended to refer to the nature of the producers or of their production, but rather to the relatively simple and straightforward exchange processes involved from an economic perspective.
Moishe Postone was a Canadian historian, sociologist, political philosopher and social theorist. He was a professor of history at the University of Chicago, where he was part of the Committee on Jewish Studies.
Abstract labour and concrete labour refer to a distinction made by Karl Marx in his critique of political economy. It refers to the difference between human labour in general as economically valuable worktime versus human labour as a particular activity that has a specific useful effect within the (capitalist) mode of production.
The tendency of the rate of profit to fall (TRPF) is a theory in the crisis theory of political economy, according to which the rate of profit—the ratio of the profit to the amount of invested capital—decreases over time. This hypothesis gained additional prominence from its discussion by Karl Marx in Chapter 13 of Capital, Volume III, but economists as diverse as Adam Smith, John Stuart Mill, David Ricardo and William Stanley Jevons referred explicitly to the TRPF as an empirical phenomenon that demanded further theoretical explanation, although they differed on the reasons why the TRPF should necessarily occur.
In economics, economic value is a measure of the benefit provided by a good or service to an economic agent, and value for money represents an assessment of whether financial or other resources are being used effectively in order to secure such benefit. Economic value is generally measured through units of currency, and the interpretation is therefore "what is the maximum amount of money a person is willing and able to pay for a good or service?” Value for money is often expressed in comparative terms, such as "better", or "best value for money", but may also be expressed in absolute terms, such as where a deal does, or does not, offer value for money.
Helmut Reichelt is a German Marxian critic of political economy, sociologist and philosopher. Reichelt is one of the main authors of the “Neue Marx-Lektüre” and considered to be one of the most important theorists in the field of Marx's theory of value.
In classical political economy and especially Karl Marx's critique of political economy, a commodity is any good or service produced by human labour and offered as a product for general sale on the market. Some other priced goods are also treated as commodities, e.g. human labor-power, works of art and natural resources, even though they may not be produced specifically for the market, or be non-reproducible goods. This problem was extensively debated by Adam Smith, David Ricardo, and Karl Rodbertus-Jagetzow, among others. Value and price are not equivalent terms in economics, and theorising the specific relationship of value to market price has been a challenge for both liberal and Marxist economists.
The value-form or form of value is an important concept in Karl Marx's critique of political economy, discussed in the first chapter of Capital, Volume 1. It refers to the social forms of tradeable things as symbols of value, which contrast with their physical features, as objects which can satisfy human needs or serve a useful purpose. The physical appearance or the price tag of a traded object may be directly observable, but the meaning of its social form is not.
Critique of political economy or simply the first critique of economy is a form of social critique that rejects the conventional ways of distributing resources. The critique also rejects what its advocates believe are unrealistic axioms, faulty historical assumptions, and taking conventional economic mechanisms as a given or as transhistorical. The critique asserts the conventional economy is merely one of many types of historically specific ways to distribute resources, which emerged along with modernity.
Neue Marx-Lektüre or NML is a revival and interpretation of Karl Marx's critique of political economy, which originated during the mid-1960s in both Western and Eastern Europe and opposed both Marxist–Leninist and social democratic interpretations of Marx. Neue Marx-Lektüre covers a loose group of authors primarily from German-speaking countries who reject certain historicizing and empiricist interpretations of Marx's analysis of economic forms, many of which are argued to spring from Friedrich Engels role in the early Marxist workers' movement.
Theories of Surplus Value is a draft manuscript written by Karl Marx between January 1862 and July 1863. It is mainly concerned with the Western European theorizing about Mehrwert from about 1750, critically examining the ideas of British, French and German political economists about wealth creation and the profitability of industries. At issue are the source, forms and determinants of the magnitude of surplus-value and Marx tries to explain how after failing to solve basic contradictions in its labour theories of value the classical school of political economy eventually broke up, leaving only "vulgar political economy" which no longer tried to provide a consistent, integral theory of capitalism, but instead offered only an eclectic amalgam of theories which seemed pragmatically useful or which justified the rationality of the market economy.
In Marxist philosophy, reification is the process by which human social relations are perceived as inherent attributes of the people involved in them, or attributes of some product of the relation, such as a traded commodity.
Capital: A Critique of Political Economy, also known as Capital and Das Kapital, is a foundational theoretical text in materialist philosophy and critique of political economy written by Karl Marx, published as three volumes in 1867, 1885, and 1894. The culmination of his life's work, the text contains Marx's analysis of capitalism, to which he sought to apply his theory of historical materialism "to lay bare the economic law of motion of modern society", following from classical political economists such as Adam Smith and David Ricardo. The text's second and third volumes were completed from Marx's notes after his death and published by his colleague Friedrich Engels. Das Kapital is the most cited book in the social sciences published before 1950.
A Contribution to the Critique of Political Economy is a book by Karl Marx, first published in 1859. The book is mainly a critique of political economy achieved by critiquing the writings of the leading theoretical exponents of capitalism at that time: these were the political economists, nowadays often referred to as the classical economists; Adam Smith (1723–90) and David Ricardo (1772–1823) are the foremost representatives of the genre.
Crisis theory, concerning the causes and consequences of the tendency for the rate of profit to fall in a capitalist system, is associated with Marxian critique of political economy, and was further popularised through Marxist economics.
This article is about scholarly criticism of Karl Marx’s idea about the form of value in capitalist society. Marx himself provided a first starting point for this scholarly controversy when he claimed that Capital, Volume I was not difficult to understand, "with the exception of the section on the form of value." Friedrich Engels argued in his Anti-Dühring polemic of 1878 that "The value form of products... already contains in embryo the whole capitalist form of production, the antagonism between capitalists and wage-workers, the industrial reserve army, crises..." Nowadays there are many scholars who feel that Marx’s theory of the value-form was misinterpreted for a hundred years. This allegedly had effect that the radical meaning of Marx’s critique of capitalism as a whole was misunderstood or diminished, so that it became just another version of economics.
Michael Heinrich is a German historian of philosophy and political scientist, specialising in the critical study of the development of Karl Marx's thought. Heinrich's work, influenced by Elmar Altvater and the Neue Marx-Lektüre of Hans-Georg Backhaus and Helmut Reichelt is characterised by its focus on the points of ambivalence and inconsistency in the work of Marx. Through this theme, Heinrich challenges both the closed system he identifies with "worldview Marxism", as well as teleological narratives of Marx's intellectual development throughout his life. He is best known for his 1991 study of the theoretical field of classical political economy The Science of Value, his introductory text to the critique of political economy An Introduction to the Three Volumes of Karl Marx's Capital, and his ongoing project to produce a multi-volume biography of Marx, of which the first volume of a projected four was published in 2020.
