An Introduction to Marxist Economics by George Catephores (auth.)

By George Catephores (auth.)

This textual content offers an ordinary exposition of the elemental rules of Marxist economics from the critical rules of Marx himself in the course of the reassessments made through next Marxian economists. The paintings is geared toward scholars of Marxist experiences and similar courses.

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An Introduction to Marxist Economics

This article offers an user-friendly exposition of the fundamental ideas of Marxist economics from the important rules of Marx himself throughout the reassessments made through next Marxian economists. The paintings is aimed toward scholars of Marxist experiences and comparable classes.

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The task of the present chapter is to lay down the groundwork that will eventually make it possible to connect together, hopefully in a coherent manner, such commonsense features of the capitalistic mode of production among themselves and with their common basis in the production process. The first, rather trite, but even so quite important thing to notice about capitalism is its character of a gigantic market economy (this is what the characteristic mainstream economic analysis concentrates on with great refinement but virtually to the exclusion of everything else).

The emergence of a labour-market (the buying-and-selling of labour power) and of a new form of employment, is the first important set of features distinguishing capitalism from simple commodity production. For the rest the (theoretically) original mode of production remains unaltered. Products are still produced as commodities, under division of labour, and the regulation of production is achieved ex post, through the market. Exchange remains the only social link of an otherwise atomised society.

The inefficient part of labour will go unrewarded. ) Exchange is, therefore, the institution through which private labour is audited and either becomes accepted as social labour or is rejected. In trying to sell his product the commodity producer is striving to transform his individual labour into social labour. Only if he is successful does he acquire the right to draw a share from the pool of products supplied from all branches in the social division of labour. It is exchange which makes the individual commodity producer an effective member of the society of all producers.

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