Money, Value and Marx’s Circuit of Capital
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- Description
- Contents
- About
The twelve papers collected in this volume of Research in Political Economy mark a new phase in the study of capitalism, centred on the reproduction of total social capital. They address the widely felt need to reconnect political economy with real-world phenomena, including financial crises, long-term stagnation, poverty, inequality, and economic injustice.
Seeking to renew pluralist dialogue among all currents critical of the dominant neoclassical paradigm—particularly those aiming to move beyond the equilibrium framework that permeates it—the volume offers important new insights into Marx’s value theory. These constitute a significant addition to both the existing body of Marx studies and to a broader understanding of capitalist reproduction, accumulation, and the sources of their recurrent failures.
This shared engagement rests on the recognition that the study of the circuit of capital can shed fresh light on the fundamental concepts of money, price, value, and credit, and on their role in explaining capitalism’s ‘laws of motion’: accumulation, historical origins, and reproduction itself. The volume thus advances critical debates and paves the way for future research on the dynamics of capitalist reproduction.
Chapter 1. Introduction; Alan Freeman and Guido De Marco
- Chapter 2. Money, Value and Capital Circulation in a Finance-Led Economic Regime; Louis-Philippe Rochon and Sergio Rossi
- Chapter 3. A General Theory of Value, Money and the State; Alan Freeman
- Chapter 4. On the Beginning of Capital; Till Hahn
- Chapter 5. Grossman’s Breakdown Theory versus Marx’s Value Theory; Andrew Kliman
- Chapter 6. Marx and Pasinetti versus Proportional Dynamics: Causality, Simultaneity and the Law of Value; Luca Timponelli
- Chapter 7. At the Foundations of the Critique of Political Economy; Giovanni Mazzetti
- Chapter 8. Institutionalism and the Macro-Monetary Labour Theory of Value; Niko Block
- Chapter 9. Marx’s Theory of Prices of Production with Unequal Turnover Times and a Response to De Marco's Critique; Fred Moseley
- Chapter 10. Capital as Organisation of Rhythms and Crisis as Arrhythmia; Stavros Tombazos
- Chapter 11. The Circulation of Value, Rent, and Class Struggle: A Critique of “Technofeudalism”; Fabian Balardini
- Chapter 12. 'What is it?' Marx’s Theory of Exploitation and the Closure of the Transformation Problem; Riccardo Bellofiore and Andrea Coveri
- Chapter 13. Where Does the Money Come From? Marx’s Commodity Capital Circuit and the Reproduction of Total Social Capital; Guido De Marco
- Chapter 14. Marx’s Three Concepts of Capital Composition, Coherence or Confusion?; Anders Ekeland
Alan Freeman is a former principal economist with the Greater London Authority and is now a research affiliate of the University of Manitoba, Canada.
Guido De Marco is an independent researcher for ARELA (Association for the Redistribution of Labor) in Rome, Italy.