By Fred Moseley
Translated by way of Ben Fowkes. Edited and with an advent via Fred Moseley, Mount Holyoke College.
Marx’s simply complete draft of quantity III of Capital used to be written within the monetary Manuscript of 1864—1865. the quantity III that we all know used to be seriously edited via Engels. it's been a long-standing query in Marxian scholarship even if there are major changes among Marx’s unique manuscript and Engels’s edited model. Marx’s manuscript was once released for the 1st time in German in 1992 within the Marx/Engels Gesamtausgabe, part II, quantity 4.2, yet this crucial manuscript has now not formerly been translated into English. The e-book of this English translation of Marx’s unique manuscript is therefore a tremendous occasion in Marxian scholarship. English-speaking Marxist students can eventually examine Engels’s quantity III with Marx’s unique manuscript and overview for themselves the importance of the differences.
Biographical note
Fred Moseley is Professor of Economics at Mount Holyoke collage and is the writer and editor of diverse books and articles on Marx’s concept, in particular the logical approach hired by way of Marx in Capital and the idea of the distribution of surplus-value in quantity III of Capital.
Readership
Marxian students world wide, and certainly someone all in favour of the historical past of Marx's pondering, will locate this newly translated quantity an essential software.
Read Online or Download Marx's Economic Manuscript of 1864-1865 PDF
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Extra resources for Marx's Economic Manuscript of 1864-1865
Example text
Again, this relocation is not necessarily inconsistent with Marx’s intentions. 47 I agree in part, but I think that the additional weight given to Chapter 13 and to the ‘Law as Such’ interpretation by this relocation is minor and hardly noticeable. And, as mentioned, this relocation makes sense in that the topic of the relocated pages is the same as the end of Chapter 13 to which it is joined. 48 This sentence clearly gives the impression that Marx concluded that the rate of profit would definitely decline in the long run; but this is a misleading impression, as Reuten argues, because the sentence was written by Engels, not Marx.
As we have seen, in these earlier sections Marx argued that there is ‘no general law’ that determines the rate of interest, and thus that there is no general law that determines the division of the total surplusvalue into interest and profit. Instead, the rate of interest is determined by the accidental relation between supply and demand in the loanable funds market. Therefore, there is nothing left to investigate concerning the general laws of the rate of interest and the division of the total surplus-value into interest and profit, since there are no such general laws.
Marx, this volume, pp. 322-3; Marx 1981 [Engels], p. 320. 20 moseley about an increase in the mass of profit in spite of a decrease in the rate of profit, and this subject is also discussed in the preceding pages in Chapter 13. Again, this relocation is not necessarily inconsistent with Marx’s intentions. 47 I agree in part, but I think that the additional weight given to Chapter 13 and to the ‘Law as Such’ interpretation by this relocation is minor and hardly noticeable. And, as mentioned, this relocation makes sense in that the topic of the relocated pages is the same as the end of Chapter 13 to which it is joined.