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MARX’S CAPITAL Fine 00 pre 1 19/05/2010 10:46 Fine 00 pre 2 19/05/2010 10:46 M A R X’S CAPITAL Fifth Edition Ben Fine and Alfredo Saad-Filho Fine 00 pre 3 19/05/2010 10:46 First published by Pluto Press 2004; this edition published 2010 345 Archway Road, London N6 5AA and 175 Fifth Avenue, New York, NY 10010 www.plutobooks.com Distributed in the United States of America exclusively by Palgrave Macmillan, a division of St. Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010 Copyright © Ben Fine and Alfredo Saad-Filho 2004, 2010 The right of Ben Fine and Alfredo Saad-Filho to be identified as the authors of this work has been asserted by them in accordance with the Copyright, Designs and Patents Act 1988. British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library ISBN 978 0 7453 3017 4 Hardback ISBN 978 0 7453 3016 7 Paperback Library of Congress Cataloging in Publication Data applied for This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental standards of the country of origin. 10 9 8 7 6 5 4 3 2 1 Designed and produced for Pluto Press by Chase Publishing Services Ltd, 33 Livonia Road, Sidmouth, EX10 9JB, England Typeset from disk by Stanford DTP Services, Northampton, England Printed and bound in the European Union by CPI Antony Rowe, Chippenham and Eastbourne Fine 00 pre 4 19/05/2010 10:46 Contents Acknowledgements ix Preface to the Fifth Edition xi 1 History and Method 1 Marx’sPhilosophy 1 Marx’sMethod 4 Marx’sEconomics 8 IssuesandFurtherReading 11 2 Commodity Production 12 TheLabourTheoryofValue 13 LabourandLabourPower 19 TheFetishismofCommodities 21 IssuesandFurtherReading 25 3 Capital and Exploitation 27 Exchange 27 Capital 29 SurplusValueandExploitation 31 AbsoluteandRelativeSurplusValue 35 MachineryandTechnicalChange 39 ProductiveandUnproductiveLabour 40 IssuesandFurtherReading 42 4 The Circuit of Industrial Capital 44 TheMoneyCircuitofCapital 44 Fine 00 pre 5 19/05/2010 10:46 TheCircuitasaWhole 46 IssuesandFurtherReading 51 5 Economic Reproduction 52 SimpleReproduction 52 ExpandedReproduction 54 SocialReproduction 59 IssuesandFurtherReading 61 6 Accumulation of Capital 63 PrimitiveAccumulation 63 TheDevelopmentofCapitalistProduction 67 CompetitionandCapitalAccumulation 70 IssuesandFurtherReading 74 7 Capitalism and Crisis 76 Marx’sTheoryofAccumulationandCrisis 76 PossibilitiesofCrisis 78 Accumulation,CrisisandtheDevelopmentofthe Proletariat 82 IssuesandFurtherReading 86 8 The Compositions of Capital 87 TheTechnicalCompositionofCapital 87 TheOrganicandValueCompositions 89 IssuesandFurtherReading 92 9 The Falling Rate of Profit 93 SummaryoftheArgument 93 TheLawasSuchandtheCounteractingTendencies 95 TheInternalContradictionsoftheLaw 97 TheEmpiricalImplicationsoftheLaw 99 Fine 00 pre 6 19/05/2010 10:46 LTRPFandCrisisTheory 101 AResponsetoOkishio 104 IssuesandFurtherReading 107 10 The So-Called Transformation Problem 108 FromValuestoPricesofProduction 108 Marx’sTransformationandItsCritics 111 IssuesandFurtherReading 115 11 Merchant’s Capital 116 Marx’sCategoryofMerchant’sCapital 116 ModifiedPricesofProduction 118 Merchant’sCapitalataMoreComplexLevel 119 IssuesandFurtherReading 122 12 Banking Capital and the Theory of Interest 123 Interest-BearingCapital 124 MoneyCapitalandtheFinancialSystem 125 InterestasanEconomicCategory 128 IssuesandFurtherReading 132 13 Marx’s Theory of Agricultural Rent 134 DifferentialRent1 135 DifferentialRent2 137 AbsoluteRent 140 IssuesandFurtherReading 145 14 Marxism and the Twenty-First Century 146 Class 147 TheStateandGlobalisation 150 Capital’sEnvironment 153 Socialism 154 IssuesandFurtherReading 158 Fine 00 pre 7 19/05/2010 10:46 15 Financialisation, Neoliberalism and the Crisis 160 TheCrisisofFinancialisation 161 NeoliberalismandCrisis 163 MarxismFacingtheCrisis 165 CrisisandClassStruggle 168 IssuesandFurtherReading 171 References 172 Index 182 Fine 00 pre 8 19/05/2010 10:46 ACknowledgements Thisbookwasinitiallypreparedintheearly1970sfromcourses givenbyBenFineatBirkbeckCollege,UniversityofLondon,on ‘MarxistEconomics’and‘TheDistributionofIncomeandWealth’. Thankstothosewhotaughtandattendedthosecourses.BobRae andSimonMohunreadearlierversionsofthefirstedition,and GregAlboandHaraldMinkenreadthefourthedition.Theyhave mademanysuggestionswhichwehaveincorporated.Manyothers –especiallystudentsfromseveralcontinents–havecontributedto theimprovementofsuccessiveeditionsofthistext. WearegratefultoeveryoneatPlutoPressfortheirsupportinthe relaunchofMarx’sCapitalandinparticulartoAnneBeech,Will VineyandAnthonyWinderfortheircontributionstothepublication ofthisnewedition. Acknowledgements ix Fine 00 pre 9 19/05/2010 10:46
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