The Value of Marx

196 Pages·2016·0.98 MB·English

The Value of Marx
Alfredo Saad-Filho
Routledge Frontiers of Political Economy

The Value of Marx
Political economy for
contemporary capitalism
Alfredo Saad-Filho
London and New York
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First published 2002 ohliF-daaS oderflA
by Routledge
11 New Fetter Lane, London EC4P 4EE
Simultaneously published in the USA and Canada
by Routledge.
29 West 35th Street, New York, NY 10001
Routledge is an imprint of the Taylor & Francis Group
2002 Alfredo Saad-Filho
Typeset in Times New Roman by Exe Valley Dataset Ltd, Exeter
Printed and bound in Great Britain by MPG Books Ltd, Bodmin
All rights reserved. No part of this book may be reprinted or
reproduced or utilised in any form or by any electronic, mechanical, or
other means, now known or hereafter invented, including
photocopying and recording, or in any information storage or retrieval
system, without permission in writing from the publishers.
British Library Cataloguing in Publication Data
A catalogue record for this book is available
from the British Library
Library of Congress Cataloging in Publication Data
A catalog record for this book has been requested
ISBN 0–415–23434–4
From Marx to Mao
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Digital Reprints
2016
www.marx2mao.com
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For Rita, Lucas and Julia

Contents
Acknowledgements xi
Introduction 1
1 Materialist dialectics 7
1.1 Real abstractions and mental generalisations 8
1.2 Marx, Hegel and ‘new dialectics’ 15
1.3 Conclusion 20
2 Interpretations of Marx’s value theory 21
2.1 Embodied labour approaches 21
2.2 Value form theories 26
2.3 Conclusion 33
3 Value and capital 35
3.1 Division of labour, exploitation and value 35
3.2 Capital 38
3.3 Conclusion 42
4 Wages and exploitation 44
4.1 Wage labour and exploitation 44
4.2 Value of labour power 48
4.3 Conclusion 53
5 Values, prices and exploitation 54
5.1 Normalisation of labour 55
5.2 Synchronisation of labour 62
5.3 Homogenisation of labour 66
5.4 Conclusion 69
6 Composition of capital 71
6.1 Understanding the composition of capital 71
6.2 Production and the composition of capital 73
6.3 Capital accumulation 78
6.4 Conclusion 79
x Contents
7 Transformation of values into prices of production 81
7.1 Surplus value, profit and the composition of capital 82
7.2 From values to prices of production 84
7.3 The transformation of input values 87
7.4 Conclusion 90
8 Money, credit and inflation 92
8.1 Labour and money 92
8.2 Money and prices of production 97
8.3 Credit, money and inflation 99
8.4 Conclusion 105
Conclusion 107
Notes 111
Bibliography 148
Index 168