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Relevant today, as much as for info as for seeing where the ideas discussed lead to the arguments and theories of today.
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First, Marx took capital as irrational, and the capital-labor relation as an anatagonistic relation of domination. So part of the problem with Capital involves explaining how capitalism can even function in the first place. This helps us to grapple with Marx's discussion of circulation sans crisis.
Secondly, think of department one and department two as capital and labor respectively and it makes a lot more sense. As with Vols. 1 and 3, every aspect of Capital is steeped in a description of the antagonistic social relations (class struggle) and the forms in which they appear (form here means 'mode of existence', the way in which the antagonistic social relations make themselves apparent to us.)
The reason that Marx investigates the forms of the underlying social relations has to do with Marx's conception of science. Marx uses the term science to denote thought which critiques, which does not assume that essence and appearance (form and content) mirror each other, but are mediated and therefore distorted and not directly perceived.
As for the people who continue to insist that Marx wrote an alternate economics textbook, wake up. The book is not about economics per se, since Marx felt that the separation of the economic from the political, legal, artistic, etc. was a specific manifestation of the capital-labor relation. He critiques this separation and does so, not through a transhistorical set of 'laws' (as so many claim), but through a critique of bourgeois society's own understanding of itself (most prominently for Marx, via political economy.) For Marx, the 'laws' of capital are the forms of motion of the class struggle, not transhistorical, disembodied rules.
A complete argument can hardly be made here, but do yourself a favor if you wish to make a comment on or engage with Marx: read what Marx says. Like any other worthwhile intellectual, Marx takes a lot of effort (an acquaintance with Hegel helps a lot). Unlike most, Marx really was serious, even (especially) in relation to Das Kapital, that the point is not to understand the world, but to change it. Theory can never resolve the contradictions of the practical world, only revolutionary practice, the self-activity of the working class (most of us), can produce a society based on the 'free association of producers', in which 'the freedom of each is the precondition of the freedom of all'. Hardly the vision of a totalitarian.
The economic theory is presented as if it is scientific and that the laws will lead to a replacement of the capitalist system by a superior one. Unfortunately there is no science and the description of the superior system is extremely limited.
What Marx refers to, as laws are hypotheses and effects that are the result of the hypotheses. All examples are based on the idea that a worker works for six hours for a capitalist to earn enough to pay for his subsistence and works another six hours without being paid for by he capitalist. A typical example of a "law" derived from this hypothesis is that when the labour costs of a product declines profits decline. This strange idea is based on the idea that if the total cost of raw materials and machinery depreciation and labour costs are 100 and the labour cost thereof declines from 40 to 20 that the profit also declines from 40 to 20 as paid labour time is equal to unpaid labour time. This leads to the next "law". As the profit declines with increasing investment in equipment the capitalist increases sales more rapidly than the profit percentage declines so that his absolute profit increases. It is obvious that if the volume increases more in percentage than the price declines as a percentage that the absolute profit increases. Marx devotes many pages to explaining this "law". The sentences are however very cumbersome and loaded with emotions that make it very hard work to discover that the laws are mathematical necessities. Marx does not recognise any work having value other than that of manual labour, " only the labourer is productive". He does not consider selling, product development, accounting, figuring out in what to invest, analysing risk taking as work. He therefore considers that all "profit" made is theft from the worker. Marx specifically excludes competition from his theories "actual movement of competition belongs beyond our scope". He nevertheless makes some negative comments like referring to it as " capitalism begets by its anarchical system of competition, the most outrageous squandering of labour power".
As far as the new superior system Marx only writes: "But capitalist production begets, with the inexorability of a law of Nature, its own negation". "This does not re-establish private property for the worker but will be based on co-operation and the possession in common of land and of the means of production".
The conclusion "Marxist" countries logically drew from Marxists theories were, (1) the only owner of the means of production can be the state (2) there is no needs for marketing and sales (3) profit can never be justified (4) there is something wrong with competition and that can be avoided by central state planning and (5) our success is assured as our actions are based on scientific laws. In that way they did accept his hypothesis with disastrous effect.
Some examples of emotional language, that makes the book fascinating to read. "Capital pumps the surplus-labour (unpaid working hours) directly out of the labourers", on supervision, " The place of the slave-driver's lash is taken by the overlooker's book of penalties, on profit "the profit made in selling depends on cheating, deceit and inside knowledge" and finally "If money comes into the world with a congenital blood-stain on one cheek, capital comes dripping from head to foot, from every pore, with blood and dirt".
It is fascinating that a book that describes real problems with powerful emotional language can make many intelligent people with good intentions believers without critically analysing the proposed theories. It is frightening that many powerful political leaders applied these theories (with or without good intentions).
Marx departs from Hegel and his latter-day followers (whether revolutionary or conservative) in both method and in goals. As far as methodology is concerned, Marx is an empiricist of a certain normatively world-changing brand, which obviously leaves him open to critiques from "pure" empiricism as being either an outright determinist (an obviously abhorrent concept to the entire Humean tradition) or else being merely a moral philosopher in scientist's clothing.
As for goals, while some of Hegel's followers might share a certain revolutionary telos with Marx, they cannot truly be his comrades because for Marx the revolutionary method (historical materialism) is inseparable from the revolutionary goal (communism); that is, communism cannot by nature be an "ideal" . . . "to which reality will have to adjust itself" (as it is for the Hegelians). Instead, the ideal of communism must adjust itself to reality (thus becoming no longer an ideal), and that is precisely Marx's project as expressed in the 11th Thesis on Feuerbach: through his writings, to "adjust" the real world to his view of the way it's going to be (by writing about the world the way that it has been, and the way that it is now).
I disagree with the previous reviewer -- this is not an ideal intro to Marxism. Read the Communist Manifesto, then move on to the Eighteenth Brumaire, or this, or Capital, or the early works.
And by the way, get the International Publishers edition if you can find it.
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I found this document an interesting read, as this short concise book simply explains the "theory" of one economic system. It should be noted the democracy prevalent at the time of this books introduction closely resembled an oligarchy, in which the rich and powerful ruled the weak. The impact of socialist ideology on this situation was great: labor movements were created, egalitarianism became a greater part of democracy ideology and the lower classes became more significant to the political system than they had ever been before.
The greatest weakness one can note of Marx's argument, is his failure to predict the significance of the middle class in the nations. Marx's view was that the middle class would either be absorbed into the working class or proprietors. The success of the middle class in present times accounts for the failure of Marx's theory.
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The actual writing in not very good, but the research is impeccable; you will get the unvarnished Marx gems that American Intelligentsia has laundered.
This reviewer has also reviewed "The Myth of the Proletariat". This commentary is a useful response to the thesis of that work.