Chapter 1 is the most important chapter in Capital, as well as the most difficult and the most controversial. An influential interpretation of Chapter 1 in recent decades has been the so-called value-form interpretation of Marx's theory in general and Chapter 1 in particular. The most important proponent of the value-form interpretation today, both in Germany and in the English-speaking world, is Michael Heinrich, and Heinrich's work has emphasized the first chapter. Heinrich's latest book in English is a detailed commentary of the first seven chapters of Volume 1 of Capital. The publication of an English translation of Heinrich's book is an important event in Marxian scholarship and it is important to critically engage with this important book in order to advance our understanding of this critical foundational chapter. This book emphasizes the quantitative issue of whether the magnitude of value and socially necessary labour-timeare determined in production or also depend on exchange and demand, which has been the main issue in the controversy over the value-form interpretation.

Provides an in depth examination of Chapter 1, the most important and controversial chapter in Marx's Capital Includes detailed critique of Michael Heinrich's influential value-form interpretation of Chapter 1 Examines a hitherto little-known manuscript written by Marx in preparation for the 2nd German edition of Volume 1

Autorentext

Fred Moseley is Emeritus Professor of Economics at Mount Holyoke College, USA, and author of Money and Totality (2016).

Inhalt

Preface.- Chapter 1: Marx's Theory of The Commodity in Chapter 1 of Capital.- Chapter 2: Critique of Heinrich's Value-Form Interpretation of Chapter 1 of Capital.- Chapter 3: Ergänzungen und Veränderungen (Additions and Changes): The Value Form Arises From the Value-Concept.- General Conclusions