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Marx’s Theory of Value in Chapter 1 of Capital. A Critique of Heinrich’s Value-Form Interpretation Fred Moseley full chapter instant download
Marx’s Theory of Value in Chapter 1 of Capital. A Critique of Heinrich’s Value-Form Interpretation Fred Moseley full chapter instant download
Marx’s Theory of Value in Chapter 1 of Capital. A Critique of Heinrich’s Value-Form Interpretation Fred Moseley full chapter instant download
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MARX, ENGELS, AND MARXISMS
Fred Moseley
Marx, Engels, and Marxisms
Series Editors
Marcello Musto, York University, Toronto, ON, Canada
Terrell Carver, University of Bristol, Bristol, UK
The Marx renaissance is underway on a global scale. Wherever the critique
of capitalism re-emerges, there is an intellectual and political demand for
new, critical engagements with Marxism. The peer-reviewed series Marx,
Engels and Marxisms (edited by Marcello Musto & Terrell Carver, with
Babak Amini, Francesca Antonini, Paula Rauhala & Kohei Saito as Assis-
tant Editors) publishes monographs, edited volumes, critical editions,
reprints of old texts, as well as translations of books already published
in other languages. Our volumes come from a wide range of political
perspectives, subject matters, academic disciplines and geographical areas,
producing an eclectic and informative collection that appeals to a diverse
and international audience. Our main areas of focus include: the oeuvre
of Marx and Engels, Marxist authors and traditions of the 19th and 20th
centuries, labour and social movements, Marxist analyses of contemporary
issues, and reception of Marxism in the world.
Fred Moseley
Marx’s Theory
of Value in Chapter 1
of Capital
A Critique of Heinrich’s Value-Form Interpretation
Fred Moseley
Department of Economics
Mount Holyoke College
South Hadley, MA, USA
This Palgrave Macmillan imprint is published by the registered company Springer Nature
Switzerland AG
The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
To Winfried Schwarz
In appreciation for the most productive
and enjoyable collaboration of my life
Titles Published
vii
viii TITLES PUBLISHED
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MacIntyre, 2018.
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Capitalism, 2019.
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Metaphysics of Domination, 2019.
16. August H. Nimtz, Marxism versus Liberalism: Comparative Real-
Time Political Analysis, 2019.
17. Gustavo Moura de Cavalcanti Mello and Mauricio de Souza Saba-
dini (Eds.), Financial Speculation and Fictitious Profits: A Marxist
Analysis, 2019.
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Marx’s Life, Ideas, and Influences: A Critical Examination on the
Bicentenary, 2019.
19. Igor Shoikhedbrod, Revisiting Marx’s Critique of Liberalism:
Rethinking Justice, Legality, and Rights, 2019.
20. Juan Pablo Rodríguez, Resisting Neoliberal Capitalism in Chile:
The Possibility of Social Critique, 2019.
21. Kaan Kangal, Friedrich Engels and the Dialectics of Nature, 2020.
22. Victor Wallis, Socialist Practice: Histories and Theories, 2020.
23. Alfonso Maurizio Iacono, The Bourgeois and the Savage: A
Marxian Critique of the Image of the Isolated Individual in Defoe,
Turgot and Smith, 2020.
24. Terrell Carver, Engels before Marx, 2020.
25. Jean-Numa Ducange, Jules Guesde: The Birth of Socialism and
Marxism in France, 2020.
26. Antonio Oliva, Ivan Novara & Angel Oliva (Eds.), Marx and
Contemporary Critical Theory: The Philosophy of Real Abstraction,
2020.
27. Francesco Biagi, Henri Lefebvre’s Critical Theory of Space, 2020.
28. Stefano Petrucciani, The Ideas of Karl Marx: A Critical Introduc-
tion, 2020.
29. Terrell Carver, The Life and Thought of Friedrich Engels, 30th
Anniversary Edition, 2020.
30. Giuseppe Vacca, Alternative Modernities: Antonio Gramsci’s Twen-
tieth Century, 2020.
TITLES PUBLISHED ix
71. Marcos Del Roio, Gramsci and the Emancipation of the Subaltern
Classes, 2022.
72. Marcelo Badaró, The Working Class from Marx to Our Times,
2022.
73. Jean Vigreux, Roger Martelli, & Serge Wolikow, One Hundred
Years of History of the French Communist Party, 2022.
74. Vincenzo Mele, City and Modernity in George Simmel and Walter
Benjamin: Fragments of Metropolis, 2023.
Titles Forthcoming
xiii
xiv TITLES FORTHCOMING
Chapter 1 is the most important chapter in Capital and also the most
difficult and the most controversial. It presents the basics of Marx’s theory
of value and price. An influential interpretation of Chapter 1 in recent
decades has been the so-called “value-form interpretation” of Marx’s
theory of value, according to which the magnitude of value is not deter-
mined in production alone, but also depends on supply and demand
in exchange. The most important proponent of the value-form inter-
pretation today, both in Germany and in the English-speaking world, is
Michael Heinrich, and Heinrich’s work has emphasized Chapter 1.
Heinrich’s latest book in English is a detailed commentary on the first
seven chapters of Volume 1 of Capital, which is a translation of Wie das
Marxsche Kapital Lesen? published in 2018. An earlier version of this book
on just the first two chapters was published in 2008. 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 of Marx’s theory.
This book will focus on Chapter 1 and will emphasize the quantita-
tive issue of whether the magnitude of value is determined in production
alone or also depends on supply and demand in exchange, which has been
the main issue in the controversy over the value-form interpretation.
Chapter 1 of this book presents my interpretation of Marx’s theory of
value in Chapter 1 of Capital, including a section on each of the four
xvii
xviii PREFACE
What I start out from is the simplest social form in which the
labour-product is presented in contemporary society, and this is the
‘commodity’. I analyze it [the commodity], and right from the
beginning in the form in which it appears. Here I find that it is, on the
one hand, in its natural form, a useful thing, alias a use-value; on the
other hand, it is a bearer of exchange-value, and from this view-point,
it is itself ‘exchange-value’. Further analysis of the latter [exchange-value
of the commodity] shows me that exchange-value is only a ‘form of
appearance’, the autonomous mode of presentation of the value contained
in the commodity, and then I move on to the analysis of the latter.
Marginal Notes on Adolf Wagner (bold emphasis by Marx)
(Marx 1975, p. 198)
xxi
Conventions
xxiii
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Duke of Wellington’s half-length, or head and shoulders, of Innocent
the Tenth. It is probable that in more than one of the portraits of
Mariana—those in which she is depicted at full-length—much of the
painting of her raiment is due to the hand of some pupil of the
master’s. But by Velasquez wholly, as we should surmise, is Sir
Francis Cook’s bust of the little lady, and this is the earliest of her
portraits here, and is succeeded by Mr. Cuthbert Quilter’s three-
quarters length, and by Sir Clare Ford’s extraordinarily fresh and
vigorous and thorough rendering of the girl in much the same
manner. Greatest of all, perhaps, for colour, character, and—there is
no other word for it—‘modernness,’ or actuality, is the ‘Innocent the
Tenth.’ It belongs to the Duke of Wellington. Seven years ago we
paid it, at the Old Masters, our tribute of homage. It is one of several
treatments of the same dignitary, wrought by Velasquez after that
voyage to Italy in which the artist had Spinola for companion. But it is
one of the most genuine and one of the most intact; and perhaps it is
but by an error of phrase that it is described as a ‘repetition’ of the
picture at the Hermitage. In it, at all events, the finest qualities of
masculine portraiture are combined and displayed. It is said that the
key to human expression is most of all at the corners of the mouth.
Charged with the love of life, the love of its good things, and the love
of domination, is this mouth of Innocent’s. But is his eye less
revealing?—wary, here, and shrewd; watchful, yet full of fire. What a
study of character, and what a triumph of brush-work! A noble ‘Philip
the Fourth,’ harmonious in silver and rose-red, from the Dulwich
Gallery, sets forth, certainly not better than this does, the greatness
of Velasquez’ mission, nor has it quite as fully as this the pre-
eminent decisiveness which is so much of his charm.