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MARXIAN ECONOMICS: a REAPPRAISAL ESSAYS on VOLUME III of CAPITAL Volume I: Method, Value and Money MARXIAN ECONOMICS: A REAPPRAISAL ESSAYS ON VOLUME III OF CAPITAL Volume I: Method, Value and Money Marxian Economics: A Reappraisal Essays on Volume III ofCapital Volume 1: Method, Value and Money Edited by Riccardo Bellofiore Department ofEconomics University ofBergamo Italy First published in Great Britain 1998 by MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 6XS and London Companies and representatives throughout the world A catalogue record for this book is available from the British Library. ISBN 978-1-349-26120-8 ISBN 978-1-349-26118-5 (eBook) DOI 10.1007/978-1-349-26118-5 First published in the United States of America 1998 by ST. MARTIN'S PRESS, INC., Scholarly and Reference Division, 175 Fifth Avenue, New York, N.Y. 10010 Library of Congress Cataloging-in-Publication Data Marxian economics: a reappraisal/edited by Riccardo Bellofiore. p. em. Includes bibliographical references and indexes. Contents: v. 1. Essays on volume III of "Capital": method, value, and money - v. 2. Essays on volume III of "Capital": profits, prices, and dynamics. ISBN 0-312-17664-3 (vol. 1). - ISBN 0-312-17665-1 (vol. 2) 1. Marxian economics. 2. Marx, Karl, 1818-1883. Kapital. English. I. Bellofiore, R. (Riccardo) HB97.5.M33426 1997 335.~I-dc21 97-17608 CIP Selection and editorial matter © Riccardo Bellofiore 1998 Text © Macmillan Press Ltd 1998 Softcover reprint of the hardcover 1st edition 1998 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London WIP 9HE. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. 10 9 8 7 6 5 4 3 2 1 07 06 05 04 03 02 01 00 99 98 Contents Notes on the Contributors vii Introduction by Riccardo Bellofiore xi Acknowledgements XXVI Part I Method and Value Engels, Logic and History 3 Christopher J. Arthur 2 The Structure of Marx's Argument in Capital 16 David P. Levine 3 Some Reflections on Marx's Theory of Value 29 Gilbert Faccarello 4 Capital, Labour and Time: The Marxian Monetary Labour Theory of Value as a Theory of Exploitation 48 Riccardo Bellofiore and Roberto Finelli 5 Land Rent and the Logic of Capital 75 Marco E. L. Guidi 6 The (Dis)Orderly Process of Capitalist Competition 94 Jack Amarig/io and David F. Ruccio 7 Towards a General Theory of Capitalism: Suggestions from Chapters 23 and 27 109 Ernesto Screpanti Part II Money 8 The Relationship between the Rate of Profit and the Rate of Interest: A Reassessment after the Publication of Marx's Manuscript of the Third Volume of Das Kapital 127 Bertram Schefo/d v VI Contents 9 The Emergence of Credit Money 145 Heiner Ganssmann 10 Money, Form and Determination of Value 157 Carlo Benetti and Jean Cartelier Comment on 'Money, Form of Value and Value Determination' by Carl. Benetti and Jeun. Cartelier Augusto Graziani 172 11 Money, Interest and Finance in Marx's Capital 176 Suzanne de Brunhoff 12 Fictitious Capital and Crises 189 Ferdinando Meacci Marx's Theory of Money and Credit Revisited: a Comment on the chapters by Suzanne de BrunhofT and Ferdinando Meacci Riccardo Bellofiore 205 13 Finance Capital Revisited 216 Nelson Prado Alves Pinto 14 Marx on the Natural Rate of Interest: Did Marx Hold a Monetary Theory of Income Distribution? 233 Henk W. Plasmeijer 15 Asset Speculation in Marx's Theory of Money 254 Duncan K. Foley 16 Marx's Theory of Money and Interest:A Reconsideration in the Light of Robertson and Keynes 271 Claudio Sardoni 17 Preliminaries to a Monetary Theory of Production: the Labour Theory of Value, Liquidity Preference, and the Two Price Systems 286 L. Randall Wray Index 301 Notes on the Contributors Jack Amariglio teaches economics at Merrimack College. He is the Editor of Rethinking Marxism. He has published widely on Marxian economics, the history and philosophy of economics, and and post­ modernism; with David Ruccio, he is writing a book on postmodern­ ism and economics. Christopher J. Arthur taught philosophy for many years at the Uni­ versity of Sussex. He is the author of Dialectics ofLabour: Marx and his Relation to Hegel (1986). He has also edited Marx's Capital: A Student Edition (1992), and Engels Today: A Centenary Appreciation (1996). Riccardo Bellofiore is Associate Professor at Bergamo University, where he teaches monetary economics and macroeconomics. He has contributed to John Maynard Keynes. Language and Method, Elgar, Aldershot 1994 and has written essays in academic journals about Marxian value theory, Schumpeterian theory of economic development, Wicksell's and Keynes' circuit theory of money, and Sraffa's theory of prices. He has also published a biography of the Marxist scholar Claudio Napoleoni in Italian. Carlo Benetti is Professor at Paris X-Nanterre University. His main fields of research are: money and price theory, history of economic thought. Jean Cartelier is Professor at Paris X-Nanterre University. His main fields of research are: money and price theory, history of economic thought (Physiocracy, Keynes). Suzanne de Brunboff is Honorary Research Director, Centre National de la Recherche Scientifique, Paris. She is author of Marx on Money (1976), The State, Capital and Economic Policy (1978), L'Heure du marche, critique du liberalisme(1986) and 'L'instabilite monetaire inter­ nationale' in F. Chesnais (ed) (1996) La Mondialisation Financiere. Gilbert Faccarello is Professor at Ecole Normale Superieure de Fonte­ nay/Saint-Cloud, France. He has published extensively on the history VII viii Notes on the Contributors of economic thought: classical and Marxian economics; seventeenth­ and eighteenth-century French political economy. He is a co-founder and co-managing editor of The European Journal oj the History oj Economic Thought. Roberto Finelli is Associated Professor at the Department of Philoso­ phical Sciences, University of Bari (Italy), and teaches history of philosophy. He has published in italian a Commentary to Marx's Critique oj Hegel's Doctrine oj the State and various books about Hegel and Marx. In English he has published 'Some Thoughts on the Modem in the Works of Smith, Hegel and Marx' in Rethinking Marxism (Summer 1989) and 'Production of Commodities, and pro­ duction of Images: Reflections on Modernism and Postmodernism' in Rethinking Marxism (Spring 1992) Duncan Foley is Professor of Economics at Barnard College of Columbia University. He is the author of Understanding Capital: Marx's Economic Theory, Money, Accumulation and Crisis, and many papers on Marxian and neoclassical economic theory. Heiner Ganssmann is Professor of Sociology at the Freie Universitat Berlin. His main research interests are in economic sociology, political economy and social policy. Recent books are Geld und Arbeit (1996) and Lohn und Beschiiftigung(with M. Hass, 1996). Augusto Graziani is Professor of Economics at the University of Rome 'La Sapienza'. He is also visiting Professor at the Universities of Birmingham, Ann Arbor, Michigan, and Paris III. He has contributed a number of articles in severaljournals, mainly on mone­ tary theory and problems concerning the development of the Italian economy. Marco E.L. Guidi is Researcher at Teramo University, Italy, where he teaches History of Economic Thought . He also teaches at Brescia University. His main field of research is the history of utilitarianism. In 1991 he published a book on Bentham's political economy, in Italian, and hes edited (with N. Buccilli) the first Italian translation of Bentham's Defence of Usury. He has written essays in academic journals on the relationships between the theory of human action and economic analysis in Hobbes, Locke, Maupertuis, Bentham, and in some authors belonging to the Italian Enlightenment. He has Notes on the Contributors ix recently edited a special issue of Trimestre (1-2, 1996) on volume III of Capital. navid LemIe is Professor of Economics in the Graduate School of International Studies at the University of Denver. His recent publica­ tions include: Theories ofPolitical Economy (1992), Wealth and Free­ dom (1995), and Wanting and Choosing (1998). Fentioando Meacd has been visiting Professor of Economics at some American and Canadian universities. He is currently Associate Pro­ fessor of Theory of Economic Growth at the University of Padua. He is the author of publications in the fields of capital theory, technical progress, and economic growth. His most recent book is Luigi Einaudi e i principi del capitale (1993). Nelson Prado Alves Pinto is Professor in the Institute of Economics at the University of Campinas, SP, Brazil, where he teaches monetary theory, macroeconomics and political economy. His work is related to Brazilian economic history and, more recently, to Rudolf Hilferding's work. Henk W. Plasmeijer is an Associate Professor at the State University of Groningen, the Netherlands. His current research interest is the history of Dutch economic thought. He has published articles on Ricardian and Marxian economics and a book on the classical the­ ories of productive and unproductive labour. David F. Rucdo teaches economics at the University of Notre Dame and is a founding member of the editorial board of Rethinking Marx­ ism . He published extensively on such themes as planning, latin Amer­ ican development, Marxian economics, and postmodernism and is currently writing a book with Jack Amariglio titled ' Postmodernism and Economics'.
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