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THE ECONOMICS of MARX's GRUNDRISSE Also by Adalbert G THE ECONOMICS OF MARX'S GRUNDRISSE Also by Adalbert G. Lallier PEACE WITHOUT HONOUR SOUVERAINETE-ASSOCIATION: REALISME ECONOMIQUE OU UTOPIE? The Econotnics of Marx's Grundrisse An Annotated Summary Adalbert G. Lallier Professor of Economics Concordia University, Montreal M MACMILLAN ISBN 978-0-333-46834-0 ISBN 978-1-349-20171-6 (eBook) DOI 10.1007/978-1-349-20171-6 ©Dr Adalbert G. Lallier 1989 Softcover reprint of the hardcover 1st edition 1989 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 Act 1956 (as amended), or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 33--4 Alfred Place, London WClE 7DP. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published 1989 Published by THE MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 2XS and London Companies and representatives throughout the world British Library Cataloguing in Publication Data Lallier, Adalbert G. 1925- The economics of Marx's Grundrisse : an annotated summary. 1. Economics. Theories of Marx, Karl, 1818-1883 I. Title II. Marx, Karl, 1818-1883. Grundrisse der kritik der politischen okonomie (Rohentwurf) 335.4'092'4 To my students, as a challenge, encouragement, and hope for a better world Contents Acknowledgements xi Preface xiii Introduction 1 1. Production 1 2. General relations of production to distribution, exchange, consumption 3 3. Method in political economy 6 4. Forces of production and relations of production 13 5. The structure of the bourgeois economy 13 PART I: ON MONEY Introduction 19 1 Money as Means of Payment 21 A. The general equivalent, its Preisverwirklichung and Verselbststiindigung 21 B. The properties of money 24 2 Money, Value, and Price. Labour Time as the General Equivalent 39 3 Money as World Money 45 1. Precious metals as money. Coin and world money. Money and trade and international trade 45 2. Gold exports and crises 56 3. Relation between money metals and commodities. Convertibility. Depreciation 58 PART II: ON CAPITAL Introduction 71 4 Money as Capital 75 vii Vlll Contents 5 The Circulation Process of Capital 79 A. The historical evolution of circulation 79 B. General concept of circulation: circulation of money and circulation of capital 81 6 Simple Exchange v. Developed Exchange 91 A. Capital and value: the process of simple exchange 91 B. Capital and value: surplus value and developed exchange: the unequal exchange between capital and labour 92 7 The Circulation of Capital 127 A. The threefold character of circulation (circulation as a total process) 127 B. The turnover of capital 131 8 Fixed Capital and Circulating Capital 145 A. Problems of definition 145 B. Fixed capital and circulating capital: additional Marxian perspective 151 C. Labour and capital (fixed capital) 156 9 Value, Surplus Value, and Profit 171 A. Marx on value 171 B. A summary of Marx's review and critique of the classicals et al. views on value, surplus value, and profit 182 C. Marx on surplus value and profit 192 PART III: MARX ON VALUE AND PRICES Introduction 205 10 Marx, the Classicals, and the Theory of Value: Conclusion 207 A. Marx on value: conclusion 218 Contents ix 11 Marx on Prices and Price Determination: Conclusion 223 A. Marx on prices: the macro-economic approach 227 B. Marx on prices: the micro-economic approach 232 C. Marx on prices: the components of price 240 Bibliography 253 Index 254 Acknowledgements The attempt to read, understand, and interpret Karl Marx's Grun­ drisse, which is claimed by many to be Marx's greatest work, would have been a far more difficult undertaking had it not been for the inspiration, the encouragement, the counsel, and the steadfastness of the following individuals, to whom I shall be for ever grateful: Professor Marie Lavigne, of l'Universite Paris I; Professor Peter Wiles, of the London School of Economics; Professors Jalil Ahmad and Frank Mueller, of Concordia University; Milan Gilmore, for his untiring assistance; and the following past or present graduate or undergraduate students, for their assistance in research, indexing, and proofreading: Vonnie Gilmore, Noriko Haruta; and Julie, for her devotion to the arduous task of typing the manuscript. XI Preface Our basic interest in the Grundrisse der Kritik der politischen Okonomie: Rohentwurf, as the first of the major writings of the 'mature' Marx, derives from the controversy involving the question of the significance of this massive manuscript (980 pages in the German edition of 1953) in the totality of Marx's writings, and, in particular, from our exploration of the origins of Marx's economic reasoning and of his views concerning international trade and inter­ national finance. David McLellan names the Grundrisse the 'completest of Marx's works': 1 a work whose scope is much broader than that of Das Kapital and whose treatment of themes central to the Paris Manu­ scripts is much more mature because it reveals the synthesis of his ideas concerning philosophy and economics. Gunther Kohlmey points to the 'numerous important comments on the theory of inter­ national values and on external trade'2 and claims that this work contains the essential elements of a theory of international values. The first English translation of the Grundrisse was published in 1973, with a Foreword by Martin Nicolaus ( 'M.N.' ), which, it appears, reflects views normally attributed tg the lnstitut fur Marxismus-Leninismus. In his Foreword, 'M.N.' lauds this work by Karl Marx: - ' . the only outline of Marx's full political economy project ... ';3 - a work which ' . challenges and puts to test every serious interpretation of Marx yet conceived ... ';4 - 'the record of Marx's mind at work, grappling with fundamental problems of theory which is the manuscript's most valuable distin­ guishing characteristic . '; 5 - 'the first scientific elaboration of the theoretical foundation of communism ... ';6 - 'the key elements in Marx's development and overthrow of the Hegelian philosophy'; 7 - ' ... a sourcebook of inestimable value for the study of Marx's method of inquiry. '8 xiii xiv Preface This manuscript by Marx was named Grundrisse zur Kritik der politischen Okonomie by the Institute for Marxism-Leninism. The Institute refers to the manuscript as the result of one of Marx's most intensive writing efforts during the years 1850 to 1867, which began with the publication of the Class Struggles in France and culminated in the first volume of Das Kapital. Marx had discussed with Engels as early as November 1851 the intention to commence writing his Economics, a work which was to contain three volumes: a critique of 'political economy'; a critique of the socialists; and the history of political economy. In anticipation of this undertaking, Marx had already begun in the autumn of 1850, in the British Museum, his intensive reading of works on money, finance, and recent economic trends. During 1851 he added further writers on money and currency (Bailey, Carey, Jacob, Grey, Smith, Bosanquet, Torrens, Hume, Locke); on ground rent and land fertil­ ity (Malthus, Thornton, Johnston); on wages, labour problems, and the theory of value and wealth (Malthus, Carey, Torrens, Owen, Hodgskin), and on colonisation and slavery (Prescott, Howitt). He also gathered relevant statistical material and even proceeded to study algebra in seeking to facilitate his calculations concerning his analysis of capital. 9 Five months later, in a letter to Engels written on 3 February 1851, Marx revealed that he had reviewed the propositions concerning the price-specie-flow mechanism (i.e. of the 'currency theory') by Loyd (Lord Overstone, Samuel Jones Loyd) and by Ricardo and that he had found wanting their claim that the flow of precious metals determined trade balances and rates of exchange on the international money market. 10 Soon after, in another letter to Engels (2 April 1851), Marx informed his friend that he was hoping to complete this 'economic shit' in about five weeks and that he would then shift to another science because this one was beginning to annoy him. 11 In his quest for completion, Marx accumulated twenty-four note­ books of reading notes between September 1850 and August 1853, but his subsequent economic studies were interrupted during 1855 and the first half of 1856 because of additional commitments (mainly political and journalistic) and increasing pressures (family problems). He resumed his studies in June 1856, in 'response to the growing economic crisis and the wave of speculation which were gripping all of Europe', and finally settled down, in August 1857, to write the introduction, which he completed in September 1857. 12 Preface XV The contents of what is presently termed Grundrisse comprise the following material: (1) Twenty-four notebooks on economic subject matter and some non-economic topics, written during September 1850-August 1853: commodities, money, capital, wage labour, landed prop­ erty, international trade, history of technology and inventions, credit, population theory, economic history of states, world market, colonialism, the history of customs and manners, litera­ ture, and so on. (2) Excerpts from Ricardo's Principles, written during April-May 1851 and published in part, as supplementary material, in the Grundrisse. (3) A manuscript on theories of foreign exchange, which was written during November 1854-January 1855 and, held by the Institute for Marxism-Leninism in Moscow, remains unpublishedY In addition, the following material was also included: - a fragment on Bastiat and Carey, written in July 1857; - a 'new theory of profits' (so named by Marx himself and contained in the fourth of the seven notebooks), which he wrote during October 1857-March 1858, with a few extra pages in May 1858.
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