Marxian Economics: A Reappraisal Essays on Volume HI of Capital 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 Contents 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. Notes on the Contributors VB ISBN 0-333-64410-7 Introduction by Riccardo Bellofiore xi First published in the United States of America 1998 by Acknowledgements xxvi ST. MARTIN'S PRESS, INC., Scholarly and Reference Division, Part I Method and Value 175 Fifth Avenue, New York, N.Y. 10010 ISBN 0-312-17664-3 1 Engels, Logic and History 3 Library of Congress Cataloging-in-Publication Data Christopher J. Arthur Marxian economics: a reappraisal/edited by Riccardo Bellofiore. p. cm. Includes bibliographical references and indexes. 2 The Structure of Marx's Argument in Capital 16 Contents: v. 1. Essays on volume III of "Capital": method, value, David P. Levine and money - v. 2. Essays on volume III of "Capital" : profits, prices, and dynamics. ISBN 0-312-17664-3 (vol. I). - ISBN 0-312-17665-1 (vol. 2) 3 Some Reflections on Marx's Theory of Value 29 1. Marxian economics. 2. Marx, Karl, 1818-1883. Kapital. Gilbert Faccarello English. 1. Bellofiore, R. (Riccardo) HB97.5.M33426 1997 335.4'I-dc21 97-17608 4 Capital, Labour and Time: The Marxian Monetary CIP Labour Theory of Value as a Theory of Exploitation 48 Selection and editorial matter © Riccardo Bellofiore 1998 Riccardo Bellofiore and Roberto Finelli Text © Macmillan Press Ltd 1998 All rights reserved. No reproduction, copy or transmission of this publication may be made 5 Land Rent and the Logic of Capital 75 without written permission. Marco E. L. Guidi 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 6 The (Dis)Orderly Process of Capitalist Competition 94 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. Jack Amariglio and David F. Rucdo Any person who does any unauthorised act in relation to this publication may be liable to 7 Towards a General Theory of Capitalism: Suggestions criminal prosecution and civil claims for damages. from Chapters 23 and 27 109 The authors have asserted their rights to be identified as the authors of this work in Ernesto Screpanti accordance with the Copyright, Designs and Patents Act 1988. This book is printed on paper suitable for recycling and made from fully managed and Part II Money sustained forest sources. 10987654321 8 The Relationship between the Rate of Profit and the 07 06 05 04 03 02 01 00 99 98 Rate of Interest: A Reassessment after the Publication Printed in Great Britain by of Marx's Manuscript of the Third Volume of Das The Ipswich Book Company Ltd Kapital 127 Ipswich, Suffolk Bertram Schefold v vi Contents 9 The Emergence of Credit Money 145 Heiner Ganssmann Notes on the Contributors 10 Money, Form and Determination of Value 157 Carlo Benetti and Jean Cartelier Jack Amariglio teaches economics at Merrimack College. He is the Comment on 'Money, Form of Value and Value Editor of Rethinking Marxism. He has published widely on Marxian Determination' by Carl. Benetti and Jeun. Cartelier economics, the history and philosophy of economics, and and post­ Augusto Graziani 172 modernism; with David Ruccio, he is writing a book on postmodern­ ism and economics. 11 Money, Interest and Finance in Marx's Capital 176 Suzanne de Brunhoff Christopher J. Arthur taught philosophy for many years at the Uni­ versity of Sussex. He is the author of Dialectics of Labour: Marx and 12 Fictitious Capital and Crises 189 his Relation to Hegel (1986). He has also edited Marx's Capital: A Ferdinanda Meacci Student Edition (1992), and Engels Today: A Centenary Appreciation (1996). Marx's Theory of Money and Credit Revisited: a Comment on the chapters by Suzanne de Riccardo Bellofiore is Associate Professor at Bergamo University, Brunhoff and Ferdinanda Meacci where he teaches monetary economics and macroeconomics. He Riccardo Bellofiore 205 has contributed to John Maynard Keynes. Language and Method, Elgar, Aldershot 1994 and has written essays in academic journals 13 Finance Capital Revisited 216 about Marxian value theory, Schumpeterian theory of economic Nelson Prado Alves Pinto development, Wicksell's and Keynes' circuit theory of money, and Sraffa's theory of prices. He has also published a biography of the 14 Marx on the Natural Rate of Interest: Did Marx Hold Marxist scholar Claudio Napoleoni in Italian. a Monetary Theory of Income Distribution? 233 H enk W P lasmeijer Carlo Benetti is Professor at Paris X-Nanterre University. His main fields of research are: money and price theory, history of economic 15 Asset Speculation in Marx's Theory of Money 254 thought. Duncan K. Foley Jean Cartelier is Professor at Paris X-Nanterre University. His main 16 Marx's Theory of Money and Interest: A fields of research are: money and price theory, history of economic Reconsideration in the Light of Robertson and Keynes 271 thought (Physiocracy, Keynes). Claudio Sardoni Suzanne de Brunhoff is Honorary Research Director, Centre National 17 Preliminaries to a Monetary Theory of Production: de la Recherche Scientifique, Paris. She is author of Marx on Money the Labour Theory of Value, Liquidity Preference, and the (1976), The State, Capital and Economic Policy (1978), L'Heure du Two Price Systems 286 marche, critique du liberalisme (1986) and 'L'instabilite monetaire inter­ L. Randall Wray nationale' in F. Chesnais (ed) (1996) La Mondialisation Financiere. Gilbert Faccarello is Professor at Ecole Normale Superieure de Fonte­ Index 301 nay/Saint-Cloud, France. He has published extensively on the history Vll viii Notes on the Contributors Notes on the Contributors IX of economic thought: classical and Marxian economics; seventeenth­ recently edited a special issue of Trimestre (1-2, 1996) on volume III and eighteenth-century French political economy. He is a co-founder of Capital. and co-managing editor of The European Journal of the History of Economic Thought. David Levine is Professor of Economics in the Graduate School of International Studies at the University of Denver. His recent publica­ Roberto Finelli is Associated Professor at the Department of Philoso­ tions include: Theories of Political Economy (1992), Wealth and Free­ phical Sciences, University of Bari (Italy), and teaches history of dom (1995), and Wanting and Choosing (1998). philosophy. He has published in italian a Commentary to Marx's Critique of Hegel's Doctrine of the State and various books about Ferdinando Meacci has been visiting Professor of Economics at some Hegel and Marx. In English he has published 'Some Thoughts on the American and Canadian universities. He is currently Associate Pro­ Modern in the Works of Smith, Hegel and Marx' in Rethinking fessor of Theory of Economic Growth at the University of Padua. He Marxism (Summer 1989) and 'Production of Commodities, and pro­ is the author of publications in the fields of capital theory, technical duction of Images: Reflections on Modernism and Postmodemism' in progress, and economic growth. His most recent book is Luigi Einaudi Rethinking Marxism (Spring 1992) e i principi del capitale (1993). Duncan ·Foley is Professor of Economics at Barnard College of Nelson Prado Alves Pinto is Professor in the Institute of Economics at Columbia University. He is the author of Understanding Capital: the University of Campinas, SP, Brazil, where he teaches monetary Marx's Economic Theory, Money, Accumulation and Crisis, and theory, macroeconomics and political economy. His work is related to many papers on Marxian and neoclassical economic theory. Brazilian economic history and, more recently, to Rudolf Hilferding's work. Heiner Ganssmann is Professor of Sociology at the Freie Universitat Berlin. His main research interests are in economic sociology, political Henk W. Plasmeijer is an Associate Professor at the State University economy and social policy. Recent books are Geld und Arbeit (1996) of Groningen, the Netherlands. His current research interest is the and Lohn und Beschiiftigung (with M. Hass, 1996). history of Dutch economic thought. He has published articles on Ricardian and Marxian economics and a book on the classical the­ Augusto Graziani is Professor of Economics at the University of ories of productive and unproductive labour. Rome 'La Sapienza'. He is also visiting Professor at the Universities of Birmingham, Ann Arbor, Michigan, and Paris III. He has David F. Ruccio teaches economics at the University of Notre Dame contributed a number of articles in several journals, mainly on mone­ and is a founding member of the editorial board of Rethinking Marx­ tary theory and problems concerning the development of the Italian ism. He published extensively on such themes as planning, latin Amer­ economy. ican development, Marxian economics, and postmodernism and is currently writing a book with Jack Amariglio titled' Postmodernism Marco E.L. Guidi is Researcher at Teramo University, Italy, where he and Economics'. teaches History of Economic Thought. He also teaches at Brescia University. His main field of research is the history of utilitarianism. Claudio Sardoni is Associate Professor of History of Political