Preface
Bibliographical Note
Part I: A Macro-Monetary Interpretation of Marx’s Logical
Method
1. Introduction: A ‘macro-monetary’ interpretation of Marx’s
theory
2. Algebraic summary: A ‘macro-monetary’ interpretation of Marx’s
theory
3. Marx’s Theory of the Production and Distribution of
Surplus-Value: The Prior Determination of the Total
Surplus-Value
4. The Circuit of Money Capital: M Presupposed
5. Money Has No Price:Marx’s Theory of Money and the Transformation
Problem
Part II: Other Interpretations of the Transformation Problem
6. Standard Interpretations of Marx’s theory
7. Shaikh’s Iterative Interpretation
8. The New Interpretation (Foley, Duménil, Mohun)
9. Temporal Single System Interpretation (Kliman and McGlone)
10. The Rethinking Marxism Interpretation (Wolff, Roberts, and
Callari)
11. The Organic Composition of Capital Interpretation (Fine,
Saad-Filho)
12. Replies to Criticisms of my Macro-Monetary Interpretation
(Laibman, Bellofiore)
Part III: Conclusion
Conclusion
Index
Fred Moseley is Professor of Economics at Mount Holyoke College and is the author and editor of numerous books and articles on Marx’s theory, especially the logical method employed by Marx in Capital and the theory of the distribution of surplus-value in Volume III of Capital.
"Money and Totality, is probably the best book on Marxist economic
theory this year, and for this century so far.”
Michael Roberts, author of The Long Depression
"After discussions of the ‘transformation problem’ for over 100
years no new approach seemed to be possible. However Fred Moseley
succeeds to present something new. Combining methodological
considerations, a macroeconomic, and a monetary approach, Moseley
is able to find the ‘solution’ to the transformation problem
already in Volume I of ‘Capital’ – which is really surprising. This
book is important not only for the transformation problem but also
for introducing a new macro-monetary interpretation of ‘Capital’
which is extremely useful for a number of other fields of
research."
Michael Heinrich, political scientist and mathematician based in
Berlin, member of the editorial board of PROKLA, Journal of
Critical Social Science
"This is a comprehensive survey and summary of Fred Moseley's
research over more than thirty years into Marx's method of analysis
of values and prices in a capitalist economy. He provides a very
clear explanation of his thesis that Marx's approach has been
generally completely misunderstood, and that as a consequence the
usual critique of inconsistency is wrong. From this perspective, he
also engages with the many alternative approaches that have been
advocated, providing a thoughtful methodological critique of the
various positions in the literature. Both beginners and specialists
will find this book of great interest as it vigorously challenges
conventional wisdom both in the history of economic thought and
among Marx scholars."
Simon Mohun, Queen Mary University of London
"From the nineteen century until today, Marx’s critics have
rejected his theory on the grounds that the Volume 3 account of
prices of production contradicts the analysis of labor time values
in Volume 1. Marx’s defenders have responded by attempting to
“transform” labor values into prices of production in ways that
avoid this criticism and enable some of Marx’s key claims to still
be affirmed. In this brilliant book Moseley provides extensive
textual evidence from all the drafts of Capital that neither
critics nor advocates have adequately understood Marx’s
methodological framework. Marx’s project was not to transform labor
values into prices of production; Capital is a monetary theory from
beginning to end. The same money quantities are first comprehended
on an aggregate level, and then on a more concrete level where
differences among sectors are taken into account. Moseley provides
elegant algebraic proofs that all of Marx’s key claims can be
established within this framework. This book may well overcome the
obsession with the “transformation problem” once and for all,
moving debates about Marx’s theory onto more fruitful paths. It is
surely one of the most important contributions to Marxian
scholarship published in our time."
Tony Smith, Iowa State University
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