Contents

Preface

Acknowledgements

Bibliographical Note

Part 1. A Macro-Monetary Interpretation of Marx’s Logical Method

Chapter 1. Introduction: A ‘Macro-Monetary’ Interpretation of Marx’s Theory

1. Two Main Levels of Abstraction: The Production and Distribution of Surplus-Value and the Prior Determination of the Total Surplus-Value

2. Single System -- Actual Capitalism

3. Marx’s Concept of Capital

4. The Circuit of Money Capital

5. M Presupposed

6. Two-Stage Explanation of the Presupposed Actual M

7. Sequential Determination

8. Predecessors of This ‘Macro-Monetary’ Interpretation

Chapter 2. Algebraic Summary: A ‘Macro-Monetary’ Interpretation of Marx’s Theory

1. Theory of the Production of Surplus-Value

2. Theory of the Distribution of Surplus-Value and Prices of Production

3. Marx’s Two Aggregate Equalities Always Satisfied

Chapter 3. Marx’s Theory of the Production and Distribution of Surplus-Value: The Prior Determination of the Total Surplus-Value

1. The Grundrisse

2. Manuscript of 1861–63

3. Volume III of Capital (Manuscript of 1864–65)

4. Volume I of Capital

5. Three Important Letters in 1867–8

6. Conclusion

Chapter 4. The Circuit of Money Capital: M Presupposed

1. The Grundrisse

2. Manuscript of 1861–63

3. The ‘Results’

4. Volume III of Capital (Manuscript of 1864–65)

5. Volume I of Capital

6. Volume II of Capital (1870s)

Conclusion

Chapter 5. Money Has No Price: Marx’s Theory of Money and the Transformation Problem

1. Marx’s Basic Theory of Money and the Transformation Problem

2. Bortkiewicz and Sweezy’s Misinterpretation of Money in Marx’s Theory of Prices of Production

3. The MELT and the Transformation Problem

4. Non-Commodity Money and the Transformation Problem

5. Conclusion

Part 2. Other Interpretations of the Transformation Problem

Chapter 6. Standard Interpretations

1. Bortkiewicz-Sweezy Interpretation

2. Sraffian Interpretation

Conclusion

Appendix. Comparison of Interpretations of Marx’s Theory: Sraffian and Macro-Monetary

Chapter 7. Shaikh’s Iterative Interpretation

1. Iterative Method

2. Labour Theory of Value Essential?

3. Total Profit ≠ Total Surplus-Value

4. Divergencies and Limits

5. Change of Value Added

6. Conclusion

Chapter 8. The New Interpretation

1. Foley’s New Interpretation

2. Duménil’s New Interpretation

3. Mohun’s New Interpretation

4. New Palgrave Article by Duménil and Foley

5. General Conclusion

Chapter 9. Temporal Single System Interpretation (TSSI)

1. Similarities

2. Differences

3. Kliman’s Response to Prices of Production as Long-Run Centre-of-Gravity Prices

4. Current Costs and Sequential Determination

Conclusion

Chapter 10. The Rethinking Marxism Interpretation

1. Similarities

2. Differences

3. Formal Model

4. WRC’s Critique of My Interpretation

5. Conclusion

Appendix. Kristjanson-Gural’s Extension of the WRC Model to Include Money

Chapter 11. The Organic Composition of Capital Interpretation

1. Prices of Production as Disequilibrium Prices

2. Organic Composition of Capital

3. ‘Two Stage’ Transformation

4. Labour Theory of Value Still Essential?

5. Critique of the New Interpretation

6. Critique of ‘Monetary’ Interpretation of Constant Capital

Conclusion

Chapter 12. Replies to Criticisms of My Macro-Monetary Interpretation

1. Reply to Laibman: The Return to Marx: Retreat or Advance?

2. Reply to Bellofiore: What is Macro? What is Monetary?

Conclusion

Part 3. Conclusion

Conclusion

Bibliography

Index of Names

Index of Subjects