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Heinrich Answers Critics

For Marx, is a rising rate of surplus value (s/v) a part of the law itself (as it is presented in chapter 13 of vol. III of Capital) or is it a counteracting factor (dealt with in chapter 14)? There is an easy way to check: we just have to read chapter 13. Marx starts his presentation with a constant rate of surplus value and shows that a rising organic composition of capital leads to a falling rate of profit (pp. 317-18, all pages from the Penguin edition of Capital). Then very quickly he includes a rising rate of surplus value in his considerations (see pp. 319, 322, 326, 327, 333, 337). At pages 333 and 337 Marx even realizes the possibility of a profit rate rising with a rising rate of surplus value, but excludes such a possibility as an “isolated case” or not realistic without going into details. It is clear that he maintains the “law itself” not only with a constant rate of surplus value but also with a rising rate of surplus value!

Crisis Theory, the Law of the Tendency of the Profit Rate to Fall, and Marx’s Studies in the 1870s

In Marx’s work, no final presentation of his theory of crisis can be found. Instead, there are various approaches to explain crises. In the twentieth century, the starting point for Marxist debates on crisis theory was the third volume of Capital, the manuscript of which was written in 1864–1865. Later, attention was directed towards the theoretical considerations on crisis in the Theories of Surplus-Value, written in the period between 1861 and 1863. Finally, the Grundrisse of 1857–1858 also came into view, which today plays a central role in the understanding of Marx’s crisis theory for numerous authors. Thus, starting with Capital, the debate gradually shifted its attention to earlier texts. With the Marx Engels Gesamtausgabe (MEGA), all of the economic texts written by Marx between the late 1860s and the late 1870s are now available. Along with his letters, these texts allow for an insight into the development of Marx’s theoretical considerations on crisis after 1865.

An Introduction to the Three Volumes of Karl Marx's Capital

An Introduction to the Three Volumes of Karl Marx’s Capital

Heinrich’s modern interpretation of Capital is now available to English-speaking readers for the first time. It has gone through nine editions in Germany, is the standard work for Marxist study groups, and is used widely in German universities. The author systematically covers all three volumes of Capital and explains all the basic aspects of Marx’s critique of capitalism in a way that is clear and concise.