Presents an account and technical assessment of Marx's economic analysis in Capital, with particular reference to the transformation and the surplus-value doctrine, the reproduction schemes, the falling real-wage and profit rates, and the trade cycle. The focus is on criticisms that Marx himself might have been expected to face in his day and age. In addition, it offers a chronological study of the evolution of that analysis from the early 1840s through three 'drafts': documents of the late 1840s, the Grundrisse of 1857–1858, and the Economic Manuscripts of 1861–1863. It also provides three studies in application, focusing on Marx's 'evolutionary' orientation in his evaluation of the transition to communism and his rejection of 'egalitarianism' under both capitalist and communist regimes; his evolving perspective on the role of the industrial 'entrepreneur'; and his evolving appreciation of the prospects for welfare reform within capitalism.
• Long-awaited final volume in 6 book collection of most eminent political economists in history • Covers Marx's own awareness of the weakness of his formulation of surplus value/ exploitation • Illuminates the demographic role in growth theory
Part I. Capital: Principal Features of the Marxian 'Canon': 1. Value and distribution; 2. Elements of growth theory; 3. Economic growth and the falling real-wage trend; 4. Economic growth and the falling rate of profit; 5. The cyclical dimension; Part II. Origins: Marx in the 1840s: 6. Marx's economics 1843–1845; 7. A 'first draft' of Capital 1847–1849; Part III. A 'Second Draft' of Capital: The Grundrisse 1857–1858: 8. 1857–1858 I: surplus value; 9. On value 'realization'; Part IV. A 'Third Draft' of Capital: The Economic Manuscripts 1861–1863: 10. 1861–1863 I: surplus value – profit, rent, and interest; 11. 1861–1863 II: sectoral analysis, accumulation, and stability; 12. 1861–1863 III: the labor market; Part V. Topics in Application: 13. Economic organization and the equality issue; 14. Is there a Marxian 'entrepreneur'? On the functions of the industrial capitalist; 15. Principles of social reform; Conclusion: a recapitulation and overview.
'This is vintage Hollander: beautifully written, highly opinionated and extremely well researched. It is the culmination of decades of scholarship on classical and post-classical political economy. Many readers will question Hollander's interpretation of Marx as an unsuccessful predecessor of Walras, but few will fail to be stimulated, or provoked, by this book.' John King, La Trobe University
'For those hoping for an understanding of Marx and Marx's economics, the long wait is over. Samuel Hollander has delivered a masterpiece. All of the old disturbing puzzles are revealed and resolved: from value and distribution, to the falling rate of profit, growth and cycle and the thorny and infamous transformation problem itself. From cover-to-cover, the care and breadth of exposition, the insight and the scholarship are nothing short of breathtaking. This is truly a major event for economists, social and political scientists and intellectual historians, and no less a landmark achievement in the history of economic thought. All those interested not only in the historical Marx, but also in the true nature and significance of his work to modern economics and present-day concerns (including Marx on equity, the role of the entrepreneur and the process of social reform) will relish at the turn of every page of this wonderful book.' Tom Kompas, The Australian National University
'The detailed arguments are typically first class, and always well presented. … Historians of economic thought will benefit most, but scholars from other disciplines will also find Samuel Hollander's book to be an excellent reference source.' Journal of the History of Economic Thought