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‘Transformation’ and the Monetary Circuit

In: The Culmination of Capital

Author

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  • Riccardo Bellofiore

Abstract

One of the more debated issues in Marxian theory is the relationship between Volume I and Volume III of Capital. Indeed, since the publication of Volume III, the thesis according to which there is a ‘contradiction’ between the two books has been one of the favourite arguments of Marx’s critics. The main point is, of course, Marx’s presumed failure to ‘transform’ exchange-values into prices of production.1 The charge has been repeated again and again over the last century, beginning with Bortkiewicz and Dmitriev and ending with contemporary Neoclassicals like Samuelson, or Neo-Ricardians like Steedman. While Marx thought that exchange-values were the necessary starting points in the deduction of prices of production, these critics maintain that exchange-values are redundant. Prices, including a uniform rate of profit among industries, can be reached directly with the technological matrix and the real wage taken as givens.

Suggested Citation

  • Riccardo Bellofiore, 2002. "‘Transformation’ and the Monetary Circuit," Palgrave Macmillan Books, in: Martha Campbell & Geert Reuten (ed.), The Culmination of Capital, chapter 5, pages 102-127, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-0-230-59709-9_5
    DOI: 10.1057/9780230597099_5
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