IDEAS home Printed from https://ideas.repec.org/h/pal/palchp/978-0-230-59709-9_5.html
   My bibliography  Save this book chapter

‘Transformation’ and the Monetary Circuit

In: The Culmination of Capital

Author

Listed:
  • 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
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palchp:978-0-230-59709-9_5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.