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The Marxian Theory of Capitalism

In: The Basic Theory of Capitalism

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  • Makoto Itoh

    (University of Tokyo)

Abstract

The Marxian school which was founded by K. Marx (1818–1883) also arose out of the theoretical limits and deadlocks of the classical school. Marx’s renovation of economics was, however, quite different from the directions of other contemporary economic schools. Unlike the historical school or the neo-classical school, Marx did not discard the essential theoretical contents and achievements of the classical school which was based on the labour theory of value, but fully attempted to inherit them by criticising and solving the deadlocks in the classical theories from within. In such an attempt Marx consciously and systematically clarified the historical character of a capitalist economy.

Suggested Citation

  • Makoto Itoh, 1988. "The Marxian Theory of Capitalism," Palgrave Macmillan Books, in: The Basic Theory of Capitalism, chapter 3, pages 39-68, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-19107-9_3
    DOI: 10.1007/978-1-349-19107-9_3
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