Editor: Fred Moseley
Marx’s only full draft of Volume III of Capital was written in the Economic Manuscript of 1864—1865. The Volume III that we know was heavily edited by Engels. It has been a long-standing question in Marxian scholarship whether or not there are significant differences between Marx’s original manuscript and Engels’s edited version. Marx’s manuscript was published for the first time in German in 1992 in the Marx/Engels Gesamtausgabe, Section II, Volume 4.2, but this important manuscript has not previously been translated into English. The publication of this English translation of Marx’s original manuscript is thus an important event in Marxian scholarship. English-speaking Marxist scholars can finally compare Engels’s Volume III with Marx’s original manuscript and evaluate for themselves the significance of the differences.
A Macro-Monetary Interpretation of Marx's Logic in Capital and the End of the 'Transformation Problem'
Author: Fred Moseley
This ambitious book presents a comprehensive new 'macro-monetary' interpretation of Marx’s logical method in Capital, based on substantial textual evidence, which emphasises two main points: (1) Marx’s theory is primarily a macroeconomic theory of the total surplus-value produced in the economy as a whole; and (2) Marx’s theory is a monetary theory from beginning to end and the circuit of money capital – M - C - M’ – is the logical framework of Marx’s theory. It follows from this 'macro-monetary' interpretation that, contrary to the prevailing view, there is no 'transformation problem' in Marx’s theory; i.e., Marx did not 'fail to transform the inputs of constant capital and variable capital' in his theory of prices of production in Part 2 of Volume III.
Author: Fred Moseley

Abstract

In the first thirty years after World War II, the US economy performed very well. The rate of growth averaged 4—5%, the rate of unemployment was seldom above 5%, inflation was almost non-existent (1—2%), and the living standards of workers improved steadily. These were the ‘good old days'. However, this long period of expansion and prosperity ended in the 1970s. Since then, both the rate of unemployment and the rate of inflation have been much higher than before, and the average real wages of workers (i.e. the purchasing power of wages) have declined some 20%. Productivity growth has also slowed down and the debt burden of both capitalist enterprises and the Federal government has increased dramatically. It is in this sense that we may refer to the ‘economic crisis’ of the US economy over the last two decades. This crisis has certainly not been as severe as the Great Depression of the 1930s, but the economic performance has been significantly worse than in the early post-war period.

In: Historical Materialism
Author: Fred Moseley

Abstract

This book seeks to defend Marx’s theory in Capital against the long-standing criticism of logical inconsistency, which has provided the main justification for the rejection of Marx’s theory over the last century. This book presents a new interpretation of Marx’s theory that has emerged over the last several decades called the ‘temporal single-system’ interpretation (commonly abbreviated as TSSI). Kliman argues that the TSSI eliminates all of the alleged logical inconsistencies in Marx’s theory, and therefore logical inconsistency is not a valid reason to reject Marx’s theory. I agree in general with much of this book, but I disagree on some points, especially the use of one-commodity models and its interpretation of the transformation-problem.

In: Historical Materialism
In: Marx's Capital and Hegel's Logic
In: In Marx's Laboratory
In: Money and Totality
In: Money and Totality
In: Money and Totality
In: Money and Totality