Marx’s Economic Manuscript of 1867–68 (Excerpt) Editor’s Introduction

In: Historical Materialism


This is an introduction to an English translation of a 25-page excerpt from Marx’s Manuscript of 1867–68, which was published for the first time in German in 2012 in the MEGA, Volume II/4.3. This excerpt (see pp. 162–92) is Marx’s first and only attempt to incorporate unequal turnover times across industries into his theory of the equalisation of the profit rate and prices of production. The introduction attempts to clarify the overall logic of this excerpt as well as to point out Marx’s many small errors in this messy first draft. The introduction concludes with the implications of this excerpt for the general interpretation of Marx’s theory of prices of production (i.e. the transformation problem).

  • Marx, Karl 1981, Capital: A Critique of Political Economy. Volume Three, translated by David Fernbach, Harmondsworth: Penguin.

  • Marx, Karl 2003, Marx-Engels-Gesamtausgabe. II/14: Marx/Engels: Manuskripte und redaktionelle Texte zum dritten Buch des „Kapitals“, 1871 bis 1895, Berlin: Akademie Verlag.

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  • Marx, Karl 2012, Marx-Engels-Gesamtausgabe. II/4.3: Marx: Ökonomische Manuskripte 1863–1868. Teil 3, Berlin: Akademie Verlag.

  • Moseley, Fred 2016, Money and Totality: A Macro-Monetary Interpretation of Marx’s Logic in ‘Capital’ and the End of the ‘Transformation Problem’, Historical Materialism Book Series, Leiden: Brill.

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