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

In: Historical Materialism

Abstract

This archive manuscript is 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 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 excerpt considers three cases: unequal turnover times across industries, unequal compositions of capital across industries, and both of these inequalities together. It also emphasises two concepts of the rate of profit: rate of profit on capital advanced and rate of profit on the cost price (capital consumed).

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