Download An Introduction to Marxist Economics by George Catephores (auth.) PDF

By George Catephores (auth.)

This textual content provides an basic exposition of the elemental ideas of Marxist economics from the vital principles of Marx himself in the course of the reassessments made by way of next Marxian economists. The paintings is geared toward scholars of Marxist experiences and comparable courses.

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Here it is merely pointed out that with the capitalist being the exclusive owner of the product, as well as bearing the obligation to pay fixed wages, the less the worker is paid and the more he is made to produce (being a dependent employee), the greater the residual benefit for the capitalist owner. Both motive and opportunity for exploitation would appear obvious in this situation. Moreover, as long as a certain percentage of unemployed labour is always present on the market, capitalists run no risk of having to bid against one another for labour so hard as to cause their advantages to vanish in the face of a universal upsurge of wage levels.

It does not have to be produced for the purpose of being exchanged; its original destination may have been the producer's own consumption. If so, the good becomes a commodity only through the act of exchange. If, on the other hand, it has been produced exclusively (or even mainly) with the aim of being exchanged, it is a commodity right from the production stage. It then becomes possible to talk of commodity 20 Commodity production and capitalism production as a specific type of economic organisation (the Marxist argument does not exclude from the definition non-material commodities such as services, but this aspect of the theory is not pursued here).

Personal freedom and equal treatment of all in the eyes of the law in the economic (at least, but preferably in every) sphere of social activity are, therefore, instrumental to the proper functioning of commodity production. This freedom (the individual's bill of rights) is not, however, sufficient. To make practical use of their economic freedom, commodity producers must also have absolute and exclusive power of disposal over their material resources and over their products. Private ownership confers on them this power.

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