Tag Archives: circuit of capital

Crisis, Value and Marx’s “Order of Operations”

An economic crisis manifests itself in many different forms simultaneously: stock market crashes, housing market crashes, over capacity, unemployment, etc. For every aspect of the crisis there is some theorist who mistakes this surface appearance for the inner mechanism of crisis. But a proper analysis of crisis needs to have some reason for selecting some phenomena as causes and others as effects. There must be a proper ordering of the relations between different economic factors in order for our analysis to avoid being arbitrary and piecemeal. Marx gives us a very clear, though complex, ordering of these relations. Interestingly enough the misunderstanding of Marx’s method, of the proper relation between different aspects of his value theory, is also one of the main reasons that many have dismissed the labor theory of value and Marx’s theory of crisis in the first place. This paper will seek to explain and defend Marx’s “order of operations” in hopes that this can shed valuable light onto what exactly differentiates Marx’s theory of capitalism from others. Continue reading

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Kapital Vol. 3 – Engels’ Preface 1894

The first part of Engels’ introduction describes the laborious process Engels confronted as he attempted to put together a draft of Volume 3 from Marx’s incomplete manuscripts and notes. It sounds like a nightmare of a task. Continue reading

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What is capital?

I’ve talked about capitalism. I’ve talked about capitalists. But I haven’t explicitly talked about capital itself. That’s the purpose of this video. The term “capital” is often overused, allowed to describe any asset regardless of how this economic asset is … Continue reading

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What is Capitalism?

What is capitalism? Part 1: Part 2: In many videos I’ve argued that exploitation is central to capitalism. In my recent video on money I explained how the contradictions within money itself can only be resolved by a process which … Continue reading

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Welcome to Kapitalism…

This is a place to post the text of my youtube videos which deal with various topics in economics. You will find the links to each video and their text under the “pages” section on the right.

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