Social Scientist. v 5, no. 60 (July 1977) p. 44.

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Marxian Political Economy


WE started this series of articles with an introduction that dealt with historical materialism and the Marxist approach to the study of society. We then developed the concepts of value, surplus value and exploitation, and discussed the modes of production of absolute and lelative surplus value. Utilizing these analytical categories., we provided an exposition of the basic laws of capitalist accumulation as formulated by Marx in volume I of Capital. In the previous article in this series, we noted that our analysis has so far been confined to the sphere of the capitalist process of production alone, and that it needs to be extended in two directions:

1) An analysis of the process of capitalist circulation, and thus also an analysis of the laws of reproduction of social capital conceived as the unity of the capitalist production and circulation processes, must be provided. In particular, the Marxist theory of capitalist crises—the interruption of the reproduction of social capital—must be explained.

2) Taking Marx's law of the centralization of capital as the starting point, its implications have to be understood. Specifically the development of monopoly capitalism—^imperialism or the highest stage of capitalism*', as Lenin called it—from competitive capitalism needs to be explained, and the Marxist-Leninist understanding of imperialism

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