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A contribution to the critique of political
economy
A review paper on Karl Marx book of
A contribution to the critique of political economy
By:Efa Tadesse Debele
Department of Sociology, Addis Ababa University
February 15, 2019
KARL MARX1818 - 1883
Enlightenment ideals of humans being able to alter their environment to allow for fuller human
capacity.
Ideals of Romanticism where Marx developed a concern for individuals and collective struggles.
Marx used some of Hegel’s notions to construct ideas that society is a construct of human’s and can
therefore be shaped and reshaped by humans.
As Marx put it, “The philosophers have only interpreted the world, in various ways; the point, however,
is to change it.”
Book I, A contribution to the critique
of political economy
Part I:The commodity
 commodity is base of bourgeois society
 It has use value and exchange value
 commodity is a means of existence
 Use value has only value in use
 exchange value-quantitative form- a proportion in which use values are
exchanged for one another
 Both use value and exchange value are products of human energy,
labour
 Exchange value-labour time relations
 materialization of individual labour time
 reification of universal labour time
 money-exchanging commodity
 circulation or metabolism-commodities
A. Historical notes on the analysis of
commodities
Franklin’trade in general being nothing else but the
exchange of labour for labour , the value of all things
is as I have said before Most justly measured by
labour
industry, alienated equivalent labour
Part II. Money or Simple circulation
commodity is a measure of money
A.Measure of value
materialised universal labour time
e.g Gold-measure of value, money
continued
Labour time is measure of value like gold
Commodities are commensurable
Gold as measure of values
Gold as standard of price or invariable weight
Money as account
Book I:Part II B. Theories of the
standard of money
Tokens ;the abstract concept of value
Money is an ideal scale of equal parts
Pound is ideal value
Labour is a parent cost and gives a relative value to
gold or iron
Whatever denominations of worlds are used to
express the daily or weekly labour of a man such
words express the cost of the commodity produced
Labour time is the direct measure of money in a
systematic way
Medium of exchange
Social metabolic process of circulation
A. The metamorphosis of commodities
circuit –c-m-c=commodity circulatiom
-m-c-m=money circulation
c-m=universal alienation
vicious circle of transaction or circuit
two types of money-actual/real and nominal
money either to measure or to buy
money is medium and agency
money can always buy other commodities
B.The circulation of money
Money initiate entire circuit
C. Coins and Tokens of value
gold as medium of circulation become gold
coins are pieces of gold
name of the money of account; pound, shilling, etc
coined assumes a local and political character
gradually coin change into pseudo gold
tokens are money that symbolically represent face
value of notes or coins but not
Money
Medium of exchange –gold-paper
Hoarding-keeping or storing in stock
A sign of wealth
Withdraw from circulation is burying it
Accumulation
Hiding from society
reserving
Means of payment
 Money functioning as universal means of payment
 Money used also as means of circulation
World money
 gold as money universal or world money
 precious metal
 gold and silver as world money
 they are universal means of exchange
 means of purchase and payment
 international money owner-cosmopolitan
 cosmopolitanism-Impede traditional
Theories of the medium of circulation and of money
 price depend on volume of money
Commentary
 Land as commodity/labour time or how it is
valuable
 What cost services like prostitution and labour time
 Universal labour time and disparity of exchange
rate
 Why gold is universal?
 Wealth as accumulation not investment?
 Money and precious metal
 Secrecy of monetary issue
 Correlate labour and money

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Karl marx's book of a contribution to the critique of political economy

  • 1. A contribution to the critique of political economy A review paper on Karl Marx book of A contribution to the critique of political economy By:Efa Tadesse Debele Department of Sociology, Addis Ababa University February 15, 2019
  • 2. KARL MARX1818 - 1883 Enlightenment ideals of humans being able to alter their environment to allow for fuller human capacity. Ideals of Romanticism where Marx developed a concern for individuals and collective struggles. Marx used some of Hegel’s notions to construct ideas that society is a construct of human’s and can therefore be shaped and reshaped by humans. As Marx put it, “The philosophers have only interpreted the world, in various ways; the point, however, is to change it.”
  • 3. Book I, A contribution to the critique of political economy Part I:The commodity  commodity is base of bourgeois society  It has use value and exchange value  commodity is a means of existence  Use value has only value in use  exchange value-quantitative form- a proportion in which use values are exchanged for one another  Both use value and exchange value are products of human energy, labour  Exchange value-labour time relations  materialization of individual labour time  reification of universal labour time  money-exchanging commodity  circulation or metabolism-commodities
  • 4. A. Historical notes on the analysis of commodities Franklin’trade in general being nothing else but the exchange of labour for labour , the value of all things is as I have said before Most justly measured by labour industry, alienated equivalent labour Part II. Money or Simple circulation commodity is a measure of money A.Measure of value materialised universal labour time e.g Gold-measure of value, money
  • 5. continued Labour time is measure of value like gold Commodities are commensurable Gold as measure of values Gold as standard of price or invariable weight Money as account
  • 6. Book I:Part II B. Theories of the standard of money Tokens ;the abstract concept of value Money is an ideal scale of equal parts Pound is ideal value Labour is a parent cost and gives a relative value to gold or iron Whatever denominations of worlds are used to express the daily or weekly labour of a man such words express the cost of the commodity produced Labour time is the direct measure of money in a systematic way
  • 7. Medium of exchange Social metabolic process of circulation A. The metamorphosis of commodities circuit –c-m-c=commodity circulatiom -m-c-m=money circulation c-m=universal alienation vicious circle of transaction or circuit two types of money-actual/real and nominal money either to measure or to buy money is medium and agency money can always buy other commodities
  • 8. B.The circulation of money Money initiate entire circuit C. Coins and Tokens of value gold as medium of circulation become gold coins are pieces of gold name of the money of account; pound, shilling, etc coined assumes a local and political character gradually coin change into pseudo gold tokens are money that symbolically represent face value of notes or coins but not
  • 9. Money Medium of exchange –gold-paper Hoarding-keeping or storing in stock A sign of wealth Withdraw from circulation is burying it Accumulation Hiding from society reserving
  • 10. Means of payment  Money functioning as universal means of payment  Money used also as means of circulation World money  gold as money universal or world money  precious metal  gold and silver as world money  they are universal means of exchange  means of purchase and payment  international money owner-cosmopolitan  cosmopolitanism-Impede traditional Theories of the medium of circulation and of money  price depend on volume of money
  • 11. Commentary  Land as commodity/labour time or how it is valuable  What cost services like prostitution and labour time  Universal labour time and disparity of exchange rate  Why gold is universal?  Wealth as accumulation not investment?  Money and precious metal  Secrecy of monetary issue  Correlate labour and money