This volume begins with an introduction to Marx's theory of
capitalism in his own words, with his examples modernized from use
of shillings and pence as subdivisions of the Pound. Well-known
1901 work on the theory of crises in capitalism by Michael
Tugan-Baranowsky is translated into English for the first time,
with a Preface placing it in context. The political activism and
theoretical work of Henryk Grossman through 1926 is summarized in
some detail, and a rarely-known brief article of his from
1919 included.
Ambiguity in Marx's definition of accumulation of capital and
the
differing directions Lenin and Luxemburg took with it are next
analyzed, with a more precise definition offered. Debate, begun in
the last volume, over the valuation of means of production and its
effect on the possibility of a falling tendency of the profit rate
is taken a step forward as contrasting positions are
developed.
Finally, credit money as an advanced form of money is analyzed and
the post-Keynesian analysis of it, originating from Kaldor, subject
to critique. Several theories of inflation theory are reviewed,
with focus on the agencies causing inflation. A rediscovery of
Marxian inflation theory is proposed.
General
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