Marx or Hicks? Structural Proportions and Crisis: The Transition from the First to the Third Volume of Capital

Joseph Halevi and Peter Kriesler

Chapter 13 in Marxian Economics: A Reappraisal, 1998, pp 194-205 from Palgrave Macmillan

Abstract: Abstract Two fundamental aspects of modem capitalist economies are not adequately treated in volume III of Capital. The first of these, the monopolistic stage of capitalism, is not discussed in any of the volumes. Instead there is an emphasis on competitive capitalism, governed by a tendency towards a uniform rate of profit, which, according to Marx, provides capitalism with its long-run dynamic. The second feature is the role of structural and sectoral adjustment in the dynamic growth process. Here the problem lies mainly with volumes I and III, as volume II embarks on an embryonic consideration of the issues in its treatment of the reproduction schemes.

Keywords: Real Wage; Capitalist Economy; Reproduction Scheme; Uniform Rate; Real Capital (search for similar items in EconPapers)
Date: 1998
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DOI: 10.1007/978-1-349-26121-5_13

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