An Updated Marxian Theory of Commodity: An Alternative Key to Making Sense of Capitalist Production - Softcover

Inhaltsangabe

How does material production become socially recognised in Capitalism? This is a fundamental question for Economics, as material production takes place privately and independently in a worldwide system. The present book shows that the process of social recognition of material production and the process giving rise to money are one and the same. It further highlights that they are only the material manifestation of the realisation of work carried out privately and independently as part of the social labour. The theory of commodity outlined completes the characterisation of commodity as a historical mode of production and recovers Marx¿s fundamental concept of the mercantile form of value. As a result, it stands out that the mercantile form of value is the indirect way in commodity production to allocate the productive powers of society, Smith¿s invisible hand. Furthermore, the book breaks the false immediate identity between means of production and capital, and that between money and capital. The fallacy that the labour theory of value disregards the inputs to production other than labour is thus laid bare, as is the misconception that directly identifies supply with production.

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