This paper offers a framework for understanding the financial system using Marx’s theory of value. It examines how to interpret the Marxist concepts of the rate of profit and fictitious capital when analysing the financial sector, showing how accounting terms such as ‘return on equity’ and...

Long prone to dogmatic disagreement, the question of value in Marx's thought-what value is, the purpose it serves, its application to real-world capitalism-requires renewal if Marx's work is to remain vibrant. In Value in Marx, George Henderson offers a lucid rereading of Marx that strips value...

ch. 1. Introduction / Ben Fine -- ch. 2. The law of value in Ricardo and Marx / Geoffrey Pilling -- ch. 3. Production, circulation and value / Ira Gerstein -- ch. 4. Transformations of physical conditions of production : Steedman's economic metaphysics / Heiner Ganssmann -- ch. 5. On Marx's...

The causal structure of capitalistic commodity production can be revealed by notionally separating total output into two categories: 'necessaries' bought by employees, and the rest constituting society's surplus. The rate of profit is determined in the wage good industry and becomes the system?s...