This paper considers the second theory of value that can be discerned in Capital. It contains the same elements as the usual theory--value and the form of value; concrete and abstract labor; labor-power and labor, etc. But by combining them in a different order and replacing value magnitudes with...

The purpose of this article is to show that money is not an entity but hic et nunc a genuine mode of circulation associated with a genuine social organisation. Criticising money hypostasis may help to to: (i) elucidate the ambivalence of monetary relations in our modern society (equivalence and...

This paper attempts to evaluate the consistency of the theoretical propositions inherent in the main concepts of Marx's theory of exchange and surplus-value. The principal contention is that an internal criticism of Marx's theory leads one to restate it in a different framework. This framework,...

Economic orthodoxy has but a minimal interest in methodology. Heterodoxy is suspicious of dialectics. As exemplified recently in a book by John Rosenthal, even Marxism likes to eschew the notion of any more than a residual Hegelian influence in Marx and Marxist discourse. Bouncing off...

By adopting a monetary approach with no reference to any substratum of value substance preexisting monetary exchange, the key to capitalism's form-determined interconnectedness is revealed. The concrete existence of the value-form is in money--in a ll its contingent physical manifestations....

Reinstating the dialectic in Marx's account of capitalism is argued to be the best way of maintaining its coherence after the Sraffian critique. The key to this involves purging any reliance upon any autonomous labor-value substructure underlying prices and money. It is shown that adopting this...