Capital is one of those “great books” that unfortunately is seldom actually read. The main purpose of this course is to study Marx’s theory of capitalism, as he himself presented it in Capital. Secondary sources will also be used, but the emphasis will be on reading Marx in the original. Marx's theory will also be applied to contemporary economic problems, such as unemployment, inflation, inequality, poverty, underdevelopment, globalization, etc. Marx’s theory will also be compared with the main alternative theories of capitalism: classical economics, microeconomics, and macroeconmics. In this way, students should also gain a broader perspective of the relative strengths and weaknesses of Marx’s theory and modern economics. Finally, we will also examine Marx’s views on socialism and the recent changes in the Soviet Union and Eastern Europe in light of Marx’s views.

GRADES will be based on a series of 5 short papers (3-5 pages) and class attendance and
participation.

TEXTBOOK (available at the Odyssey Bookstore):

Marx, Capital, Volume 1

All other readings are in the course reading packet (to be distributed later)

READING ASSIGNMENTS

9/9 Introduction - Marx’s life and works
Brewer, “Introduction”

9/11 Rise of capitalism in England
Capital, Volume 1, Chapter 26

Marx's logical method
Capital, Volume 1, Preface to the First Edition, pp. 89-93
Capital, Volume 1, Postface to the Second Edition, pp. 94-103

9/16 Theory of value
9/18 Capital, Volume 1, Chapter 1, Sections 1 2

FIRST PAPER ASSIGNED DUE 9/26

9/23 Money
Capital, Volume 1, Chapter 1, Section 3

9/25 The fetishism of commodities
Capital, Volume 1, Chapter 1, Section 4

9/30 Capital and labor power
Capital, Volume 1, Chapters 4 6

10/2 Theory of surplus value
10/3 Capital, Volume 1, Chapter 7

SECOND PAPER ASSIGNED DUE 10/10

10/7 Constant capital, variable capital, and the rate of surplus value
Capital, Volume 1, Chapters 8, 9.1 and 9.3

10/9 Absolute surplus value (length of the working day)
Capital, Volume 1, Chapters 10 11

10/16 Relative surplus value (technological change)
10/17 Capital, Volume 1, Chapters 12 (pp. 419-33), 14.5, and 15.4
Brecher and Costello, “The Structure of Work”
Braverman, “A Final Note on Skill”

THIRD PAPER ASSIGNED DUE 10/28

10/28 The Accumulation of capital
Capital, Volume 1, pp. 709-10 and Chapter 24.1

10/30 General law of capital accumulation
Capital, Volume 1, Chapter 25, Sections 1 4

11/4 Falling rate of profit

11/6 Capital, Volume 3, Part 3, “The Law of the Tendency of the Rate of Profit to Fall”
Moseley, “Marx’s Theory of the Falling Rate of Profit”
Rosdolsky, “On Some Recent Criticisms of Marx’s Law of the Falling Rate of Profit”
Alcalay, “An Introduction to Marxian Crisis Theory”

FOURTH PAPER ASSIGNED DUE 11/14

11/11 Distribution of surplus value and the “transformation problem”
Capital, Volume 3, Part 2, “Transformation of Profit into Average Profit”
Sweezy, “The Transformation of Values into Prices”

11/13 Effects of fiscal and monetary policies
Moseley, “Limits of Government Policies”

11/18 Postwar Prosperity and Stagflation
11/20 Moseley, “The Rate of Profit and Economic Stagnation in the United States Economy”
Moseley, “The US Economy at the Turn of the Century: A New Era of Prosperity?”

11/25 Globalization
Petras, “Globalization or Imperialism?”

12/2 Marx’s views on socialism
12/4 Capital, Volume 1, Chapter 32
Foley, “Socialism”

12/9 General review and discussion

FINAL PAPER ASSIGNED DUE 12/17