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Value, Price And Profit
"Value, Price and Profit" (German: "Lohn, Preis und Profit") is a transcript of an English-language lecture series delivered to the First International Working Men's Association on June 20 and 27, 1865 by Karl Marx. The text was written between the end of May and June 27 in 1865, while ''Capital, Volume I'' was in preparation and one year before it was published. ''Value, Price and Profit'' was published as a book in 1898 by Marx's daughter Eleanor Marx Aveling. In this polemic, Marx sought to refute the theoretical basis for the economic policy of Ricardian socialist John Weston. Weston said that "(1) that a general rise in the rate of wages would be of no use to the workers; (2) that therefore, etc., the trade unions have a harmful effect". In the process of criticizing Weston, Marx's explicates his theories of surplus value and the falling rate of profit in simple and concise English. Synopsis Marx argues that because there are economic laws governing the value of commodities ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Workingmen's Association
The International Workingmen's Association (IWA), often called the First International (1864–1876), was an international organisation which aimed at uniting a variety of different left-wing socialist, communist and anarchist groups and trade unions that were based on the working class and class struggle. It was founded in 1864 in a workmen's meeting held in St. Martin's Hall, London. Its first congress was held in 1866 in Geneva. In Europe, a period of harsh reaction followed the widespread Revolutions of 1848. The next major phase of revolutionary activity began almost twenty years later with the founding of the IWA in 1864. At its peak, the IWA reported having 8 million members while police reported 5 million. In 1872, it split in two over conflicts between statist and anarchist factions and dissolved in 1876. The Second International was founded in 1889. Origins Following the January Uprising in Poland in 1863, French and British workers started to discuss developing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Karl Marx
Karl Heinrich Marx (; 5 May 1818 – 14 March 1883) was a German philosopher, economist, historian, sociologist, political theorist, journalist, critic of political economy, and socialist revolutionary. His best-known titles are the 1848 pamphlet ''The Communist Manifesto'' and the four-volume (1867–1883). Marx's political and philosophical thought had enormous influence on subsequent intellectual, economic, and political history. His name has been used as an adjective, a noun, and a school of social theory. Born in Trier, Germany, Marx studied law and philosophy at the universities of Bonn and Berlin. He married German theatre critic and political activist Jenny von Westphalen in 1843. Due to his political publications, Marx became stateless and lived in exile with his wife and children in London for decades, where he continued to develop his thought in collaboration with German philosopher Friedrich Engels and publish his writings, researching in the British Mus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eleanor Marx
Jenny Julia Eleanor Marx (16 January 1855 – 31 March 1898), sometimes called Eleanor Aveling and known to her family as Tussy, was the English-born youngest daughter of Karl Marx. She was herself a socialist activist who sometimes worked as a literary translator. In March 1898, after discovering that her partner Edward Aveling had secretly married the previous year, she poisoned herself at the age of 43. Biography Early years Eleanor Marx was born in London on 16 January 1855, the sixth child and fourth daughterBrodie, FranEleanor Marxin ''Workers' Liberty''. Retrieved 23 April 2007. of Karl Marx and his wife Jenny von Westphalen. She was called "Tussy" by her family from a young age. She showed an early interest in politics, even writing to political figures during her childhood.Marx Family in '' |
Polemic
Polemic () is contentious rhetoric intended to support a specific position by forthright claims and to undermine the opposing position. The practice of such argumentation is called ''polemics'', which are seen in arguments on controversial topics. A person who writes polemics, or speaks polemically, is called a ''polemicist''. The word derives , . Polemics often concern questions in religion or politics. A polemical style of writing was common in Ancient Greece, as in the writings of the historian Polybius. Polemic again became common in medieval and early modern times. Since then, famous polemicists have included satirist Jonathan Swift; Italian physicist and mathematician Galileo; French Enlightenment writer, historian, and philosopher Voltaire; Christian anarchist Leo Tolstoy; socialist philosophers Karl Marx and Friedrich Engels; novelist George Orwell; playwright George Bernard Shaw; communist revolutionary Vladimir Lenin; psycholinguist Noam Chomsky; social critics Christ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Policy
The economy of governments covers the systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labour market, national ownership, and many other areas of government interventions into the economy. Most factors of economic policy can be divided into either fiscal policy, which deals with government actions regarding taxation and spending, or monetary policy, which deals with central banking actions regarding the money supply and interest rates. Such policies are often influenced by international institutions like the International Monetary Fund or World Bank as well as political beliefs and the consequent policies of parties. Types of economic policy Almost every aspect of government has an important economic component. A few examples of the kinds of economic policies that exist include: *Macroeconomic stabilization policy, which attempts to keep the money supply growing at a rate that does not result in excessive inflatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ricardian Socialist
Ricardian socialism is a branch of classical economic thought based upon the work of the economist David Ricardo (1772–1823). The term is used to describe economists in the 1820s and 1830s who developed a theory of capitalist exploitation from the theory developed by Ricardo that stated that labor is the source of all wealth and exchange value. This principle extends back to the principles of English philosopher John Locke. The Ricardian socialists reasoned that labor is entitled to all it produces, and that rent, profit and interest were not natural outgrowths of the free market process but were instead distortions. They argued that private ownership of the means of production should be supplanted by cooperatives owned by associations of workers. This designation is used in reference to economists in the early 19th century that elaborated a theory of capitalist exploitation from the classical economic proposition derived from Adam Smith and David Ricardo stating that labor is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade Unions
A trade union (labor union in American English), often simply referred to as a union, is an organization of workers intent on "maintaining or improving the conditions of their employment", ch. I such as attaining better wages and Employee benefits, benefits (such as holiday, health care, and retirement), improving Work (human activity), working conditions, improving safety standards, establishing complaint procedures, developing rules governing status of employees (rules governing promotions, just-cause conditions for termination) and protecting the integrity of their trade through the increased bargaining power wielded by solidarity among workers. Trade unions typically fund their head office and legal team functions through regularly imposed fees called ''union dues''. The delegate staff of the trade union representation in the workforce are usually made up of workplace volunteers who are often appointed by members in democratic elections. The trade union, through an electe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Surplus Value
In Marxian economics, surplus value is the difference between the amount raised through a sale of a product and the amount it cost to the owner of that product to manufacture it: i.e. the amount raised through sale of the product minus the cost of the materials, plant and labour power. The concept originated in Ricardian socialism, with the term "surplus value" itself being coined by William Thompson in 1824; however, it was not consistently distinguished from the related concepts of surplus labor and surplus product. The concept was subsequently developed and popularized by Karl Marx. Marx's formulation is the standard sense and the primary basis for further developments, though how much of Marx's concept is original and distinct from the Ricardian concept is disputed (see ). Marx's term is the German word "''Mehrwert''", which simply means value added (sales revenue minus the cost of materials used up), and is cognate to English "more worth". It is a major concept in Karl M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Falling Rate Of Profit
The tendency of the rate of profit to fall (TRPF) is a theory in the crisis theory of political economy, according to which the rate of profit—the ratio of the profit to the amount of invested capital—decreases over time. This hypothesis gained additional prominence from its discussion by Karl Marx in Chapter 13 of ''Capital, Volume III,'' but economists as diverse as Adam Smith, John Stuart Mill, David Ricardo and Stanley Jevons referred explicitly to the TRPF as an empirical phenomenon that demanded further theoretical explanation, although they differed on the reasons why the TRPF should necessarily occur. Geoffrey Hodgson stated that the theory of the TRPF "has been regarded, by most Marxists, as the backbone of revolutionary Marxism. According to this view, its refutation or removal would lead to reformism in theory and practice". Stephen Cullenberg stated that the TRPF "remains one of the most important and highly debated issues of all of economics" because it raises ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labour Theory Of Value
The labor theory of value (LTV) is a theory of value that argues that the economic value of a good or service is determined by the total amount of " socially necessary labor" required to produce it. The LTV is usually associated with Marxian economics, although it originally appeared in the theories of earlier classical economists such as Adam Smith and David Ricardo, and later in anarchist economics. Smith saw the price of a commodity in terms of the labor that the purchaser must expend to buy it, which embodies the concept of how much labor a commodity, a tool for example, can save the purchaser. The LTV is central to Marxist theory, which holds that the working class is exploited under capitalism, and dissociates price and value. However, Marx did not refer to his own theory of value as a "labour theory of value". Orthodox neoclassical economics rejects the LTV, using a theory of value based on subjective preferences. The revival in interpretation of Marx known as the also ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marxist Books
Marxism is a method of socioeconomic analysis that analyzes Social class, class relations and societal conflict, that uses a Historical materialism, materialist interpretation of historical development, and a dialectical view of social transformation. Marxist methodology uses economic and sociopolitical inquiry and applies that to the critique and analysis of the development of capitalism and the role of class struggle in systemic economic change. This is a Marxist bibliography sorted by author. Marxist bibliography See also * Marxists Internet Archive References {{reflist External links Marxists Internet Archive Communist books, Marxist books, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1865 Speeches
Events January–March * January 4 – The New York Stock Exchange opens its first permanent headquarters at 10-12 Broad near Wall Street, in New York City. * January 13 – American Civil War : Second Battle of Fort Fisher: United States forces launch a major amphibious assault against the last seaport held by the Confederates, Fort Fisher, North Carolina. * January 15 – American Civil War: United States forces capture Fort Fisher. * January 31 ** The Thirteenth Amendment to the United States Constitution (conditional prohibition of slavery and involuntary servitude) passes narrowly, in the House of Representatives. ** American Civil War: Confederate General Robert E. Lee becomes general-in-chief. * February ** American Civil War: Columbia, South Carolina burns, as Confederate forces flee from advancing Union forces. * February 3 – American Civil War : Hampton Roads Conference: Union and Confederate leaders discuss peace terms. * February 8 & M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
