Duncan K. Foley Books

This introduction to Marxist economic theory offers a clear and systematic understanding, progressing from foundational principles to key concepts and applications. It encompasses all topics from the three volumes of Capital, presenting a comprehensive view of Marxist economics. The author addresses philosophical challenges often faced when engaging with Marx, including epistemology, explanation, prediction, determinism, and dialectics. An original extension of theory is introduced through the circuit of capital, which analyzes Marx’s reproduction of capital. Central issues in the capitalist economy are examined, such as the equalization of profit rates (the “transformation problem”), the distinction between productive and unproductive labor, and the falling rate of profit. The discussion culminates in an exploration of capitalist crises and the relationship between Marx’s critique of capitalism and his vision of socialism. By carefully linking the theory of money to the labor theory of value, the author clarifies the connections between prices and value, as well as Marx’s analytical categories and conventional economic accounts. This enables readers to apply Marx’s theory to practical issues. The text is aligned with relevant chapters in Capital and includes recommendations for further reading on the discussed topics.