Introduction to the Marxist critique of political economy

1. The Critique of Political Economy.

Critique of Economy and Marxist Economy
Classic political economy vs vulgar economy.
Economic categories as historical realities.

2. Marx´s theory of exploitation

Commodity, use value, exchange value, labour force, exploitation, surplus value, profit.

3. The dynamics of capitalist economy

Absolute and relative surplus value.
Marxist theory of crisis.
Long waves of the capitalist economy

Reading materials

• Friedrich Engels, "Introduction" to "Wage Labout and Capital" (Extract), 1891

• Karl Marx, Capital Volume 1, "Chapter Six: The Buying and Selling of Labour-Power" (Extract), 1867

• Excerpt from: Ernest Mandel, 'An Introduction to Marxist Economic Theory'