Introduction to the Marxist critique of political economy. 3.

The Critique of Political Economy.

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

Marx´s theory of exploitation

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

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'