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Extracts From Marxism: An Interpretation

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Chapter Summary

The examination of Marx's intellectual development so far [in Marxism: An Interpretation] has been restricted to the period up to The Communist Manifesto. This chapter outlines Marx's developed theory of exploitation in Capital, and shows how the detail of his theory has been falsified by events, although many of his salient points stand. It then examines how the attempt to make theory do the work of prophecy led to a refusal by Marxists to allow their theories to be measured by the facts: in other words how the religious background of Marxism has corrupted its would-be scientific attitude. Marx's theory of exploitation rests on Marx's theory of value, and Marx's theory of value is inherited from Ricardo. Marx follows Ricardo in asserting that the value of a commodity is proportional to the socially necessary quantity of labour embodied in it.

Keywords:Marx's intellectual development; Marx's theory of exploitation; Marx's theory of value; Marxism; Ricardo



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