Cookies Policy

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.

I accept this policy

Find out more here

Introduction to Henryk Grossman, ‘The Value-Price Transformation in Marx and the Problem of Crisis’

No metrics data to plot.
The attempt to load metrics for this article has failed.
The attempt to plot a graph for these metrics has failed.
The full text of this article is not currently available.

Brill’s MyBook program is exclusively available on BrillOnline Books and Journals. Students and scholars affiliated with an institution that has purchased a Brill E-Book on the BrillOnline platform automatically have access to the MyBook option for the title(s) acquired by the Library. Brill MyBook is a print-on-demand paperback copy which is sold at a favorably uniform low price.

Access this article

+ Tax (if applicable)
Add to Favorites
You must be logged in to use this functionality

image of Historical Materialism

Whereas most previous and later discussions of Marx’s transformation of values into prices of production have focused on his mathematical procedure, Henryk Grossman addressed the logic of its place in the structure of Capital. On this basis he criticised underconsumptionist and disproportionality theorists of economic crises for inappropriately basing their accounts on the level of analysis of the value schemas in the second volume of Capital. Such a criticism cannot be made of Grossman’s and Marx’s explanation of systemic crises in terms of the tendency for the rate of profit to fall. Grossman’s article still provides insights into Marx’s analysis of capitalism and his theory of economic crises, unsurpassed in the subsequent literature.

Affiliations: 1: School of Sociology, Australian National University


Full text loading...


Data & Media loading...

1. Böhm-Bawerk Eugen von Sweezy "‘Karl Marx and the Close of His System’" 1949 [1896] 1949
2. Bortkiewicz Ladislaus Sweezy "‘On the Correction of Marx’s Fundamental Theoretical Construction in the Third Volume of Capital’" 1949 [1907] 1949
3. Bortkiewicz Ladislaus "‘Value and Price in the Marxian System’" International Economic Papers 1952 [1907] Vol 2 5 60
4. Budgen Sebastian , Lapavitsas Costas "‘Greece: Phase Two’" Jacobin 2015 accessed 22 March 2015 12 March, available at: <>
5. Bukharin Nikolai Imperialism and the Accumulation of Capital 1972 [1924] in Luxemburg and Bukharin 1972
6. Carchedi Gugliemo Behind the Crisis: Marx’s Dialectics of Value and Knowledge 2011 Leiden Brill Historical Materialism Book Series
7. Day Richard The ‘Crisis’ and the ‘Crash’: Soviet Studies of the West (1917–1939) 1981 London NLB
8. Flassbeck Heiner , Lapavitsas Costas Against the Troika: Crisis and Austerity in the Eurozone 2015 London Verso
9. Foster John Bellamy , Magdoff Fred The Great Financial Crisis: Causes and Consequences 2009 New York Monthly Review Press
10. Foster John Bellamy , McChesney Robert W. "‘Listen Keynesians, It’s the System!’" Monthly Review 2010 Vol 61 11 44 56
11. Freeman Alan "‘Marxism without Marx: A Note towards a Critique’" Capital & Class 2010 Vol 34 1 84 97
12. Grossman Henryk Simonde de Sismondi et ses théories économiques: une nouvelle interprétation de sa pensée 1924 Warsaw Bibliotheca Universitatis Liberae Polonae
13. Grossman Henryk "‘Das Problem der Durchschnittsprofitrate in der modernen volkswirtschaftlichen Theorie’" 1932 original Folder 37, in 1997 Folder 62, Archiwum Polski Akademii Nauk
14. Grossman Henryk "‘Zum Abschluss des Streites um die Wert-Preisrechnung im Marxschen System’" 193? typed-up student’s notes, original Folder 40, in 1997 Folder 63, Archiwum Polski Akademii Nauk
15. Grossman Henryk Zarembka Paul "‘The Theory of Economic Crisis’" Research in Political Economy 2000 [1922] Vol 18 Bingley Emerald Group Publishing Limited Value, Capitalist Dynamics, and Money
16. Grossman Henryk McCormack Geoffrey "‘The Change in the Original Plan for Marx’s Capital and Its Causes’" Historical Materialism 2013 [1929] Vol 21 3 138 164
17. Grossman Henryk Kuhn Rick , O’Callagahan Einde Fifty Years of Struggle over Marxism: 1983–1932 2014 [1932] Carlton South Socialist Alternative
18. Grossman Henryk Kuhn Rick Marx, Classical Political Economy and the Problem of Dynamics 2015 [1941] Carlton South Socialist Alternative
19. Grossmann Henryk "‘Eine neue Theorie über Imperialismus und die soziale Revolution’" Archiv für die Geschichte des Sozialismus und der Arbeiterbewegung 1928 Vol 13 141 192
20. Grossmann Henryk Das Akkumulations- und Zusammenbruchsgesetz des kapitalistischen Systems. (Zugleich eine Krisentheorie) 1929 Leipzig Hirschfeld
21. Grossmann Henryk The Law of Accumulation and Breakdown of the Capitalist System: Being also a Theory of Crises 1992 [1929] London Pluto Press translated and abridged by Jairus Banaji
22. Gurland Arkadij "‘Absatz und Verwertung im Kapitalismus: Zur neueren Diskussion des Zusammenbruchsproblems’" Klassenkampf 1930 Vol 4 3 75 83
23. Heinrich Michael Locascio Alexander An Introduction to the Three Volumes of Karl Marx’s ‘Capital’ 2012 [2004] New York Monthly Review Press
24. Keen Steve Debunking Economics – Revised, Expanded and Integrated Edition: The Naked Emperor Dethroned? 2011 London Zed Books
25. Kliman Andrew Reclaiming Marx’s ‘Capital’: A Refutation of the Myth of Inconsistency 2007 Lanham, MD. Lexington Books
26. Krugman Paul The Return of Depression Economics and the Crisis of 2008 2009 New York Norton
27. Krugman Paul End This Depression Now! 2012 New York Norton
28. Kuhn Rick Henryk Grossman and the Recovery of Marxism 2007 Urbana and Chicago University of Illinois Press
29. Lapavitsas Costas Crisis in the Eurozone 2012 London Verso
30. Luxemburg Rosa Die Akkumulation des Kapitals: Ein Beitrag zur ökonomischen Erklärung des Imperialismus 1913 Berlin Buchhandlung Vorwärts Paul Singer
31. Luxemburg Rosa , Bukharin Nikolai Wichmann Rudolf " The Accumulation of Capital – An Anti-critique and Imperialism and the Accumulation of Capital " 1972 New York Monthly Review Press
32. Marx Karl Fernbach David Capital: A Critique of Political Economy. Volume 3 1981 [1894] Harmondsworth Penguin
33. Moseley Fred Moseley Fred "‘Marx’s Logical Method and the “Transformation Problem” ’" Marx’s Method in Capital: A Re-examination 1993 Atlantic Highlands, NJ. Humanities Press
34. Moseley Fred "‘Capital in General and Marx’s Logical Method: A Response to Heinrich’s Critique’" Capital & Class 1995 Vol 19 2 15 48
35. Moseley Fred Campbell Martha , Reuten Geert "‘Hostile Brothers: Marx’s Theory of the Distribution of Surplus-value in Volume iii of Capital’" The Culmination of Capital: Essays on Volume iii of Marx’s Capital 2002 Basingstoke Palgrave Macmillan
36. Moseley Fred "‘Critique of Heinrich: Marx Did Not Abandon the Logical Structure’" Monthly Review 2013 accessed 21 October 2014 1 December, available at: <>
37. Neisser Hans "‘Das Gesetz der fallenden Profitrate als Krisen- und Zusammenbruchsgesetz’" Die Gesellschaft 1931 Vol 8 1 72 85
38. Quiggin John Zombie Economics: How Dead Ideas Still Walk Among Us 2010 Princeton Princeton University Press
39. Roberts Michael "‘Greece: Keynes or Marx?’" Michael Roberts Blog 2015 accessed 22 March 2015 13 March, available at: <>
40. Sweezy Paul The Theory of Capitalist Development: Principles of Marxian Political Economy 1942 London Dennis Dobson
41. Sweezy Paul " Karl Marx and the Close of His System and Böhm-Bawerk’s Criticism of Marx " 1949 New York Augustus M. Kelley
42. Varga Eugen "‘Nakoplenie i krakh kapitalizma’" Problemi ekonomiki 1930a Vol 3 31 62
43. Varga Eugen "‘Akkumulation und Zusammenbruch des Kapitalismus’" Unter dem Banner des Marxismus 1930b Vol 4 1 60 95
44. Varoufakis Yanis "‘Confessions of an Erratic Marxist in the Midst of a Repugnant European Crisis’" Yanis Varoufakis: Thoughts for the Post-2008 World 2013 accessed 22 March 2015 available at: <>

Article metrics loading...



Can't access your account?
  • Tools

  • Add to Favorites
  • Printable version
  • Email this page
  • Subscribe to ToC alert
  • Get permissions
  • Recommend to your library

    You must fill out fields marked with: *

    Librarian details
    Your details
    Why are you recommending this title?
    Select reason:
    Historical Materialism — Recommend this title to your library
  • Export citations
  • Key

  • Full access
  • Open Access
  • Partial/No accessInformation