Capital: A Critique of Political Economy, Vol. 3 (Penguin Classics) (Paperback)

~ (Author), David Fernbach (Translator), Ernest Mandel (Introduction) "In Volume 1 we investigated the phenomena exhibited by the process of capitalist production, taken by itself, i.e. the immediate production process, in which connection..." (more)
Key Phrases: individual production price, individual average price, loanable money capital, Bank of England, Reports of the Inspectors of Factories, Adam Smith (more...)

Editorial Reviews

Product Description

Unfinished at the time of Marx's death in 1883 and first published with a preface by Frederick Engels in 1894, the third volume of "Das Kapital" strove to combine the theories and concepts of the two previous volumes in order to prove conclusively that capitalism is inherently unworkable as a permanent system for society. Here, Marx asserts controversially that - regardless of the efforts of individual capitalists, public authorities or even generous philanthropists - any market economy is inevitably doomed to endure a series of worsening, explosive crises leading finally to complete collapse. But he also offers an inspirational and compelling prediction: that the end of capitalism will culminate, ultimately, in the birth of a far greater form of society.

About the Author

Karl Marx was born in 1818 in Trier, Germany and studied in Bonn and Berlin. Influenced by Hegel, he later reacted against idealist philosophy and began to develop his own theory of historical materialism. He related the state of society to its economic foundations and mode of production, and recommended armed revolution on the part of the proletariat. Together with Engels, who he met in Paris, he wrote the Manifesto of the Communist Party. He lived in England as a refugee until his death in 1888, after participating in an unsuccessful revolution in Germany. Ernst Mandel was a member of the Belgian TUV from 1954 to 1963 and was chosen for the annual Alfred Marshall Lectures by Cambridge University in 1978. He died in 1995 and the Guardian described him as 'one of the most creative and independent-minded revolutionary Marxist thinkers of the post-war world.' Translated by David Fernbach with an introduction by Ernest Mandel

Product Details

• Paperback: 1152 pages
• Publisher: Penguin Classics (March 2, 1993)
• Language: English
• ISBN-10: 0140445706
• ISBN-13: 978-0140445701
• Product Dimensions: 7.6 x 5.1 x 2 inches
• Shipping Weight: 1.6 pounds (View shipping rates and policies)
• Average Customer Review: 3.6 out of 5 stars  See all reviews (5 customer reviews)
• Amazon.com Sales Rank: #33,407 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

7 of 7 people found the following review helpful:

4.0 out of 5 stars An Essential Text (if a bit difficult for the lay reader), November 2, 2008

By	M. White - See all my reviews (REAL NAME)

The third volume of Das Kapital is a bit more well known than the second and it makes for some interesting, if somewhat dry, reading. This volume has gained notoriety through the works of Bohm-Bawerk who insisted that Marx's theory of value was inconsistent. In the third volume, Marx says that instead of commodities selling at their value per se, they rather sell according to a certain formula that he lays out. Instead f commodities selling at the "old" formula of p= v+s+c, now commodities sell at r(v+c)+v+c. Now, such a modification does not alter the dynamics of the capitalist system one whit. Rather, it allows Marx to show how values as such are translated into prices. Rudolf Hilferding wrote an excellent criticism of Bohm-Bawerk's critique which is, alas, rather hard to find now. *whew*
Alright, the rest of the volume deals with Marx's theory of rent and his rather short contribution to a theory of credit and banking. once again, Rudolf Hilferding elaborates upon Marx's theory of credit, banking, and "fictitious capital" in his work Das Finanzkapital. Written in 1911, it predicted the First World War and was regarded as the fourth/ fifth volume of Capital (the fourth volume of Capital sometimes held as Marx's Theories of Surplus Value, a history of bourgeois economic theory).

I hope this has been relatively coherent. All in all, it isn't Daniel Steele or the Da Vinci Code. Nor is it the Leftist equivalent of Mein Kampf. Rather, it's a somewhat dry, but extremely important, economics text, far better than anything Adam Smith ever produced. I recommend it to economics students, Marxian scholars, and anyone seeking an economic justification of socialism. I hope this was of some use to you.

4 of 4 people found the following review helpful:

5.0 out of 5 stars More than a classic--a Magnificent Work!!, November 27, 2008

By	Yolanda Castelblanco "woodenwoman" (New York, NY USA) - See all my reviews (REAL NAME)

It is annoying to see how other customers denigrate a classical and well-thought book only with untruthful reasons; the book is a jewel of economic and social thought and very heavy on its arguments. It is well introduced by Ernest Mandel and magisterially translated for David Fernbach. It is well laid out and thought-provoking and it should be read after the Grundrisse: Foundations of the Critique of Political Economy (Penguin Classics) and the Early Writings (Penguin Classics) and may be accompanied by a guide or companion of Marxist thought. A classic that will get over the bad facts mistakenly attached to it and that will be a cornerstone in Economic Theories. Remember, in it what is exposed is the weaknesses of capitalism, not a blueprint of bloody revolution and tragic tyranny, as it was made by the betrayers and corrupters that manage to make it happen like that.

3 of 3 people found the following review helpful:

5.0 out of 5 stars Impressive and worthy read! , November 5, 2008

By	A. Monje "Philosreader" (Orlando, Fl) - See all my reviews (REAL NAME)

At the final of this extensive and tough read, the rewards are worth the effort. This third volume of Das Kapital concludes Marx attempt to describe how a Capitalist economic and society works. The most difficult part of it is to follow the concepts and ideas that compose the subject and how the different concepts are related to one another.The most impressive part of all is the scope of the work and how it formulates the inherent flaws and machinations of the capitalist system. Overall, a tough read, but a rewarding experience.