Reading Marx's Capital (audio) Class 02 - Chapters 1-2
Jun 27, 2008
Professor David Harvey discusses Marx's Capital Volume I, exploring labor's dual nature and value determination, the transition from metallic to non-metallic currencies, and commodity fetishism. He unravels the concealed labor complexities in commodity production and critiques classical and neoliberal economic theories.
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Teaching Marx's Capital Evolves
- The interpretation and teaching of Marx's Capital evolves continuously over decades.
- Changing historical and intellectual contexts reveal new significant angles in the text.
Concrete vs Abstract Labor
- Marx distinguishes concrete labor (specific, heterogeneous) and abstract labor (homogeneous, value creating).
- Value is socially necessary labor time, expressed only in exchange through commodities.
Value as Immaterial Social Relation
- Value is an immaterial but objective social relation embodied in commodities.
- We never find value inside a single commodity; it appears only in exchange relations.