An Updated Marxian Theory of Commodity

An Updated Marxian Theory of Commodity
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How does material production become socially recognised in Capitalism? This is a fundamental question for Economics, as material production takes place privately and independently in a worldwide system. The present book shows that the process of social recognition of material production and the process giving rise to money are one and the same. It further highlights that they are only the material manifestation of the realisation of work carried out privately and independently as part of the social labour. The theory of commodity outlined completes the characterisation of commodity as a historical mode of production and recovers Marx’s fundamental concept of the mercantile form of value. As a result, it stands out that the mercantile form of value is the indirect way in commodity production to allocate the productive powers of society, Smith’s invisible hand. Furthermore, the book breaks the false immediate identity betweenmeans of production and capital, and that between money and...

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