The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Marx’s Analysis of Capitalist Production

  • Duncan Foley
  • Gérard Duménil
Reference work entry


This article discusses Marx’s analysis of capitalism, including the concepts of historical materialism, class society, exploitation, commodity, value, money, capital, labour-power, value of labour-power, surplus-value, constant and variable capital, commodity law of exchange, capitalist law of exchange, equalization of the profit rate, prices of production, absolute and relative surplus value, the circuit of capital, simple and expanded reproduction, capital accumulation, centralization and concentration of capital, technical change, reserve armies of labour, rent, interest, commercial and bank profit, the falling rate of profit, viable technical change, and cyclical crises.


Absolute rent Abstract labour time Biased technical change Business cycles Capital accumulation Capitalism Capitalist law of exchange Circulating and fixed capital Circulation of capital Class Commercial, industrial and money-dealing capital Commodity Commodity law of exchange Commodity money Competition Composition of capital Concentration and centralization of capital Constant and variable capital Crises of overproduction Differential rent Division of labour Exchange value and use value Exploitation Fictitious capital Fixed capital Historical materialism Increasing returns Industrial capital Innovation Iron law of wages Labour power Labour theory of value Law of value Marx’s analysis of capitalist production Marxian transformation problem Money Money-dealing capital Monopoly Organic composition of capital Over-accumulation of capital Population growth Primitive accumulation Private property Productive and unproductive labour Profit rate Rate of exploitation Rate of surplus value Ricardo, D. Say’s Law Slavery Smith, A. Socialism Surplus Surplus value Technical change Transformation problem Use value Value Variable capital Velocity of circulation 

JEL Classifications

B1 B2 B5 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Duncan Foley
    • 1
  • Gérard Duménil
    • 1
  1. 1.