Marxist Economics: A Handbook of Basic Definitions

INTRODUCTION by Allen Myers............................................................................ 3
MARXIST ECONOMICS A handbook of basic definitions .................................... 5
1. Commodities — 5 z 2. Use-value — 6 z 3. Value — 6 z 4. Concrete labour
and abstract labour — 6 z 5. Simple labour and complex labour — 8 z 6. Socially
necessary labour — 8 z 7. Exchange — the form of value — general equivalent —
money — the law of value — 9 z 8. General formula of capital — 11 z 9. Surplusvalue and exchange — 12 z 10. Labour-power and its value — 13 z 11. But what is
this newly created value? — 13 z 12. The production of surplus-value — 14 z 13.
Capital as a social relation — 15 z 14. Constant capital and variable capital — 16 z
15. Absolute surplus-value — relative surplus-value — extra surplus-value — 17 z
16. The wage — 19 z 17. Production and reproduction — 19 z 18. Simple capitalist
reproduction — 20 z 19. Expanded capitalist reproduction — capital accumulation
— 22 z 20. The organic composition of capital, the concentration and centralisation
of capital — 23 z 21. Industrial reserve army — 24 z 22. Relative pauperisation —
25 z 23. Fundamental contradiction of the capitalist mode of production — 25 z
24. The cycle of capital — 26 z 25. Capital turnover — 28 z 26. Fixed capital and
circulating capital — 28 z 27. Annual rate of surplus-value and methods for the
acceleration of capital turnover — 30 z 28. Capitalist production costs and profit
— 32 z 29. Rate of profit — 32 z 30. Formation of the average rate of profit and
transformation of the value of the commodities into a production price — 33 z 31.
Tendential decline in the rate of profit — 36 z 32. Commercial capital — banking
capital — 37 z 33. Periodic crises of overproduction — 39