This article examines Marx’s analysis of interest-bearing capital (IBC) and credit, as presented in chapter five of his 1864–65 Economic Manuscript, the foundation for volume 3 of Capital. After reviewing Marx’s treatment of these subjects in this and earlier manuscripts and correspondence, it addresses whether this analysis aligns with the level of abstraction in Capital. The article also explores Engels’s editing of this material in shaping part five of volume 3. It concludes that Marx gradually expanded his analysis of credit as a necessary complement to that of IBC and money, and that Engels’s editing faithfully reflects Marx’s manuscript, affirming part five of volume 3 as a robust theoretical framework for interpreting contemporary monetary phenomena within Marx’s overarching theory of value and surplus value.
BalomenosChristos. 2023. Did Marx have second thoughts about the law of the falling rate of profit? An archival rejection of Heinrich’s arguments. Science & Society87 (4): 556–81.
2.
CampbellMartha. 2002. The credit system. In The Culmination of Capital: Essays on Volume 3 of Marx’s Capital, eds. MarthaCampbellReutenGeert. New York: Palgrave.
3.
CarchediGuglielmo. 2011. Behind the Crisis: Marx’s Dialectics of Value and Knowledge. Leiden: Brill.
4.
HeinrichMichael. 1996–97. Engels’ edition of the third volume of Capital and Marx’s original manuscript. Science & Society60 (4): 452–66.
5.
HeinrichMichael. 2006. Die Wissenschaft vom Wert: Die marxsche Kritik der Politischen Ökonomie zwischen wissenschaftlicher Revolution und klassischer Tradition [The Science of value: Marx’s critique of political economy between scientific revolution and classical tradition]. Münster: Westfälisches Dampfboot.
6.
HeinrichMichael. 2012. An Introduction to the Three Volumes of Karl Marx’s Capital. New York: Monthly Review Press.
HilferdingRudolf. 1981. Finance Capital: A Study in the Latest Phase of Capitalist Development. London: Routledge & Kegan Paul.
9.
KrätkeMichael. 2001. “Hier bricht das Manuskript ab.” (Engels). Hat das Kapital einen Schluss? Teil I [“Here the manuscript breaks off.” (Engels). Does Capital have an ending? Part I]. Beiträge zur Marx-Engels-Forschung, Neue Folge2001: 7–43.
10.
KrätkeMichael. 2007. Das Marx-Engels-Problem: Warum Engels das Marxsche “Kapital” nicht verfälscht hat [The Marx-Engels Problem: Why Engels did not distort Marx’s “Capital”?]. In Marx-Engels-Jahrbuch 2006, ed. Internationale Marx-Engels-Stiftung. Berlin: Akademie Verlag.
11.
LapavitsasCostas. 2013. Profiting Without Producing: How Finance Exploits Us All. London: Verso.
12.
MarxKarl. 2015. Marx’s Economic Manuscript of 1864–1865. Leiden: Brill.
13.
MarxKarlEngelsFriedrich. 1980. MEGA, zweite Abteilung, Band 3.5: Zur Kritik der politischen Ökonomie (Manuskript 1861–1863) (Apparat). Berlin: Dietz Verlag.
14.
MarxKarlEngelsFriedrich. 1983. MECW, volume 40: Letters, 1856–1859. London: Lawrence and Wishart; New York: International Publishers.
15.
MarxKarlEngelsFriedrich. 1985. MECW, volume 41: Letters, January 1860–September 1864. London: Lawrence and Wishart; New York: International Publishers.
16.
MarxKarlEngelsFriedrich. 1986. MECW volume 28: Economic Works, 1857–1861. London: Lawrence and Wishart; New York: International Publishers.
17.
MarxKarlEngelsFriedrich. 1987a. MECW, volume 29: Economic Works, 1857–1861. London: Lawrence and Wishart; New York: International Publishers.
18.
MarxKarlEngelsFriedrich. 1987b. MECW, volume 42: Letters, October 1864–March 1868. London: Lawrence and Wishart; New York: International Publishers.
19.
MarxKarlEngelsFriedrich. 1987c. MEGA, zweite Abteilung, Band 6: Das Kapital. Kritik der Politischen Ökonomie. Erster Band, Hamburg 1872 (Text). Berlin: Dietz Verlag.
20.
MarxKarlEngelsFriedrich. 1988a. MECW, volume 30: Economic Works, 1861–1863. London: Lawrence and Wishart; New York: International Publishers.
21.
MarxKarlEngelsFriedrich. 1988b. MECW, volume 43: Letters, April 1868–July 1870. London: Lawrence and Wishart; New York: International Publishers.
22.
MarxKarlEngelsFriedrich. 1989. MECW, volume 32: Economic Works, 1861–1863. London: Lawrence and Wishart; New York: International Publishers.
23.
MarxKarlEngelsFriedrich. 1991a. MECW, volume 33: Economic Works, 1861–1863 (Continuation). London: Lawrence and Wishart; New York: International Publishers.
24.
MarxKarlEngelsFriedrich. 1991b. MECW, volume 45: Letters, January 1874–December 1879. London: Lawrence and Wishart; New York: International Publishers.
25.
MarxKarlEngelsFriedrich. 1993. MEGA, zweite Abteilung, Band 4.2: Ökonomische Manuskripte 1863–1867, Teil 2 (Text und Apparat). Berlin: Dietz Verlag.
26.
MarxKarlEngelsFriedrich. 1995. MECW, volume 47: Letters, April 1883–December 1886. London: Lawrence and Wishart; New York: International Publishers.
27.
MarxKarlEngelsFriedrich. 1996. MECW, volume 35: Capital, volume 1. London: Lawrence and Wishart; New York: International Publishers.
28.
MarxKarlEngelsFriedrich. 1998. MECW, volume 37: Capital, volume 3. London: Lawrence and Wishart; New York: International Publishers.
29.
MarxKarlEngelsFriedrich. 2001. MECW, volume 48: Letters, January 1887–July 1890. London: Lawrence and Wishart; New York: International Publishers.
30.
MarxKarlEngelsFriedrich. 2004. MEGA, zweite Abteilung, Band 15: Das Kapital. Kritik der Politischen Ökonomie. Dritter Band, Hamburg 1894 (Text). Berlin: Akademie Verlag.
31.
MavroudeasStavros. 2020. Once again on the alleged differences between Engels and Marx. International Critical Thought10 (3): 365–76.
32.
MavroudeasStavrosPapadatosDemophanes. 2018. Is the financialization hypothesis a theoretical blind alley?World Review of Political Economy9 (4): 451–76.
33.
MoseleyFred. 2015. Introduction to Marx’s Economic Manuscript of 1864–1865. In Marx’s Economic Manuscript of 1864–1865, ed. FredMoseley. Leiden: Brill.
34.
MoseleyFred. 2016. Money and Totality: A Macro-Monetary Interpretation of Marx’s Logic in Capital and the End of the Transformation Problem. Leiden: Brill.
35.
MüllerManfredJungnickelJürgenLietzBarbaraSanderChristelSchnickmannArtur. 2002. Commentary to Marx’s manuscript of Capital, book 3 (1864–65). International Journal of Political Economy32 (1): 14–34.
36.
RobertsMichael. 2018. Debt matters. In World in Crisis: A Global Analysis of Marx’s Law of Profitability, eds. GuglielmoCarchediRobertsMichael, part 3, chapter 11. Chicago, IL: Haymarket Books. PDF ebook. Accessed at: https://digamoo.free.fr/robcarchedi.pdf.
37.
RosdolskyRoman. 1977. The Making of Marx’s Capital. London: Pluto Press.
38.
VollgrafCarl-ErichJungnickelJürgen. 2002. “Marx in Marx’s words”? On Engels’s edition of the main Manuscript of Book 3 ofCapital. International Journal of Political Economy32 (1): 35–78.
39.
YaffeDavid. 1974. Value and price in Marx’sCapital. Revolutionary Communist1: 31–49.
Supplementary Material
Please find the following supplemental material available below.
For Open Access articles published under a Creative Commons License, all supplemental material carries the same license as the article it is associated with.
For non-Open Access articles published, all supplemental material carries a non-exclusive license, and permission requests for re-use of supplemental material or any part of supplemental material shall be sent directly to the copyright owner as specified in the copyright notice associated with the article.
