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Political Economy: a Marxist Textbook
This is a new revised edition of a textbook which has come to be widely recognized as the best and simplest introduction available to Marxist economic theory. In a very lucid style, carefully defining all the technical terms used, it provides a comprehensive treatment of the law of motion of capitalist society which Marx expounded in the three volumes of Capital: origins of capitalism;, surplus value; rent, interest, and profit; capitalist accumulation; circulation of Capital and economic crisis; imperialism; and distribution of the national product
253 pages, Paperback
First published January 1, 1949
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Displaying 1 - 4 of 4 reviews
March 12, 2021
amazing introduction to marxism!
January 10, 2026
This book wasn't what I wanted at all.
I was looking for a book to tell me HOW a socialist/communist economy would work, what it would look like, and how things would get done. As a Star Trek fan, I want to see that future world where Kirk says they don't use money any more, and everyone gets what they need. Poverty is defeated and Earth isn't profit-motivated. But what does that LOOK like from an economic standpoint? THAT is what I was looking for. That's what the title of the book lead me to believe this would do.
Chapter 1 was a historical overview on the rise of capitalism. I don't have much to say about it. For all its brevity, it covered it well enough.
Chapter Two was on the concepts of commodity production, which I largely understood and agreed with, although I would have liked more elaboration why he dismissed the law of diminishing marginal utility. I don't think that economic law is incorrect. There's a reason it moved past a theory into law.
Chapter 3 was on the origins of capitalism. I most enjoyed how it described the change from feudalism to mercantilism to capitalism, especially how the rising capitalists got around the guilds by using the putting-out system. I also liked the section on how the proletariat became a thing.
Chapter four was on the essence of capitalist exploitation, and did a fair job of explaining how profit is made by the wealthy, but what I am really interested in is how a socialist/communist economy would work. I'm familiar with most of the economic concepts thus far discussed. I get that it's laying a groundwork, but I am becoming impatient.
Chapter 5 is about Capital and Accumulation. Not a lot new here for me. It's still all about capitalism, and I still don't understand how a communist economy would work.
Chapter 6 was on the distribution of surplus value in a capitalist economy. Again, more about capitalist economics. I know all of this. I don't need more review. What I want to know about is how a Socialist/Communist economy should work. But so far, all it does is describe capitalism and how it makes the rich richer and the poor poorer. I know all this. Grrr.
Chapter 7 was about rent and capitalism in agriculture. More review of capitalism and not a single word about how a socialist / communist economy would do it differently. I'm over half-way through the book and I am no wiser about Marxist economics than I was when I started the book.
Chapter 8 is on the reproduction of capital and crisis. Still mostly a review of capitalism, with a lot of emphasis on Keynes' attack on classical theory, but criticizing Keynes for not attacking capitalism as a foundation. However, there were two paragraphs that actually talked about the difference between a socialist and capitalist economy! I liked that bit a lot!
Chapter 9 was on Imperialism. It really shows what is happening in the USA right now, with Trump's imperialist notions leading him to demand more and more of the western hemisphere, and his notion that we don't export enough capital.
Chapter 10 was on the national product and its distribution. This one started to get into what I was looking for - how socialism/communism would be different, but it was still largely just a summary and critique of capitalism.
Chapter 11 was about socialism and man's future, but instead of telling me about how socialism would actually work, this was focused more on how it will come to happen, and the historical rise of Russia into the USSR.
Ultimately, I also realized this book was first published in 1966. This particular printing was in 2022 - BUT IT HASN'T BEEN UPDATED. It's a straight reprint. It's way too old to even be appropriate for today. It doesn't discuss the fall of the USSR (it hadn't happened yet), the transition of America and England to service economies from manufacturing economies (90% of the book is about manufacturing economies and why they suck), and so many new ideas and theories that have happened since 1966. Why this book is being reprinted in 2022 without a major overhaul is beyond me.
But this book makes no attempt to explain how a Marxist economy would actually work. It's an overview and critique of Capitalism. I've taken PhD level courses in economics, so little of this was new information for me. I've read Marx. I used to teach economics in college. I want to know what central planning looks like and how it functions. I want to know how markets work under central planning. I want to know what trade with the world looks like.
I hate giving this one star because I think if you aren't that conversant with Marx's arguments against capitalism, this would be an excellent resource. But for my purposes, this book doesn't satisfy or do anything at all. I would only recommend this book if you are new to capitalist critique (this might be a four star book for you if that is the case). If you already have a strong background in economics, this book will not add much to your base of knowledge. If you are looking to figure out how a socialist or communist economy would actually work, this book offers no insights.
I was looking for a book to tell me HOW a socialist/communist economy would work, what it would look like, and how things would get done. As a Star Trek fan, I want to see that future world where Kirk says they don't use money any more, and everyone gets what they need. Poverty is defeated and Earth isn't profit-motivated. But what does that LOOK like from an economic standpoint? THAT is what I was looking for. That's what the title of the book lead me to believe this would do.
Chapter 1 was a historical overview on the rise of capitalism. I don't have much to say about it. For all its brevity, it covered it well enough.
Chapter Two was on the concepts of commodity production, which I largely understood and agreed with, although I would have liked more elaboration why he dismissed the law of diminishing marginal utility. I don't think that economic law is incorrect. There's a reason it moved past a theory into law.
Chapter 3 was on the origins of capitalism. I most enjoyed how it described the change from feudalism to mercantilism to capitalism, especially how the rising capitalists got around the guilds by using the putting-out system. I also liked the section on how the proletariat became a thing.
Chapter four was on the essence of capitalist exploitation, and did a fair job of explaining how profit is made by the wealthy, but what I am really interested in is how a socialist/communist economy would work. I'm familiar with most of the economic concepts thus far discussed. I get that it's laying a groundwork, but I am becoming impatient.
Chapter 5 is about Capital and Accumulation. Not a lot new here for me. It's still all about capitalism, and I still don't understand how a communist economy would work.
Chapter 6 was on the distribution of surplus value in a capitalist economy. Again, more about capitalist economics. I know all of this. I don't need more review. What I want to know about is how a Socialist/Communist economy should work. But so far, all it does is describe capitalism and how it makes the rich richer and the poor poorer. I know all this. Grrr.
Chapter 7 was about rent and capitalism in agriculture. More review of capitalism and not a single word about how a socialist / communist economy would do it differently. I'm over half-way through the book and I am no wiser about Marxist economics than I was when I started the book.
Chapter 8 is on the reproduction of capital and crisis. Still mostly a review of capitalism, with a lot of emphasis on Keynes' attack on classical theory, but criticizing Keynes for not attacking capitalism as a foundation. However, there were two paragraphs that actually talked about the difference between a socialist and capitalist economy! I liked that bit a lot!
Chapter 9 was on Imperialism. It really shows what is happening in the USA right now, with Trump's imperialist notions leading him to demand more and more of the western hemisphere, and his notion that we don't export enough capital.
Chapter 10 was on the national product and its distribution. This one started to get into what I was looking for - how socialism/communism would be different, but it was still largely just a summary and critique of capitalism.
Chapter 11 was about socialism and man's future, but instead of telling me about how socialism would actually work, this was focused more on how it will come to happen, and the historical rise of Russia into the USSR.
Ultimately, I also realized this book was first published in 1966. This particular printing was in 2022 - BUT IT HASN'T BEEN UPDATED. It's a straight reprint. It's way too old to even be appropriate for today. It doesn't discuss the fall of the USSR (it hadn't happened yet), the transition of America and England to service economies from manufacturing economies (90% of the book is about manufacturing economies and why they suck), and so many new ideas and theories that have happened since 1966. Why this book is being reprinted in 2022 without a major overhaul is beyond me.
But this book makes no attempt to explain how a Marxist economy would actually work. It's an overview and critique of Capitalism. I've taken PhD level courses in economics, so little of this was new information for me. I've read Marx. I used to teach economics in college. I want to know what central planning looks like and how it functions. I want to know how markets work under central planning. I want to know what trade with the world looks like.
I hate giving this one star because I think if you aren't that conversant with Marx's arguments against capitalism, this would be an excellent resource. But for my purposes, this book doesn't satisfy or do anything at all. I would only recommend this book if you are new to capitalist critique (this might be a four star book for you if that is the case). If you already have a strong background in economics, this book will not add much to your base of knowledge. If you are looking to figure out how a socialist or communist economy would actually work, this book offers no insights.
August 31, 2023
A decent introductory text discussing Marxist economics. Nothing too fancy or technical.
The more interesting thing was Eaton's discussions of different bourgeois theories of value and crisis and his critique of Keynesian economic policies (which at the time were prevalent, though a lot of progressives today still believe in 'fair capitalism' or similar things like that).
The more interesting thing was Eaton's discussions of different bourgeois theories of value and crisis and his critique of Keynesian economic policies (which at the time were prevalent, though a lot of progressives today still believe in 'fair capitalism' or similar things like that).
January 18, 2023
often reference this text. great bc i don’t have time to read capital but this summarizes the important points in an easily digestible way. very good foundation for understanding capitalism, surplus value, reproduction of capital, imperialism… good starter
Displaying 1 - 4 of 4 reviews