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By George Catephores (auth.)

This textual content provides an trouble-free exposition of the elemental ideas of Marxist economics from the vital rules of Marx himself during the reassessments made by means of next Marxian economists. The paintings is aimed toward scholars of Marxist stories and similar courses.

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Sample text

But, at one remove further back, excess supply is discovered to have been caused by the maladjustment of a certain sector with the rest of the economy. Producers in that sector working in isolation have, in the exclusive pursuit of their private advantage, created the excess supply which in its turn destroys them. This maladjustment is the result of an unacknowledged social relationship among producers, not a relationship among objects. When social relations of production are regulated by relationships among quantities of commodities, and producers reach the point of perceiving their social relations as mere attributes of things (recall the widespread description of inflation as 'too much money chasing too few goods'), the phenomenon is described as the fetishism of commodities.

To bring about this momentous change in social and legal relationships no 30 Commodity production and capitalism reform in the legal order is introduced. The contract of hiring of personal services - a contract-type known in pre-capitalist times, but having limited application in the absence of a propertyless class ready to sell its labour power - simply becomes the normal kind of employment contract. The fact that in the new conditions the contract is no longer merely about the rendering of services, but also about the expropriation of the worker from the product of his work, is so deeply ingrained in bourgeois consciousness as to be hardly noticed in everyday life.

This freedom (the individual's bill of rights) is not, however, sufficient. To make practical use of their economic freedom, commodity producers must also have absolute and exclusive power of disposal over their material resources and over their products. Private ownership confers on them this power. (b) Ownership can be acquired originally or by transfer from an existing owner. Original ownership is acquired either by occupation, as in the case of objects without an owner or by construction, with every independent producer being acknowledged as the owner of whatever he himself makes.

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