[393] These and subsequent quotes from Sismondi are my translations. J.C.L. Sismonde de Sismondi, Nouveaux principes d'économie politique (Edition Jeheber, 1971), Volume II, p. 247.

  [394] J. C. L. Sismonde de Sismondi, Nouveaux d'économie politique (Chez Treuttel et Würtz, Libraires, 1887), Volume I, pp. 96-97.

  [395] J. C. L. Sismonde de Sismondi, Nouveaux principes d'économie politique, Volume I, p 251. See also Idem, Études sur l'économie politique, Volume I, p. 120; Volume II, p. 249.

  [396] See, for example, Thomas Sowell, "Sismondi: A Neglected Pioneer," History of Political Economy, Spring 1972, p. 88n.

  [397] Ibid.

  [398] Karl Marx, Capital, Volume II, Chapter XX.

  [399] Ibid., Chapter XXI.

  [400] "...the increase of wealth... is implied in capitalist production," Karl Marx, Capital, Volume I, p. 137.

  [401] Karl Marx, Capital, Volume II, p. 86.

  [402] Ibid., pp. 86-87.

  [403] Ibid., p. 578.

  [404] Thomas Sowell, "Sismondi: A Neglected Pioneer," History of Political Economy, Spring 1972, pp. 76-77.

  [405] J. C. L. Sismonde de Sismondi, Nouveaux principes d'économie politique, Volume II, p. 148.

  [406] Karl Marx, Theories of Surplus Value, p. 387.

  [407] Ibid., p. 393.

  [408] Karl Marx, Capital, Volume I, p. 155n.

  [409] Karl Marx, Theories of Surplus Value, p. 380.

  [410] Ibid.

  [411] Ibid.

  [412] Karl Marx, Theories of Surplus Value, p. 379.

  [413] Ibid. The distinction between those factors which made crises possible and those that actually precipitated crises was made repeatedly by Marx. Karl Marx, Theories of Surplus Value, pp. 331, 383-384; Karl Marx, Capital, Volume I, p. 328.

  [414] Karl Marx, Capital, Volume I, p. 154.

  [415] Ibid., p. 155.

  [416] Karl Marx, Theories of Surplus Value, p. 386.

  [417] Ibid., p. 389.

  [418] Karl Marx, Capital, Volume III, p. 543. See also Ibid., p. 602; Karl Marx, A Contribution to the Critique of Political Economy, p. 193.

  [419] Karl Marx, Theories of Surplus Value, p. 392.

  [420] Ibid., p. 393.

  [421] Ibid., pp. 390-391.

  [422] Ibid., p. 401.

  [423] Ibid., 408.

  [424] Robert Torrens, An Essay on the Production of Wealth (Augustus M. Kelley, 1965), p. 414.

  [425] Ibid., p. 424.

  [426] Karl Marx, Grundrisse, p. 621.

  [427] Karl Marx, Capital, Volume I, p. 26n. See also Ibid., p. 495; Karl Marx, "On Proudhon," Karl Marx and Frederick Engels, Selected Works, Volume I, p. 391.

  [428] Karl Marx, Capital, Volume I, p. 31; Frederick Engels, The Condition of the Working-Class in England in 1844 (George Allen and Unwin Ltd., 1952), p. x.

  [429] Karl Marx, Capital, Volume I, p. 694. See also Ibid., p. 699.

  [430] Karl Marx and Frederick Engels, Selected Correspondence, p. 422. See also Frederick Engels, The Conditions of the Working-Class in England in 1844, pp. x-xi.

  [431] Frederick Engels, "An Outline of a Critique of Political Economy," Karl Marx, Economic and Philosophic Manuscripts of 1844, p. 195.

  [432] Karl Marx, Capital, Volume II, p. 211.

  [433] Karl Marx, Capital, Volume III, pp. 574n-575n; Frederick Engels, "Preface to the First German Edition," Karl Marx, The Poverty of Philosophy, p. 20n; Frederick Engels, The Condition of the Working-Class in England in 1844, p. xvi.

  [434] Karl Marx and Frederick Engels, Selected Correspondence, translated by Dona Torr (International Publishers, 1942), pp. 106, 232, 246; Karl Marx, Capital, Volume I (Charles H. Kerr & Company, 1919), p. 45.

  [435] Karl Marx, Capital, Volume I, p. 391.

  [436] Karl Marx and Frederick Engels, Selected Correspondence, p. 234.

  [437] Ibid., p. 246

  [438] Ibid., p. 220. See also Friedrich Engels, Engels on Capital, translated and edited by Leonard E. Mins (International Publishers Co., Inc., 1937), p. 125.

  [439] Karl Marx and Frederick Engels, Selected Correspondence, p. 110.

  [440] Ibid., p. 247; Karl Marx, Capital, Volume I, pp. 20n-21n.

  [441] Karl Marx and Frederick Engels, Selected Correspondence, p. 102.

  [442] Karl Marx and Frederick Engels, Letters to Americans, translated by Leonard E. Mins (International Publishers, 1952), p. 151.

  [443] David McLellan, Karl Marx: His Life and Thought (New York: Harper and Row, 1973), p. 310.

  [444] Karl Marx and Frederick Engels, Selected Correspondence, p. 157.

  [445] Ibid., p. 220.

  [446] Karl Marx, Capital, Volume I, pp. 238, 244n, 425n, 443n, 574, 619. See also Friedrich Engels, Selected Correspondence, p. 241; Karl Marx, Capital, Volume II, pp. 25, 28.

  [447] Friederich Engels, Engels on Capital, p. 125.

  [448] Ibid., p. 126.

  [449] Ibid., p. 127.

  [450] Karl Marx and Frederick Engels, Selected Correspondence, p. 219.

  [451] See "Papers on the Marginal Revolution in Economics," History of Political Economy, Fall 1972.

  [452] Eugen von Bohm-Bawerk, Karl Marx and the Close of His System, translated by Alice M. Macdonald (New York: The MacMillan Co., 1898).

  [453] Karl Marx, Theories of Surplus Value (International Publishers, 1952), pp. 122, 212, 213, 221, 224, 232, 249, 250, 282. See also Karl Marx and Frederick Engels, Selected Correspondence, p. 243.

  [454] Eugen von Bohm-Bawerk, Karl Marx and the Close of His System, p. 63.

  [455] Ibid., p. 131.

  [456] Karl Marx and Frederick Engels, Selected Correspondence, p. 246.

  [457] Frederick Engels, Herr Eugen Dühring's Revolution in Science [Anti-Dühring] (International Publishers, 1939), p. 147.

  [458] Karl Marx and Frederick Engels, Selected Correspondence, pp. 129-133. See also Ibid., p. 238-247.

  [459] Karl Marx and, Capital, Volume I, p. 244n.

  [460] Ibid., pp. 93n, 185n, 244n, 425n, 443n.

  [461] Ibid., pp. 54-79, passim.

  [462] Karl Marx, Grundrisse, translated by Martin Nicolaus (Vintage Books, 1973), p. 137.

  [463] Karl Marx, Capital, Volume I, pp. 43, 95n; Karl Marx, Theories of Surplus Value, pp. 203, 261.

  [464] Karl Marx and Frederick Engels, Selected Correspondence, pp. 246-247.

  [465] Ibid., p. 247.

  [466] Karl Marx, Capital, Volume I, p. 82. See also Karl Marx, The Poverty of Philosophy (International Publishers, 1963), p. 78.

  [467] Karl Marx, Capital, Volume I, p. 83.

  [468] Ibid., p. 86.

  [469] Ibid., pp. 81-96.

  [470] Ibid., p. 84.

  [471] Ibid., p. 85n.

  [472] Ibid., p. 95n.

  [473] Ibid., pp. 45, 55, 57n, 70, 76, 95.

  [474] Ibid., pp. 43, 106, 114.

  [475] Karl Marx, Theories of Surplus Value, p. 261.

  [476] Karl Marx, Capital, Volume I, p. 55.

  [477] Ibid., p. 95n.

  [478] Ibid., p. 57n.

  [479] Ibid., p. 82n.

  [480] Ibid., p. 185n.

  [481] Karl Marx, Capital, Volume III, p. 56.

  [482] See Karl Marx, Capital, Volume I, pp. 235-244; Karl Marx, Grundrisse, p. 324.

  [483] Karl Marx, Theories of Surplus Value, p. 133.

  [484] Ibid.

  [485] Karl Marx, Theories of Surplus Value, p. 283.

  [486] Frederick Engels, "Preface," Karl Marx, Capital, Volume II, p. 18.

  [487] Karl Marx, Capital, Volume III, p. 38.

  [488] Karl Marx and Frederick Engels, Selected Correspondence, p. 245.

  [489] Karl Marx, Capital, Volume I, p. 93n.

  [490] Karl Marx, Theories of Surplus Value, p. 231.

  [491] Ibid., p. 202.

  [492] Karl Marx and Frederick Engels, Selected Correspondence, p. 227.

  [493] Karl Marx, A Contribution to the Critique of Political Economy (International Library Publishing Co., 1904), pp. 293-294.

  [494] Karl Marx, Capital, translated by Ben Fawkes (New York: Vintage Books, 1977), Vol. I, p. 104. All other references to Capital are to the standard Kerr edition.

  [495] Karl Marx, Capital, Volume I, Chapter VI.

  [496] Ibid., p. 164.

  [497] Ibid., p. 108.

  [498] Ibid., p. 233.

  [499] Ibid., p. 232.

  [500] Adam Smith, The Wealth of Nations (Modern Library, 1937), p. lvii.

  [501] See Thomas Sowell, Classical Economics Reconsidered (Princeton: Princeton University Press, 1974), pp. 38-42, 51, 121.

  [502] Karl Marx, Capital, Volume I, pp. 257, 265-290, 294, 308, 718-783.

  [503] Karl Marx and Frederick Engels, Selected Correspondence, p. 172.

  [504] Frederick Engels, "Preface to the First German Edition," Karl Marx, The Poverty of Philosophy, p. 11.

  [505] Karl Marx, Capital, Volume I, p. 14. See also Karl Marx, Capital, Volume III, p. 62.

  [506] Karl marx, Capital, Volume I, p. 171.

  [507] Ibid., p. 337.

  [508] Karl Marx, "Wage Labour and Capital," Karl Marx and Frederick Engels, Selected Works (Moscow: Foreign Languages Publishing House, 1955), Volume I, pp. 99-100; Karl Marx, Capital, Volume III, pp. 310-311.

  [509] Karl Marx, Capital, Volume I, pp. 552-553.

  [510] Karl Marx, Capital, Volume II, p. 40.

  [511] Ibid., p. 44.

  [512] "The value of every commodity produced by capitalist methods is represented by the formula: C = c + v + s," Karl Marx, Capital, Volume III, p. 38.

  [513] Karl Marx, Capital, Volume I, p. 236.

  [514] Ibid., p. 237.

  [515] Ibid., p. 239.

  [516] Ibid., pp. 241, 334.

  [517] Ibid., p. 242.

  [518] Ibid.

  [519] Ibid., p. 238.

  [520] Karl Marx, Capital, Volume I, pp. 568-581, 586-617, 671-711.

  [521] Ibid., pp. 619-783.

  [522] Ibid., pp. 784-848.

  [523] Karl Marx, Capital, Volume II, p. 32.

  [524] Ibid., p. 155.

  [525] Karl Marx, Capital, Volume II, pp. 178-207.

  [526] Ibid., pp. 173-177.

  [527] Ibid., p. 455.

  [528] Karl Marx, Capital, Volume III, p. 55.

  [529] Ibid., Volume II, p. 28; Karl Marx and Frederick Engels, Selected Correspondence, p. 129; Karl Marx, The Poverty of Philosophy (New York: International Publishers, 1963), p. 98; Karl Marx, Grundrisse, pp. 435-436.

  [530] Karl Marx and Frederick Engels, Selected Correspondence, p. 130.

  [531] Karl Marx and Frederick Engels, Selected Correspondence, pp. 131, 241, 243; Karl Marx, Capital, Volume III, pp. 38-39.

  [532] See, for example, Karl Marx, Selected Correspondence, pp. 129-130; Karl Marx, Theories of Surplus Value-Selections (New York: International Publishers, 1952), pp. 212-214, 221-224; Karl Marx, Capital, Volume III, p. 181.

  [533] Karl Marx and Frederick Engels, Selected Correspondence, p. 129

  [534] Otherwise, capitals earning less than the average profit would transfer into industries with above average profit rates, their increased competition in the industries they entered driving down the latter's profit rate. Conversely, the reduced competition in the industry they left would raise the profit rate there. The process of transfer would continue as long as the differences in profit rates continued—which is to say the transfers would tend to equalize the profit rates.

  [535] Karl Marx, Capital, Volume I, p. 671; Karl Marx and Frederick Engels, Selected Correspondence, p. 130.

  [536] Karl Marx and Frederick Engels, Selected Correspondence, p. 131.

  [537] Karl Marx, Theories of Surplus Value, p. 231.

  [538] Karl Marx, Capital, Volume III, p. 85; Karl Marx, Capital, Volume II, p. 338.

  [539] Karl Marx, Capital, Volume III, p. 64.

  [540] Ibid., pp. 44-45.

  [541] Ibid., p. 49. See also Ibid., p. 208.

  [542] See Paul Sweezy, The Theory of Capitalist Development, (New York: Monthly Review Press, 1956), Chapter VII.

  [543] Karl Marx, Grundrisse, pp. 137-138; Karl Marx, "Wage Labour and Capital," Marx and Engels, Selected Works, Volume I, p. 87; Karl Marx, Capital, Volume III, p. 223.

  [544] See F. Seton "The 'Transformation Problem'," Review of Economic Studies, Volume 24 (1957), pp. 149-160. Seton claims that Marx assumes equal rates of surplus value ("exploitation") in all sectors—not simply as a postulate in the first approximation, but as an empirical assumption. Nowhere does Seton document this repeated assertion.

  [545] For example, Paul M. Sweezy, "Editor's Introduction," Eugen von Böhm-Bawerk and Rudolf Hilferding, Karl Marx and the Close of His System & Böhm-Bawerk's Criticism of Marx (New York: Augustus M. Kelley, 1949), p. xxiv. But compared Ronald L. Meek, Studies in the Labour Theory of Value, 2nd edition (New York: Monthly Review Press, 1956), p. 197.

  [546] Karl Marx, Capital, Volume III, p. 84n.

  [547] Ibid., p. 56.

  [548] Ibid., p. 54.

  [549] Karl Marx, Capital, Volume III, p. 206.

  [550] Karl Marx, The Poverty of Philosophy, pp. 60-61.

  [551] Karl Marx, A Contribution to the Critique of Political Economy, p. 107.

  [552] Frederick Engels, "Preface to the First German Edition," Karl Marx, The Poverty of Philosophy, p. 18.

  [553] Ibid., p. 19.

  [554] Karl Marx, Grundrisse, p. 171.

  [555] Karl Marx, A Contribution to the Critique of Political Economy, p. 105.

  [556] Ibid., p. 106.

  [557] Karl Marx, Grundrisse, pp. 138, 153, 207; Karl Marx, Capital, Volume I, p. 106n. This is contrary to a modern Marxist interpretation. Marxian economics provides an "objective basis, independent of the market" for determining value. Don J. Harris, "On Marx's Scheme of Reproduction and Accumulation," Journal of Political Economy, May/June 1972, p. 507.

  [558] John Weeks, Capital and Exploitation (Princeton: Princeton University Press, 1981), p. 28.

  [559] Frederick Engels, Herr Eugen Dühring's Revolution in Science [Anti-Dühring], pp. 339-340.

  [560] Karl Marx, The Poverty of Philosophy, p. 21.

  [561] Karl Marx, "Critique of the Gotha Program," Karl Marx and Friedrich Engels, Basic Writings On Politics and Philosophy, edited by Lewis S. Feuer (Anchro Books, 1959), p. 116.

  [562] Karl Marx, Capital, Volume III, p. 221.

  [563] Karl Marx, Capital, Volume I, p. 92.

  [564] Frederick Engels, Herr Eugen Dühring's Revolution in Science [Anti-Dühring], p. 338.

  [565] John Robinson, An Essay on Marxian Economics (Macmillan & Co., Ltd., 1957), p. 23.

  [566] Thomas Sowell, Classical Economics Reconsidered (Princeton University Press, 1974), pp. 132-136.

  [567] Ibid., pp. 132-133.

  [568] Karl Marx, Capital, Volume I, p. 282.

  [569] Ibid., p. 297.

  [570] Ibid., p. 658.

  [571] Karl Marx, Capital, Volume III, p. 282.

  [572] Ibid.

  [573] Karl Marx, Capital, Volume III, p. 275.

  [574] Ibid., p. 248.

  [575] Ibid.

  [576] Karl Marx, Capital, Volume III, p. 249.

  [577] For example, Paul M. Sweezy, The Theories of Capitalist Development, Chapter IX.

  [578] Karl Marx, Capital, Volume III, pp. 292-293.

  [579] Ibid., p. 283.

  [580] Ibid.

  [581] Ibid., p. 294.

  [582] David Ricardo, The Works and Correspondence of David Ricardo, ed. Piero Sraffa (Cambridge University Press, 1951), Vol. I, p. 50.

  [583] Ibid.

  [584] John Stuart Mill, Essays on Some Unsettled Questions of Political Economy (John W. Parker, 1844), p. 96.

  [585]Ibid., pp. 96-97.

  [586] Karl Marx, Theories of Surplus Value, p. 320.

  [587] David Ricardo, The Works and Correspondence of David Ricardo, Volume II, pp. 249-250.

  [588] Karl Marx, "Wage Labour and Capital," Karl Marx and Frederick Engels, Selected Works, Volume I (Foreign Language Publishing House, 1955), p. 94.

  [589] Ibid., p. 96.

  [590] Ibid., p. 98.

  [591] Marx usually—but not invariably—used the expression "real wages" to mean the quantity of goods and services purchasable with the worker's earnings. Karl Marx, "Wage Labour and Capital," Karl Marx and Frederick Engels, Selected Works, Volume I, pp. 95, 96, 97; Karl Marx, Capital, Volume I, p. 579, 594, 662. This is distinguished fro "real wages" in the Ricardian sense of labor's relative share of output. Karl Marx, Theories of Surplus Value-Selections, p. 318.

  [592] Karl Marx, The Poverty of Philosophy, pp. 213, 215-216, 221; Karl Marx, "Wage Labour and Capital," Karl Marx and Frederick Engels, Selected Works, Volume I, pp. 96-105, passim; Karl Marx, Economic and Philosophic Manuscripts of 1844 (Foreign Languages Publishing House, 1961), pp. 20-28, passim.

  [593] Karl Marx and Frederick Engels, Collected Works (International Publishers, 1976), Volume 6, p. 426.

  [594] Karl Marx and Friedrich Engels, "Manifesto of the Communist Party," Karl Marx and Friedrich Engels, Basic Writings on Politics and Philosophy, p. 19.

  [595] Karl Marx, The Poverty of Philosophy, p. 51.

  [596] Ibid., p. 51n.

  [597] Karl Marx and Frederick Engels, Selected Correspondence, p. 325.

  [598] Ibid., p. 157.

  [599] Karl Marx "Critique of the Gotha Program," Karl Marx and Friedrich Engels, Basic Writings on Politics and Philosophy, p. 124.

  [600] Karl Marx and Frederick Engels, Selected Correspondence, p. 325.

  [601] Karl Marx, Capital, Volume I, p. 190.

  [602] Karl Marx, Capital, Volume III, p. 956.

  [603] Paul A. Samuelson, "Wages and Interest: A Dissection of Marxian Economic Models," American Economic Review, December 1957, pp. 908-911, especially 910n.

  [604] Karl Marx, Capital, Volume I, p. 573.

  [605] Ibid., p. 570.

  [606] Ibid., p. 571.

  [607] Fred M. Gottheil, Marx's Economic Predictions (Northwestern University Press, 1966), pp. 158-159.

  [608] Ronald L. Meek, "Marx's 'Doctrine of Increasing Misery'." Science & Society, Fall 1962, p. 428n.

  [609] Karl Marx, Capital, Volume I, p. 700.

  [610] Karl Marx, "Wages, Price and Profit," Karl Marx and Friedrich Engels, Selected Works, Volume I, p. 407.

  [611] Frederick Engels, The Condition of the Working-Class in England in 1844 (George Allen and Unwin Ltd., 1952), p. xiv. Even a twentieth-century Marxist economist quotes a contemporary observation in a working-class neighborhood: "If these neighbors of mine are the end product of a long historical process of 'impoverishment', then all I can say is that their grandfathers and great-grandfathers must have been bloody rich men." Ronald L. Meek, op cit., p 435.

 

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