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An exciting, insightful exposition and development of Marx’s critique of political economy.The Limits to Capital provides one of the best theoretical guides to the history and geography of capitalist development. In this new edition, Harvey updates his classic text with a substantial discussion of the turmoil in world markets today. In his analyses of 'fictitious capital' and 'uneven geographical development' Harvey takes the reader step by step through layers of crisis formation, beginning with Marx's controversial argument concerning the falling rate of profit, moving through crises of credit and finance, and closing with a timely analysis geopolitical and geographical considerations.
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The Limits
Capital DAVID HARVEY
VERSO Londol
New York
Current edition published by Verso 2006 New material David Harvey 2006
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This edition first published by Verso 1999 David Harvey 1999 First published by Basil Blackwell, Oxford, 1982 David Harvey 1982 All rights reserved
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The moral rights of the author have been asserted
Verso
UK: 6 Meard Street, London W1V 3HR US: 180 Varick Street, New York, NY 100144606 Verso is the imprint of New Left Books ISBN- 10: 1-84467-095-3 ISBN-13: 978-1-84467-095-6 (pbk) British L i b r a r y Cataloguing i n Publication D a t a A catalogue record for this book is available from the British Library L i b r a r y of Congress Cataloging-in-Publication D a t a A catalog record for this book is available from the Library of Congress Printed by Biddles Ltd, Guildford and King's Lynn
Contents
INTRODUCTION T O THE 2006 VERSO EDITION INTRODUCTION
ix xxix
Chapter 1 COMMODITIES, VALUES AND CLASS RELATIONS I USE VALUES, EXCHANGE VALUES AND VALUES
1 Use values 2 Exchange value, money and the price system 3 T h e value theory 4 The theory of surplus value I1 CLASS RELATIONS AND THE CAPITALIST PRINCIPLE OF ACCUMULATION
1 The class role of the capitalist and the imperative to accumulate 2 T h e implications for the labourer of accumulation by the capitalist 3 Class, value and the contradiction of the capitalist law of accumulation
Appendix
THE THEORY OF VALUE
Chapter 2 PRODUCTION AND DISTRIBUTION I THE SHARE OF VARIABLE CAPITAL IN TOTAL SOCIAL PRODUCT, THE VALUE OF LABOUR POWER AND WAGE RATE DETERMINATION
1 T h e subsistence wage
2 Supply and demand for labour power 3 Class struggle over the wage rate 4 The accumulation process and the value of labour power I1 THE REDUCTION OF SKILLED TO SIMPLE LABOUR I11 THE DISTRIBUTION OF SURPLUS VALUE AND THE TRANSFORMATION FROM VALUES INTO PRICES OF PRODUCTION IV INTEREST, RENT, AND PROFIT ON MERCHANTS' CAPITAL
1 2 3 4
Merchants' capital Money capital and interest Rent on land Distribution relations and class relations i n historical perspective
39
CONTENTS
vi
Chapter 3 PRODUCTION AND CONSUMPTION, DEMAND AND SUPPLY AND THE REALIZATION OF SURPLUS VALUE I PRODUCTION AND CONSUMPTION, DEMAND AND SUPPLY AND THE CRITIQUE OF SAY'S LAW I1 THE PRODUCTION OF SURPLUS VALUE
1 The time structure and costs of realization 2 The structural problems of realization 111 THE PROBLEM OF EFFECTIVE DEMAND AND THE CONTRADICTION BETWEEN THE RELATIONS OF DISTRIBUTION AND THE CONDITIONS O F REALIZATION OF SURPLUS VALUE
Chapter 4 TECHNOLOGICAL CHANGE, THE LABOUR PROCESS AND THE VALUE COMPOSITION OF CAPITAL I I1 111 IV V
THE PRODUCTIVITY OF LABOUR UNDER CAPITALISM THE LABOUR PROCESS THE SOURCES OF TECHNOLOGICAL CHANGE UNDER CAPITALISM THE TECHNICAL, ORGANIC AND VALUE COMPOSITIONS OF CAPITAL TECHNOLOGICAL CHANGE AND ACCUMULATION
Chapter 5 THE CHANGING ORGANIZATION OF CAPITALIST P