![]() ![]() Marx focuses on the circulation of capital for the capitalist or the business entity. The Process of Circulation of Capital comes across as though it is a treatise on the money supply, yet there is no mention of inflation, and banking is discussed but not thoroughly examined. The subtitle of the book is highly misleading. Let me restate this is not a work of macroeconomics. And yet, its peculiarities illuminate his perspective on politics and economics. It is effectively a philosophical discourse on what is today described as the discipline of accounting, and to some extent finance. And yet, it is not really a discourse on macroeconomics. He engages the central claim of capitalism which has always been its capacity to increase overall wealth. He explains how economic systems increase overall wealth despite a limited supply of actual money. ![]() ![]() In this text, Marx takes socialist economics to a space where few of his adherents can travel. The second volume of Capital involves the circulation of capital. It is impossible to fully recognize the genius of Marx without the acknowledgement of his absurdity. ![]()
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