[Marxism] Review of Money and Totality by Fred Moseley | Leftcom

Louis Proyect lnp3 at panix.com
Wed Aug 28 07:01:54 MDT 2019

This is a substantial book which the author admits has been 20 years in 
the making. [1] It deals primarily with Moseley’s own “Macro-Monetary” 
interpretation of Marx’s economic writings and takes up and rebuts 
criticisms of this interpretation. However, the book also looks 
critically at the major interpretations of Marx’s economic work, by 
Marxist academic economists, which have emerged in the last 100 years, 
giving a brief description of them and critically examining their 
failings. Many people may not realise this, but for the greater part of 
the twentieth century the accepted view among academic Marxist 
economists, which was generally known as the Standard Interpretation 
(SI), was that Marx made a fundamental mistake in his economic analysis 
which needed to be corrected. The key issue behind this is the so-called 
“transformation” problem, namely the transformation of values into 
prices of production. The SI and its offshoots claim that Marx failed to 
do this correctly and his work needs to be corrected. A number of 
corrections have been proposed and a further number of variations of 
these corrections themselves put forward in ever greater complexity. 
Moseley shows how these criticisms and corrections are founded on a 
misinterpretation of Marx’s work; and that the corrections each violate 
some other key aspect of Marx’s work. Moseley argues that Marx did not 
make a mistake and there is no transformation problem whatsoever.


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