Karl Marx

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KARL MARX
AND THE CLOSE OF HIS SYSTEM BY Eugen von Böhm-Bawerk &

BÖHM-BAWERK'S
CRITICISM OF MARX BY Rudolf Hilferding
Together with an Appendix consisting of an Article by Ladislaus von Bortkiewicz on the Transformation of Values into Prices of Production in the Marxian System Edited with an introduction

by PAUL M. SWEEZY

AUGUSTUS N E W YORK

M.

KELLEY

1949

COPYRIGHT BY AUGUSTUS M. KELLEY, 1 9 4 9

Printed in the United States of America by H. WOLFF, New York

CONTENTS Editor's Introduction
KARL MARX AND THE CLOSE OF HIS SYSTEM.

v

Eugen von Böhm-Bawerk Introduction 1 The Theory of Value and Surplus Value IT The Theory of the Average Rate of Profit and of the Price of Production in The Question of the Contradiction iv The Error in the Marxian System: Its Origin and Ramifications v Werner Sombart's Apology BÖHM-BAWERK'S

3 9 19 28 64 102

CRITICISM OF MARX.

Rudolf Hiljerding Preface I Value as an Economic Category II Value and Average Profit in The Subjectivist Outlook APPENDIX. ON THE CORRECTION OF MARX'S FUNDAMENTAL THEORETICAL CONSTRUCTION IN THE THIRD VOLUME OF CAPITAL. Ladislaus von

121 123 149 184

Bortkiewicz
INDEX OF NAMES

199
223

EDITOR'S INTRODUCTION

HIS volume brings together two of the most important items in the large literature concerned with criticizing and evaluating the economic doctrines of Karl Marx. Böhm-Bawerk's contribution, in its English translation, has been out of print and very difficult to obtain for many years. Hilferding's answer to Böhm-Bawerk was brought out in translation by an obscure socialist publisher in Glasgow and never acquired wide circulation in either Britain or this country. In view of the recent growth of interest in Marxism, I believe the time has come to make these works available to a larger English-reading public; and I also believe that each gains in value through being presented side by side with the other. As an appendix there is included an article by the German statistician-economist Bortkiewicz. This article, bearing on one of the central points at issue between Böhm-Bawerk and Hilferding, has achieved considerable fame; but hitherto it has not been translated into English, and I have seen no evidence that it has been read by more than a handful of specialists. I believe that serious students of Marxian economics, whether hostile or friendly, will be glad to have it made readily available for study and reference. In this introduction I shall discuss these three works in the hope of illuminating the point of view from which their authors

T

vi

Editor's Introduction

wrote and of placing them in the development of the literature of which they form a part.

BÖHM-BAWERK'S WORK

was first published in 1896, under the title Zum Abschluss des Marxschen Systems, in a volume of essays in honor of Karl Knies.1 It appeared in Russian the following year and in English (in both London and New York) in 1898.

The original English title is retained here because it is by this title that the work is now widely known. At the same time it is necessary to point out that this title is not strictly accurate and has given rise to misunderstandings. "Karl Marx and the Close of His System" sounds like an obituary for Marx and his theories ; 2 but, though the spirit of an obituary is not lacking from Böhm-Bawerk's writing, it would be mistaken to assume that this is what he intended to convey by the title. The third and final volume of Capital was published by Engels in 1894, and Böhm-Bawerk's work was in the nature of an extended review. The German title means simply "On the Conclusion of the Marxian System," and this describes the work as accurately as a brief title can. It was quite natural, one might almost say inevitable, that Böhm-Bawerk should write this book. In his well-known history of theories of capital and interest,3 he had devoted a whole 1 O. v. Boenigk, ed., Staatswissenschaftliche Arbeiten: Festgaben...
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