Adopting the view that Marx's notion of "commodity" has a wider reach than is usually supposed, and that it is this notion, rather than a "labour theory of value" that is the cornerstone of his economic theory, this paper shows that Marx's account of capitalist exploitation is one that accords...

In this paper, we argue that in his economic theory Marx employs an unconventional form of analytical reductionism in which the single commodity, rather than the individual agent, is taken as the point of departure, and that, through the interplay of the accounts of value and money around the...

This paper suggests an explanation for the heavy trading volume observed on the US capital markets, the world's largest. Heterodox economic theory puts much of this volume down to speculation. Mainstream theory tends to support this thesis, either directly or indirectly, by giving space to the...

While recognising that most pre-capitalist formations exhibited elements of commodity exchange, Marx argued that capitalism differentiates itself as a genuine commodity system by virtue of two interdependent processes having reached a critical stage of development: a 'stretching' of commodity...