Hop in, comrades, we are reading Capital Volumes I-III this year, and we will every year until Communism is achieved. (Volume IV, often published under the title Theories of Surplus Value, will not be included, but comrades are welcome to set up other bookclubs.) This works out to about 6½ pages a day for a year, 46 pages a week.
I'll post the readings at the start of each week and @mention anybody interested. Let me know if you want to be added or removed.
Congratulations to those who've made it this far! We are almost finished the first three chapters, which are said to be the hardest. If you made it through with us now, it's extremely likely that you'll stick the rest out. Let's keep it up! Proud of y'all!
Week 3, Jan 15-21, we are reading Volume 1, Chapter 3 Section 3, Chapter 4, and Chapter 5.
Discuss the week's reading in the comments.
Use any translation/edition you like. Marxists.org has the Moore and Aveling translation in various file formats including epub and PDF: https://www.marxists.org/archive/marx/works/1867-c1/
Ben Fowkes translation, PDF: https://libgen.is/book/index.php?md5=AA342398FDEC44DFA0E732357783FD48
(Unsure about the quality of the Reitter translation, I'd love to see some input on it as it's the newest one)
AernaLingus says: I noticed that the linked copy of the Fowkes translation doesn't have bookmarks, so I took the liberty of adding them myself. You can either download my version with the bookmarks added or if you're a bit paranoid (can't blame ya) and don't mind some light command line work you can use the same simple script that I did with my formatted plaintext bookmarks to take the PDF from libgen and add the bookmarks yourself. Also, please let me know if you spot any errors with the bookmarks so I can fix them!
Resources
(These are not expected reading, these are here to help you if you so choose)
-
Harvey's guide to reading it: https://www.davidharvey.org/media/Intro_A_Companion_to_Marxs_Capital.pdf
-
A University of Warwick guide to reading it: https://warwick.ac.uk/fac/arts/english/currentstudents/postgraduate/masters/modules/worldlitworldsystems/hotr.marxs_capital.untilp72.pdf
-
Reading Capital with Comrades: A Liberation School podcast series - https://www.liberationschool.org/reading-capital-with-comrades-podcast/
2024 Archived Discussions
If you want to dig back into older discussions, this is an excellent way to do so.
Archives: Week 1 – Week 2 – Week 3 – Week 4 – Week 5 – Week 6 – Week 7 – Week 8 – Week 9 – Week 10 – Week 11 – Week 12 – Week 13 – Week 14 – Week 15 – Week 16 – Week 17 – Week 18 – Week 19 – Week 20 – Week 21 – Week 22 – Week 23 – Week 24 – Week 25 – Week 26 – Week 27 – Week 28 – Week 29 – Week 30 – Week 31 – Week 32 – Week 33 – Week 34 – Week 35 – Week 36 – Week 37 – Week 38 – Week 39 – Week 40 – Week 41 – Week 42 – Week 43 – Week 44 – Week 45 – Week 46 – Week 47 – Week 48 – Week 49 – Week 50 – Week 51 – Week 52
2025 Archived Discussions
Just joining us? You can use the archives below to help you reading up to where the group is. There is another reading group on a different schedule at https://lemmygrad.ml/c/genzhou (federated at !genzhou@lemmygrad.ml ) (Note: Seems to be on hiatus for now) which may fit your schedule better. The idea is for the bookclub to repeat annually, so there's always next year.
My opinion is that fiat money can and does do its own thing, but within certain bounds that are enforced by the law of value. Money, even by fiat, must in the last resort always point to actual value, a real commodity with embodied labor. Otherwise it cannot function as a store of value and the economy collapses. However, there is a non-trivial span of time in which this detachment can exist before a crisis. So in this span of time, the ruling class gets to set in motion more capital than really exists as money. Money becomes more and more credit money, ie expected future money. Money in hand right now is therefore temporally linked to future production and earns its character of “burning a hole in one’s pocket.” Modern monetary policy exists in that squishy, speculative space of expected future value production. Therefore money (and the economy as a whole) must always grow exponentially lest a crisis occur.
I like that explanation, and this liminal gap in time where paper money can expand and be detached is what I had in mind when I was reading what Shaikh had to say about the history of paper money. And I also read that into what Marx, or was it Kozlov?, that said that paper money mist refer to gold for value in the final analysis.
So I like the explanation you gave. That's my working theory I'll use in the meantime. And from what I remember reading about Roberts' critique of MMT he agrees that paper money is still bounded by the law of value. I'll need to read it again to double check though
Thanks!