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Some Early Critical Reviews of Volume 3 of Marx’s Capital

Summary:
Here are some here: Sombart, Werner. 1894. “Zur Kritik des ökonomischen Systems von Karl Marx” [Toward a Critique of the Economic System of Karl Marx], Archiv für soziale Gesetzgebung und Statistik 7: 555–594.Lexis, W. 1895. “The Concluding Volume of Marx’s Capital,” Quarterly Journal of Economics 10 (October): 1–33.Schmidt, Conrad. 1895. “Der dritte Band des Kapital,” Sozialpolitisches Zentralblatt 22 (25th February): 254–258.Sorel, G. 1897. “Sur la théorie marxiste de la valeur,” Journal des Economistes (March): 222–231.Wilbrandt, Robert. 1919. Karl Marx: Versuch einer Würdigung. B. G. Teubner, Leipzig. Wilbrandt (1919: 100) appears to have taken the same view as in Engels’ supplement that the law of value in volume 1 of Capital was to be confined only to the pre-modern world of commodity exchange, while Sombart and Schmidt struggled to see how the law of value in volume 1 was empirical at all in light of volume 3.Engels had a correspondence with both Sombart and Schmidt on the labour theory of value, and this is what prompted Engels to write the Supplement to volume 3.In fact, it was in a letter that Engels wrote to Werner Sombart (1863–1941) on March 11, 1895 that we have this admission: “When commodity exchange began, when products gradually turned into commodities, they were exchanged approximately according to their value.

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Lord Keynes writes Louis Boudin on the Contradiction between Volumes 1 and 3 of Marx’s Capital

Here are some here:

Sombart, Werner. 1894. “Zur Kritik des ökonomischen Systems von Karl Marx” [Toward a Critique of the Economic System of Karl Marx], Archiv für soziale Gesetzgebung und Statistik 7: 555–594.

Lexis, W. 1895. “The Concluding Volume of Marx’s Capital,” Quarterly Journal of Economics 10 (October): 1–33.

Schmidt, Conrad. 1895. “Der dritte Band des Kapital,” Sozialpolitisches Zentralblatt 22 (25th February): 254–258.

Sorel, G. 1897. “Sur la théorie marxiste de la valeur,” Journal des Economistes (March): 222–231.

Wilbrandt, Robert. 1919. Karl Marx: Versuch einer Würdigung. B. G. Teubner, Leipzig.

Wilbrandt (1919: 100) appears to have taken the same view as in Engels’ supplement that the law of value in volume 1 of Capital was to be confined only to the pre-modern world of commodity exchange, while Sombart and Schmidt struggled to see how the law of value in volume 1 was empirical at all in light of volume 3.

Engels had a correspondence with both Sombart and Schmidt on the labour theory of value, and this is what prompted Engels to write the Supplement to volume 3.

In fact, it was in a letter that Engels wrote to Werner Sombart (1863–1941) on March 11, 1895 that we have this admission:

“When commodity exchange began, when products gradually turned into commodities, they were exchanged approximately according to their value. It was the amount of labour expended on two objects which provided the only standard for their quantitative comparison. Thus value had a direct and real existence at that time. We know that this direct realisation of value in exchange ceased and that now it no longer happens.”
Letter, Engels to W. Sombart, from London, March 11, 1895
https://www.marxists.org/archive/marx/works/1895/letters/95_03_11.htm

The importance of this letter and Engels’ supplement cannot be stressed enough for understanding and refuting the labour theory of value.
Lord Keynes
Realist Left social democrat, left wing, blogger, Post Keynesian in economics, but against the regressive left, against Postmodernism, against Marxism

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