An Updated Marxian Theory of Commodity

How does material production become socially§recognised in Capitalism? This is a fundamental§question for Economics, as material production takes§place privately and independently in a worldwide§system. The present book shows that the process of§social recognition of material production and the§process giving rise to money are one and the same. It§further highlights that they are only the material§manifestation of the realisation of work carried out§privately and independently as part of the social§labour. The theory of commodity outlined completes§the characterisation of commodity as a historical§mode of production and recovers Marx s fundamental§concept of the mercantile form of value. As a result,§it stands out that the mercantile form of value is§the indirect way in commodity production to allocate§the productive powers of society, Smith s invisible§hand. Furthermore, the book breaks the false§immediate identity between means of production and§capital, and that between money and capital. The§fallacy that the labour theory of value disregards§the inputs to production other than labour is thus§laid bare, as is the misconception that directly§identifies supply with production.