this post was submitted on 07 Oct 2024
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Explain the bookclub: We are reading Volumes 1, 2, and 3 in one year and discussing it in weekly threads. (Volume IV, often published under the title Theories of Surplus Value, will not be included in this particular reading club, but comrades are encouraged to do other solo and collaborative reading.) This bookclub will repeat yearly.

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.


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 ) which may fit your schedule better. The idea is for the bookclub to repeat annually, so there's always next year.

Archives: Week 1Week 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9Week 10Week 11Week 12Week 13Week 14Week 15Week 16Week 17Week 18Week 19Week 20Week 21Week 22Week 23Week 24Week 25Week 26Week 27Week 28Week 29Week 30Week 31Week 32Week 33Week 34Week 35Week 36Week 37Week 38Week 39Week 40


Week 41, Oct 7-13 – Chapter 26, Chapter 27, and Chapter 28 of Volume III

Chapter 26 is called 'Accumulation of Money-Capital. Its Influence on the Interest Rate'

Chapter 27 is called 'The Role of Credit in Capitalist Production'

Chapter 28 is called 'Medium of Circulation and Capital; Views of Tooke and Fullarton'


https://www.marxists.org/archive/marx/works/1894-c3/index.htm


Discuss the week's reading in the comments.

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[–] Doubledee@hexbear.net 1 points 1 day ago (1 children)

I assume Vampire has had some business come up or something, I read the next 3 chapters this week but I'm wondering if maybe one of us should pick up the slack until Vampire is back? Just so we don't fall of so close to the end?

[–] Vampire@hexbear.net 3 points 12 hours ago

Hey I'm here. The guys finally got the power restored. I'll fill in the backlog. Thank you very much for keeping things running in the meantime.

[–] Vampire@hexbear.net 5 points 2 weeks ago

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[–] Lemmygradwontallowme@hexbear.net 2 points 1 week ago* (last edited 1 week ago)

Chapter 28 in a nutshell:

[–] Lemmygradwontallowme@hexbear.net 2 points 1 week ago* (last edited 1 week ago) (1 children)

Reading Chapter 26, it looks like, mid-page, we follow the cross-examining of the major contemporary banker, Mr. Overstone, with him trying to justify to the interviewer why high interest rates follow prosperous periods for capital and vice versa

Marx seems to take the opposite approach, saying that lower interest rate follow such prosperous periods, and increases in interest rates follow periods of crisis for capital, showing a more opportunistic side to finance capital.

There's a lot more going on beyond that, however, as the interviewer shows the faults within Overstone's words, and Marx comments on that to make a point

[–] Doubledee@hexbear.net 2 points 1 week ago (1 children)

I love this style he uses sometimes, just dunking on dummies sarcastically. I believe Karl would have been a great poster.

[–] Lemmygradwontallowme@hexbear.net 2 points 1 week ago* (last edited 1 week ago)

I believe Karl would have been a great poster.

He would've? That's an understatement... I'm pretty sure he was the forerunner, if not archetype and standard, for some Hexber rage-filled commentary effort posts a la Alaskaball

You can already feel him turn his gears, after reading things like:

"3635. You stated, that you consider that the rate of interest depends, not upon the amount of notes, but upon the supply and demand of capital. Will you state what you include in 'capital,' besides notes and coin?

— I believe that the ordinary definition of 'capital' is commodities or services used in production."

and

{ —}Interest would exist if there was no money at all."

That'd you understand why he responds with bangers like

This self-complacent rubbish is quite fitting for this pillar of the Currency Principle.