This book presents the main economic argument developed by Marx in the three volumes of Capital in a coherent and comprehensive manner. It also delves into three long-standing debates in Marxist political economy: the transformation problem, the Okishio theorem, and theories of exploitation and oppression. Starting with discussions of methodology, including dialectics and historical materialism, the book explains key concepts of Marxist political economy: commodity, value, money, capital, reserve army of labour, accumulation of capital, circuit of capital, reproduction schemas, prices of production, profit, interest and rent. Scholars of economics, sociology, geography, political science, anthropology, and other kindred disciplines, will find here an accessible yet rigorous treatment of Marxist political economy.

About the Author

Deepankar Basu is Associate Professor in the Department of Economics at the University of Massachusetts, Amherst. His research interests span classical political economy, development economics and applied econometrics. He has published widely in peer reviewed journals. Basu is Associate Editor of the Review of Social Economy. He has co-edited a collection of essays on heterodox macroeconomics and political economy, Conflict, Demand and Economic Development: Essays in Honour of Amit Bhaduri, Routledge (2021).

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