The Theory of Capitalist Development
Cover of the first edition
|Subject||Labor theory of value|
|Published||1942 (Monthly Review Press)|
|Media type||Print (Hardcover and Paperback)|
The Theory of Capitalist Development is a 1942 book by Paul Sweezy, in which Sweezy expounded and defended the labor theory of value. It has received praise as an important work, but Sweezy has also been criticized for misrepresenting Karl Marx's economic theories.
Sweezy expounded and defended the labor theory of value.
Eric Roll reviewed The Theory of Capitalist Development positively in The Yale Law Journal, calling it an important work. Roll wrote that its appearance alongside Joan Robinson's An Essay on Marxian Economics (1942) represented "a significant landmark in the development of economic thinking." Roll credited Sweezy with providing "the first modern comprehensive and systematic exposition of Marxian economic theory in the English language."
Political scientist David McLellan called Sweezy's work the best modern continuation of Marx's economic ideas. Marxist theorist Ernest Mandel accused Sweezy of several misunderstandings of Marx, including confusing prices of production and market prices, a mistake he saw as a result of Sweezy's employment of the work of Ladislaus von Bortkiewicz, a critic of Marx. Mandel compared Sweezy's misunderstandings of Marx to those later made by economist Ian Steedman in his Marx after Sraffa (1977).
- Mandel, Ernest (1974). Marxist Economic Theory. London: Merlin Press.
- Marx, Karl; Mandel, Ernest (1991). Capital, Volume 1. London: Penguin. ISBN 0-14-044570-6.
- McLellan, David (1995). Karl Marx: A Biography. London: Papermac. ISBN 0-333-63947-2.
- Wolff, Jonathan (1991). Robert Nozick: Property, Justice and the Minimal State. Stanford, California: Stanford University Press. ISBN 0-8047-1856-3.
- Online articles
- Roll, Eric. "Reviewed Works: The Theory of Capitalist Development by Paul M. Sweezy; An Essay on Marxian Economics by Joan Robinson". Retrieved 2017-01-12.