The Theory of Capitalist Development

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The Theory of Capitalist Development
The Theory of Capitalist Development (1942 edition).jpg
Cover of the first edition
Author Paul Sweezy
Country United States
Language English
Genre Economics
Published 1942 (Monthly Review Press)
Media type Print
Pages 398

The Theory of Capitalist Development is a 1942 book by Paul Sweezy, who offers a statement and defense of the labor theory of value.[1] Sweezy has been criticized for his alleged misrepresentations of Karl Marx's economic theories.


Sweezy expounds and defends the labor theory of value.[1]

Scholarly reception[edit]

Political scientist David McLellan calls Sweezy's work the best modern continuation of Marx's economic ideas.[2] Ernest Mandel accuses Sweezy of several misunderstandings of Marx, including confusing prices of production and market prices, a mistake he sees as a result of Sweezy's employment of the work of Ladislaus von Bortkiewicz,[3] a critic of Marx.[4] Mandel believes that Sweezy's misunderstandings of Marx are similar to those later made by economist Ian Steedman in his Marx after Sraffa (1977).[5]

See also[edit]



  1. ^ a b Wolff 1991. pp. 151-152.
  2. ^ McLellan 1995. p. 439.
  3. ^ Mandel 1991. p. 27.
  4. ^ Mandel 1974. p. 301.
  5. ^ Mandel 1991. p. 9.


  • 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.