Episode 124: Heinrich’s Failed De(con)struction of Marx’s Falling-Rate-of-Profit-Theory (with Christos Balomenos)

Andrew and Gabriel welcome Christos Balomenos, a lecturer in economics at the University of Athens, to discuss his articles—recently published in Science & Society and Capital & Class—that seriously challenge Michael Heinrich’s allegations against Karl Marx’s falling-rate-of-profit theory. On the basis of his painstaking archival research, Christos flatly rejects claims by Heinrich (among others) that Marx had second thoughts about the theory and that Frederick Engels distorted Marx’s manuscripts on the topic when he edited and published them in volume 3 of Capital. In addition to reviewing the evidence, Christos and the co-hosts discuss why Marx’s theory is important and how Heinrich’s “value-form” alternative differs from it, what motivates Heinrich’s allegations, and the “New Reading” tradition from which he comes. Referring to a 2013 work by Andrew and others, some of the discussion is about whether and why it matters that Marx allegedly had second thoughts about his theory or that the presentation of the theory was enhanced by Engels’ editing.

Plus current-events segment: Jack Smith’s superseding indictment, and new filings, against Trump in the election subversion/Jan. 6 case. Has Smith succeeded in outwitting the Stench Court and its immunity ruling?

ChatRFH 2.0 on Sunday, November 10, starting at 1 pm EST! Chat with Gabriel and Andrew in a live videocast ep. of RFH. See article on MHI’s website for Zoom link and details.

Radio Free Humanity is a podcast covering news, politics and philosophy from a Marxist-Humanist perspective. It is co-hosted by Gabriel Donnelly and Andrew Kliman. We intend to release new episodes every two weeks. Radio Free Humanity is sponsored by MHI, but the views expressed by the hosts and guests of Radio Free Humanity are their own. They do not necessarily reflect the views and positions of MHI.

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