Marx’s Early Critique of Political Economy
Political economy had supplanted philosophy and theology as the primary object of critique. Presupposing an equilibrium of supply and demand, economists sought to explain the economy-wide pattern of relative prices-exchange values-by the same law which governed the class distribution of revenues between landlords, capitalists, and wage laborers. Following Engels, Marx concluded that they were unable to provide a coherent account of the inter-relationship between the economic oppositions within which their theories revolved- cost/price, supply/demand, labor/capital, etc.- because they could not grasp the historically specific dynamic of development that stemmed from the social relations that imposed exchange dependency on producers. In all its variants, the discourse of the wealth of nations presupposed private property in the exchange value form and therefore the distribution of revenues into wages, profit, and rent. Marx noted that it did not, however, explain private property’s histo...