ABSTRACT
Introduction Luxemburg was one of the very few Marxists to interpret the capitalist process in Marx’s Capital as a monetary sequence of successive and intertwined phases. Taken together, The Accumulation of Capital and Introduction to Political Economy show that Luxemburg was on the way to combining a monetary labour theory of value and exploitation with a macro-class monetary approach to production and distribution. Indeed, she may be seen as a forerunner of recent attempts to reinstate ‘valorization’ as the core of a ‘monetary theory of production’, as some theorists of the monetary circuit have proposed in recent years. In the following, I shall focus on Luxemburg’s reading of the monetary aspects of Marxian critical political economy, and on her ‘circuitist’ framing of the realization problem in the Anti-Critique.
