ABSTRACT
In this chapter, the authors present Karl Marx's theory of value they will place particular emphasis on what distinguishes it from the Classical theory of value. Samuel Bailey argues that exchange value is not a property because it is a relation, and specifically a relation of exchange. He is arguing that exchange value does not constitute the derivative of a property but a property in itself, which exists simply as a relation of exchange. The authors also present other significant developments in Marxist economic theory, which touch on issues such as the profit rate and role of technological innovation, economic crises and the role of the money and credit in the process of expanded reproduction of the capitalist system. Marx introduced on the methodological level the theory of forms of appearance of economic and social relations. The forms of appearance are to be distinguished from the "essence", i.e. the internal, concealed, causal regularities which govern social relations.
