reveal its strong and weak points. Second, in the analysis
of effective demand -- the theory of employment --
modern economics provides a basis for the study of the
law of motion of capitalism, which is suggested, but not
fully developed, by Marx himself. Moreover, both parties
must gain from attempting to understand their mutual
criticisms, instead of indulging in ill-informed abuse.

I have confined my argument to Marx's economic
analysis in the narrow sense, and made no attempt to deal
with the broad treatment of history and sociology which
forms the most important part of Marx's doctrine. This
specialised approach is perhaps an unnatural one, and it
is true that no particular aspect of Marx's argument can
be properly understood without a grasp of the whole.
But at the same time a detailed study of particular aspects
is also useful, and the aspect which I have chosen to
discuss is one of the highest importance in the develop-
ment of the whole.

The first volume of Das Kapital was published by Marx
in 1867. After his death in 1883 Engels edited the manu-
scripts for the remaining two volumes, which consisted
partly of finished sections, and partly of uncompleted or
overlapping rough drafts. Volume II was published in
1885 and Volume III in 1894.

There is a good deal of repetition in Capital, and where
I have referred to a particular passage I have generally
chosen somewhat arbitrarily between a number which
make the same point. The references are intended as a
gage of good faith rather than as a guide to reading
Capital. References are to Capital, Volume I, published
by Glaisher, 1920; Volume II, published by Swan Sonnenschein
, 1907; and Volume III, published by Kerr,
1909. The references are numbered, and the title of the
chapter and section in which each passage referred to

-vi-