Marx's Critique of Capitalism During the 1857 World Economic Crisis
M
ARX
‘ C
RITIQUE
OF
C
APITALISM
DURING
THE
W
ORLD
E
CONOMIC
C
RISIS
OF
1857
Prof. Dr. Rolf Hecker (Berlin)
Bank run on the Seamen's Savings' Bank
Marx to Engels, December 18, 1857
„I am working enormously, as a rule until 4 o’clock in the
morning. The work is, in fact, a double one: 1. Elaborating the
outlines of political economy ["so that I at least understand the
groundwork before the
déluge
"] 2. The
present crisis
. Apart from
the articles for the
Tribune
, all I do is keep records of it, which,
however, takes up considerable amount of time. I think that,
somewhere about the spring, we ought to do a pamphlet
together
about the affair as a
reminder
to the German public that
we are still there as always, and
always the same
. I have started 3
large record books – England, Germany, France. All the material
on the America affair is available in the
Tribune
, and can be
collated subsequently.
“
M
ARX
‘ C
RITIQUE
OF
C
APITALISM
DURING
THE
W
ORLD
E
CONOMIC
C
RISIS
OF
1857
Marx is working on his economic
manuscript, the „Grundrisse“
(MEGA² II/1)
Heft (Notebook) I: etwa Mitte
Oktober bis etwa Mitte November
1857 (48 pages)
Heft II: November 1857 (29 pages)
Heft III: 29. November bis etwa Mitte
Dezember 1857 (45 pages)
Heft IV: etwa Mitte Dezember 1857
bis 22. Januar 1858 (53 pages)
M
ARX
‘ C
RITIQUE
OF
C
APITALISM
DURING
THE
W
ORLD
E
CONOMIC
C
RISIS
OF
1857
Marx’ three large
scrapbooks 1857/58
in MEGA² IV/14
„1857.
France
“
„Books of the crisis of
1857
. Lond. 12. Dec. 1857“
“The Book of the
Commercial Crisis.
January.
1858”
M
ARX
‘ C
RITIQUE
OF
C
APITALISM
DURING
THE
W
ORLD
E
CONOMIC
C
RISIS
OF
1857
…to the
possible
composition of
a "pamphlet" in
the spring of
1858…
Pamphlet
France
Bankruptcies
the money market
the commodity and
industrial market
and, finally
the labour market
M
ARX
‘ C
RITIQUE
OF
C
APITALISM
DURING
THE
W
ORLD
E
CONOMIC
C
RISIS
OF
1857
F
r
a
n
c
e
„revolutionary socialism in
France“
(MEW 12, 20/21)
Marx combined the possibility for
social change with a crisis
situation. At that time, this was
particularly true in France, where
Marx saw the greatest chances for
a revolutionary convulsion.
He expressed the hope that the
workers “would be helped by the
social revolutions originating in
industry towards the emancipation
of their own class in the whole
world".
M
ARX
‘ C
RITIQUE
OF
C
APITALISM
DURING
THE
W
ORLD
E
CONOMIC
C
RISIS
OF
1857
Marx about France
M
a
r
x
'
s
f
o
c
u
s
w
a
s
,
a
b
o
v
e
a
l
l
,
F
r
a
n
c
e
:
s
i
n
c
e
1
8
5
6
h
e
h
a
d
r
e
p
e
a
t
e
d
l
y
c
l
a
i
m
e
d
s
i
n
c
e
t
h
a
t
i
t
w
a
s
a
b
o
u
t
t
o
c
o
l
l
a
p
s
e
,
p
r
i
m
a
r
i
l
y
b
e
c
a
u
s
e
o
f
t
h
e
"
g
i
g
a
n
t
i
c
s
p
e
c
u
l
a
t
i
o
n
w
i
t
h
R
u
s
s
i
a
n
r
a
i
l
w
a
y
l
i
n
e
s
.
"
N
o
w
h
e
o
p
i
n
e
d
"
T
h
e
b
l
o
w
b
a
c
k
o
n
F
r
e
n
c
h
i
n
d
u
s
t
r
y
w
a
s
i
m
m
e
d
i
a
t
e
:
"
a
s
h
e
w
r
o
t
e
t
o
E
n
g
e
l
s
,
"
s
i
n
c
e
t
h
e
s
i
l
k
w
a
r
e
i
s
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o
w
s
o
l
d
o
f
f
a
s
i
n
e
x
p
e
n
s
i
v
e
l
y
i
n
N
e
w
Y
o
r
k
a
s
i
t
i
s
m
a
d
e
i
n
L
y
o
n
.
"
(
M
a
r
x
,
O
c
t
o
b
e
r
2
0
,
1
8
5
7
)
M
ARX
‘ K
APITALISMUSKRITIK
IN
DER
W
ELTWIRTSCHAFTSKRISE
1857
Marx to Engels on
December 25, 1857:
For Marx it was a "mystery" why France was
relatively spared from the world crisis. His
letter to Engels dated December 25
th
, 1857
was dedicated to this mystery; in it he once
again expressed the opinion that Napoleon
"would hardly be able to escape" in 1858.
A newspaper article "The French Crisis",
was written the same day and published in
the NYDT of January 12
th
, 1858. He argued
that the trade balance of France, in
particular, was favorable to her major
trading partners such as the UK, the USA
and the Hanseatic cities.
M
ARX
‘ C
RITIQUE
OF
C
APITALISM
DURING
THE
W
ORLD
E
CONOMIC
C
RISIS
OF
1857
Bankruptcies
M
ARX
‘ C
RITIQUE
OF
C
APITALISM
DURING
THE
W
ORLD
E
CONOMIC
C
RISIS
OF
1857
Money Market
Source: The Economist
M
ARX
‘ C
RITIQUE
OF
C
APITALISM
DURING
THE
W
ORLD
E
CONOMIC
C
RISIS
OF
1857
Raw material and the industrial market
Source: The Economist
M
ARX
‘ C
RITIQUE
OF
C
APITALISM
DURING
THE
W
ORLD
E
CONOMIC
C
RISIS
OF
1857
The Manchester part-time statistics
in the cotton and silk industry
Source: The Manchester Guardian
L
ABOUR
MARKET
M
ARX
‘ C
RITIQUE
OF
C
APITALISM
DURING
THE
W
ORLD
E
CONOMIC
C
RISIS
OF
1857
Conclusions
In Marx’s research process, this is his first
thematic discussion of the multiplicity of the
markets.
Period of cycle not 3-4 years, but 8-10 years.
Influence of French and British government's
control measures soon led to a relaxation in the
money and capital markets.
Relationship between social revolution and the
overproduction crisis.
6-Books-Plan: 1. On Capital. 2. On Landed
Property. 3. On Wage Labour. 4. On the State. 5.
International Trade. 6. World Market.
M
ARX
‘ C
RITIQUE
OF
C
APITALISM
DURING
THE
W
ORLD
E
CONOMIC
C
RISIS
OF
1857
In 1857, amidst a world economic crisis, Karl Marx worked tirelessly on his economic manuscript, the Grundrisse, focusing on the political economy outlines and the current crisis. He aimed to create a pamphlet to remind the German public of his presence. Marx identified France as a potential site for revolutionary social change, hoping for the emancipation of the working class. His analysis combined the crisis situation with prospects for radical transformation.
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Prof. Dr. Rolf Hecker (Berlin) Bank run on the Seamen's Savings' Bank MARX CRITIQUE OF CAPITALISM DURING THE WORLD ECONOMIC CRISIS OF 1857
MARX CRITIQUEOF CAPITALISMDURING THE WORLD ECONOMIC CRISISOF 1857 Marx to Engels, December 18, 1857 I am working enormously, as a rule until 4 o clock in the morning. The work is, in fact, a double one: 1. Elaborating the outlines of political economy ["so that I at least understand the groundwork before the d luge"] 2. The present crisis. Apart from the articles for the Tribune, all I do is keep records of it, which, however, takes up considerable amount of time. I think that, somewhere about the spring, we ought to do a pamphlet together about the affair as a reminder to the German public that we are still there as always, and always the same. I have started 3 large record books England, Germany, France. All the material on the America affair is available in the Tribune, and can be collated subsequently.
MARX CRITIQUEOF CAPITALISMDURING THE WORLD ECONOMIC CRISISOF 1857 Marx is working on his economic manuscript, the Grundrisse (MEGA II/1) Heft (Notebook) I: etwa Mitte Oktober bis etwa Mitte November 1857 (48 pages) Heft II: November 1857 (29 pages) Heft III: 29. November bis etwa Mitte Dezember 1857 (45 pages) Heft IV: etwa Mitte Dezember 1857 bis 22. Januar 1858 (53 pages)
MARX CRITIQUEOF CAPITALISMDURING THE WORLD ECONOMIC CRISISOF 1857 Marx three large scrapbooks 1857/58 in MEGA IV/14 1857. France Books of the crisis of 1857. Lond. 12. Dec. 1857 The Book of the Commercial Crisis. January. 1858
MARX CRITIQUEOF CAPITALISMDURING THE WORLD ECONOMIC CRISISOF 1857 Pamphlet France to the possible composition of a "pamphlet" in the spring of 1858 Bankruptcies the money market the commodity and industrial market and, finally the labour market
MARX CRITIQUEOF CAPITALISMDURING THE WORLD ECONOMIC CRISISOF 1857 France Marx combined the possibility for social change with a crisis situation. At that time, this was particularly true in France, where Marx saw the greatest chances for a revolutionary convulsion. He expressed the hope that the workers would be helped by the social revolutions originating in industry towards the emancipation of their own class in the whole world". revolutionary socialism in France (MEW 12, 20/21)
MARX KAPITALISMUSKRITIKINDER WELTWIRTSCHAFTSKRISE 1857 Marx about France Marx's focus was, above all, France: since 1856 he had repeatedly claimed since that it was about to collapse, primarily because of the "gigantic speculation with Russian railway lines." Now he opined "The blowback on French industry was immediate:" as he wrote to Engels, "since the silkware is now sold off as inexpensively in New York as it is made in Lyon." (Marx, October 20, 1857)
MARX CRITIQUEOF CAPITALISMDURING THE WORLD ECONOMIC CRISISOF 1857 Marx to Engels on December 25, 1857: For Marx it was a "mystery" why France was relatively spared from the world crisis. His letter to Engels dated December 25th, 1857 was dedicated to this mystery; in it he once again expressed the opinion that Napoleon "would hardly be able to escape" in 1858. A newspaper article "The French Crisis", was written the same day and published in the NYDT of January 12th, 1858. He argued that the trade balance of France, in particular, was favorable to her major trading partners such as the UK, the USA and the Hanseatic cities.
MARX CRITIQUEOF CAPITALISMDURING THE WORLD ECONOMIC CRISISOF 1857 London failures. Failures. (2 (Wednesday) Dec. 1) Hirsch, Strother et Co (Produce trade) 60,000 Bankruptcies 2) Mendes da Costa, and Co. General Merchants. (Brasilian Trade) 300,000 3 Dec. 3) Kieser and Co. (German House) 50,000 410,000 4) Bovet (China (i. e. silk and German trade) (vom fall in silk prices) 4 Dec. 5) Jonas and Co. (Swedish trade) 6) W. Wieler 7) Sewell and Neck (Northern trade) 100,000 (about) 500,000 170,000 5 Dec. 8) Albert Pelly and Co (Norwegian trade) (Monday) 7 Dec. 9) Krell and Cohn (German trade) 10) Lichtenstein and Co. (ditto) (11 16) (N mlich 4 failures am Stockexchange, 2 am 7t) 17) Hadland and Co (Manchester trade) 18) Couvella and Co (Greek merchants) 19) Baird and Co (Australian Merchants, will wind up under inspection. 20) Stobart and Co 21 22 2 more failures on the Stockexchange. 100,000 80,000 8 Dec. 40,000 9 Dec.) 10 Dec. (Thursday) No failures.
MARX CRITIQUEOF CAPITALISMDURING THE WORLD ECONOMIC CRISISOF 1857 Money Market Source: The Economist
MARX CRITIQUEOF CAPITALISMDURING THE WORLD ECONOMIC CRISISOF 1857 Raw material and the industrial market Source: The Economist
MARX CRITIQUEOF CAPITALISMDURING THE WORLD ECONOMIC CRISISOF 1857 LABOURMARKET The Manchester part-time statisticsin the cotton and silk industry Source: The Manchester Guardian
MARX CRITIQUEOF CAPITALISMDURING THE WORLD ECONOMIC CRISISOF 1857 Conclusions In Marx s research process, this is his first thematic discussion of the multiplicity of the markets. Period of cycle not 3-4 years, but 8-10 years. Influence of French and British government's control measures soon led to a relaxation in the money and capital markets. Relationship between social revolution and the overproduction crisis. 6-Books-Plan: 1. On Capital. 2. On Landed Property. 3. On Wage Labour. 4. On the State. 5. International Trade. 6. World Market.
