Chapter 1 is the most important chapter in Capital, as well as the most difficult and the most controversial. An influential interpretation of Chapter 1 in recent decades has been the so-called "value-form interpretation" of Marx's theory in general and Chapter 1 in particular. The most important proponent of the value-form interpretation today, both in Germany and in the English-speaking world, is Michael Heinrich, and Heinrich's work has emphasized the first chapter. Heinrich's latest book in English is a detailed commentary of the first seven chapters of Volume 1 of Capital. The publication of an English translation of Heinrich's book is an important event in Marxian scholarship and it is important to critically engage with this important book in order to advance our understanding of this critical foundational chapter. This book emphasizes the quantitative issue of whether the magnitude of value and socially necessary labour-timeare determined in production or also depend on exchange and demand, which has been the main issue in the controversy over the value-form interpretation.
"A willing and able debater, with a nimble mastery of the textual history of Marx's critique of political economy, Moseley's writing brings together philological attention, a sensitivity to the logical construction of Marx's theory, and a commitment to comradely polemic, all present in spades in his most recent book, Marx's Theory of Value in Chapter 1 of Capital: A Critique of Heinrich's Value-Form Interpretation." (Jason Smith, H-Net Reviews, h-net.org, March, 2024)
"Marx's Theory of Value in Chapter 1 of Capital is a relatively short book, commissioned as part of the 'Marx, Engels and Marxisms' series with a word limit of 60,000. ... his new book is a very welcome intervention in a renewed debate over Marx's value theory ... ." (Peter Green, Marx & Philosophy Reviews of Books, marxandphilosophy.org.uk, August 23, 2023)
"Marx's Theory of Value in Chapter 1 of Capital is a relatively short book, commissioned as part of the 'Marx, Engels and Marxisms' series with a word limit of 60,000. ... his new book is a very welcome intervention in a renewed debate over Marx's value theory ... ." (Peter Green, Marx & Philosophy Reviews of Books, marxandphilosophy.org.uk, August 23, 2023)