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Chapters 1, 2, and 3 are a theoretical discussion of the commodity, value, exchange, and the genesis of money.

This edition contains Marx’s own handwritten corrections and marginals.the section that contains the analysis of commodities, will therefore present the greatest difficulty." The modern reader is often perplexed about Marx going on about "one coat is equal to twenty yards of linen".Professor John Kenneth Galbraith reminds us that "the purchase of a coat by an average citizen was an action comparable in modern times to the purchase of an automobile or even a house." A "commodity" according to Marx is a use-value and also an exchange-value.Marx then goes on to explain that the exchange-value of a commodity is merely an expression of its value.Value is what connects all commodities so that they can all be exchanged with each other.

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