The internationalisation of capital and Marxian value theory

Marxist value analysis has paid little attention to the international movement of capital. This paper contends that there are different but compatible concepts of international capital movement in value theory, which are associated with different meanings of 'capital' in each volume of Karl Marx's Capital. With particular emphasis on a Volume III conception of international prices of production, the paper contends that exchange rates and a nationally determined value of labor power express an underlying contradiction between the internationality of value and the role of the national state in the regulation of accumulation.