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Samezō Kuruma's career as a Marxist economist spans a period of roughly six decades, stretching from the beginning of the 1920s, when Marxism was quickly taking root in Japan, up to the early 1980s, when the nearly hegemonic influence Marxist scholars had enjoyed in the postwar period was on the wane.¹ Kuruma was born in 1893 in Okayama prefecture, west of Osaka. As the eldest son of a prosperous paper merchant, Kuruma was expected to take over the business one day, which did not interest him. Although not eager to become a capitalist, the study of capitalism attracted Kuruma early on, spurred by reading The Wealth of Nations at the age of seventeen. In 1914, Kuruma entered prestigious Tokyo Imperial University (now Tokyo University), where he had intended to study economics but switched to political science after finding the economics courses uninteresting.² Graduating in the spring of 1918, he found a job working for Sumitomo Bank in Osaka. Kuruma had been assured that the job would afford him an opportunity to pursue economic research, perhaps related to China, but his duties turned out to be far more mundane. He soon realized that he was not at all suited to a career in banking.

This paper is a translation of the third and most important chapter of Keizaigaku shi (History of Political Economy) by the Japanese Marxist economist Samezō Kuruma (1893–1982), first published in 1948. Kuruma discusses in detail the achievements and limitations of the Classical school of political economy. He examines the fundamental ideas of Adam Smith and David Ricardo regarding the determination of commodity value and the source of surplus-value, and then looks at how these ideas are connected to production price and profit. Kuruma notes that Smith and Ricardo managed to arrive at the essential labor theory of value, but that neither could correctly apply this theory to adequately explain phenomena in the realm of competition – either abandoning the labor theory of value altogether to embrace a composition theory of value (Smith) or directly applying the theory to explain phenomena without grasping the intermediary processes of development (Ricardo). Kuruma's critique of Smith and Ricardo highlights the achievement of Marx in overcoming the limitations that ultimately led to the breakdown of the Classical school of political economy.