Not only is this an exposition of Marx's method and theory, it represents a challenge to both the neo-classical and social democratic views of contemporary capitalism. The book is divided into two complimentary parts of first theory and history, and then history and contemporary relevance. In the first part, the distinctive method of Marxian political economy is explained, showing why economics is the central aspect in terms of the primacy of the economic structure and the application of the dialectic and Marx's theory of history. Explanation of the labor theory leads the dimension of Marx's understanding of the dynamics of capitalism. This includes the debate over the so-called "transformation problem" which is shown here not to be the problem that many have supposed it to be. The second part is an application of the approach to some key contemporary issues and illustrates why the so-called "Third Way" of the social democrats fails to provide a workable alternative to the crisis of capitalism.