In the revival of scholarly interest in Marx's relationship to one of the greatest of
his teachers, Aristotle, a crucial aspect has been undervalued: Marx's indebtedness
to ancient political economy. While Marx employed the methods and key concepts of the
economic science of his day in analyzing capitalism, he embedded that explanation in
a higher-order theory of the economy. This theory, derived from the Aristotelian
account of the household economy, seeks to situate the economy in an overarching
account of the community, its purposiveness, and the place within it of activity,
time, and domination. Marx sought thereby to illuminate the historical uniqueness of
capitalism and, relatedly, to show the bounded character of the economic science
(including his own) appropriate to the understanding of it. Central elements of the
Aristotelian critique of an economy given over to Midas-like acquisition also find
their way into Marx's evaluation of capitalism, and the ideal of the ancient
oikos forms one of the core parts of Marx's theory of communism
as the new household economy.