Adam Smith homely observations, making them feel comfortable all along." Classical economists presented competing theories of those of Smith, termed the "labour theory of value". Later Marxian economics descending from classical economics also use Smith's labour theories, in part. The first volume of Karl Marx's major work, "Das Kapital", was published in German in 1867. In it, Marx focused on the labour theory of value and what he considered to be the exploitation of labour by capital. The labour theory of value held that the value of a thing was determined by the labour that went into its production. This contrasts with
Capitalist mode of production (Marxist theory) title, "Das Kapital"), as a whole that provides his "definition" of the capitalist mode of production. Nevertheless, it is possible to summarise the essential defining characteristics of the capitalist mode of production as follows: In examining particular manifestations of the capitalist mode of production in particular regions and epochs, it is possible to find exceptions to these main defining criteria, but the exceptions prove the rule in the sense that over time the exceptional circumstances tend to disappear. As mentioned, Marx never explicitly summarised his definition of capitalism, beyond some suggestive comments in manuscripts which he did not publish himself.