▁of ▁mark ets ▁and ▁their ▁overall ▁effects , ▁but ▁also ▁to ▁particip ate ▁in ▁mark ets ▁with ▁a ▁false ▁or ▁one - s ided ▁interpretation ▁of ▁what ▁is ▁really ▁going ▁on ▁in ▁the ▁ex changes . ▁After ▁all , ▁the ▁participants ▁in ▁trad ing ▁activity ▁all ▁have ▁their ▁own ▁interest ▁in ▁the ▁matter , ▁and ▁look ▁at ▁it ▁from ▁their ▁own ▁point ▁of ▁view . ▁In ▁this ▁sense , ▁Marx ▁war ns ▁that ▁market ▁trade ▁can ▁stim ulate ▁all ▁sorts ▁of ▁del us ions ▁about ▁what ▁relationships ▁are ▁really ▁involved . ▁Marx ▁also ▁argued ▁that ▁if ▁one ▁could ▁not ▁explain ▁the ▁simplest ▁cases ▁of ▁an ▁economic ▁phenomen on , ▁one ▁could ▁not ▁explain ▁all ▁its ▁variations ▁either ; ▁in ▁fact , ▁one ▁could ▁not ▁explain ▁anything ▁at ▁all . ▁ ▁Marx ists ▁often ▁assumed ▁that ▁Marx ▁provided ▁a ▁theoretical ▁system ▁of ▁what ▁they ▁call ▁" the ▁tot ality " ▁( the ▁whole ▁economy , ▁or ▁the ▁whole ▁of ▁society ). ▁In ▁reality , ▁Marx ▁only ▁aim ed ▁to ▁port ray ▁the ▁ess ence ▁of ▁capital , ▁by ▁means ▁of ▁a ▁study ▁of ▁the ▁capital ist ▁mode ▁of ▁production ▁in ▁Western ▁Europe ▁( using ▁illustr ations ▁from ▁English ▁industry ). ▁According ▁to ▁historical ▁material ism , ▁production ▁is ▁the ▁basis ▁of ▁society , ▁and ▁Marx ▁analyz ed ▁that ▁basis . ▁Marx ists ▁have ▁also ▁often ▁assumed ▁wrong ly ▁that ▁Marx ' s ▁abstract ▁theory ▁can ▁be ▁applied ▁directly ▁and ▁immediately ▁to ▁observable ▁reality . ▁Yet ▁Marx ' s ▁historical ▁and ▁logical ▁analysis ▁of ▁economic