Marx's third class: Capitalist landed property and capitalist development

This article consists of a detailed discussion of Marx's theorisation of a landed class in the capitalist mode of production. It is argued that Marx does not consider landlords as feudal leftovers but does indeed succeed in providing a sophisticated theory of capitalist landed property as an independent class, which conforms in all major respects with his theorisation of capital and wage‐labour. Moreover, the role of landed property in the process of capitalist development of relative surplus‐value extraction is analysed. It is argued that it is possible to speak of different forms of capitalist relations according to whether landed property or capital provides the leading force behind the development process. Capitalist development is then shown to be the outcome of a class struggle between landed property, capital and wage‐labour. This process is briefly illustrated with reference to England in the 1840s and Latin America in the 1960s.