The Labor Theory of Value and the Strategic Nature of Alienation
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Use-Value, Exchange Value, and the Demise of Marx's Labor Theory of Value
USE-VALUE, EXCHANGE VALUE, AND THE DEMISE OF MARX'S LABOR THEORY OF VALUE BY STEVE KEEN I. INTRODUCTION Karl Marx was the greatest champion of the labor theory of value. The logical problems of this theory have, however, split scholars of Marx into two factions: those who regard it as an indivisible compo- nent of Marxism, and those who wish to continue the spirit of analysis begun by Marx without the labor theory of value. In the debate be- tween these two camps, the former has attempted to draw support from Marx's concepts of value, while the latter has ignored them, taking instead as their starting point the truism that production gener- ates a surplus. Nevertheless, a careful examination of the development of Marx's logic uncovers the profound irony that, after a chance re- reading of Hegel, Marx made a crucial advance which should have led him to replace the labor theory of value with the theory that commodi- ties in general are the source of surplus. Marx's value analysis is thus consistent, not with those who would defend the labor theory of value, but with those who would transcend it. Marx did not properly apply this analysis to non-labor inputs, while the cornerstone of Capital was his correct application of the same analysis to labor. This unjustified asymmetrical treatment of the labor and non-labor inputs to production is therefore the actual and unsound foundation of Marx's labor theory of value. Once that treatment has been corrected, the labor theory of value collapses. -
Modern Monetary Theory: a Marxist Critique
Class, Race and Corporate Power Volume 7 Issue 1 Article 1 2019 Modern Monetary Theory: A Marxist Critique Michael Roberts [email protected] Follow this and additional works at: https://digitalcommons.fiu.edu/classracecorporatepower Part of the Economics Commons Recommended Citation Roberts, Michael (2019) "Modern Monetary Theory: A Marxist Critique," Class, Race and Corporate Power: Vol. 7 : Iss. 1 , Article 1. DOI: 10.25148/CRCP.7.1.008316 Available at: https://digitalcommons.fiu.edu/classracecorporatepower/vol7/iss1/1 This work is brought to you for free and open access by the College of Arts, Sciences & Education at FIU Digital Commons. It has been accepted for inclusion in Class, Race and Corporate Power by an authorized administrator of FIU Digital Commons. For more information, please contact [email protected]. Modern Monetary Theory: A Marxist Critique Abstract Compiled from a series of blog posts which can be found at "The Next Recession." Modern monetary theory (MMT) has become flavor of the time among many leftist economic views in recent years. MMT has some traction in the left as it appears to offer theoretical support for policies of fiscal spending funded yb central bank money and running up budget deficits and public debt without earf of crises – and thus backing policies of government spending on infrastructure projects, job creation and industry in direct contrast to neoliberal mainstream policies of austerity and minimal government intervention. Here I will offer my view on the worth of MMT and its policy implications for the labor movement. First, I’ll try and give broad outline to bring out the similarities and difference with Marx’s monetary theory. -
Marketocracy and the Capture of People and Planet
The Jus Semper Global Alliance In Pursuit of the People and Planet Paradigm Sustainable Human Development July 2021 BRIEFS ON TRUE DEMOCRACY AND CAPITALISM Marketocracy and the Capture of People and Planet The acceleration of Twenty-First Century Monopoly Capital Fascism through the pandemic and the Great Reset Álvaro J. de Regil TJSGA/Assessment/SD (TS010) July 2021/Álvaro J. de Regil 1 Prologue Prologue... 2 ❖ Capitalism’s Journey of Dehumanisation... 6 n innate feature of capitalism has been the endless First Industrial Revolution... 6 A pursuit of an ethos with the least possible intervention Second Industrial Revolution... 10 of the state in its unrelenting quest for the reproduction and Third Industrial Revolution... 16 accumulation of capital, at the expense of all other participants ➡Modern Slave Work Stuctures… 20 in the economic activity prominently including the planet. ➡The Anthropocene… 23 Capitalism always demands to be in the driver's seat of the ❖ The Capture of Democracy… 29 economy. Only when its activities are threatened by ➡Sheer Laissez-Faire Ethos… 33 communities and nations opposing the expropriation of their ➡Capital Equated with Human Beings… 34 natural resources and the imposition of structures that extract ➡Untramelled and Imposed Marketrocratic System... 35 the vast majority of the value of labour—the surplus-value—, ❖ Fourth Industrial Revolution... 39 capitalism demands the intervention of the states; these include ➡Conceptual Structure… 41 their armed forces, to protect the exploits of the owners of the ➡Application… 42 system. This is all the more evident in the global South. Across ➡Impact… 44 centuries of imperialism and colonialism, the practice of ❖ The COVID-19 Pandemic… 59 invasion, conquering, expropriation and exploitation by ➡Management of COVID-19.. -
Chapter Z 4 the New Interpretation and the Value of Money Makoto Itoh
Chapter Z 4 The new interpretation and the value of money Makoto Itoh This chapter examines the significance of the so-called new interpretation of Marx’s theory of transforming values into prices of production in the first section, as well as remaining issues on it in the second section, focusing on its definition of value of money and value of labor-power. As an important shortage of the new interpretation is in the absence of the theory of determining the exchange-value of money, we shall try to fill this gap in the subsequent sections. After assessing Moseley’s analysis of the commodity money in the third section as a corollary, we try to examine the dynamic mechanism through business cycles to determine the exchange-value of money commodity in the fourth section. The fifth section briefly argues what happens to the exchange-value of money in the regime of contemporary non-commodity money. 1 The significance of value of money in the new interpretation A 'new interpretation' on the transformation problem concerning Marx's theory of transforming values into prices of production was presented by Foley (1982, 1986) and Duménile(1983). The new interpretation is based on a particular definition of value of money as the monetary expression of labor time. More concretely, the value of money is conceived as 'the ratio of the net domestic product at current prices to the living productive labor expended in an economy over a period of time' (Foley, 2000:21), and thus it represents the average amount of expended labor time obtainable by a unit of money, say a dollar. -
Marxism and the Solidarity Economy: Toward a New Theory of Revolution
Class, Race and Corporate Power Volume 9 Issue 1 Article 2 2021 Marxism and the Solidarity Economy: Toward a New Theory of Revolution Chris Wright [email protected] Follow this and additional works at: https://digitalcommons.fiu.edu/classracecorporatepower Part of the Political Science Commons Recommended Citation Wright, Chris (2021) "Marxism and the Solidarity Economy: Toward a New Theory of Revolution," Class, Race and Corporate Power: Vol. 9 : Iss. 1 , Article 2. DOI: 10.25148/CRCP.9.1.009647 Available at: https://digitalcommons.fiu.edu/classracecorporatepower/vol9/iss1/2 This work is brought to you for free and open access by the College of Arts, Sciences & Education at FIU Digital Commons. It has been accepted for inclusion in Class, Race and Corporate Power by an authorized administrator of FIU Digital Commons. For more information, please contact [email protected]. Marxism and the Solidarity Economy: Toward a New Theory of Revolution Abstract In the twenty-first century, it is time that Marxists updated the conception of socialist revolution they have inherited from Marx, Engels, and Lenin. Slogans about the “dictatorship of the proletariat” “smashing the capitalist state” and carrying out a social revolution from the commanding heights of a reconstituted state are completely obsolete. In this article I propose a reconceptualization that accomplishes several purposes: first, it explains the logical and empirical problems with Marx’s classical theory of revolution; second, it revises the classical theory to make it, for the first time, logically consistent with the premises of historical materialism; third, it provides a (Marxist) theoretical grounding for activism in the solidarity economy, and thus partially reconciles Marxism with anarchism; fourth, it accounts for the long-term failure of all attempts at socialist revolution so far. -
DID MARX HOLD a LABOR THEORY of VALUE? in the First Volume Of
c 1987 Peter King and Arthur Ripstein DID MARX HOLD A LABOR THEORY OF VALUE? In the first volume of Capital, Marx introduces a labor theory of value. The theory is supposed to form the basis of his “laying bare” the “inner workings” of capitalism. The theory rests on two claims, and at the outset Marx uses it to explain four features of capitalist production. Yet by the end of the final volume of Capital, he abandons both claims and offers al- ternative accounts of all four features of capitalism. We hold that Marx’s introduction of the labor theory of value is not the presentation of an al- ternative economic theory, but serves to introduce his analysis of the class structure of capitalism. We begin by describing the labor theory of value, Marx’s initial arguments in support of it, and the four features of capitalism it is supposed to explain. We then examine why Marx abandons three of the four stated uses of the labor theory of value. We next turn our attention to the central claim of the labor theory of value. We consider, and reject, an apparently devastating criticism of it. Marx rejects the central claim on other grounds; the account that emerges has none of the simplistic assumptions that dominated his early presentation of the labor theory of value. Marx did not hold a labor theory of value after all: no part of his analysis of capitalism depends on it. We conclude by considering the broader implications of this rejection for Marx’s thought as a whole. -
THE POLITICAL THOUGHT of the THIRD WORLD LEFT in POST-WAR AMERICA a Dissertation Submitted
LIBERATION FROM THE AFFLUENT SOCIETY: THE POLITICAL THOUGHT OF THE THIRD WORLD LEFT IN POST-WAR AMERICA A Dissertation submitted to the Faculty of the Graduate School of Arts and Sciences of Georgetown University in partial fulfillment of the requirements for the degree of Doctor of Philosophy in History By Benjamin Feldman, M.A. Washington, DC August 6, 2020 Copyright 2020 by Benjamin Feldman All Rights Reserved ii LIBERATION FROM THE AFFLUENT SOCIETY: THE POLITICAL THOUGHT OF THE THIRD WORLD LEFT IN POST-WAR AMERICA Benjamin Feldman, M.A. Thesis Advisor: Michael Kazin, Ph.D. ABSTRACT This dissertation traces the full intellectual history of the Third World Turn: when theorists and activists in the United States began to look to liberation movements within the colonized and formerly colonized nations of the ‘Third World’ in search of models for political, social, and cultural transformation. I argue that, understood as a critique of the limits of New Deal liberalism rather than just as an offshoot of New Left radicalism, Third Worldism must be placed at the center of the history of the post-war American Left. Rooting the Third World Turn in the work of theorists active in the 1940s, including the economists Paul Sweezy and Paul Baran, the writer Harold Cruse, and the Detroit organizers James and Grace Lee Boggs, my work moves beyond simple binaries of violence vs. non-violence, revolution vs. reform, and utopianism vs. realism, while throwing the political development of groups like the Black Panthers, the Young Lords, the League of Revolutionary Black Workers, and the Third World Women’s Alliance into sharper relief. -
Is Lenin Still In? the 100 Years After the October Revolution
Is Lenin still In? The 100 years after the October Revolution By Eric Mann This month marks the 100th anniversary of the Russian Revolution of October 1917. As we in the United States try to imagine a revolutionary opposition to the U.S. imperialist system a great appreciation of the achievements of the Russian revolution and the Soviet Union is a critical part of our revolutionary future. The Russian revolution created the Soviet Union—the first “workers state” and the first successful revolution that survived the world imperialist counterrevolution. The Bolshevik Party (the first communist party) was part of a united front of parties that seized power from the reactionary feudal Tsar in the February revolution of 1917. Then in October 1917 the Bolsheviks overthrew the forces of capitalism and seized state power from the social democratic Kerensky government. The Russian revolution came to power as an anti-war movement against the forces in Russia that wanted to continue World War I—one of the greatest imperialist bloodbaths of all time in which more than 18 million “workers of the world” were sent to their deaths by the capitalist governments of Europe with strong support from their “socialist” parties. The Bolshevik Party and Soviet State built its own military and police, defended themselves against external and internal capitalist attack, and survived in a hostile world for 72 years—a true miracle against all odds. From the perspective of the world’s exploited and oppressed people this was a profound achievement in human history and offered them an optimistic vision of their own future. -
Absolute Capitalism
The Jus Semper Global Alliance Living Wages North and South Sustainable Human Development March 2020 BRIEFS ON TRUE DEMOCRACY AND CAPITALISM Absolute Capitalism John Bellamy Foster The French poet Charles Baudelaire wrote in 1864 that “the cleverest ruse of the Devil is to persuade you he does not exist!”1 I will argue here that this is directly applicable to today’s neoliberals, whose devil’s ruse is to pretend they do not exist. Although neoliberalism is widely recognised as the central political-ideological project of twenty-first-century capitalism, it is a term that is seldom uttered by those in power. In 2005, the New York Times went so far as to make neoliberalism’s nonexistence official by running an article entitled “Neoliberalism? It Doesn’t Exist.”2 Behind this particular devil’s ruse lies a deeply disturbing, even hellish, reality. Neoliberalism can be defined as an integrated ruling-class political-ideological project, associated with the The Octopus, drawing by Nicci Yin. Created as part of the presentation “The Octopus: Cognitive Capitalism and the rise of monopoly-finance capital, the principal strategic aim University” with Natalia Cecire and Miriam Neptune at The of which is to embed the state in capitalist market relations. Scholar & Feminist 2015: Action on Education. Hence, the state’s traditional role in safeguarding social reproduction—if largely on capitalist-class terms—is now reduced solely to one of promoting capitalist reproduction. The goal is nothing less than the creation of an absolute capitalism. All of this serves to heighten the extreme human and ecological destructiveness that characterises our time. -
The Power of Capital: an Introduction to Class, Domination, and Conflict
The Power of Capital: An Introduction to Class, Domination, and Conflict By Alejandro Reuss An ECI Teaching Module on Social and Environmental Issues in Economics Global Development Policy Center Boston University 53 Bay State Road Boston, MA 02155 bu.edu/gdp Economics in Context Initiative, Global Development Policy Center, Boston University, 2020. Permission is hereby granted for instructors to copy this module for instructional purposes. Suggested citation: Reuss, Alejandro. (2020) “The Power of Capital: An Introduction to Class, Domination, and Conflict.” An ECI Teaching Module on Social and Economic Issues, Economics in Context Initiative, Global Development Policy Center, Boston University, 2020. Students may also download the module directly from: http://www.bu.edu/eci/education-materials/teaching-modules/ Comments and feedback from course use are welcomed: Economics in Context Initiative Global Development Policy Center Boston University 53 Bay State Road Boston, MA 02215 http://www.bu.edu/eci/ Email: [email protected] NOTE – terms denoted in bold face are defined in the KEY TERMS AND CONCEPTS section at the end of the module. 1 TABLE OF CONTENTS 1. INTRODUCTION.................................................................................................................... 3 1.1 Economics and Power Relations ........................................................................................... 3 1.2 Outline of the Module .......................................................................................................... -
The Labor Theory of Value and the Concept of Exploitation Author(S): G
Princeton University Press The Labor Theory of Value and the Concept of Exploitation Author(s): G. A. Cohen Reviewed work(s): Source: Philosophy & Public Affairs, Vol. 8, No. 4 (Summer, 1979), pp. 338-360 Published by: Blackwell Publishing Stable URL: http://www.jstor.org/stable/2265068 . Accessed: 29/11/2011 20:32 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email protected]. Princeton University Press and Blackwell Publishing are collaborating with JSTOR to digitize, preserve and extend access to Philosophy & Public Affairs. http://www.jstor.org G. A. COHEN The LaborTheory of Value and the Concept of Exploitation It is we who ploughed the prairies, built the cities where they trade, Dug the mines and built the workshops, endless miles of railroad laid, Now we stand outcast and starving, 'mid the wonders we have made.... "Solidarity," by Ralph Chaplin (to the tune of "Battle Hymn of the Republic") This essay shows that the relationship between the labor theory of value and the concept of exploitation is one of mutual irrelevance. The labor theory of value is not a suitable basis for the charge of exploita- tion laid against capitalism by Marxists, and the real foundation of that charge is something much simpler which, for reasons to be stated, is widely confused with the labor theory of value. -
American Civilization on Trial Frederick Douglass BLACK MASSES AS VANGUARD Expanded Edition Includes: a 1980S View of the Two-Way Road Between the U.S
American Civilization On Trial Frederick Douglass BLACK MASSES AS VANGUARD Expanded edition includes: A 1980s View of the Two-Way Road Between the U.S. and Africa — by Raya Dunayevskaya Appendix: Black Caucuses in the Unions — by Charles Denby Harriet Tubman Kart Marx (ohn Brown Sojourner Truth Frantz Fanon Statement of the National Editorial Board of News & Letters $2.00 American Civilization On Trial BLACK MASSES AS VANGUARD August 1983 4th Expanded Edition 1st Edition, May 1963 2nd Edition, August 1963 3rd Edition, August 1970 Contents Page A 1980s View of the Two-Way Road Between the U.S. and Africa i Introduction to the Third Edition, 1970 2 Preface to the Second Edition, 1963 3 Introduction 5 1. Of Patriots, Scoundrels and Slave Masters 2. Compelling Issues at Stake Part I From the First through the Second American Revolution 8 1. Abolitionism, First Phase: From "Moral Suasian" to Harper's Ferry 2. Abolitionism, Second Phase: The Unfinished Revolution Part II The Still Unfinished Revolution 11 1. Northern Labor Struggles to Break Capital's Stranglehold, 1877-1897 2. VA Million Forgotten Negro Populists Part III Imperialism and Racism 15 1. Rise of Monopoly Capital 2. Plunge Into Imperialism 3. Racism 4. New Awakening of Labor: the I.W.W. Part IV Nationalism and Internationalism 19 1. The Negro Moves North 2. Garveyism vs. Talented Tenth 3. Marxism Part V From Depression through World War II 23 1. The C.I.O. Changes the Face of the Nation and Makes a Break in Negro "Nationalism" 2. March on Washington Movement 3.