RUPTURING THE DIALECTIC The Struggle against Work, Money, and Financialization Harry Cleaver RUPTURING THE DIALECTIC The Struggle against Work, Money, and Financialization Rupturing the Dialectic: The Struggle against Work, Money, and Financialization © 2017 Harry Cleaver This edition © 2017 AK Press (Chico, Oakland, Edinburgh, Baltimore) ISBN: 978-1-84935-270-3 E-ISBN: 978-1-84935-271-0 Library of Congress Control Number: 2016954842 AK Press AK Press 370 Ryan Ave. #100 33 Tower St. Chico, CA 95973 Edinburgh EH6 7BN USA Scotland www.akpress.org www.akuk.com
[email protected] [email protected] The above addresses would be delighted to provide you with the latest AK Press distribution catalog, which features books, pamphlets, zines, and stylish apparel published and/or distributed by AK Press. Alterna- tively, visit our websites for the complete catalog, latest news, and secure ordering. Cover design by Kate Khatib / Owl Grammar Press. Exit icon by Rediffusion from the Noun Project. Printed in the USA on acid-free, recycled paper. TABLE OF CONTENTS Preface 1 Introduction 15 PART I: On the Usefulness of Marx’s Labor Theory of Value 29 Why and How Economists Got Rid of the Labor Theory of Value 31 Why and How Some Marxists Abandoned the Labor Theory of Value 39 The Substance of Value: Abstract Labor or Work as Social Control 71 Can Value be Measured? 87 Exchange and Money as the Form of Value 107 PART II: Decoding Finance, Financial Crisis, and Financialization 143 Decoding Finance and Financial Crisis 145 Decoding Financialization 181 PART III: Potential Strategies and Tactics for Rupturing the Dialectics of Money 227 Reforms and Revolution 235 Our Use of Money 243 Restricting the Need for Money 255 Conclusion 265 Bibliography 291 Index 309 PREFACE My objective with this book is to share some thoughts.