THE AUTONOMIZATION OF ABSTRACT WEALTH: NEW INSIGHTS ON THE LABOR THEORY OF VALUE TOMAS N. ROTTA University of Greenwich, London, UK. Department of International Business and Economics.
[email protected] RODRIGO A. TEIXEIRA Pontifícia Universidade Católica of São Paulo (PUC-SP), Brazil. Department of Economics.
[email protected] Abstract We theorize the forms of value in the Marxist system in a way that challenges the dominant tradition. The standard procedure has been to read Marx’s Capital as an analysis that begins at a high level of abstraction and moves toward more concrete concepts. Our alternative approach posits that the forms of value in the Marxist system evolve from more concrete toward more abstract forms of wealth that increasingly separate from and obscure labor exploitation. Our procedure therefore replaces the dominant interpretation of ‘successive approximations’ employed by most scholars. We develop a broader account of Marx’s project alongside textual evidence retrieved from many of his writings. We also provide a new way to incorporate the monetary, financial, and rentier forms of wealth into Marx’s labor value theory. The proposed alternative approach can potentially open a research agenda on the contemporaneous dynamics of abstract and concrete forms of wealth in advanced capitalism. Key Words: Marx; Capital; Abstract Wealth; Autonomization; Labor Theory of Value JEL Classification: B51, B14, B241 *Authors’ note: We would like to thank Zoe Sherman for her immense help with editing, as well as David Kotz and three anonymous referees for their extensive comments on earlier drafts. 1. Introduction The standard interpretation of the value system in Capital posits that Marx gradually progressed from the most abstract toward the most concrete levels of analysis.