Title: Marx's Evolving Conception of Value and Luxemburg's Legacy: A Process of Intellectual Production
Abstract: In his work on value theory, Marx began by recognizing economic categories as socially determined (1847). He then introduced 'abstract labor' as a concept (1859). Later this was followed with concept of 'labor power' and that value is substance of exchange-value but distinct from it (1867). We review this development, including subsequent discussion of Sieber's 1871 work on value that Marx himself read and appreciated. In 1858, Marx commented to Engels that 'value' presupposes the destruction of all undeveloped, pre-bourgeois modes of production which are not governed in their totality by exchange. This presumption is reflected in assumption in Capital of a fully capitalist mode of production. A fully capitalist mode of production, however, blemishes 'accumulation of capital' as it needs to be understood within Marxism. That concept must include continuing penetration of non-capitalist modes and is at heart of Luxemburg's legacy in political economy. These difficulties may suggest a reason for Marx's own deletion from Capital, Volume 1, of Results of Immediate Process of Production. Luxemburg’s work in political economy is a highly articulate continuation of Marx’s work, even as she approaches subject matter in her own distinct manner. However, she does not seem to become aware of any difficulty with concept of value. Value is typically presented as foundation of Marx's understanding of capitalist mode of production, i.e., it is theoretical heart of Capital. Would conception of value be 'contaminated' were we to open it to include implications of continuing destruction of noncapitalist modes of production?
Publication Year: 2014
Publication Date: 2014-01-01
Language: en
Type: article
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