A further critique of Fine and Saad-Filho's reading of Marxist political economy: it neglects the monetary dimension of Marx's analysis; it focuses too much on production, and on the organic composition of capital, treated in isolation from the overall circuit of capital. An alternative theorisation is proposed, stressing what will now be called emergence patterns in Marx's value theory, and giving due weight to circulation, realisation, competition and capital allocation.

In a review of our work, Kincaid suggests that we are 'productivist', reducing interpretation of Marx and capitalism to production at the expense of the relatively independent role that can be played by the value-form in general and by the money-form in particular. In response, we argue that he distorts interpretation of our work through this prism of production versus exchange, unduly emphasises the independence of exchange to the point of underconsumptionism, and simplistically collapses the mediation between production and exchange (...) in the restructuring that accompanies the accumulation of capital. (shrink)

The two books under review are both edited collections of essays by some of the most serious scholars internationally concerned with Marx’s method in Capital and related texts. Essays in both books share an emphasis on the ‘openness’ of Marx’s texts which were extensively revised both by Marx in his own lifetime and in the editing performed by Engels. The review engages critically with contributions in both volumes with respect to ‘value-form’ approaches to Marx’s method. It highlights some of the (...) differences of approach between the various contributors which are not always apparent in the texts themselves. (shrink)

Our final instalment in the debate with Jim Kincaid argues that his value-analysis suffers from weaknesses associated with both Ricardian and Rubinesque interpretations of Marx. These approaches are methodologically flawed, because value-theory does not draw upon externally imposed theories or standards of logic or evidence to check the conceptual or empirical validity of its approach to the understanding of capitalism. Rather, Marxian value-theory involves reconstructing in thought the class-based production-processes underpinning capitalism through to their more complex and concrete consequences in (...) the broader economic and social structures, agencies and processes, through which they are formed, albeit with definite effects of their own. Examination of the methodological shortcomings in Kincaid's analysis is followed by specific rebuttals of his claims about the determination of value and price, the circulation of capital, the role of competition, fixed capital, productive labour and the leverage of value-theory in informing empirical studies. (shrink)