Is capitalist production unjust? It is easy to think, upon first reading Marx, that he answers this question in the affirmative. And I shall argue that this naive reading is correct. This needs to be argued, however, for a more careful scrutiny of Marx's writings reveals passages in which he seems to call capitalist production just or fair. Relying upon these passages, Robert Tucker and Allen W. Wood have urged that, in Wood's words,it is simply not the case that Marx's (...) condemnation of capitalism rests on some conception of justice, and those who attempt to reconstruct a “Marxian idea of justice” from Marx's manifold charges against capitalism are at best only translating Marx's critique of capitalism, or some aspect of it, into what Marx himself would have consistently regarded as a false, ideological, or “mystified” form.What Marx regarded as false and mystified, however, is not the practice of assessing social institutions as just or unjust, but rather the picture of those institutions, and especially of capitalist production, to be found in bourgeois ideology. (shrink)

In a series of recent writings, John Roemer has made a provocative claim: exploitation and class are merely second-order concepts within Marxian theory, because both phenomena derive directly from differential ownership of productive assets ; indeed, exploitation remains a consistent index of economic injustice only if a “property relations” conception of exploitation replaces the common “labor-value” view. In sum, property relations, not the labor exchange, the labor proces, labor values, or even capitalist accumlation should bethecentral concern of Marxian theory.

Karl Marx (1818-1883) is best known not as a philosopher but as a revolutionary communist, whose works inspired the foundation of many communist regimes in the twentieth century. It is hard to think of many who have had as much influence in the creation of the modern world. Trained as a philosopher, Marx turned away from philosophy in his mid-twenties, towards economics and politics. However, in addition to his overtly philosophical early work, his later writings have many points of contact (...) with contemporary philosophical debates, especially in the philosophy of history and the social sciences, and in moral and political philosophy. Historical materialism — Marx's theory of history — is centered around the idea that forms of society rise and fall as they further and then impede the development of human productive power. Marx sees the historical process as proceeding through a necessary series of modes of production, culminating in communism. Marx's economic analysis of capitalism is based on his version of the labour theory of value, and includes the analysis of capitalist profit as the extraction of surplus value from the exploited proletariat. The analysis of history and economics come together in Marx's prediction of the inevitable economic breakdown of capitalism, to be replaced by communism. However Marx refused to speculate in detail about the nature of communism, arguing that it would arise through historical processes, and was not the realisation of a pre-determined moral ideal. (shrink)

In the following pages I will outline the main biographical data and the intellectual activity of two of the major protagonists of the debate on the mechanistisches Weltbild within the Frankfurt “Institut fur Sozialforschung” in the thirties. I have included a selected bibliography of Grossmann's and Borkenau's works, and refer to titles with abbreviations [H.G.…] and [F.B.…].

For the purpose of understanding recent developments in Soviet historiography, it is necessary to consider its philosophical basis in the classic works of Marx and Engels. Especially pertinent are the normative orientations and epistemic foundations of Marxian social science, and the relevance of scientific socialism and historical materialism to the leading principles of not only Marxian historiography, but also political economy. Of basic importance is the dual commitment of socialist humanism to both the common good and the partisan interests of (...) a particular class, and the dual character of materialist dialectics in its effort to be scientifically impartial and intellectually partisan at the same time. Also revealing is the high degree of correlation between "vulgar Marxist" partisanship in the social sciences and ultra-leftist heterodoxy and between "formalism" or "academicism" in social science and revisionist political persuasions. (shrink)

MARX'S CRISES THEORY: SCARCITY, LABOR AND FINANCE by Michael Perelman New York: Praeger, 1987. 250 pp., $37.95 Perelman shows that Marx assigns a major role to money in bringing about instability under capitalism. The ideology of cheap credit promotes malinvestment and overproduction, which cause the economic crises that will eventually lead to the revolution that will overthrow capitalism. Yet cheap credit serves the interests of capitalists and the state. After a survey of the nineteenth? and twentieth?century literature on Marx's monetary (...) theory, parallels between that theory and the views of Austrian?school economists are pursued. (shrink)

This article aims to bring together post-Marxist discourse theory and the critique of political economy in the context of the debate on the Marxian theory of value. Although Laclau and Mouffe criticized Marxism for its economic reductionism, they did not connect this to a comprehensive critique of Marx's writings on value and labor. The merit of considering the theory of value in more detail is underscored by discourse theory's relative silence on the capitalist economy. By drawing on the work of (...) Postone and Elson, it will become clear that there are largely two ways to interpret Marx's theory of value: either as an essentialist theory of price and exploitation, or as a historically specific theory of the constitution of social labor relations in capitalist society. By teasing out Laclau's implicit understanding of Marx's value theory, the article argues that it is in fact his essentialist interpretation of the labor theory of value that constitutes an obstacle toward grasping the social relations of labor and commodity production from a discourse-theoretical perspective. This clears the ground toward approaching Marx's value theory from a post-Marxist perspective, which would grasp the social relations of abstract labor as a hegemonic formation. (shrink)

Le philosophe Gerald A. Cohen est décédé le 5 août 2009. Sa contribution s’est d’abord articulée autour de la pensée de Marx. Elle émergea sur la scène intellectuelle en 1978 avec la parution de Karl Marx’s Theory of History : A Defence, qui impulsa la constitution du marxisme analytique. Par la suite, Cohen tendit à se détacher progressivement de la théorie de Marx. Il participa à la discussion sur le concept libertarien de propriété de soi en vue de l’associer à (...) une approche marxiste, avant d’intégrer pleinement le débat normatif autour des problématiques de justice sociale, autour de la Théorie de la justice de John Rawls. Fondée sur la philosophie kantienne, sa critique de la théorie de Rawls lui reproche de ne pas accorder suffisamment d’autonomie aux choix individuels. Le présent article discute la pertinence du voyage intellectuel de Jerry Cohen dans son rapport à l’œuvre de Marx. (shrink)

According to Sir Karl Popper, there is a harmful approach to the social sciences called 'historicism'. This takes their principal aim to be historical prediction of an unconditional sort and the chief means to this the discovery of laws of historical development. The chief exemplar is held to be Marx. This paper distinguishes two possible sorts of laws of historical development. Popper's arguments against each are rejected. Which sort it is most plausible to ascribe to Marx is considered. Four models (...) of historical determinism are distinguished and the question of Marx's view or views on the question is discussed in terms of them. (shrink)

In a recent article Robert Paul Wolff has argued that Marx's theory of capitalist exploitation is incorrect, in that its ground is the premiss that labor is the source of all value.1 This, of course, is a well-rehearsed objection to Marx, but Wolff gives it a novel twist. He notes that the defense of this premise in the opening pages of Capital is inadequate, but he is not troubled by this ‘bad argument,’ for he sees Marx's real argument as something (...) else: the claim that unless labor is the source of all value, an adequate account of profit is impossible. In other words Marx is seen to be making a transcendental argument: an inquiry into the conditions for the possibility of profit. Wolff proceeds to argue that Marx goes astray here, but not so far astray that a valid transcendental argument, faithful to Marx's essential insight, cannot be charted. (shrink)

Since the collapse of the bubble economy at the beginning of the 1990s, Japan has been in secular stagnation. Despite the stagnant economic conditions, the rate of profit has been rising, not falling. The coexistence of the rise in profitability and prolonged economic stagnation is a manifestation of the fundamental contradiction of present-day Japanese capitalism. Marx’s law of the tendency of the rate of profit to fall (LTRPF) provides a consistent explanation regarding the paradoxical situation in Japan characterised not by (...) a falling but a rising rate of profit. Meanwhile, this paper discusses the Monopoly Capitalism school, which has studied capitalist behaviour concerning productive investment and changes in the form of capitalist competition at the monopoly stage of capitalism. While the school’s negation of the LTRPF is unacceptable, their notions may provide useful explanations as to why the rate of profit has risen under secular stagnation in Japan. (shrink)

ABSTRACT We can best understand Marx’s economic thought by seeing it as implicitly relying upon and reworking a Hegelian philosophy of history, which was deeply salvific and soteriological in its basic structure. Hegel’s philosophy of history reworked the Christian narrative of man’s fall, his redemption through Christ’s atonement, and his return to a state of reconciliation with God in the life of the Christian church. Thus, the loss of the organic form of community found in the Greek polis was a (...) fall that was atoned for in the religious alienation found in both Judaism and Christianity, where man is treated as separated from a transcendent God. The reconciliation between man and God is found, finally, in the reconciliation of the modern, rational state. Early on Marx adopted Hegel’s philosophy of history, but its basic structure remains even in his mature economic work. There he envisions the loss of the organic unity of primitive communism, and the alienation of individuals from the larger social totality of feudalism and capitalism. Under communism, however, individuals are reconciled with the larger social whole through the collective mastery of the products of labor. (shrink)

Producing a properly philosophical theory of capitalism as an open axiomatic system requires adding intensive multiplicities to the mathematical account of set theory, which allows only extensive multiplicities. Doing so enables us to understand pricing as a process of transforming intensive quantities into metric quantities, and thereby develop a diagram of the dynamics of axiomatisation and of the market as the two-sided and asymmetrical recording surface of the capitalist socius whose slope represents the infinite debt owed to finance capital. The (...) capitalist market axiomatises four kinds of flows – flows of liquid capital and abstract labour, of course, but also flows of raw materials and energy and of human populations. At the same time that axiomatisation conjugates these flows in denumerable sets to extract surplus-value, it connects flows in minor, non-denumerable sets that escape axiomatisation and may become revolutionary. Such minor connections would constitute the fabric of a post-capitalist axiomatics. (shrink)

This work focuses exclusively on the modern economic aspects of imperialism. We define it as a persistent and long-term net appropriation of surplus value by the high-technology imperialist countries from the low-technology dominated countries. This process is placed within the secular tendential fall in profitability, not only in the imperialist countries but also in the dominated ones. We identify four channels through which surplus value flows to the imperialist countries: currency seigniorage; income flows from capital investments; unequal exchange through trade; (...) and changes in exchange rates. We pay particular attention to the theorisation and quantification of international UE and of exchange-rate movements. Concerning UE, we extend Marx’s transformation procedure to the international setting. We use two variables in the analysis of UE: the organic composition of capital and the rate of exploitation, and we measure which of these two variables is more important in contributing to UE transfers. We research a time span longer than in any previous study. We also introduce the distinction between narrow and broad unequal exchange according to whether two countries are assumed to trade only with each other or also with the rest of the world. As for the analysis of the exchange rates as a channel for appropriation of international surplus value, we reject conventional approaches because they are rooted in equilibrium theory. We find very strong empirical evidence that exchange rates tend towards the point at which the productivities are equalised. This is only a tendency because this equalisation is inherently incompatible with the nature of imperialism. Finally, given its topicality, we apply our analysis to the relation between the US and China and find that China is not an imperialist country according to our definition and data. (shrink)

The paper investigates the characteristics of the global restructuring of the agricultural and food system that has occurred in recent years. Emphasis is placed on the emergence of the “Food and Natural Resource Question” and its relation to the “Agrarian Question.” It is argued that rather than being separate issues, these are two aspects of a unified process occurring at the global level. Moreover, it is argued that the transnational unity of the agrarian question and the food question mandates a (...) reconstruction of the arena within which production takes place. This phenomenon in turn generates a set of limits to domestic political institutions and locally generated social demands. The implications of the emergence of the international arena as locus of political action is discussed vis-a-vis the local level of socio-political action. (shrink)