Gerald A. Cohen, in ?The Labor Theory of Value and the Concept of Exploitation?, argues that, contrary to the traditional assumption, Marx's charge of exploitation against capitalism does not require the labor theory of value. However, there is a related but simpler basis for the charge. Hence Marx's criticism can stand even if the labor theory of value falls. Furthermore, he argues that the labor theory of value is false. It is argued here that Cohen is mistaken; the charge Marx (...) makes against capitalism does require the labor theory of value. Cohen's conception of exploitation is weaker than Marx's both theoretically and morally. It is also argued that Cohen's criticisms of the labor theory of value rest on misunderstandings of the theory and Marx's methodology. (shrink)

The circumstance that on the one hand the daily sustenance of labour power costs only half a day's labor, while on the other hand the very same labor power can work during a whole day, that consequently the value which its use during one day creates is double what he [the capitalist] pays for that use, this circumstance is without a doubt a piece of good luck for the buyer but by no means an injustice [Unrecht] to the seller [the (...) worker].[T]he surplus product [is] the tribute annually exacted from the working class by the capitalist class. Though the latter with a portion of that tribute purchases the additional labor power even at its full price, so that equivalent is exchanged for equivalent, yet the transaction is for all that only the old dodge of every conqueror who buys commodities from the conquered with the money he has robbed them of. (shrink)

Kai Nielsen is one of Canada’s most distinguished political philosophers. In a career spanning over 40 years, he has published more than 400 papers in political philosophy, ethics, meta-philosophy, and philosophy of religion. He has engaged much of the best work in Anglophone political philosophy, shedding light on many of the central debates and controversies of our time but throughout has remained a unique voice on the political left. _ Pessimism of the Intellect _presents a thoughtful collection of Nielsen’s essays (...) complemented by an extended reflective interview with Nielsen. This collection allows the reader to grasp the systematic scope of his thought and methodology. (shrink)