IDEAS IN MOTION Dr S A Hamed Hosseini

Ernest Mandel's Introduction to Capital Volume 3

In a recent and startling development, encapsulated by the headline “BREAKING NEWS: MASS RESIGNATION OF THEORY & SOCIETY’S EDITORIAL BOARD,” the entire editorial board of the journal ‘Theory & Society’ (originally established by Alvin Gouldner1) has collectively resigned. This unprecedented move brings to the fore the deep-seated issues plaguing the academic publishing industry. The resignation…

Listen to the second part of the sixth chapter of the book in this episode

Chapter 6 Recharting the debates on labor theory of value in light of smart machines, affect, and climate change



Abstract



This chapter delves into the ongoing debates surrounding the relevance of the Marxian Labor Theory of Value (LTV) in the context of emerging challenges posed by smart machines, the crisis of care and social reproduction, and global ecological crises. Divided into three sections, the chapter explores the implications of these challenges for the LTV and engages with the discourse around each one. The LTV has been scrutinized by critical theorists on two fronts: the changing nature of capital post-Marx and its failure to recognize value sources beyond wage labor. Critics either advocate abandoning or restricting the theory due to perceived fallacies or narrowness, while revisionists propose reinterpretations that make it applicable to all true sources of value and new features of capital. While the chapter does not extensively explore these debates, it offers an overview of the major lines of dispute. It also sheds light on the implications of adopting the commonist perspective on value to navigate the confusions that underpin the major disputes. By incorporating the commonist approach, the chapter suggests a path forward that transcends the binary of rejection and revision.

Listen to the first part of the sixth chapter of the book in this episode

Listen to the second part of the fifth chapter of the book in this episode


Chapter 5 Toward a commonist (labor) theory of value


Abstract

This chapter reconstructs the Marxian labor theory of value (LTV) using
the commonist approach to value developed in the previous chapters. It
redefines labor as a decommonized form of (more than) human creative power
under capital. It explores the decommonization of human creative power through primary and secondary abstractions. ‘Primary abstraction’ occurs outside capitalist production relations and generates labor and labor power, while ‘secondary abstraction’ takes place within the inner organization of capital, as theorized by Marx, and produces abstract labor and capitalist value. By distinguishing between these two types of abstractions, we can avoid productivism in our interpretation and reconstruction of Marxian value theory and post-capitalist alternatives. This differentiation helps resolve disagreements regarding the suitability of LTV in the so-called late capitalism. By understanding the role of commoning sources of creativity and the implications of primary and secondary abstractions, we can develop a more nuanced understanding of the socio-ecological and political roles of labor and the potentialities of its liberation.

Listen to the first part of the fifth chapter of the book in this episode


Chapter 5 Toward a commonist (labor) theory of value

 Abstract

This chapter reconstructs the Marxian labor theory of value (LTV) using
the commonist approach to value developed in the previous chapters. It
redefines labor as a decommonized form of (more than) human creative power
under capital. It explores the decommonization of human creative power through primary and secondary abstractions. ‘Primary abstraction’ occurs outside capitalist production relations and generates labor and labor power, while ‘secondary abstraction’ takes place within the inner organization of capital, as theorized by Marx, and produces abstract labor and capitalist value. By distinguishing between these two types of abstractions, we can avoid productivism in our interpretation and reconstruction of Marxian value theory and post-capitalist alternatives. This differentiation helps resolve disagreements regarding the suitability of LTV in the so-called late capitalism. By understanding the role of commoning sources of creativity and the implications of primary and secondary abstractions, we can develop a more nuanced understanding of the socio-ecological and political roles of labor and the potentialities of its liberation.



Open Access to the book: https://doi.org/10.4324/9781003340386