The Value Controversy, published by Verso in 1981, followed a series of debates over Marx's labor theory of value that began with the publication of neo-Ricardian economist Piero Sraffa's The Production of Commodities by Means of Commodities (1960), and which took particular salience in socialist economic theory with the 1977 publication of Ian Steedman's Marx After Sraffa. Including contributions by Pradeep Bandyopadhyay, G.A. Cohen, Michel De Vroey, Sue Himmelweit, Geoff Hodgson, Makoto Itoh, Anwar Shaikh, Ian Steedman, Paul Sweezy, and Erik Olin Wright, the collection was designed — according to its editors — "to present a comprehensive yet accessible overview of the discussion to date."
G.A. Cohen's essay, reproduced below, was initially published in the Summer 1979 issue of Philosophy and Public Affairs; one year after the appearance of his Karl Marx's Theory of History: A Defence, a foundational document of Analytical Marxism.
It is we who ploughed the prairies, built the
cities where they trade,
Dug the mines and built the workshops,
endless miles of railroad laid,
Now we stand outcast and starving, 'mid
the wonders we have made . . .
Solidarity, by Ralph Chaplin (to the tune of Battle Hymn of the Republic)
This essay shows that the relationship between the labour theory of value and the concept of exploitation is one of mutual irrelevance. The labour theory of value is not a suitable basis for the charge of exploitation laid against capitalism by Marxists, and the real foundation of that charge is something much simpler which, for reasons to be stated, is widely confused with the labour theory of value.
Antonio Negri's commentary on French Socialist presidential candidate Benoît Hamon's proposal for a universal income first appeared in
EuroNomade. Translated by David Broder.
There is something strange about taking interest in an electoral campaign again: it is a long time since this happened to me. When I saw Benoît Hamon on TV after he won the French Socialist primaries I felt — with a certain surprise — something of a breath of fresh air. Hamon won the Socialist primaries promising an unconditional citizen income, at a decent level. I will say right away: it is impossible that this proposal could determine a definitive break with this rotten system. Indeed, a series of interventions by friends and enemies alike implacably told us how alone he is on this score. They said, one after the other: Hamon talks about robots and automation; he says we need only go to the supermarket in order to realise the extent and depth of the rarefaction of work; and who denies it?; but that this is something quite different from asserting the need to set as the objective for labour governance not full employment, but citizen income... But where does he want to take us? What he is saying is just tall tales, unrealisable utopias, naïve fables.