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.
To mark the publication of La Fabrique's new edition of Philosophy and Revolution: from Kant to Marx, Révolution Permanente spoke with Stathis Kouvelakis about his 2003 book. Translated by David Broder.
Stathis Kouvelakis, 2015. via Youtube.
Stathis, could you introduce yourself to those who do not know you already? What is your experience as a militant?
Stathis Kouvelakis: Since 2002 I have taught political philosophy at King’s College London, but my own university education was in France. In terms of my militant record, since my high school days I was active in the anti-capitalist radical Left in Greece and then in France. In 1981 I joined the youth organisation of what was called the Greek Communist Party "Interior," a current that subsequently participated as one of the components that founded Syriza. I also took part in Syriza’s leadership bodies between 2012 and 2015, and then left that party, together with thousands of other militants and cadres, when Alexis Tsipras shamefully capitulated to the diktat from the lenders’ Troika. Subsequently I participated in the foundation of Popular Unity — a formation I am still part of — which rallies the forces that came out of the left wing of Syriza and part of the far-Left coalition Antarsya.
Today marks the 169th anniversary of the publication of one of the most influential documents in world history: The Communist Manifesto. In this introduction to the new edition, published alongside Lenin's April Theses, Tariq Ali contextualises the period—the eve of the 1848 revolutions—in which Marx and Engels penned their masterpiece and argues that it desperately needs a successor.