Value and the World Economy Today: Production, Finance and by Richard Westra, Alan Zuege

By Richard Westra, Alan Zuege

Price and the area financial system at the present time brings jointly a various crew of worldwide well known students of foreign political economic climate and important economics to ascertain the relevance of price conception for realizing the area financial system at the present time. The ebook is exclusive within the manner that it connects literatures that experience for the main half built in isolation from one another and as a result brings questions of concept to undergo without delay upon the issues of reading present worldwide tendencies and formulating responses to them.

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Example text

The other response is to be conceptually inventive but without consciously rooting such innovation within existing theoretical frameworks, and certainly not within that provided by value theory. The most obvious and relevant example of this is provided by the theory of post-Fordism, critically assessed in Fine (1995, 1998a), although it is now being supplemented by the idea of globalization. For each of these, value theory has ultimately been totally discarded although, as post-Fordism was initially given a Marxist gloss by Aglietta (1979), it only took a little time for it to gain its ‘freedom’ from value theory altogether.

Since the latter have no interest in buying labor-power unless they can profit by it, the price paid for labor-power must be less than the price the capitalist anticipates receiving for its product, the difference constituting the profit of the capitalist, a profit which constantly provides him with the means to expand the capital at his disposal. A growing capital enables the capitalist to enlarge the scale of production, to revolutionize the methods of production, to increase his profit, and to drive out all the inefficient petty producers who remain.

While conditions are favorable, the market appears to the bow and arrow maker as a munificent opportunity. But, if conditions change for the worse, the market appears as a coercive force, appearing in the form of the pressing need for money. Thus money is no longer simply a means of exchange, it has become a social power which regulates social production, rewarding those who can meet its demands, but penalizing those who do not live up to its standards. Production is no longer oriented to need, but to money, and so is regulated according to the imperatives of the market imposed by money.

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