Labor theory of value debate

Louis N Proyect lnp3 at
Tue Sep 27 14:37:10 MDT 1994

On Wed, 21 Sep 1994 Steve.Keen at wrote:

> I agree that my analysis said nothing about the underdeveloped
> world, and that Minskian style analysis in particular isn't
> particularly relevant to it. Whether the great depression in the 3rd
> world has been a necessary factor in the non-occurrence of such an
> event in the West is a moot point, however. Underdevelopment is a
> product of imperialism, without a doubt; whether its continued
> existence is a necessary factor in the wealth of the West, I'm not
> so sure.

Is it debatable whether the prosperity of the imperialist countries is
connected to the poverty of the third world? If so, I'd like to know what
are some arguments to the contrary. I've always been under the impression
that profits of American, European and Japanese corporations have been
keyed to the exploitation of third world labor and natural resources.
Have I been laboring under a doctrinaire, old-left delusion?

Louis Proyect

Dept. of Hydrophonetics
Columbia University
lnp3 at


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