Labor theory of value debate

Steve.Keen at unsw.EDU.AU Steve.Keen at unsw.EDU.AU
Wed Sep 28 15:57:17 MDT 1994

Dear Louis,
Re the comment:
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?

My comment was that the above wasn't "necessary" for American,
European and Japanese corporations to achieve profits in the first
instance--what I said was debatable was whether these profits would
be higher or lower because of them. Exploitation of resources from
the TW means lower cost inputs; but it also means no possibility
of realising surplus by selling to them. So exploitation cuts both
Steve Keen


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