Labor theory of value debate

Steve.Keen at unsw.EDU.AU Steve.Keen at unsw.EDU.AU
Thu Sep 29 16:24:22 MDT 1994

Dear Louis,
I don't deny that exploitation is a source of super-profits. My
observation was only that there is also the perspective that a
super-exploited economy is not going to be of assistance in
absorbing any surplus generated by the exploiting nation. It is
possible that such exploitation reduces the TW level of income AND
the First World level--though of course it can also make capitalists
alone in the FW much better off. My reason for making the comment is
that most marxian analysis I have seen (a) focuses only on the
extraction of surplus side and ignores the realisation of surplus (I
still believe the former is by far the more important, however);
(b) there is an underlying current, which can be dated back to
Luxembourg, that without such exploited profits, capitalism would
collapse--i.e., there is the presumption that capitalism (normally
because of the workings of the TRPF) lacks an internal dynamic.

Steve Keen


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