[Marxism] The use value of Marx's value theory

Philip Ferguson philipferguson8 at gmail.com
Sat Dec 8 01:17:07 MST 2018

by *Tony Norfield*

At a recent talk I gave on imperialism, there was an interesting question
raised on what I thought about Marx’s theory of value. This seemed to be
prompted by my reference to Marx’s theory, while I spent little or no time
using the terminology in *Capital*. So the logic of the question was: what
is the point of Marx’s theory if one can do without it when explaining what
is going on in the world?

Partly, the question is answered by saying that one does not always have to
use specialist terminology to express ideas. For example, I have found it
to be simpler in presentations to avoid Marx’s term ‘fictitious capital’,
because that concept would take some time to explain properly and most
people are not familiar with it. Even those who are commonly misunderstand
it. Instead, I usually develop the same ideas more directly through
discussing the role played by. . .

full at:


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