,VALUE & ,PRICE ,PEOPLE 3 ,AU?OR 3 ,PAUL ,MATTICK ,TEXT 3 ,PUBLI%$3 ,SCI5CE @& ,SOCIETY1 VOL4 #b#c1 NO4 #d 7,FALL1 #a#i#e#i71 PP4 #b#h#i-#b#i#g4 ,TRANSCRIPTION_/,M>KUP3 ,MICAH ,MU]1 #b#a#h4 ,M>X BAS$ HIS !ORY ( CAPITAL ACCUMULATION ON ! LABOR !ORY ( VALUE & SURPLUS-VALUE1 AL?\< HE WAS FULLY AW>E ?AT COMMODITIES R>ELY >E EX*ANG$ AT !IR VALUE4 ,?IS 0CONTRADICTION10 ( :I* SO MU* IS MADE 9 ANTI-,M>XIAN !ORY1 HE RESOLV$ = HIMSELF BY PO9T+ TO ! COMPETITIVE M>KET ME*ANISM :I*1 9 HIS VIEW1 TRANS=MS VALUES 9TO PRICES ( PRODUCTION4 ,ACTUALLY1 ( C\RSE1 !RE IS NO WAY ( DISCOV]+ ! COMMODITY PRICE 9 ITS VALUE1 OR1 BY A REV]SE PROC$URE1 TO DISCOV] ITS VALUE 9 ITS PRICE4 ,!RE IS NO OBS]VABLE 0TRANS=MATION0 ( VALUES 9TO PRICES & ! VALUE CONCEPT HAS MEAN+ ONLY ) RESPECT TO TOTAL SOCIAL CAPITAL4 ,! DEVIATION ( PRICE FROM VALUE COMES TO ! =E 9 ! AV]AGE RATE ( PR(IT4 ,:ILE ! RATE ( SURPLUS-VALUE IS DET]M9$ BY ! TIME ! WORK] LABORS = ! CAPITALI/ 9 RELATION TO ! TIME HE WORKS = HIMSELF1 ! RATE ( PR(IT IS CALCULAT$ ON TOTAL 9VE/M5T1 ON BO? CON/ANT & V>IABLE CAPITAL4 ,AN EQUAL RATE ( SURPLUS-VALUE MU/ LEAD TO DIFF]5T RATES ( PR(IT = CAPITALS ( V>I\S ORGANIC COMPOSITIONS4 ,A CAPITAL ) A 0HI<0 ORGANIC COMPOSITION1 ?AT IS1 ) A RELATIVELY GREAT] CON/ANT ?AN V>IABLE CAPITAL1 MU/ YIELD A SMALL] RATE ( PR(IT ?AN A CAPITAL ) A 0L[0 ORGANIC COMPOSITION 9 :I* !SE RELATIONS >E REV]S$4 ,9 REALITY1 H[EV]1 & G5]ALLY1 ALL CAPITALS1 :ATEV] !IR ORGANIC COMPOSITION1 YIELD AN AV]AGE RATE ( PR(IT4 ,BECAUSE ( ! V>IETY ( ORGANIC COMPOSITIONS ( DIFF]5T CAPITALS1 COMMODITIES CANNOT BE EX*ANG$ 9 ACCORDANCE ) !IR VALUE4 ,?IS FACT 9DUC$ B\RGEOIS CRITICS TO /ATE ?AT 0! !ORY ( ! AV]AGE RATE ( PR(IT & ( ! PRICES ( PRODUCTION CANNOT BE RECONCIL$ ) ! !ORY ( VALUE40.<#a.> ,! :OLE DIFFICULTY ) ! LAW ( VALUE1 ACCORD+ TO ,M>X1 >ISES FROM ! FACT ?AT COMMODITIES >E NOT EX*ANG$ SIMPLY AS COMMODITIES BUT AS PRODUCTS ( CAPITAL1 :I* CLAIM P>TICIPATION 9 ! TOTAL AM\NT ( SURPLUS-VALUE 9 PROPORTION TO !IR SIZES4 ,VALUE-EX*ANGE W\LD ACTUALLY BE POSSIBLE ONLY 9 NON-CAPITALI/ SITUATIONS4 ,M>X DEMON/RAT$ ?IS PO9T BY FOLL[+ ! WORK+S ( ! LAW ( VALUE UND] SU* ASSUM$ CONDITIONS4 ,HE CONCLUD$ ?AT ! VALUE ( COMMODITIES %\LD BE REG>D$ 0NOT ONLY !ORETICALLY BUT ALSO HI/ORICALLY AS EXI/+ PRIOR TO ! PRICES ( PRODUCTION40.<#b.> ,FRI$RI* ,5GELS ELABORAT$ UPON ?IS BY SAY+ ?AT ! LAW ( VALUE 0HOLDS G5]ALLY1 TO ! EXT5T ?AT ECONOMIC LAWS >E VALID AT ALL1 = ! :OLE P]IOD ( SIMPLE COMMODITY PRODUCTION10 ?AT IS1 0= A P]IOD LA/+ FROM ! BEG9N+S ( EX*ANGE 444 D[N TO ! FIFTE5? C5TURY ( ! PRES5T ]A40.<#c.> ,:E!R ?IS WAS SO OR NOT1 IT IS CLE> ?AT :ATEV] ! ANSW]1 IT WILL HAVE NO REAL MEAN+ = ! PROBLEMS ( CAPITALISM4 ,! ASS]TION ?AT ! LAW ( VALUE DET]M9$ ! EX*ANGE RELATIONS ( ! PA/ (F]S NO CLUE TO ! WORK+S ( ! LAW AS ! 0REGULATOR0 & ! DRIV+ =CE ( ! CAPITALI/ MODE ( PRODUCTION4 ,AS P>T ( CAPITALI/ IDEOLOGY1 & LIKE O!R ASPECTS ( IT1 ! LABOR !ORY ( VALUE UND\BT$LY CONTA9$ AN ELEM5T ( TRU?2 & SE>*+ = ! REALITY BEH9D ! IDEOLOGY1 ,M>X FELT SURE ?AT ! VALUE-CONCEPT MU/ HAVE HAD A CONCRETE BASIS 9 ! PA/4 ,/ILL1 IT IS DIFFICULT TO SEE H[ ?IS POSSIBLE1 ?\< C]TA9LY ONLY P>TIAL PRE-CAPITALI/ VALUE-EX*ANGE1 C\LD LEAD TO AN UND]/&+ ( ! DIFFICULTIES & LIMITATIONS ( ! CAPITALI/ SY/EM ( PRODUCTION & EX*ANGE4 ,FROM ! PO9T ( VIEW ( ,M>X'S !ORETICAL & PRACTICAL 9T]E/S1 FUR!RMORE1 BO? ! ATTEMPT TO D]IVE A PRICE !ORY FROM ! LABOR !ORY ( VALUE & ! ASS]TION ( ! HI/ORICAL SIGNIFICANCE ( ! VALUE-CONCEPT >E QUITE SUP]FLU\S4 ,M>X'S VALUE-MODEL ( CAPITAL DEVELOPM5T LEAVES ASIDE ! CONGLOM]ATIONS ( V>I\S CAPITAL COMPOSITIONS ( DIFF]5T CAPITALS1 AS 5C\NT]$ 9 REALITY4 0,TOTAL CAPITAL0 IS JU/ :AT IT SAYS IT IS3 ALL CAPITALS CON/ITUT+ AN 5TITY CONFRONT+ ALL WORK]S AS ANO!R 5TITY4 ,?IS MODEL FITS ! CONDITIONS ( A 0TOTAL CAPITAL /RUCTURE0 ( BO? A 0HI<0 & A 0L[0 ORGANIC COMPOSITION & ?US REPRES5TS CAPITALISM AT ANY /AGE ( ITS DEVELOPM5T4 ,! VALUE-PRICE TRANS=MATION ( :I* ,M>X SPEAKS RELATES TO ?IS AB/RACT MODEL ( CAPITAL DEVELOPM5T & HAS NO DIRECT CONNECTION ) EI!R VALUE OR PRICE AS ACTUAL & HI/ORICAL PH5OM5A4 ,= ,M>X HAD 0NEV] ! 9T5TION TO DESC5D FROM ! G5]AL IDEA ( VALUE444 BY MEANS ( EV] CLOS] DET]M9ANTS TO A DIRECT DET]M9ATION ( ! PRICES ( COMMODITIES40.<#d.> ,:AT HE TRI$ TO %[ ) RESPECT TO ! VALUE-PRICE PROBLEM IS ?AT ! ABS5CE ( VALUE CONSID]ATIONS 9 ! M>KET REALITY DOES NOT 9VALIDATE A CAPITAL ANALYSIS 9 VALUE T]MS4 ,AN AV]AGE RATE ( PR(IT PRESUPPOSES DIFF]5T RATES ( PR(IT4 ,LEAV+ ASIDE SU* CONSID]ATIONS AS V>Y+ RATES ( SURPLUS-VALUE 9 DIFF]5T 5T]PRISES1 ORIG9ALLY DIV]SE RATES ( PR(IT PO9T TO ! V>IETY ( ORGANIC COMPOSITIONS ( V>I\S CAPITALS4 ,S9CE !SE DIFF]5CES >E DET]M9$ BY ! PHYSICAL *>ACT] ( ! 9DU/RIES1 PR(ITABILITY CANNOT BE EQUALIZ$ AT ! PO9T ( PRODUCTION ?R\< ! AV]AG+ ( ORGANIC CAPITAL COMPOSITIONS4 ,TO A DEGREE1 ?IS IS POSSIBLE ) A P>TICUL> 9DU/RY BUT NOT BETWE5 TOTALLY DIFF]5T SPH]ES ( PRODUCTION4 ,! AV]AG+ ( 9DIVIDUAL RATES ( PR(IT TAKES PLACE 9 CIRCULATION4 ,IT MEANS ?AT SOME COMMODITIES >E SOLD BEL[ & O!RS ABOVE !IR VALUE4 ,?IS *ANGES NO?+ ON ! VALUE CONT5T ( ! COMMODITIES4 ,IT MEANS ONLY ?AT SOME CAPITALI/S ACCEPT LESS 9 T]MS ( PRICES ?AN IS !IR DUE 9 T]MS ( VALUE1 & ?AT O!RS REAP MORE 9 T]MS ( PRICES ?AN !Y PRODUCE 9 T]MS ( VALUE4 ,9 ORD] TO UND]/& ?IS ME*ANISM IT IS NECESS>Y TO CONSID] ! SOCIAL *>ACT] ( CAPITALI/ PRODUCTION & ! NATURE ( ! COMMODITY AS BO? A USE-VALUE & AN EX*ANGE-VALUE4 ,! 0LAW ( VALUE0 MU/ ALSO BE SE5 AS AN EXPRESSION ( ! SOCIALIZATION ( PRODUCTION UND] ! CONDITIONS ( CAPITAL PRODUCTION4 ,IMPLI$ H]E IS AN ALLOCATION ( LABOR SUIT$ TO ITS DEVELOPM5T & AN EX*ANGE PR9CIPLE SECUR+ SU* AN ALLOCATION4 ,!RE EXI/S A REAL NE$ TO COORD9ATE PRODUCTION 9 T]MS ( USE-VALUE1 QUITE AP>T FROM ! ACTUAL COMMODITY EVALUATIONS )9 ! EX*ANGE PROCESS4 ,9 CAPITALISM ! M>KET MU/ FULFILL ?IS FUNCTION4 ,IT CAN ONLY EX*ANGE :AT HAS BE5 PRODUC$2 BUT :AT HAS BE5 PRODUC$ REFLECTS ! SOCIAL DEM& ( CAPITALISM AT ANY P>TICUL> /AGE ( ITS DEVELOPM5T4 0,SOCIAL DEM&0 AS REVEAL$ BY ! M>KET IS NOT ID5TICAL ) ACTUALLY EXI/+ SOCIAL NE$S BUT ONLY ) !SE NE$S )9 ! FRAME ( CAPITAL PRODUCTION4 ,/ILL1 IT IS ?IS CAPITALI/ICALLY MODIFI$ SOCIAL DEM& :I* REFLECTS ! MAT]IAL NECESSITIES ( SOCIAL PRODUCTION4 ,SOCIAL DEM& EXPRESSES ITSELF AS A DEM& = USE-VALUE4 ,! RIS+ ORGANIC COMPOSITION ( CAPITAL 9 A P>TICUL> 9DU/RY IMPLIES AN 9CREAS+ DEM& = ITS COMMODITIES4 ,& IT IS ! SOCIAL DEM& = COMMODITIES PRODUC$ BY 9DU/RIES ( A HI< ORGANIC CAPITAL COMPOSITION :I* ALL[S !M TO REALIZE PRICES ?AT SECURE !IR PR(ITABILITY4 ,S9CE ! L[ ORGANIC COMPOSITION ( O!R 9DU/RIES DOES NOT BY ITSELF L5D !IR COMMODITIES MORE USE-VALUE ?AN !Y ACTUALLY POSSESS1 !Y WILL NOT BE ABLE TO REALIZE A GREAT] PR(IT ?AN IS COMPATIBLE ) EXI/+ SOCIAL DEM& AS DET]M9$ BY ! ECONOMIC SY/EM AS A :OLE4 ,9 ! C\RSE ( CAPITAL ACCUMULATION ALMO/ ALL 9DU/RIES WILL 9CREASE !IR CON/ANT 9 RELATION TO !IR V>IABLE CAPITAL4 ,BUT CAPITALS ( PREVI\SLY L[ ORGANIC COMPOSITION MAY TURN 9TO CAPITALS ( HI< ORGANIC COMPOSITION & VICE V]SA4 ,BECAUSE ( ! SOCIAL 9T]DEP5D5CE DEVELOP$ ?R\< ! CAPITALI/ MODE ( PRODUCTION1 ALL GR[? & *ANGE ( ! TOTAL CAPITAL /RUCTURE WILL AFFECT ! 9DIVIDUAL SPH]ES ( PRODUCTION4 ,CAPITAL 9VE/$ 9 V>I\S L9ES ( BUS9ESS CAN FUNCTION ONLY 9 CONNECTION ) ! PRODUCTION SY/EM AS A :OLE4 ,?IS SOCIAL 9T]DEP5D5CE ALSO DET]M9ES ! *ANG+ RELATIONS BETWE5 V>I\S 9DU/RIES4 ,A %IFT FROM LIT 9 O!R L9ES4 ,SO LONG AS ! PRODUCTION ( ANY 9DU/RY =MS A NECESS>Y P>T = ! FUNCTION+ ( ! SY/EM AS A :OLE1 IT WILL BE ABLE TO COMM& PRICES ?AT WILL MAKE ITS EXI/5CE & EXPANSION POSSIBLE4 ,BECAUSE ALL CAPITALI/S HAVE TO TRY = ! HIKET :]E DEM& IS PR$ET]M9$ BY ! PRODUCTION SY/EM AS A :OLE1 ! DI/RIBUTION ( SURPLUS-VALUE IS A SOCIAL AFFAIR & EXCLUDES 9DIVIDUAL CONSID]ATIONS SU* AS ! SPECIFICITY ( ! ORGANIC COMPOSITION ( 9DEP5D5T CAPITALS4 ,! TOTAL SOCIAL SURPLUS-VALUE COMPRISES A DEF9ITE QUANTITY ( SOCIAL LABOR 9CORPORAT$ 9 COMMODITIES4 ,NOT ONLY ! SURPLUS-LABOR PRODUCT BUT ! TOTAL SOCIAL PRODUCT1 OR ! GREAT BULK ( IT1 MU/ GO ?R\< ! CIRCULATION PROCESS4 ,! IMPOSSIBILITY ( ISOLAT+ SURPLUS-VALUE FROM ITS COMMODITY EMBODIM5T & ! NE$ TO ?R[ ! :OLE ( SOCIAL PRODUCTION ON ! M>KET1 DIVORCES ! REALIZATION & ! DIVISION ( SURPLUS-VALUE FROM ITS PRODUCTION4 ,! COMPETITIVE M>KET ME*ANISM BR+S IT AB\T ?AT COMMODITY PRICES >E DET]M9$ NOT BY !IR 9DIVIDUAL PRODUCTION TIME BUT BY ! TIME SOCIALLY NECESS>Y TO PRODUCE !M4 ,AL?\< TRY+ = ! PR(IT-MAXIMUM1 ! CAPITALI/S GA9 ONLY ! 0POSSIBLE PR(ITS10 AS DET]M9$ BY ! /ATE ( COMPETITION4 ,!IR CALCULATIONS >E BAS$ ON PRODUCTION CO/S1 ?AT IS1 ON PRICES ALREADY AV]AG$ & 9CORPORAT+ AN AV]AG$ PR(IT-RATE COMPETITIVELY E/ABLI%$ 9 ALL ! 9DIVIDUAL SPH]ES & BRAN*ES ( PRODUCTION4 ,CAPITAL COMPETES = ! MORE PR(ITABLE L9ES ( BUS9ESS &1 :]EV] POSSIBLE1 %IFTS FROM ONE TYPE ( ECONOMIC ACTIVITY TO ANO!R1 FROM ONE 9DU/RY TO ! NEXT4 ,IT TRIES TO ESCAPE SPH]ES ( PRODUCTION ( L[ PR(ITABILITY & TO 5T] ?OSE ( HI< PR(ITABILITY4 ,SOME CAPITALI/S 9CREASE !IR PRODUCTIVITY SOON] ?AN O!RS & E>N AN EXTRA-PR(IT BY BE+ ABLE TO SELL AT1 OR BEL[1 PREVI\SLY E/ABLI%$ SOCIAL AV]AGE PRICES4 ,BUT O!RS FOLL[ SUIT1 & A NEW SOCIAL AV]AGE IS E/ABLI%$ ON A G5]ALLY HI<] LEVEL ( PRODUCTIVITY4 ,! COMPETITIVELY E/ABLI%$ PREVAIL+ AV]AGE RATE ( PR(IT S]VES AS PO9T ( ORI5TATION4 ,PR(IT-RATES >E1 ( C\RSE1 NOT EXACTLY ! SAME = ALL BUS9ESSES & ! PR(ITABILITY ( ANY ONE BUS9ESS V>IES ) *ANG+ CIRCUM/ANCES4 ,! AV]AGE RATE ( PR(IT IS M]ELY A T5D5CY & 5COMPASSES 9DIVIDUAL RATES ONLY APPROXIMATELY4 ,UND] CONDITIONS ( COMPETITION & 9 ! 0LONG RUN10 H[EV]1 ! AV]AGE RATE ( PR(IT IS REAL 5\<1 & RELATIVELY /ABLE 5\<1 TO S]VE AS PO9T ( DEP>TURE = ! PR(IT EXPECTATIONS ( OP]AT+ CAPITALS4 ,FROM M>KET EXP]I5CES & ! CONV5TIONS /EMM+ !REFROM1 ! CAPITALI/S LE>N ?AT PR(ITS ADD$ TO PRODUCTION CO/S CANNOT BE >BITR>ILY SET1 ?AT ! PR(IT MU/ FIT ! M>KET SITUATION AS 9DICAT$ BY ! PREVAIL+ AV]AGE RATE ( PR(IT4 ,) HIS CRITICS1 !N1 ,M>X MA9TA9$ ?AT M>KET PRICES >E NOT D]IV$ FROM LABOR-TIME VALUES4 ,BUT :]EAS ! V]Y EXI/5CE ( AN AV]AGE RATE ( PR(IT1 AS BR\KET REALITY & ?US ! HORIZON ( B\RGEOIS ECONOMIC 9T]E/1 IT S]V$ ,M>X AS A V]IFICATION ( ! LABOR !ORY ( VALUE4 ,PRECISELY AT ! PO9T :]E ! APP>5T M>KET SOLUTION 5D$ ! PROBLEM = B\RGEOIS ECONOMY1 IT BECAME ( 9T]E/ TO ,M>X4 ,HE SAW V]Y WELL1 ( C\RSE1 ?AT 0BY ! TRANS=MATION ( VALUE 9TO PRICES ( PRODUCTION1 ! BASIS ( ! DET]M9ATION ( VALUE IS ITSELF REMOV$ FROM DIRECT OBS]VATION10 & HE F\ND IT ONLY 0NATURAL ?AT ! CAPITALI/ %\LD LOSE ! MEAN+ ( ! T]M VALUE AT ?IS JUNCTURE40.<#e.> ,=1 ) REG>D TO ! AV]AGE RATE ( PR(IT1 0! 9DIVIDUAL CAPITALI/S 444 JU/LY BELIEVE ?AT !IR PR(ITS >E NOT D]IV$ SOLELY FROM ! LABOR EMPLOY$ 9 !IR 9DIVIDUAL SPH]ES10 & BY SEE+ FUR!R 0?AT A R$UCTION 9 ! QUANTITY ( LABOR REQUIR$ = PRODUCTION 444 EX]TS NO 9JURI\S 9FLU5CE ON PR(ITS 444 H[1 !N1 C\LD LIV+ LABOR BE ! EXCLUSIVE S\RCE ( PR(IT40.<#f.> ,US+ COMPETITION TO EXPLA9 ! AV]AGE RATE ( PR(IT DOES NOT1 H[EV]1 EXPLA9 ITS MAGNITUDE AT ANY GIV5 TIME NOR ! REASONS = ITS *ANGES4 ,COMPETITION1 ACCORD+ TO ,M>X1 0CAN 9FLU5CE ! RATE ( PR(IT ONLY TO ! EXT5T ?AT IT AFFECTS ! PRICES ( COMMODITIES4 ,IT CAN M]ELY MAKE ! PRODUC]S )9 ! SAME SPH]E ( PRODUCTION SELL !IR COMMODITIES AT ! SAME PRICE1 & MAKE !M SELL !IR COMMODITIES 9 DIFF]5T SPH]ES ( PRODUCTION AT PRICES :I* WILL GIVE !M ! SAME PR(IT4 ,9 ORD] TO BALANCE UNEQUAL RATES ( PR(IT1 ! PR(IT AS AN ELEM5T 9 ! PRICE ( COMMODITIES MU/ ALREADY EXI/1 & COMPETITION DOES NOT CREATE IT40.<#g.> ,RA!R1 COMPETITION IS ITSELF CONDITION$ UPON ! EXI/5CE ( PR(IT1 & ! EXPLANATION ( ! AV]AGE RATE ( PR(IT PRESUPPOSES ! RECOGNITION ( ITS S\RCE1 :I*1 !N1 LEADS BACK TO VALUE & SURPLUS-VALUE4 ,! DEVIATION ( PRICE FROM VALUE1 9 ,M>X'S M9D1 DOES NOT ABOLI% ! DET]M9ATION ( PRICES BY VALUES1 OR ( PR(IT BY SURPLUS-VALUE4 ,BUT ?IS DET]M9ATION IS NOT ( ! K9D ?AT ALL[S = A DIRECT D]IVATION ( PRICES FROM VALUES4 ,! DET]M9ATION ( PRICE BY VALUE1 AS ,M>X'S SPEAKS ( IT1 DOES NOT REF] TO AN ATTEMPT TO PROVE ?AT ! PRICE ( A S+LE COMMODITY IS ACTUALLY DET]M9$ BY ! SOCIAL AV]AGE LABOR-TIME 9CORPORAT$ 9 IT1 BUT TO ! NE$ TO BREAK ?R\< ! SEMBLANCE ( COMPETITION 9 ORD] TO HAVE A !ORY ( ECONOMIC CAPITAL DEVELOPM5T AT ALL4 ,BECAUSE ! PRODUCTION ( EX*ANGE-VALUE REMA9S B\ND TO1 & LIMIT$ BY1 ! USE-VALUE ASPECTS ( COMMODITIES & ! PHYSICAL REQUIREM5TS ( SOCIAL PRODUCTION1 CAPITAL ACCUMULATION PRESUPPOSES A SURPLUS-VALUE DI/RIBUTION :I* 5ABLES ! EXPANSION ( CAPITAL BO? ) REG>D TO ITS VALUE & TO ITS MAT]IAL COMPOSITION4 ,IF ! DI/RIBUTION ( SURPLUS-VALUE1 LIKE ITS PRODUCTION1 W]E DET]M9$ BY ! LAW ( VALUE1 ACCUMULATION C\LD NOT TAKE PLACE1 = ?OSE CAPITALS ?AT NE$ MO/ TO EXP& C\LD NOT DO SO = LACK ( PR(ITS1 :ILE ?OSE ) A SUFFICI5T PR(ITABILITY W\LD NOT DO SO = LACK ( 9C5TIVE4 ,! DEVELOPM5T ( ! SOCIAL =CES ( PRODUCTION 9 A CAPITALI/ EX*ANGE-ECONOMY REQUIRES A PRICE =MATION :I* EXPRESSES ! 9T]DEP5D5CE ( ! SOCIAL PRODUCTION PROCESS4 ,! AV]AGE RATE ( PR(IT 9DICATES ?AT M>KET PRICES >E DET]M9$ BY ! SY/EM AS A :OLE4 ,! SY/EM AS A :OLE IS SUSCEPTIBLE TO VALUE ANALYSIS4 ,! PRODUCTION ( COMMODITIES 9 CAPITALISM IS ! PRODUCTION ( CAPITAL2 & !IR EX*ANGE IS ! M$IUM = ! REALIZATION ( SURPLUS-VALUE4 ,! REAL OBJECT ( COMPETITION IS ! DIVISION & ACCUMULATIVE APPLICATION ( SURPLUS-VALUE4 ,& ?IS COMPETITION LEADS TO A DEVIATION ( PRICE FROM VALUE JU/ BECAUSE IT TAKES PLACE 9 A VALUE & SURPLUS-VALUE PRODUC+ SOCIETY :]E9 0! DI/RIBUTION ( SOCIAL LABOR & ! MUTUALLY SUPPLEM5T+ & CIRCULATION ( MATT] 9 ! PRODUCTS1 ! SUBORD9ATION UND] ! SOCIAL ACTIVITY & ! 5TRANCE 9TO IT1 >E LEFT TO ! ACCID5TAL & MUTUALLY NULLIFY+ 9ITIATIVE ( ! 9DIVIDUAL CAPITALI/S40.<#h.> ,)9 ! M>KET ME*ANISM1 ! ACTUAL DIVISION ( ! PRODUCTS ( ! AGGREGATE VALUE ( ! NECESS>Y LABOR TIME1 AS WELL AS ! ACTUAL DIVISION ( ! AGGREGATE SURPLUS-VALUE AMONG ! CAPITALI/S & NONPRODUCTIVE LAY]S ( SOCIETY1 IS DET]M9$ BY ! REAL ACTIVITIES ( M5 9 ! COMPETITIVE PURSUIT ( !IR 9T]E/S )9 ! FRAME ( !IR SOCIALLY DET]M9$ BUT *ANG+ POSSIBILITIES4 ,& H]E !RE IS NO?+ BUT ! /RUGGLE ( ALL AGA9/ ALL1 SELF-9T]E/ AGA9/ SELF-9T]E/1 A G5]AL & IMP5ETRABLE SCRAMBLE = ! AMASS+ ( WEAL?1 OR = M]E EXI/5CE4 ,M>KET & EXTRA-M>KET ACTIVITIES 9T]TW9E & !RE IS NO ROOM = ! CLE>-CUT EX*ANGE RELATIONS ( EI!R VALUE OR PRICE !ORY4 ,BUT EV5 FROM A PURELY ECONOMIC PO9T ( VIEW1 ! CO-EXI/+ V>IETY ( DEGREES ( EXPLOITATION2 DIFF]5CES 9 ! TURN-OV] ( V>I\S CAPITALS & BETWE5 DIFF]5T SPH]ES ( PRODUCTION1 ! EXI/5CE ( NATURAL MONOPOLIES1 ! EFFECTS ( R5T & 9T]E/ UPON ! RATE ( PR(IT1 & SO =?1 EXCLUDE ! POSSIBILITY ( RECOGNIZ+ ! VALUE BASE ( ! COMMODITY 9 ITS PRICE4 ,IT 0REMA9S VISIBLE ONLY 9 ! 9FLU5CE ( ! FLUCTUAT+ PRODUCTIVITY ( LABOR UPON ! RISE & FALL ( ! PRICES ( PRODUCTION40.<#i.> ,BEYOND ! /ATEM5T ?AT PRICE RELATIONS PRESUPPOSE VALUE RELATIONS1 & ?AT 9 ?IS S5SE ! LATT] DET]M9E ! =M] & LIMIT !IR V>IABILITY1 NO NE$ EXI/S = A 0,M>XIAN !ORY ( PRICES40 ,EV5 IF SU* A !ORY W]E POSSIBLE1 IT W\LD NOT SUFFICE = AN UND]/&+ ( CAPITALI/ DEVELOPM5T & W\LD HAVE TO BE REPLAC$ BY A !ORY ( VALUE4 ,! V>I\S ATTEMPTS :I* HAVE BE5 MADE TO REFUTE ,M>X'S CRITICS ) REG>D TO ! SO-CALL$ VALUE-PRICE CONTRADICTION1 EI!R BY REG>D+ ! !ORY ( VALUE AS A FIR/ APPROXIMATION TO A !ORY ( PRICES1 OR BY CON/RUCT+ =MULAS ( PRICE CALCULATIONS :I* DID NOT CONTRADICT ! VALUE S*EME1 >E NOT ONLY 5TIRELY SUP]FLU\S BUT 9DICATE A BASIC LACK ( UND]/&+ ( ,M>X'S !ORETICAL & PRACTICAL 9T5TIONS1 & /EM FROM ! WI% TO RELEGATE HIS WORK TO A CATEGORY :]E IT DOES NOT BELONG1 ?AT IS1 TO ! FIELD ( B\RGEOIS EQUILIBRIUM !ORY1 & F9ALLY TO PRON\NCE ?AT 0,M>X1 9 MANY ( HIS BASIC PRECEPTS1 WAS ! LA/ GREAT MEMB] ( ! ,MAN*E/] S*OOL ( ?\ ,M>X'S GOAL1 A !ORY ( CAPITAL DEVELOPM5T1 NECESSITAT$ A CAPITAL ANALYSIS 9 T]MS ( SOCIAL AGGREGATES ( LABOR & SURPLUS-LABOR1 VALUE & SURPLUS-VALUE4 ,HE />T$ HIS WORK ) A VALUE ANALYSIS ( ! S+LE COMMODITY :I*1 SO TO SPEAK1 CON/ITUTES ! 0CELL-=M0 ( ! TOTAL CAPITAL /RUCTURE4 ,BUT ?IS IS AN AB/RACT CELL-=M ( AN AB/RACT CONCEPT ( TOTAL CAPITAL1 & )9 ! S*EME ( !SE AB/RACT CONCEPTIONS NO CONTRADICTION EXI/S BETWE5 CAPITAL ANALYSIS & ?AT ( ! COMMODITY4 ,! VALUE-PRICE TRANS=MATION & ! AV]AGE RATE ( PR(IT >E NOT 9 OPPOSITION TO ! AB/RACT VALUE S*EME BUT M]ELY PO9T TO ITS LIMITATIONS4 ,YET1 ,M>X SAW NO O!R WAY1 & NO O!R WAY HAS YET BE5 F\ND1 TO P5ETRATE ! BEWILD]+ CAPITALI/ REALITY & ! CEASELESS FLUX ( ITS DEVELOPM5T O!RWISE ?AN ) ! HELP ( ! VALUE CONCEPT4 .<#a.>4 ,EUG5 V4 ,BOHMM-,BAW]K1 ,K>L ,M>X & ! ,CLOSE ( HIS ,SY/EM 7,NEW ,YORK1 #a#i#d#i71 P4 #c4 .<#b.>4 ,CAPITAL1 ,K]R $41 ,VOL4 ,I,I,I1 P4 #b#i4 .<#c.>4 ,5GELS ON ,CAPITAL 7,NEW ,YORK1 #a#i#c#g71 P4 #a#f4 .<#d.>4 ,K>L ,KORS*1 ,K>L ,M>X 7,LONDON1 #a#i#c#h71 P4 #a#e#c4 .<#e.>4 ,CAPITAL1 ,VOL4 ,I,I,I1 PP4 #a#i#hF4 .<#f.>4 ,IBID41 P4 #b#a4 .<#g.>4 ,IBID41 PP4 #a#gF4 .<#h.>4 ,IBID41 P4 #a#b#f4 .<#i.>4 ,IBID41 P4 #i#f#e4 .<#a.>4 ,T4 ,MC,C>?Y1 ,PREFACE TO ,M>X'S ,HI/ORY ( ,ECONOMIC ,!ORIES1 ,VOL4 ,I 7,NEW ,YORK1 #a#i#e#b71 P4 XVI4 ,FROM 3 ,M>XI/S4ORG4 ,*RONOLOGY 3 ,M>* #b1 #bba 3 ,VALUE & ,PRICE -- ,ADD$4 ,JANU>Y #h1 #bbb 3 ,VALUE & ,PRICE -- ,UPDAT$4 FILE G5]AT$ FROM 3 HTTP3_/_/REVOLTLIB4COM_/