[OPE-L:2457] Re: Re: Re: Re: Re: Re: the employment contract and capitalism

From: Riccardo Bellofiore (bellofio@gaia.cisi.unito.it)
Date: Wed Mar 01 2000 - 06:28:39 EST

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>Riccardo wrote in [2443]
>And we may answer that the entrepreneur needs to be 'heroic', since he
>>is always pressed: (i) by the potential contestation from workers; (ii) by
>>the competion of other capitals. Schumpeter sees only (ii) - though in
>>Capitalism, Socialism and Democracy he comes very near to recognize (i).
>>What is sure is that a capitalism with normal profits, equal in all
>>sectors, and may be on a balanced growth path, is not Marx's.
>Please note the difference in the level of abstraction. Throughout Capital,
>vols I, II and the first part of vol III Marx remains at a very high level
>of abstraction. For instance: the law of value holds (this means no
>disequilibrium); surplus value = profit (this enables him to isolate the
>production process as the locus of exploitation).
>Interesting enough, techinal progress is investigated at this high level of
>abstraction. Yet I dare say that the basic Marxian theory of exploitation
>can be set out in an analytical context in which no technical progress is
>assumed (only absolute surplus value is produced).

Here, I must confess that my reading of Marx's abstraction is quite
different. But, before saying something, what do you mean for "law of
value"? As for the basic theory of exploitation, the general proposition by
Marx is that exploitation is the lenghtening of living labour over and
above (in excess of) necessary labour. This is true both for the extraction
of absolute surplus value and for the extraction of relative surplus value.

>>BTW: Ernesto, I'm happy for the agreement arising out of the other two
>>answers from you.
>Incredible, isn't it?

May be because we may speak in Italian out of the virtual world



        Riccardo Bellofiore
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