Re: [OPE] still another alternative to value theory

From: Paul Cockshott <>
Date: Sat May 08 2010 - 16:39:17 EDT

Money as the power to command the labour of others is a concept in Smith.
From: [] On Behalf Of []
Sent: Saturday, May 08, 2010 12:21 PM
Subject: [OPE] still another alternative to value theory

Capital as "quantified power". Power, though, seems
like a weak
theorization of capital, imo. It seems to
have reformist implications
as well: if capital is (only) power then
workers can change the
balance of power through various
struggles, including the electoral
process, and the "power"
of capital can be constrained/regulated/
softened. In any event, how
can power be precisely measured

solidarity, Jerry

---------------------------- Original
Message ----------------------------
Subject: Troy Cochrane: Review
of Nitzan and Bichler's "Capital as Power"
"Jonathan Nitzan" <>
Date: Fri, April
30, 2010 8:09 pm
To: undisclosed-recipients:;

Review of Nitzan and Bichler's "Captial as Power: A Study
of Order and
By Troy Cochrane, Theory in
Action, Vol. 3, No. 2, April, /**/pp. 110-116.

REVIEW: "The authors of Capital As Power wish, as they said in
their own words at a recent Rethinking Marxism conference, to perform a

'ctrl-alt-del' on current political economy. The basis for this
assertion is the sorry state of value theory and the
concepts that
depend upon that theory, including capital. In place
of the two standard
theories of value (the neoclassical 'utility
theory of value' and the
Marxist 'labor theory of value'), both of
which have serious analytical
and ontological problems, Nitzan and
Bichler offer a theory that capital
is nothing but quantified

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Jonathan Nitzan
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Received on Sat May 8 16:43:09 2010

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