Marxists on Money, Value and Labour-Power: A Response

Michael Williams

Cambridge Journal of Economics, 1992, vol. 16, issue 4, 439-45

Abstract: By adopting a monetary approach with no reference to any substratum of value substance preexisting monetary exchange, the key to capitalism's form-determined interconnectedness is revealed. The concrete existence of the value-form is in money--in a ll its contingent physical manifestations. Valorization is founded in t he peculiarities of the wage relation, such that labor-power is not a commodity but a universal capacity created outside the capitalist labor-process and, therefore, potentially the sole necessary factor of valorization. This potential is grounded in successful entrepreneuri al behavior, ensuring that value-added is not exhausted by labor costs. Copyright 1992 by Oxford University Press.

Date: 1992
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