{"id":108042,"date":"2018-03-26T12:00:03","date_gmt":"2018-03-26T11:00:03","guid":{"rendered":"https:\/\/www.transcend.org\/tms\/?p=108042"},"modified":"2018-03-22T12:07:54","modified_gmt":"2018-03-22T12:07:54","slug":"modern-imperialism-monopoly-finance-capital-and-marxs-law-of-value","status":"publish","type":"post","link":"https:\/\/www.transcend.org\/tms\/2018\/03\/modern-imperialism-monopoly-finance-capital-and-marxs-law-of-value\/","title":{"rendered":"Modern Imperialism, Monopoly Finance Capital, and Marx\u2019s Law of Value"},"content":{"rendered":"

March 2018 – <\/em>Unlike such obvious forms of oppression as feudalism or slavery, capitalism has been able to survive through its genius for disguising corporate profit imperatives as opportunities for individual human equality and advancement. But it was the genius of Karl Marx, in his masterwork, Capital<\/em>, to discover the converse law of surplus value: behind the illusion of the democratic, supply-and-demand marketplace, lies the workplace, where people trying to earn a living are required to work way beyond the time it takes to pay their wages. Leave it to the genius of Samir Amin to advance Marx\u2019s theories\u2014adding to them the work of radical economists such as Michal Kalecki, Josef Steindl, Paul Baran, and Paul Sweezy\u2014to show how Marxian theory can be adapted to modern economic conditions.<\/p>\n

\"\"<\/a>Amin extends Marx\u2019s analysis to describe a concept of \u201cimperialist rent\u201d derived from the radically unequal wages paid for the same labor done by people in both the Global North and the Global South, the rich nations and the poor ones. This is global oligopolistic capitalism, in which finance capital has come to dominate worldwide production and distribution. Amin also advances Baran and Sweezy\u2019s notion of economic surplus to explain a globally monopolized system in which Marx\u2019s \u201claw of value\u201d takes the form of a \u201claw of globalized value,\u201d generating a super-exploitation of workers in the Global South. Modern Imperialism, Monopoly Finance Capital, and Marx\u2019s Law of Value<\/em> offers readers, in one volume, the complete collection of Samir Amin\u2019s work on Marxian value theory. The book includes texts from two of Amin\u2019s recent works, Three Essays on Marx\u2019s Value Theory<\/em> and The Law of Worldwide Value<\/em>, which have provoked considerable controversy and correspondence. Here, Amin answers his critics with a series of letters, clarifying and developing his ideas. This work will occupy an important place among the theoretical resources for anyone involved in the study of contemporary Marxian economic and political theory.<\/p>\n

\u201cWhat is splendid in Amin\u2019s writing\u2026is his lucidity of expression, his clear consistency of approach, and, above all, his absolutely unwavering condemnation of the ravages of capital and of bourgeois ideology in all its forms.\u2026 Amin remains an essential point of reference, and an inspiration.\u201d<\/em><\/p>\n

\u2014Bill Bowring, Marx & Philosophy Review of Books<\/em><\/p><\/blockquote>\n

\u00a0<\/em>___________________________________________________<\/em><\/p>\n

\"\"<\/a>Samir Amin was born in Egypt in 1931 and received his Ph.D. in economics in Paris in 1957. He is director of the Third World Forum in Dakar, Senegal. His numerous works include <\/em>Eurocentrism: Second Edition, The World We Wish to See, The Liberal Virus, Unequal Development, and<\/em> Spectres of Capitalism.<\/em><\/p>\n

Go to Original \u2013 monthlyreview.org<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Unlike such obvious forms of oppression as feudalism or slavery, capitalism has been able to survive through its genius for disguising corporate profit imperatives as opportunities for individual human equality and advancement. But it was the genius of Karl Marx, in his masterwork, Capital, to discover the converse law of surplus value: behind the illusion of the democratic, supply-and-demand marketplace, lies the workplace, where people trying to earn a living are required to work way beyond the time it takes to pay their wages.<\/p>\n","protected":false},"author":4,"featured_media":108044,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67],"tags":[],"class_list":["post-108042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reviews"],"_links":{"self":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts\/108042","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/comments?post=108042"}],"version-history":[{"count":0,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts\/108042\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/media\/108044"}],"wp:attachment":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/media?parent=108042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/categories?post=108042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/tags?post=108042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}