Date: Sat, 1 Jun 1996 00:16:42 +0100 (BST)
From: D Hugh-Jones <dash2-AT-hermes.cam.ac.uk>
Subject: Re: wealth


On Thu, 30 May 1996, Malcolm Dunnachie Thompson wrote:

> Wealth is created by the extraction of surplus value (exploitation). Marx 
> is absolutely right on this point. And I see no contradiction between 
> this claim and anything Foucault says. The "rate" or "intensity" of 
> exploitation may fluctuate, but insofar as the capitalist acquires a 
> profit, the worker is exploited (i.e. she has created more value with her 
> labour than she has received in wages). Now, of course, this does not 
> encompass or even define the field of power relations, but this does not 
> make it any less the case.
> 
> malcolm
> 
> 
Hold on, do you actually consider the labour theory of value to be 
correct? That products' exchange value (i.e. price) is determined by 
labour-time? I find this very dubious and so do most economists and I 
think most serious Marxists. But if you can give me a good reason, I'd 
be interested.
Dave Hugh-Jones
 A Rush and a Push and the Land is ours 
dash2-AT-cam.ac.uk