Listen to the second part of the sixth chapter of the book in this episode

Chapter 6 Recharting the debates on labor theory of value in light of smart machines, affect, and climate change

Abstract

This chapter delves into the ongoing debates surrounding the relevance of the Marxian Labor Theory of Value (LTV) in the context of emerging challenges posed by smart machines, the crisis of care and social reproduction, and global ecological crises. Divided into three sections, the chapter explores the implications of these challenges for the LTV and engages with the discourse around each one. The LTV has been scrutinized by critical theorists on two fronts: the changing nature of capital post-Marx and its failure to recognize value sources beyond wage labor. Critics either advocate abandoning or restricting the theory due to perceived fallacies or narrowness, while revisionists propose reinterpretations that make it applicable to all true sources of value and new features of capital. While the chapter does not extensively explore these debates, it offers an overview of the major lines of dispute. It also sheds light on the implications of adopting the commonist perspective on value to navigate the confusions that underpin the major disputes. By incorporating the commonist approach, the chapter suggests a path forward that transcends the binary of rejection and revision.