My brief and quite obviously humorous post yesterday
elicited no fewer than twenty comments, not counting my own response to one of
them. Perhaps I should say a few words
by way of explanation.
In her scattershot and rather ebullient posts, Anonymous
says at one point “Theory is good, beautiful, and easy. The hard part is to
implement in the world a vision that both lifts the people economically and
gives rise to beauty, thought, progress, knowledge, lively political
conversations, freedom, and a truly better future.” [I say “her” because I cannot tell from the
post Anonymous’ gender, and the constraints of proper English require me to
make some assumption. If I am wrong he can correct me.]
I could not agree more with her sentiment, and indeed I
believe I have said as much several times in this space, though perhaps not so
eloquently. Why then do I write about
theory? I might reply, as Kierkegaard
did in the Preface to Philosophical
Fragments: “When Philip threatened
to lay siege to the city of Corinth, and all its inhabitants hastily bestirred
themselves in defense, some polishing weapons, some gathering stones, some
repairing the walls, Diogenes seeing all of this hurriedly folded his mantle
about him and began to roll his tub zealously back and forth through the streets. When he was asked why he did this he replied
that he wished to be busy like the rest, and rolled his tub lest he be the only
idler among so many industrious citizens.”
Kierkegaard adds, “Such conduct is at any rate not sophistical, if
Aristotle be right in describing sophistry as the art or making money.”
At Hampshire College in Massachusetts forty years ago or so,
I gave a talk the thrust of which was that Philosophers had hitherto only
interpreted the world in various ways, whereas the point was to change it [a
sentiment I lifted from Marx, needless to say.]
A student raised his hand and asked, “So why then do you write books?” My response was no more than a prosaic
version of Kierkegaard’s poetic vision. “Social
change requires many people doing many different things,” I replied. “Some people organize protests, some people raise
money, some people hand out fliers, some people lock arms and sit down to block
traffic. I write books. It is not by any stretch of the imagination
the most important task, but it has some utility, and I am good at it, so that
is what I do.”
Now a word about CAPITAL.
Marx, like Jesus [and equally unfairly, I might add], has been burdened
with responsibility for the inhumanities perpetrated in his name. But Marx had nothing to say about the
Bolshevik Revolution, which occurred fifty years after the publication of
CAPITAL, nor did he offer comments on the Chinese Peasant Revolt thirty-two
years further on, or the Cuban Revolution, yet thirteen years further still. He did, on the other hand, have an enormous
amount to say about the economic theories of his European predecessors. Indeed, if we consider Volumes One, Two, and Three,
and throw in the three volumes of the THEORIES OF SURPLUS VALUE, one might
reasonably conclude that he had more to say about the economic theories of his
predecessors than about anything else.
Anonymous may find theory easy as well as good and beautiful, but Marx
did not think so, and he devoted much of his time in CAPITAL to struggling with
it.
As I see it, Marx dealt with, among others, three big theoretical
issues in CAPITAL. The first was a
problem recognized by Ricardo, namely that prices are proportional to labor values
only when all sectors employ equal proportions of direct and embodied labor. Marx believed he had a solution to that
problem, but surprisingly he put off stating his solution until Volume III.
The second issue, dealt with immediately in Chapter One of
Volume One, was Marx’s very important recognition that it is abstract socially necessary labor and
not ordinary concrete labor that is at stake when one makes claims about the
relation of prices to labor values or the distinction between necessary labor
and surplus labor. Marx’s intuitions
here are spot on and mathematically very sophisticated, for all that he lacked
the formalism to express them precisely.
The third issue, which goes to the heart of his central
theory of exploitation, was that his predecessors were unable to explain why
there is any profit at all in a fully realized competitive capitalist
economy. The first six chapters of
CAPITAL are devoted to generating this problem, refuting the feeble
explanations of his predecessors, and then presenting his solution, which turns
essentially on the distinction, introduced by Marx, between labor power and
labor.
My view is that Marx’s solution to Ricardo’s problem is
brilliant and almost right. His
treatment of the second issue is dead right.
And his solution to the third problem is wrong, even though Marx’s most
important inference from that solution is in fact correct, namely that
Capitalism rests essentially on capitalists’ exploitation of workers, regardless of how enlightened, well-meaning,
and woke they are.
I shall endeavor to communicate all of that to my students.