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Alfredo Saad Filho

Value and Crisis brings together selected essays written by Alfredo Saad-Filho, one of the most prominent Marxist political economists today. This book examines the labour theory of value from a rich and innovative perspective, from which fresh insights and new perspectives are derived, with applications for the nature of neoliberalism, financialisation, inflation, monetary policy, and the contradictions, limitations and crises of contemporary capitalism.
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Discussion with Alfredo Saad- Filho

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Alfredo Saad-Filho and Ben Fine

Abstract

Our final instalment in the debate with Jim Kincaid argues that his value-analysis suffers from weaknesses associated with both Ricardian and Rubinesque (mis-)interpretations of Marx. These approaches are methodologically flawed, because value-theory does not draw upon externally imposed theories or standards of logic or evidence to check the conceptual or empirical validity of its approach to the understanding of capitalism. Rather, Marxian value-theory involves reconstructing in thought the class-based production-processes underpinning capitalism through to their more complex and concrete consequences in the broader economic and social structures, agencies and processes, through which they are formed, albeit with definite effects of their own. Examination of the methodological shortcomings in Kincaid's analysis is followed by specific rebuttals of his claims about the (qualitative and quantitative) determination of value and price, the circulation of capital, the role of competition, fixed capital, productive labour and the leverage of value-theory in informing empirical studies.

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Alfredo Saad-Filho and Ben Fine

In a review of our work, Kincaid suggests that we are 'productivist', reducing interpretation of Marx and capitalism to production at the expense of the relatively independent role that can be played by the value-form in general and by the money-form in particular. In response, we argue that he distorts interpretation of our work through this prism of production versus exchange, unduly emphasises the independence of exchange to the point of underconsumptionism, and simplistically collapses the mediation between production and exchange in the restructuring that accompanies the accumulation of capital.