Use values, the law of value and the analysis of non-capitalist production

Abstract

The law of value is the core of Marxist theory. When the fundamental basis of the law of value is conceived as a ‘market-mediated labour’ theory of value rather than a general labour theory of value subject to historical specification, a rigorous analysis of non-capitalist production is virtually precluded. This article relying on Marx's materialist method rather than his designation of the operation of the law of value solely to commodity production and capital, contends that the law of value provides the conceptual framework for restructuring an understanding of societal allocation of labour under all modes of production. It is argued that the law of value has non-capitalist regimes of operation which can only be recognized by reformulating the meaning of the term ‘use value’ and sharpening the analytical distinction between the terms ‘value’ and ‘exchange value’. This exercise opens up analytical vistas for the understanding of non-capitalist modes of production. Today's Third World material transformation is frequently accompanied by spasmodic, crisis-ridden social upheaval. From an analysis grounded in the law of value there is more likelihood that political action and policy formulation capable of effecting unified material and social transformation can emerge.