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Copyright © Cambridge Political Economy Society

research-article

Money and labour-power: Marx after Hegel, or Smith plus Sraffa?

Michael Williams*

*De Montfort University Milton Keynes, UK

Abstract

Reinstating the dialectic in Marx's account of capitalism is argued to be the best way of maintaining its coherence after the Sraffian critique. The key to this involves purging any reliance upon any autonomous labour-value substructure underlying prices and money. It is shown that adopting this approach opens up rich possibilities for interpretation of contemporary developments such as the increasing dominance of the monetary and financial sectors, and the two decades of liberalisation of labour markets. The paper focuses on the appropriate conceptualisation of money and labour-power, arguing against the modern classical approach of Dixon and Kay.

Manuscript received May 10, 1996; final version received November 22, 1996.


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