On the theory of capital in post-industrial societies

Abstract

This is an analysis of the present unsatisfactory state of the theory of capital and a proposal to reformulate this theory in line with some neglected late-Marxian views on the subject and in the light of the passage of capitalism from the industrial to a post-industrial era characterized by the dominance of speculative finance. The author’s aim is to provide a better integration of the theory of capital with those of money and finance. Attention is focused on a Marxian price index, the monetary expression of labour value, MEV, which accounts for both explicit and implicit cost components and, differently from MELT, does not consider only the money value of living labour time