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Books > Social sciences > Politics & government > Political ideologies > Marxism & Communism
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The Law of Worldwide Value - Second Edition (Hardcover, Revised, Expanded ed.)
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The Law of Worldwide Value - Second Edition (Hardcover, Revised, Expanded ed.)
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In his new extensively revised and expanded edition of this book,
Samir Amin suggests new approaches to Marxian analysis of the
crisis of the late capitalist system of generalized, financialized,
and globalized oligopolies following on the financial collapse of
2008. Considering that Marx's Capital, written before the emergence
of imperialism as a decisive factor in capitalist accumulation,
could provide no explanation for the persistent "underdevelopment"
of the countries of the "global South," Amin advances several
important theoretical concepts extending traditional Marxian views
of capitalist evolution. Most strikingly, he proposes adding to the
model of reproduction in Volume II of Capital a Third Department of
Production devoted to surplus absorption, necessitated by the
capitalist tendency constantly to produce an economic surplus too
large to be realized by the consumption and investment purchases
generated within Marx's original two-department model. Equally
interesting is his theoretical concept of "imperialist rent,"
derived from the scaling of radically different wages paid for the
same labor in countries of the North and the South, whose effect
has been to provide Northern capital with sufficient profits to
permit it to pacify for a long period its conflict with the
Northern proletariat. To account for this new type of rent he
extends the Marxian "law of value" in the form of a "law of
globalized value" whose operations determine such changes in the
polarized world system as the industrial growth of many Third-World
nations within the global imperialist context. Amin sees the
present crisis as a moment in the second long crisis of the
capitalist system, dating from the early 1970's (the first long
crisis, he maintains, lasted from 1873 until 1945). He sees no exit
from repeated crises under capitalism except the descent into
barbarism. The challenge is not to escape from the crisis of
capitalism-a hopeless project-but to escape from capitalism in
crisis. And Amin reasserts his historical optimism as to the
socialist project. He expects a "second wave" of socialist attempts
that will stem from the self-liberating efforts of the nations and
peoples of the South which, by eliminating the imperialist rent,
will lead to an awakening of the Northern popular classes to join
the awakening of the global South. This book has an important place
among the theoretical resources for anyone involved in the study of
contemporary Marxian economic and political theory.
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