Papering over the Cracks

An important article by Ben Fine and Laurence Harris entitled 'Controversial Issues in Marxist Economic Theory' appeared in the last Socialist Register. I t has an integrated structure and is free from the Fundamentalist habit of settling debates by quoting huge chunks of Marx, in appeal to divine authority. For these and other reasons it cannot simply be brushed aside. It demands a reply, both from the so-called 'Fundamentalists' and 'Neo-Ricardians' who are the objects of its criticism. As one of the 'Neo-Ricardians' mentioned in the article I have attempted to reply to some of their more fundamental points. But I have not the space to deal with their entire survey. I have chosen to deal with the thorny question of the theory of value. I regard this question as the most fundamental as a theory of value must be the theoretical foundation and starting point of any comprehensive analysis of the capitalist mode of production. This does not mean that other issues, such as the economic role of the state, are less important. But they are part of the theoretical superstructure, and the theoretical basis must receive first attention. In addition we shall examine the implicit claim of Fine and Harris to stand in between, and above, the hubbub of controversy between Fundamentalists and Neo-Ricardians: seeming to synthesise with an air of scientific moderation. In our view, despite its powers of seduction, this claim is unfounded.