‘Marx’s Labor Theory of Value: A Defense’. By Hayashi Hiroyoshi. (Universe, 2005, $26.95)
It has always been our contention that it is the workings of capitalism, with the problems it causes those obliged to work for a wage or a salary for a living, that throws up socialist ideas and not just the educational and propagandistic activities of those workers who have already become socialists. This book is a confirmation of this.
Written by a member of a group that emerged from the student wing of the Japanese Communist Party in the late 50s and early 60s, it makes the point that money and value will disappear in a socialist society because production will no longer be carried out by independent economic units (whether individual owners, capitalist corporations or state enterprises) and will no longer be for sale on the market.
It also expounds the view that the Russian revolution was not a “socialist” or “proletarian” revolution and that the regime it established was never socialist, but state capitalist from the start as, given the historical circumstances, capitalism was the only possible development.
As a book put together from articles written at different times, it suffers from a lack of flow, and some of the polemics in the earlier part of the book about the nature of value are obscure, being directed at authors not known in this part of the world even if well-known in Japan.
This said, there are useful discussions in later chapters on Adam Smith, the parts of Volume III of Capital devoted to interest, credit and rent, and on the two different definitions of “productive labour” to be found in Marx’s writings.
Adam Buick
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