Invisible Leviathan The Marxist Critique of Market Despotism Beyond Postmodernism

The text is broad-ranging, integrating eleven studies that consider the theory of labour-value from historical, philosophical, and economic perspectives. Smith incorporates a thorough review of the controversy that has raged around Marx's theory of labour-value, reporting the key arguments of orthodox Marxists, neo-Ricardians, neo-orthodox Marxists, and fundamentalist Marxists. He concludes that the Marxian theory of labour-value remains a logically coherent and theoretically sound basis for understanding capitalism's historical-structural crises. Also included is a reconsideration of Marx's law of the falling tendency of the rate of profit along with a statistical analysis of long-term trends in the Canadian economy that lend support to Marx's vies.