The author critically reviews the methodological principles of Marx's value analysis and the best known interpretation of his value theory. He develops an interpretation of Marx focussing primarily upon the processes and relations that regulate social and economic reproduction under capitalism. When analysed from this angle, value theory is a theory of class and exploitation. The concept of value is useful, among other reasons, because it explains capitalist exploitation in spite of the predominance of voluntary market exchanges.The most important controversies in Marxian political economy are reviewed exhaustively, and new light is thrown on the meaning and significance of Marx's analysis and its relevance for contemporary capitalism.

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