Historical materialism and the economics of Karl MarxCroce, Benedetto
Philosophy
Historical materialism and the economics of Karl Marx
Croce, Benedetto
Historical materialism; Marxian economics
Now in a society of that kind in which there was no monopoly and
capital was at everyone's disposal equally, the value of commodities
would represent the value of the labour put into them, and that value
might be represented in units of socially necessary labour time. It
would still have to be admitted that an hour of one man's labour might
be of much greater value to the community than two hours of another
man, but that Marx has already allowed for. The unit of socially
necessary labour time is an abstraction, and the hour of one man might
contain two or any number of such abstract units of labour time. What
Marx has done is to take the individualist economist at his word: he
has accepted the notion of an economic society as a number of
competing individuals. Only he has insisted that they shall start fair
and therefore that they shall have nothing to buy or sell but their
labour. The discrepancy between the values which would exist in such
a society and actual prices represent the disturbance created by the
fact that actual society is not a society of equal competitors, but
one in which certain competitors start with some kind of advantage or
monopoly.
If this is really the kernel of Marx's doctrine, it bears a close
relation to a simpler and more familiar contention, that in a society
where free economic competition holds sway, each man gets what he
deserves, for his income represents the sum that society is prepared
to pay for his services, the social value of his work. In this form
the hours worked are supposed to be uniform, and the differences in
value are taken to represent different amounts of social service. In
Marx's argument the social necessity is taken as uniform, and the
difference in value taken to represent differences in hours of work.
While the main abstract contention remains the same, most of those who
argue that in a system of unfettered economic competition most men get
what they deserve, rather readily ignore the existence of monopoly,
and assume that this argument justifies the existing distribution of
wealth. The chief purpose of Marx's argument is to emphasise the
difference between such an economic system and a capitalist society.
He is here, as so often, turning the logic of the classical economists
against themselves, and arguing that the conditions under which a
purely economic distribution of wealth could take place, could only
exist in a community where monopoly had been completely abolished and
all capital collectivised.
Public-domain text, read in full here on John Shaqi.
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