Historical materialism and the economics of Karl MarxCroce, Benedetto
Philosophy
Historical materialism and the economics of Karl Marx
Croce, Benedetto
Historical materialism; Marxian economics
Some of them have explained the law of labour-value as an _historical_
law, peculiar to capitalist society, all of whose manifestations it
determines;[14] others rightly seeing that the manifestations of
capitalist society are by no means determined by such a law, but
comply with the general economic motives characteristic of the
economic nature of man, have rejected the law as an absurdity at which
Marx arrived by pressing to its extreme consequences an unfortunate
concept of Ricardo.
Criticism was thus bewildered between entire acceptance, combined with
a clearly erroneous interpretation, and entire and summary rejection
of Marx's treatment; until, in recent years, and especially after the
appearance of the third and posthumous volume of _Das Kapital_, it
began to seek out and follow a better path. In truth, despite its
eager defenders, the Marxian doctrine has always remained obscure;
and, despite contemptuous and summary condemnation, it has always
displayed also an obstinate vitality not usually possessed by nonsense
and sophistry. For this reason it is to the credit of Professor Werner
Sombart, of Breslau University, that he has declared, in one of his
lucid writings, that Marx's practical conclusions may be refuted from
a political standpoint, but that, scientifically, it is above all
important to _understand_ his ideas.[15]
Sombart, then, breaking openly with the interpretation of Marx's law
of value as a _real_ law of economic phenomena, and giving a fuller,
and I may say, a bolder expression to the timid opinions already
stated by another (C. Schmidt), says, that _Marx's law of value_ is
not _an empirical but a conceptual fact_ (Keine empirische, sondern
eine gedankliche Thatsache); that Marx's value is a _logical fact_
(eine logische Thatsache), which aids our thought in understanding the
actual realities of economic life.[16]
This interpretation, in its general sense, was accepted by Engels, in
an article written some months before his death and published
posthumously. To Engels it appeared that 'it could not be condemned as
inaccurate, but that, nevertheless, it was too vague and might be
expressed with greater precision.'[17]
The acute and courteous remarks on the theory of value, published
lately in an article in the _Journal des Economistes_ by an able
French Marxian, Sorel, indicate a movement in the same direction. In
these remarks he acknowledges that there is no way of passing from
Marx's theory to actual phenomena of economic life, and that, although
it may offer elucidation, in a somewhat limited sense, it does not
appear further that it could ever _explain_, in the scientific meaning
of the word.[18]
Public-domain text, read in full here on John Shaqi.
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