It is fashionable these days for bourgeois economists and sociologists to refute the dialectical materialist method of analysis developed by Karl Marx. One of the basic ideas of Karl Marx that is constantly being denied by the bourgeois is his theory of value. This is understandable because from this very theory flow all the other conclusions of Marx, in particular that of the need to overthrow capitalism if we are to put an end to all the contradictions of this unjust system which condemns millions of human beings to abject poverty, mass unemployment, periodic economic crises and wars. In this article (divided into two parts) Mick Brooks, using up to date facts and figures, shows how the Marxist Labour Theory of Value is still valid today.
In his document, AG disagreed with Marx. He saw the fall in profits as being fundamentally caused by rising real wages biting into the surplus. This had serious implications as it led him to cast doubts on Marxâ€™s theory. MBâ€™s reply is mainly concerned with pointing out that Marxâ€™s theory was fundamentally correct and that it is still a useful guide to understanding reality.