David Harvey’s Value Theory: A Critique of Marxism as Political Economy

Abstract This article critically assesses David Harvey’s work in relation to Marx’s critique of political economy. Drawing upon and contributing to recent development of Marx’s critique of political economy as a critical social theory, I argue fundamental problems emerge with the way Harvey conceives of economic categories such as value, money, and capital. This is because he continues to read Marx’s work as radical political economy rather than its critique. Significant theoretical and political consequences follow. Harvey’s standpoint remains traditional, affirming both labour and the labourer in opposition to capital. This presents a theory that, while ostensibly dedicated to combatting capitalist social domination, nevertheless affirms rather than negates the essential moment of that domination. On these grounds, Harvey’s theory of financialisation presents a truncated critique of capital, one-sidedly fixated on abolishing certain forms of its appearance while leaving others intact.