The Most Recent Development of the Labor Theory of Value Abroad Since 1980s

Since the 1980s, discussions on the labor theory of value have continued to deepen within Marxist scholarship abroad, gradually forming two mainstream approaches: physicalist approach and value-form approach. Based on a systematic examination of Marx's texts, this article argues that the labor theory of value should contain three levels of essential determinations: first, at the level of the general commodity economy, it emphasizes the unity of the three categories of value substance, value quantity, and value form; second, at the level of the results of capitalist production, it emphasizes that individual commodities are the “aliquot part” of the total social product; and finally, at the level of the capitalist competitive process, it adheres to the principle that value is determined by the conditions of reproduction and the two aggregate equations of value transformation. However, the physicalist approach attempts to analyze capitalist production within the logic of general commodity economy, while the value-form approach separates the unity of value substance, value quantity, and value form. Neither approach has yet to offer an interpretation of the labor theory that fully aligns with Marx's original intention. The key to this theoretical breakthrough lies in two complementary paths. The introduction of Rubin's abstract labor interpretation into English-language scholarship in the1970s provided a good starting point for effectively interpreting the first determination. The macro-monetary interpretation (MMI) formed in the 1990s successfully integrated the three determinations. While maintaining Marx's transformation method and aggregate equations, it pointed out a possible path for the development of contemporary labor value theory.