Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/238647 
Year of Publication: 
2020
Series/Report no.: 
Working Paper No. 957
Publisher: 
Levy Economics Institute of Bard College, Annandale-on-Hudson, NY
Abstract: 
This paper presents a critique of Karl Marx's labor theory of value and his theory of falling profit rates from an intersectional political economy perspective. Specifically, I rely on social reproduction theory to propose that Marx-biased technical change disrupts the social order and leads to competition between workers. The bargaining power of workers cannot be dissociated from class struggle within the working class. I argue that technical change increases social conflict, which can counterbalance the long-run tendency of the profit rate to fall. The conclusion is that class struggle is multilayered and endogenous to the process of accumulation.
Subjects: 
Political Economy
Social Reproduction Theory
Gender and Racial Economics
Labor Unions
Technical Change
JEL: 
B54
B51
J51
O33
Document Type: 
Working Paper

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