Nature, Value Theory, and Sustainability of Capitalism

A comment on Andriana Vlachou's 2002 essay, "Nature and Value Theory," praises her for clarifying the determination of certain forms of rent & illustrating the analytical power of the labor theory of value in relation to environmental degradation. However, it is argued that Vlacho...

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Bibliographic Details
Published in:Science & society (New York. 1936) 2003-12, Vol.67 (4), p.462-480
Main Authors: Liodakis, George, Vlachou, Andriana
Format: Article
Language:English
Subjects:
Capitalism
Commodities
Ecological economics
Ecological sustainability
Economic value
Environmental Degradation
Environmental regulation
Forces And Relations of Production
Human ecology
Labor Theory of Value
Marxian economics
Marxist Analysis
Natural Resources
Nature
Nature and Value: A Discussion
Resource Management
Sustainable development
Value (Economics)
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Summary:A comment on Andriana Vlachou's 2002 essay, "Nature and Value Theory," praises her for clarifying the determination of certain forms of rent & illustrating the analytical power of the labor theory of value in relation to environmental degradation. However, it is argued that Vlachou goes beyond rejecting the absolutist & metaphysical presentation of "natural limits" in (neo) Malthusian approaches to ignore ecological/social limits to capitalist production. Consequently, she nullifies the "cumulative transformation of quantitative into qualitative changes, and vice versa." The result is an "environmentally laissez faire Marxism" & an "unjustified trans-historical optimism." Other issues discussed include Vlachou's erroneous identification of an ecological catastrophe with Paul Burkett (1966) & other Marxists; her incorrect assumption that the potential of capitalism to postpone crisis is infinite; & her inadequate exploration of the implications of a continuing "inflation" of values & prices as the result of a serious decline in the "regulating natural conditions of production." The political implications of Vlachou's approach are considered. 9 References. J. Lindroth
ISSN:0036-8237
1943-2801
DOI:10.1521/siso.67.4.462.25330