Nature, Value Theory, and Sustainability of Capitalism

• 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)
• ISSN: 0036-8237; 1943-2801
• DOI: 10.1521/siso.67.4.462.25330

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