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The Crisis of the Law of Value and the Becoming-Rent of Profit

Author

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  • Carlo Vercellone

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

This article aims to provide a few elements of theoretical reading of the current crisis, taking the thesis of the "becoming-rent of profit and the crisis of the law of value" as a starting point. Following the crisis in the Fordist model, the current transformation of capitalism is characterised by a full-fledged comeback and proliferation of forms of rent parallel to a complete change in the relationship between wages, rent and profit. To demonstrate our thesis, the following of this article is divided into two parts. In the first part we will come back to the definition of the categories of wages, rent and profit. We will insist upon the flexible and mobile borders that separate the category of rent from profit. To do so, we will base the argument on some points that Marx develops in the third book of Capital, when he sketches a theory of the becoming-rent of capital, a theory that can be put into relation with the hypotheses of general intellect. In the second part, we propose a reading of the historical transformations of the capital-labor relation which have simultaneously leaded to a growth in the power of rent and to a crumbling of the distinction between rent and profit.

Suggested Citation

  • Carlo Vercellone, 2010. "The Crisis of the Law of Value and the Becoming-Rent of Profit," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00516801, HAL.
    • Handle: RePEc:hal:cesptp:halshs-00516801
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    Citations

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    Cited by:

    1. Emrah Karakilic, 2022. "Rentierism and the commons: A critical contribution to Brett Christophers’ Rentier Capitalism," Environment and Planning A, , vol. 54(2), pages 422-429, March.
    2. Monnier Jean-Marie & Vercellone Carlo, 2014. "The Foundations and Funding of Basic Income as Primary Income," Basic Income Studies, De Gruyter, vol. 9(1-2), pages 59-77, December.
    3. Ugo Rossi, 2019. "The common-seekers: Capturing and reclaiming value in the platform metropolis," Environment and Planning C, , vol. 37(8), pages 1418-1433, December.
    4. Leonardi, Emanuele, 2019. "Bringing Class Analysis Back in: Assessing the Transformation of the Value-Nature Nexus to Strengthen the Connection Between Degrowth and Environmental Justice," Ecological Economics, Elsevier, vol. 156(C), pages 83-90.
    5. Fabian Frenzel & Armin Beverungen, 2015. "Value struggles in the creative city: A People’s Republic of Stokes Croft?," Urban Studies, Urban Studies Journal Limited, vol. 52(6), pages 1020-1036, May.
    6. Andrea Fumagalli & Stefano Lucarelli & Elena Musolino & Giulia Rocchi, 2018. "Digital Labour in the Platform Economy: The Case of Facebook," Sustainability, MDPI, vol. 10(6), pages 1-16, May.
    7. Jeon, Heesang, 2015. "Knowledge and Contemporary Capitalism in Light of Marx's Value Theory," Thesis Commons g5njk, Center for Open Science.

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