Marx and Cohen on Exploitation and the labor theory of value

Abstract

Gerald A. Cohen, in ‘The Labor Theory of Value and the Concept of Exploitation’, argues that, contrary to the traditional assumption, Marx's charge of exploitation against capitalism does not require the labor theory of value. However, there is a related but simpler basis for the charge. Hence Marx's criticism can stand even if the labor theory of value falls. Furthermore, he argues that the labor theory of value is false. It is argued here that Cohen is mistaken; the charge Marx makes against capitalism does require the labor theory of value. Cohen's conception of exploitation is weaker than Marx's both theoretically and morally. It is also argued that Cohen's criticisms of the labor theory of value rest on misunderstandings of the theory and Marx's methodology.