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Exploitation: A Modern Approach

Department of Economics, American University, Washington, DC, 20016; rhahnel{at}american.edu

Political economists who have abandoned the Marxian labor theory of value during the past few decades due to logical inconsistencies have failed to replace it with a logically sound theory that explains how and why the employment relationship is almost always exploitative even when labor markets are competitive. This article argues for a sacrifice-based theory of economic justice rather than the contribution-based theory implicit in the Marxian labor theory of value and uses a simple theoretical framework to explain not only why the employment relationship is exploitative but also why credit relations and goods trading can be exploitative as well.

Key Words: Marx • labor theory of value • economic justice • exploitation • alienation

Review of Radical Political Economics, Vol. 38, No. 2, 175-192 (2006)
DOI: 10.1177/0486613405285421


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