post-industrialism & labour theory of value

[boxinghefner]

How relevant is Marx's labour theory of value to modern western society in the context of declining industrial out-put? I'm not suggesting that manufacturing doesn't exist - but it's importance is declining relatively I would argue within countries such as the U.K.

If we do understand a change to have actually occured, as is arguably reflected within the dominance of industries in which there is not the creation of surplus value derived on the basis of produced commodities in exchange (leading to surplus value) - at least not within westernised economies to any large extent. Instead sectors such as the service industry, seem to be dominant - in which large sections of labour are clearly not involved in the process of creating surplus value on the basis Marx initially formulated. What relevance does Marx's labour theory of value have in explaining the accumulation of surplus value in these industries - in a way that is coherent?

Thanks!! Any input on this would be great.

[Lamanov]

LTV goes for all, not just industry.

Besides, where did you get to a conclusion that labor in Western countries does not create surplus value any more?

How could profit be realized in any other way, then upon productive labor, whatever its external character?

[BobKKKindle$]

The advanced form of commodity circulation is denoted M-C-M*. This is a symbolic demonstration of a capitalist investing in the production of a commodity and recieving a different sum from the sale of the commodity. If this 'different sum' is larger than the original investement, the capitalist has made a profit, and the only source of profit is the exploitation of labour - the accumulation of surplus value. It should be obvious that not only comapanies that produce tangible commodities but also those that produce services make a profit, and thus the LTV still applies even in 'post-industrial' states.

It is worth noting that some Maoists feel that exploitation has been lessened or even does not exist in developed countries, because the development of Capitalism has resulted in the pronounced importance of the international export of capital instead of the export of commodities as a means for Capitalists in 'imperialist' countries to procure wealth. This is known as the idea of a 'Labour Aristocracy' if you want to examine it more closely.