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ISBN: 9781773634197-06

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Marxist versus Radical Heterodox Economics:

In Defence of the Labour Theory of Value


From: Twilight Capitalism


The purpose of this chapter is to show that: 1) Marx’s production-centred theory offers a much better theoretical basis for understanding the economic malaise of twenty-first-century capitalism than rival economic theories (including “left heterodox ones”) that focus on markets and/or the policies of capitalist states; and 2) Marx’s value theory is both theo retically defensible and essential to developing an adequate program for overcoming capitalism.



Murray E.G. Smith

Murray E.G. Smith is Professor of Sociology at Brock University. He has been active on the socialist left in Canada since the 1970s, participating in a variety of campaigns and progressive movements for social change.

Jonah Butovsky

Jonah Butovsky is associate professor of sociology at Brock University.

Josh J. Watterton

Joshua J. Watterton is pursuing a PhD in geography at York University.