Monopoly and Marx’s labour theory of value
in Imperialism and the development myth
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Monopoly capital, in Lenin’s sense, involves the transfer of value from non-monopolies to monopolies, as well as among monopolies and among non-monopolies. It does not negate Marx’s theory of value as Sweezy, Amin, Shaikh and Smith all argue. Rather it applies Marx’s law of value to monopoly conditions. The amount of extra surplus value accruing to an individual monopoly capital (i.e. that above the average rate) is determined by the degree of monopoly that capital possesses. The degree of monopoly is fundamentally determined, in the most important spheres, by the degree of domination in the labour process. Therefore, the degree of appropriation of other capital’s surplus value is determined in the labour process also. Hence there is a clear parallel between monopoly competition and the way Marx showed that capital can gain above-average profit in pre-monopoly conditions – by its superior labour productivity.

Imperialism and the development myth

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