The Limits of Regulation
Show Less

The Limits of Regulation

A Critical Analysis of Capitalist Development

Stavros Mavroudeas

This unique and original book offers a critical survey of the regulation approach, an influential theoretical school born in the 1970s and belonging to the neo-Marxist and radical political economy traditions.
Show Summary Details
You do not have access to this content

Chapter 8: Value Theory and Regulation’s Macroeconomics

Stavros Mavroudeas


The significance of the version of value theory proposed by the valuetheoretical regulationists can now be clearly established. Their exchangebased understanding of value results in a theory where exchange and the demand-side are one-sidedly prioritized, in an almost Keynesian manner, and fundamental aspects of Marxist theory are refuted or reduced to mere caricatures of themselves. Furthermore, it seems that Regulation’s movement from value to the covert prioritization of money and from there to the open dethronement of value by money is paralleled by a movement from the primacy of production to a more or less open circulationism. Initially, in Aglietta (1979), the wage relation is defined as a mainly but not exclusively production relation (notwithstanding the fact that in reality it was understood chiefly as an income relation). The commodity relation (an exchange relation, which was absent from Aglietta’s PhD thesis (1974)) is accepted as significant. Following this, there is a double shift of emphasis. First, there is a shift within the wage relation from a production-based definition to an income-based (and ultimately circulationist) definition. Second, there is a shift of priority from the wage to the commodity relation. The consequences of these changes in definitions and in perspective can be seen in a number of important areas. The problems concerning the allocation of social labour (disproportionality), particularly among the departments of production, linked to the problems of realization and of effective demand occupy the centre of attention. As a (not necessary) consequence, the law of the tendency of the...

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information

or login to access all content.