Demise of the Marxian Law of Value in the Work of Michael Hardt and Antonio Negri
* Essay: Jakob Rigi - The Demise of the Marxian Law of Value? A Critique of Michael Hardt and Antonio Negri.
Christian Fuchs et al.:
"The question of where value emerges in contemporary capitalism is taken up also in a chapter by Jakob Rigi, entitled “The Demise of the Marxian Law of Value? A Critique of Michael Hardt and Antonio Negri”. Rigi offers a critique of Hardt and Negri’s central idea that Marx’s law of value no longer holds true for cognitive capitalism.
In contrast, Rigi argues that while the law of value tends to be abolished by the extraction of value from the “social factory” and from the commons of knowledge and information, the emergence of immaterial labour also dramatically expanded the domain of value extraction from labour. The total global economy, he insists, is still under the sway of the law of value. Moreover, he argues that the expansion of those branches of the economy that undermine the law of value is dependent on the expansion of the law at the global level. Thus, viewed from vantage of value, capital accumulation is a contradictory process. It undermines the law partially, but expands it globally."