[lbo-talk] New Imperialism or New Capitalism?

[Michael Dawson]

"We can quantify the architecture of power, but we cannot denominate this
architecture in units of 'abstract labour' and definitely not in units of
'surplus value.' And without abstract labour and surplus value, a whole host
of derivative concepts - [including] 'exploitation'- lose their analytical
meaning."

Here's my criticism:

You treat exploitation as a conceptual derivative of Marx's "surplus-value"
concept.  If that concept's not valid, then exploitation disappears, in your
view.

In the real world, meanwhile, exploitation is a real fact caused by real
power relations.  Most people have nothing to sell but their labor-power.
Because of this fact, the minority of wealthy investors is able to pay for
labor-power (working time) while retaining ownership of labor's products.
In the real world, this crucial gap is known as the profit margin on
workplace production, and it is the object of immense managerial attention,
which is designed to maximize the size of the gap.

You say this reality, the core of exploitation in Marx's terms, doesn't
exist.

Really?