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Marxism Today June 1980 29

generation of Marxist economists which theory framework for at least some purposes.
emerged in Britain in the sixties and early The Steedman critique has had a definite
seventies. Bob Rowthorn says that the impact and it is a shame that Bob Rowthorn's
common thread to the theoretical and position is not made clear.
empirical papers is 'their emphasis on the Apart from a rather slight piece on Rosa
importance of power and conflict in capitalist Luxemburg and Militarism the other three
societies'. Perhaps more significantly they theoretical essays are concerned with wages.
represent a major contribution to the attempt 'Skilled Labour in the Marxist System' is a
to develop Marxist economics as a way of most original piece which shows how labour
understanding the present. This involves a employed in the state educational sector
CAPITALISM, CONFLICT AND critique both of the recent critics of Marxism contributes to the surplus value appropriated
INFLATION (notably the Sraffans) and of the by the capitalists. It is no exaggeration to say
Bob Rowthorn fundamentalist Marxists (for example, that this approach opened up a whole new
Lawrence and Wishart 274 pp £8.50. Ernest Mandel). way of analysing much of the state sector, and
'Neo-classicism, neo-Ricardianism and one which is only just being exploited by Ian
The essays collected in this volume form the Marxism' (which in fact was first published in Gough and others.
basis of Bob Rowthorn's justly deserved the Bulletin of the Conference of Socialist A long, and previously unpublished essay
reputation as the most original of the Economists in 1972/3, not in the New Left on Marx's theory of wages is mainly aimed at
Review in 1974) is a classic statement of the clarifying Marx's own, sometimes contradic-
positive distinguishing features of Marxist tory, writing on the subject.
economics. The fundamental point then is Three points which emerge from this piece
that the 'Neo-Ricardians' are guilty of are used in Rowthorn's own very important
precisely the same failure to analyse the social analysis of inflation presented in a technical
aspects of the production process as are the way in 'Conflict, Inflation and Money' and
neo-classicals. What is rather tantalising is non-technically in 'Inflation and Crisis'.
that Bob Rowthorn has not added a posts- These are that trade unions modify but do not
cript stating his position on the neo-Ricardian abolish the influence of the reserve army of
critique of Marx, as exemplified by Ian labour on wages (a point denied by the
Steedman's recent book Marx after Sraffa. Cambridge neo-Keynesians like Godley);
All Bob Rowthorn says in the introduction is that even though Marx gave a simple and
that 'some of Sraffa's followers, such as Ian unambiguous definition of the value of
Steedman, have since accepted this criticism labour power, his various attempts all
and have extended their analysis to take these embody the idea that at any time there is a
social aspects into account'! Now they minimum standard of life which capital must
certainly say they have done this, but the provide for workers and their families, and
crucial question is the extent to which this unless it does so there will be very serious
can adequately be done while jettisoning a economic and political consequences and that
labour-based value theory as Ian Steedman in a situation of unconvertible paper money
does. Bob Rowthorn clearly still uses a value Marx's argument (accepted by many of the
30 June 1980 Marxism Today Reviews

orthodox) that money wage increases cannot fear of inflation. Whilst this undoubtedly be sustained by a political programme. But is
be passed on in higher prices is incorrect since reflects what transpired after 1973 I the alternative economic strategy (AES)
the state may respond to wage pressure by personally doubt it was the main factor really capable of bringing 'certain material
expanding the money supply. He develops a behind the generalised profits squeeze before benefits to the working class' since by
conflict theory of inflation, based on 1973. It seems to me that labour shortage 'challenging the undisputed authority of
inconsistent aspirations of workers and itself is the main explanation; competition capital (it) would destabilise the political
capitalists for living standards and profit between capitalists for labour forced up real, situation and lead to demands for further
rates. A certain level of unemployment, and not just money, wages, this increase in change' (p. 145)? Again, it is a shame that
which results when the state is forced to real wages being necessary to knock out the there is no thorough discussion of the AES. It
terminate its loose money policy for fear of least productive capitals and allow labour to is interesting that in an earlier (1974)
the consequences of accelerating inflation, is be transferred to the more productive. pamphlet to which he contributed a section
actually necessary to the capitalist system as In considering Mandel's argument about (reprinted here) on the UK's international
the discipline which reduces the workers' the third technological revolution, Rowthorn role he says that 'in order to exercise effective
pretensions — the natural rate of unemploy- quite correctly stresses that the possibilities control over the economy and because of
ment beloved by the monetarists in reality for continued technical progress are by no foreign pressure for liquidation, a left
means precisely this. Rowthorn says in his means exhausted, given the right restructur- government would be compelled to nationa-
introduction that left-Keynesians objected to ing of capital; it is interesting that a major lise wide sections of the city and industry'
his suggestion that monetary policy may problem he does identify — the difficulty of (p. 84). Surely this is closer to a demand to
provide an effective instrument of demand increasing service sector productivity — is nationalise the 200 major monopolies than
management. Would they still object with itself more problematic in the era of micro- the AES's modest 20-25! The same pamphlet
Thatcherism seeking precisely to discipline chips. argues that foreign capitalist opposition to a
the trade unions with monetary policy? It is disappointing that the book contains socialist Britain could be divided by an
Bob Rowthorn's own analysis of the world no detailed analysis of the crisis of the UK intelligent policy of offering tangible benefits
economic crisis is presented in his review of economy. One strange argument he does to co-operation: 'if Britain offered compensa-
Ernest Mandel's Late Capitalism. Rowthorn's advance is that it was the working class's lack tion for property taken over and proposed
analysis of the profits squeeze is of particular of militancy in the fifties and sixties which reasonable trade deals, most capitalist
interest. The underlying factor he sees as the allowed the ruling class to get away with its countries would have strong reasons for co-
drying up of the reserve army which suicidal policy of imperial pretensions and operating.' This seems highly optimistic.
increased the strength of the working class in low investment. He says that a more militant The fear that the contagion of socialism
demanding both more social spending and approach by hastening the crisis would have would spread would surely dictate outright
higher wages, especially to compensate for led to a much more positive state policy of hostility from foreign capitalists which could
taxes levied on them to pay for the social intervention. This seems an extraordinary only be counteracted by working-class
spending and the price increases when argument. Undoubtedly working class power solidarity. This would hardly be helped by
import costs rocketed in 1972-74. But faster was already a major factor inhibiting the selling off UK assets overseas to their bosses.
money wage increases just bring inflation capitalists in the fifties and early sixties; Two final points. Whilst his range of
provided the state expands its spending and Japanese capitalists did not require pressure interests in the seventies makes an excellent
the money supply correspondingly. from militant workers to accumulate and collection of essays, I hope Bob Rowthorn's
Rowthorn argues that the profits squeeze modernise; indeed their great boom was output in the eighties will include more
derives primarily from the fact that govern- based on a work force whose organisations sustained work on the UK and world crisis
ments were forced, for fear of the con- were smashed in the late forties. Surely an and socialist strategies. Lastly, if Milton
sequences of hyperinflation, to put the even more militant trade union movement Friedman's latest book is published simul-
brakes on demand, thus restricting capita- would have provoked an even earlier turn to taneously in paperback and hardback so
lists' ability to pass on the wage increases. all-out Thatcherism. should Bob Rowthorn's. £8-50 is a lot to pay
This is really a stagnation theory of the profit for a book, especially such an important one.
Bob Rowthorn quite correctly stresses that
squeeze; stagnation deliberately induced for economic militancy is not enough, and must Andrew Glyn

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