Karl Marx’s Law of Value in the Twilight of Capitalism — Murray Smith

Global capitalism, with humanity in tow, is now facing a triple crisis: a deepening structural contradiction of the capitalist mode of production, one manifested as a multi-dimensional crisis of ‘valorisation’ – that is to say, a crisis in the production of ‘surplus-value’, the very lifeblood of the profit system; an acute crisis in international relations stemming from the fact that the global productive forces are bursting the confines of the nation-state system, whose individual units continue to address their gravest problems in primarily ‘national’ ways; and a growing ‘metabolic rift’ between human civilisation and the ‘natural conditions of production’ – the ecological foundations of human sustainability. Together, these interrelated crises suggest that we have now entered a ‘twilight era’ of capitalism – one in which humanity will either find the means to create a higher and more rational order of social and economic organisation, or in which decaying capitalism will bring about the destruction of human civilisation....

Counterpunch
Karl Marx’s Law of Value in the Twilight of Capitalism
Murray Smith | Professor of Sociology at Brock University, St. Catharines, Canada