Abstract
ABSTRACT The purpose of this study is to offer a comprehensive restatement and critical assessment of Marx’s theory regarding the subsumption of labor under capital (SLC). The core hypothesis of this account asserts a correspondence between forms of SLC and forms of surplus value extraction that is not evidently supported by his historical comparisons of capitalist production with antecedent forms of the circuit of capital. Moreover, Marx’s comparative historical analysis of SLC does not establish a distinct and necessary role for direct capitalist oversight of production in the process of surplus value extraction. Possible theoretical foundations for inferring such a role are discussed.
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