Value — The Life Blood of Capitalism: Knowledge is the Current Key

Abstract

This article considers the knowledge revolution, the knowledge economy, knowledge, knowledge management and value within global capitalism. It argues that the knowledge revolution is the latest phase of capitalism and that the success of the knowledge revolution depends on the creation of value that is extracted from knowledge, and that this includes the knowledge that is in people's heads. It considers philosophical issues surrounding knowledge. It then considers the meaning of ‘value’, by first considering some of the current business and information literature, and second, returning to a Marxist analysis of value. It argues that we can only really begin to fully explain and understand the concept of value, as well as its significance within the knowledge revolution, by returning to a Marxist theoretical analysis. The article concludes by arguing that we need to become more conscious of the fact that ‘value’ is the essential ingredient upon which all forms of capitalism rest, and furthermore, that today value is being extracted from knowledge, particularly in the industrialised world. Once the human race becomes more conscious of this, it can then endeavour to create a better, kinder, fairer social and economic system that does not depend on the extraction of value from and exploitation of human labour.