by Eugen Von Bhm-Bawerk
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The Exploitation Theory of Socialism-Communism is an extract from Volume I, History and Critque of Interest Theories. It is a brilliant brief in defense of interest in any economic system, and a thorough rebuttal of the Marxian structure. It is probably the most interesting, and politically the most momentous, part of Von Bohm-Bawerk analysis. After all, Marxian thought pervades the world. Even in the United States, the exploitation theory has swayed public opinion and permeated both political parties. It has given rise to a "New Deal" in social and economic matters and a powerful labor union movement. The notion of labor exploitation by businessmen and corporations continues to determine basic economic policies on all levels of government, from labor legislation to Social Security and income taxation. Von Bohm-Bawerk rejoinder provides the only logical defense from the onslaught by the exploitation doctrine, which in the end breeds political and social radicalism. Many see the results of Marxian imperfections, but few people actually know the reasons for failure. The Exploitation Theory supplies the answers. Von Bohm-Bawerk's most controversial analysis.
Average Customer Review:
4 of 4 people found the following review helpful:
Sadly, still relevant today, 2005-02-06
It is extremely unfortunate that the labor theory of value and the exploitation theory are still prevalent today, over 110 years after _Value and Interest_ first appeared--this in spite of the "rivers of blood and oceans of tears" spilled in the name of socialism and communism.
Given that, it doesn't really mean much for me to assert that Eugen von Boehm-Bawerk was clearly a genius, and that his book is a well-written and devastating critique of the idea that capitalists exploit labor to extract unearned income. Obviously--and tragically--the arguments he presents weren't compelling enough to have made any appreciable impact on history.
Nonetheless, I think this book deserves comment. One of the things that I like the most about it is the obvious care von Boehm-Bawerk takes to avoid simply attacking straw men. On page 14 he writes:
"I am looking at the exploitation theory, I think, with 'it's best foot forward.' I am trying to adhere to a policy which Knies [a contemporary of von Boehm-Bawerk] put so well when he said, 'He who would be victorious on the field of scientific research, must allow his adversary to advance in all the panopoly of his armor and in the fullness of his strength.'"
If I may say so, I think he accomplishes this quite well. In fact, by the time he has finished his elucidation of the theory, he almost has ME convinced of it!
Immediately thereafter, however, he begins a relentless and unflinching assault, attacking exploitation theory from multiple angles and not letting up until he is certain that it is a lifeless carcass. All the while, this attack is accomplished with an enjoyable and engaging--and almost informal--writing style, such that, after a few pages, it almost feels like he's your pal, sharing his thoughts with you personally. I get the feeling that Eugen must have been a very amiable person with a healthy sense of humor (and that's in addition to being an intellectual giant).
The actual chapter extract from _Value and Interest_ ends about 2/3rds of the way through this book. The final third consists of a publisher's postscript, as well as a number of shorter essays by von Boehm-Bawerk, Ludwig von Mises (his most famous student), and the European scholar Erik von Kuehnelt-Leddihn.
If only this book could be made required reading for all Marxists!
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