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Additional resources for Contemporary Marxism: Essays in Honor of J. M. Bocheński
For in his eyes Smith offers a particular example of the insights and errors of classical political economy. Smith is credited for being the first to articulate clearly some of the basic features of an economic system based on the division of labour and the production of commodities. 1, p. 56). Only on the basis of this insight ("an immense step forward" (, p. 1, p. 42). Yet, on the other hand, Smith was ambiguous in his analysis of value ([ 1] , pp. ) and found it impossible to believe that an exchange of equivalents took place between capitalist and labourer.
Feels that there is a rupture at this point [in the relation between capital and labour1, that ... the law [of value) is practically abolished in its result ... and is actually puzzled how with the accumulation of capital the law of value is reversed into its opposite. 59). In the following remarks, I do not intend to show that Adam Smith's theory of value and distribution is without fault or ambiguities. I think, on the contrary, that Marx is right when he points to ambiguities in Smith's concept of value and when he accuses him of mixing up problems of value and of distribution.
As fIXed, unchangeable, eternal categories .... [They] explain to us how one produces under these given conditions. , the historical movement that brings them to life" (, 4, p. 126). Among the "classics of political economy", only James Steuart is excluded from this charge: "Steuart avoided this simple-mindedness because as an aristocrat, and in antithesis to the eighteenth century, he had in some respects a more historical footing" ( , p. 6). When Smith and Ricardo occasionally look at history, it is only to show the superiority of the bourgeois present over the feudal past.