Proudhon’s Constituted Value and the Myth of Labour Notes (Anarchist Studies 25.1, Spring 2017)

Author: Iain McKay

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Publication date: March 1, 2017

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Iain McKay

Karl Marx’s The Poverty of Philosophy has played a key role in associating Pierre-Joseph Proudhon with the idea of labour-time money. This article challenges this account by demonstrating that Marx not only failed to prove his assertion but that he also ignored substantial evidence against it. Proudhon’s ‘constituted value’ is explained and linked to other key ideas in System of Economic Contradictions which Marx ignores.