‘The real not-capital’?: labour and the contemporary critique of political economy

In light of contemporary developments in the critique of political economy, this thesis aims to
critically assess Marx’s notions of labour as ‘not-value’ and ‘not-capital’. Although generally
overlooked, these notions—which appear first in the Grundrisse, before disappearing in
Capital—have been made use of by a number of influential authors keen to develop Marx’s
critical theory against the grain of orthodox interpretations. Traditionally Marx has been read
as a radical political economist whose critically adopted standpoint was that of labour in its
struggle with capital. However, Marx undertook not a radicalisation but a critique of political
economy. In opposition to the traditional reading of Marx’s critique as a form of radical
political economy reliant upon an affirmative conception of labour, there is a growing body of
thinkers seeking to develop his ‘critique of political economy as a critical social theory’. This
thesis is an intervention aimed at strengthening this current of thought by bringing it to bear,
for the first time, on Marx’s notions of labour as not-value/capital. So far little attention has
been paid to these notions, while that which has has been done through theoretical
approaches that tend in one way or another to affirm labour in opposition to capital. I argue
this means their real significance, Marx’s intentions, and their place in the development of
his critique have not been addressed adequately. Alternatively, this study shows that Marx’s
notion of labour as not-capital posits a negative, dialectical relation between the two. Labour
is—just as the forms of economic objectivity it constitutes are—historically specific to
contemporary society. Interrogation of these concepts leads to the conclusion that the
constructive way forward for the critique of political economy lies through its development as
a critical social theory, which is critical rather than affirmative of labour.