This paper argues that the conceptual framework of Marx's Capital allows for the extraction of a commodity-based theory of capitalist exploitation that is distinct from the traditional labour-value based theory. The rationale for extracting such a theory is that it allows for an explanation of...

While recognising that most pre-capitalist formations exhibited elements of commodity exchange, Marx argued that capitalism differentiates itself as a genuine commodity system by virtue of two interdependent processes having reached a critical stage of development: a `stretching` of commodity...