KEYNESIAN1SM 11 insistence on the labour theory of value (volume 1 of Capital). An interesting passage from Joan Robinson -in this connection reads: Marx's method of treating profiit as 'unpaid labour'...keep(s) insistently before the mind of the reader a picture of capitalist process as a system of piracy, preying upon the very life of the workers. I hope that it will become clear...that no point of substance in Marx's argument depends on the labour theory of value.9 The workable programme that comes out of Keynes's economics is thus not of altering income distribution in favour of workers, but of strengthening such elements of effective demand as are not directly or -indirectly related to the growth of the purchasing power of the working classes. The growth of defence expenditure beyond all limits, the arms race, cold wars, hot wars and compulsive destabiliza-tion of world peace arc the logical outcome of the principle of effective demand. These constitute the logical outcome of a truism used on the wrong premises, premises that refuse to see how value and profit are generated in a capitalist economy. 1 John Maynatd Kc>ncs, The General Theoiy of Employment, Interest and Money, London, MaumNan, 1949, Chapter 2. 2 Ibid, P 17. s Ib d, p 28^. 4 See for a statement, /W, Chapter 20. 5 See, Joan Robinson, h^says in the Theory of Employment, Macm llan, 1937. o Keynes, Gcneiul r/ieoiy, op cit, p 9. 7 Ibid, p 15. a Ibid, p 267. 9 Joan Robinson, An Essay on Marxian Economics, London, Macm^llan, p 22.