Labor Theory of Value
Price is determined
by the amount of labor that goes into making the product, other things being
equal. That is, the more work hours that go into making a product, the more
expensive it is.
pays the worker as little as possible and sells the product for as much as possible.
Profit (Surplus value)
profit is usually reinvested, it becomes capital.
Conception of History
factors (substructure) underlie all human social, cultural, religious, and intellectual
manifestations (superstructure). All social changes (e.g., changes to institutions
such as churches, schools, prisons, hospitals, libraries, legal systems, gender
roles) and political revolutions (e.g., wars) are caused by changes in modes
of production and exchange.
Bourgeois Means of Production and Exchange Compared
of labor are small, so one worker can use tools alone
of labor are big -- too big for a single worker
expensive -- no economies of scale
productive forces" -- economies of scale for big customers
own means of production
owns means of production
labor unusual; craftsmen work for themselves
labor the norm
take pride in their work
have no pride in their work
own and exercise creative control over the products of their labor
own and control the products of workers' labor
expresses workers' selves, their creativity and values
has nothing to do with personality of the worker
surplus value (profit); no
manipulation of markets by large-scale advertising
of surplus value (profit) that is put to work to make even more profit,
by being lent or invested. If lent, capitalist collects interest (a sinful
practice in Islam). If invested, capitalist manipulates markets, e.g., though
advertising, to ensure that whatever is manufactured will be bought, at
a profit; and the cycle begins anew.
bonds among workers
induced unemployment so there's always an "industrial reserve army"
to threaten workers and keep wages down
classes; some polarization
and ever-increasing class polarization; more and more workers sink to "prole"
of kingdoms, nations matter