Tuesday August 9, 2022
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Red Theory: Marxism and the Law of Value

by J. Sykes |
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Karl Marx.

In our previous article we looked at what a commodity is and examined use-value and exchange-value. This discussion of value is a cornerstone of Marx’s critique of political economy. The value of any commodity is equal to the socially necessary labor time required to produce that commodity. This is the Law of Value, and it is essential to understand if we are to really grasp what is revolutionary about Marx’s critique of capitalism.

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