Division of labor: The social division of labor is the separation of the labor process into different tasks and spheres of work in the production of things, not only on a personal-biological level but on a broader social level. The initial spontaneous division of labor was natural, based on the division of labor between in […]
Anarchy of capitalist production flows from the private ownership of production and the wage labor system. Individual corporations produce for the market, competing for consumers’ dollars, seeking to expand production and to put their competitors out of business. This anarchy results in cyclical crisis of overproduction. No one knows how much of his particular article […]
The bourgeois mode of commodity production, capitalism, is commodity production based on socialized means of production, the factory system and bourgeois private property, that is, the buying and selling of labor-power. Capitalism is competition between capitalists for customers, anarchy of production and competition between the laborers for wages. It is commodity production at its highest […]
The general crisis of capitalism was the political-military antagonism between world imperialism and Soviet power. The 1917 Soviet revolution ushered in the general crisis of capitalism after the Bolsheviks established the military dictatorship of the proletariat and placed 1/6 of the world under proletarian rule, and out of reach of the imperialists. Political-military antagonism combined […]
The law of value is an objective law of commodity production and is the fundamental regulating law of capitalist commodity production. It states that the value of a commodity is determined by the amount of socially necessary labor time in its production. Under capitalism where anarchy of production and competition between laborers for wages and […]
The US was the dominant imperialist force in the post World War II era. It managed the transition from the direct colonies – literally owned and controlled by England, France and Germany – to the neo-colonies, where the newly independent nations entered the world economy. Then began the transition to the global capitalist economy that […]
The value of labor-power is determined by the cost to maintain workers and enable them to labor and to reproduce the next generation. The value of labor-power is determined, as in the case of every other commodity, by the labor-time necessary for the production, and consequently also the reproduction, of this special article. So far […]
In political economy value is the amount of socially necessary labor time in commodities. A commodity is a product made to be exchanged, rather than consumed by the producer. The production of objects for exchange is the characteristic feature of commodity economy. Human beings, rather than machines, are the source and determinant of value in […]
Political economy: Political economy, in the widest sense, is the science of the laws governing the production and exchange of the material means of subsistence in human society. Production and exchange are two different functions. Production may occur without exchange, but exchange—being necessarily an exchange of products—cannot occur without production. Each of these two […]
Production: Production is the mental and physical power of humanity that operates on nature and changes the material provided by nature to create means of life, goods and services. It is a major component of the economy, and distribution is the other. In the process of production, human beings work not only upon nature, but […]