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Change In The East

CHANGE IN THE EAST
(Outline of Chapter 40, Economics: Principles, Problems and Policies,
McConnell, Brue; www.mcconnell16.com)

I. Labor Theory of Value and Communism
1. Labor creates value. Owners of capital goods will employ individuals for wages lower than the value of their labor. The difference between the value of labor and wages actually paid, in Marx' terminology the ‘surplus value', will remain with the owner of capital goods. As the workers, being in an inferior bargaining position, are dependent on offering their labor at any price, this pattern is not to change - leading to exploitation of the workforce, the so called ‘proletariat'.
2. The proposed solution to this conundrum: the ‘proletariat' itself represented by government and the ruling party, the communist party, owns all capital goods and distributes the surplus value evenly among those who create it. This quasi-ownership of all capital goods by the government entails managing the entire economy in......


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Approximate Word Count: 825
Approximate Pages: 4 (250 words per double-spaced page)

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