Friday 8 September 19.30
The value of a commodity is determined by the amount of socially necessary labour time required under average conditions for its production and reproduction. Subject to any monopolies or government subsidies, it is around a point regulated by value that the price of a commodity fluctuates according to supply and demand.
For Marx, the mode of production determines the mode of distribution:
‘ If the material conditions of production are the co-operative property of the workers themselves, then there likewise results a distribution of the means of consumption different from the present one. Vulgar socialism (and from it in turn a section of the democrats) has taken over from the bourgeois economists the consideration and treatment of distribution as independent of the mode of production and hence the presentation of socialism as turning principally on distribution. After the real relation has long been made clear, why retrogress again?’ (Critique of the Gotha Programme, 1875).
A. Filho & B. Fine, Marx’s ‘Capital’, 2016