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Other socialist theories, such as mutualism and market socialism, attempt to apply the labor theory of value to socialism, so that the price of a good or service is adjusted to equal the amount of labor time expended in its production. The labor-time expended by each worker would correspond to labor credits, which would be used as a currency to ...
Fordism is an industrial engineering and manufacturing system that serves as the basis of modern social and labor-economic systems that support industrialized, standardized mass production and mass consumption. The concept is named after Henry Ford.
The ecological critique focuses on mindless "production for production's sake", attacking both the neoclassical notion and the Marxist concept of "productiveness". It is argued neoclassical economics can understand the value of anything (and therefore the costs and benefits of an activity) only if it has a price , real or imputed.
In the Marxist theory of historical materialism, a mode of production (German: Produktionsweise, "the way of producing") is a specific combination of the: . Productive forces: these include human labour power and means of production (tools, machinery, factory buildings, infrastructure, technical knowledge, raw materials, plants, animals, exploitable land).
The theory is based on two key concepts. "Regimes of Accumulation" refer to systems of production and consumption, such as Fordism and post-Fordism. "Modes of Regulation" refer to the written and unwritten laws of society which control the Regime of Accumulation and determine its form.
The same amount of labor which he has given to society in one form, he receives back in another. [8] Socialism is a post-commodity economic system and production is carried out to directly produce use-value rather than toward generating profit.
Production is carried out for exchange and circulation in the market, aiming to obtain a net profit income from it. The owners of the means of production (capitalists) constitute the dominant class (bourgeoisie) who derive its income from the exploitation of the surplus value. Surplus value is a term within the Marxian theory which reveals the ...
Labor-power might be seen as a stock which can produce a flow of labor. Labor, not labor power, is the key factor of production for Marx and the basis for earlier economists' labor theory of value. The hiring of labor power only results in the production of goods or services ("use-values") when organized and regulated (often by the "management ...