Adnan Jaafar

Adnan Jaafar (Writing Assignment 5)
Marx’s labor theory of value claimed that the number of labors’ working hours to produce the commodity was the measurement for the value of the commodity. “The values of commodities are directly as the times of labor employed in their production and are inversely as the productive powers of the labor employed” (Marx, 1865). Based on this quote, Marx tried to explain his labor theory of value by saying there were two relationships that were related to the value of commodity. The value of commodity was measured by the number of hours labor working in the production of the commodity and the higher the value of labor’s power, the smaller the value of commodity because a smaller number of labors was required to complete the production. According to Marx, the labor was the value which it was the total hours that labors working on the production of the commodity. On the other hand, Mill rejected the labor theory of value of Ricardo by claiming the value of commodity was measured by the number of labors that was required to produce the commodity. He believed that the major problem with this theory was it only could work when the ratio of capitals and labors were the same in every industry.
Marx’s concept of socialism was a society that was not strictly controlled by any side and there should have an equality whether they were rich or poor. This society also was not controlled by machine or bureaucracy or even by the capitalist where they have their own freedom. “In fact, the realm of freedom does not commence until the point is passed where labor under the compulsion of necessity and of external utility is required” (Marx, 1867). Based on this quote, Marx pointed his concept of socialism which he expressed a freedom would be achieved by a labor when he was not forced to work and they were rewarded based on their works. Marx’s focus on the socialism was for man. He aimed to provide a platform in the society where man could involve in any organization and not isolated from the society. Socialism by Marx also was a society which could allow men to be independent and rationally active by working on his willingness.
Mill’s concept of socialism was he supported the decentralized model of socialism rather than centralized. He believed the decentralized model of socialism could promote the value of talent and freedom among the society. Mill was motivated to defend a type of market in socialism to control the progression of individuals and society. Mill believed socialism could increase the economy of citizenship. He supported the social practices to be spread among the society to promote the act of partnership in the society. He saw these practices could flourish the socialism.
Marx, K (1865) Retrieved from retrieved on 10/28/2018
Marx, K (1867) Capital: A Critique of Political Economy. “The Process of Capitalist Production as a Whole”. Volume III – Part II. Page 954. Retrieved on 10/28/2018