Marx’s theory of value for socialism

Makoto Itoh

Japanese Economy, 2020, vol. 46, issue 1, 83-93

Abstract: Possibilities of socialism are coming back globally through multiple crises in capitalist market economies. This paper reexamines how Marx’s theory of value can be utilized as a theoretical foundation for socialism in our age. Especially Marx’s original theory of forms and substance of value enables us to conceive various models of market socialism as well as democratic planned economy. Functions of socialist forms of money (s-money) and prices (s-prices) are further to be reconsidered, including a critical review of these forms in the Soviet model. Marx’s theory of complex labor needs also to be reexamined anew as a theoretical basis of sounder socialism.

Date: 2020
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DOI: 10.1080/2329194X.2020.1762095

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