Lecture 11: Wage Planning

Wu Ching-ch'ao

Chinese Economy, 1977, vol. 10, issue 3, 81-92

Abstract: In a socialist society, wages are the monetary expression of the share of the social product obtained by each laborer according to the quantity and quality of his own labor. This is fundamentally different under the capitalist system where wages are the price of labor. Under the capitalist system, wages reflect the relationship between the exploiter and the exploited. Because of increasing capitalist exploitation, the worker's real wages decline continuously. Under the socialist system, wages reflect the relationship between the whole society as represented by the socialist state and individual laborers who work for themselves and their society. The wages of the workers and staff increase continuously with the uninterrupted growth of production and labor productivity.

Date: 1977
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