,*APT] #bb 
,VALUE & ,SOCIALISM 

,PEOPLE 3 

,AU?OR 3 ,PAUL ,MATTICK 

,TEXT 3 

,L59'S ,M>XISM DID NOT EXPRESS ! PRACTICAL NECESSITIES ( ! 
MOD]N 9T]NATIONAL1 ANTI-CAPITALI/ CLASS /RUGGLE1 BUT WAS DET]M9$ BY 
CONDITIONS SPECIFIC TO ,RUSSIA4 ,RUSSIA REQUIR$ NOT SO MU* ! EMANCIPATION AS 
! CREATION ( AN 9DU/RIAL PROLET>IAT1 & NOT SO MU* ! 5D ( CAPITAL 
ACCUMULATION AS ITS ACCEL]ATION4 ,! ,BOL%EVIKS OV]?REW ,CZ>ISM & ! 
,RUSSIAN B\RGEOISIE 9 ! NAME ( ,M>X & BY REVOLUTION>Y MEANS1 ONLY TO 
BECOME !MSELVES A DICTATORIAL =CE OV] ! WORK]S & PEASANTS4 ,& ?IS 
9 ORD] TO LEAD !M1 EV5TUALLY1 BY WAY ( 9T5SIFI$ SUPPRESSION & 
EXPLOITATION1 9TO SOCIALISM4 ,L59'S ,M>XIAN 0OR?ODOXY0 
EXI/$ ONLY 9 IDEOLOGICAL =M1 AS ! FALSE CONSCI\SNESS ( A NON-SOCIALI/ 
PRACTICE4 

,:5 DEAL+ ) ! QUE/IONS ( ! SOCIALI/ ORGANIZATION ( ! 
ECONOMY1 ,L59'S PROPOSALS W]E !RE=E ALMO/ EXCLUSIVE ( A PRAGMATIC 
TYPE1 & NO ATTEMPT WAS MADE TO RELATE !M TO ,M>XIAN !ORY4 ,( ALL ! 
SOCIALI/S :O HAVE WRITT5 AB\T SOCIALISM1 ,L59 SAID RI<TLY1 NONE HAD DEALT 
CONCRETELY ) ! ,ISSUES 9VOLV$4 ,= HIM1 H[EV]1 0SOCIALISM WAS 
GAZ+ AT US FROM ALL ! W9D[S ( MOD]N CAPITALISM2 SOCIALISM IS \TL9$ 
DIRECTLY1 PRACTICALLY1 BY EV]Y IMPORTANT MEASURE ?AT CON/ITUTES A =W>D 
/EP ON ! BASIS ( MOD]N CAPITALISM40.<#a.> ,SOCIALISM CONSI/$ 9 DO+ :AT CAPITALISM WAS 
DO+ = ITSELF1 BUT DO+ IT BETT] & 9 ! 9T]E/ ( ! WORK+ 
CLASS4 

,?IS REQUIR$ AN 9CREASE 9 ! PRODUCTIVITY ( LABOR & A BETT] 
ORGANIZATION ( PRODUCTION4 ,?US1 ,L59 WROTE1 0AL?\< ! ,TAYLOR 
SY/EM1 ! LA/ WORD ( CAPITALISM 9 ?IS RESPECT1 LIKE ALL CAPITALI/ 
PROGRESS IS A COMB9ATION ( ! REF9$ BRUTALITY ( B\RGEOIS EXPLOITATION 
& A NUMB] ( ! GREATE/ SCI5TIFIC A*IEVEM5TS 9 ! FIELD ( ANALYZ+ 
ME*ANICAL MOTION DUR+ WORK10 NONE!LESS 0! POSSIBILITY ( 
BUILD+ SOCIALISM DEP5DS EXACTLY UPON \R SUCCESS 9 COMB9+ ! ,SOVIET 
P[] & ! ,SOVIET ORGANIZATION ( ADM9I/RATION ) ! UP-TO-DATE 
A*IEVEM5TS ( CAPITALISM4 ,WE MU/ ORGANIZE 9 ,RUSSIA ! /UDY & TEA*+ 
( ! ,TAYLOR SY/EM & SY/EMATICALLY TRY IT \T & ADAPT IT TO \R 
5DS40.<#b.> ,AS 
REG>DS ADM9I/RATION1 0! F\NDATION ( SOCIALISM CALL$ = ABSOLUTE 
& /RICT UNITY ( WILL1 :I* DIRECTS ! JO9T LABOR ( HUNDR$S1 
?\S&S & T5S ( ?\S&S ( PEOPLE4 ,! TE*NICAL1 ECONOMIC & 
HI/ORICAL NECESSITY ( ?IS IS OBVI\S1 & ALL ?OSE :O HAVE ?\<T AB\T 
SOCIALISM HAVE ALWAYS REG>D$ IT AS ONE ( ! CONDITIONS ( SOCIALISM4 ,BUT 
H[ CAN /RICT UNITY ( WILL BE 5SUR$8 ,BY ?\S&S SUBORD9AT+ !IR WILLS 
TO ! WILL ( ONE40.<#c.> ,IT IS = ?IS REASON 0?AT ALL DIRECT 
9T]F]5CE BY ! TRADE UNIONS 9 ! MANAGEM5T ( FACTORIES MU/ BE 
REG>D$ AS POSITIVELY H>MFUL & IMPOSSIBLE40.<#d.> ,9 BRIEF1 ?+S %\LD BE RUN AS !Y 
ALWAYS HAVE BE5 RUN 9 CAPITALISM2 ONLY N[ = 0SOCIETY AS A 
:OLE10 NO LONG] = ! ACCUMULATION ( PRIVATE CAPITAL4 ,= ,L59 ! 
SOCIAL RECON/RUCTION IS NO LONG] CONC]N$ ) SOCIAL BUT ONLY ) 
TE*NICAL ISSUES1 SU* AS ! REVIVAL ( 9DU/RY1 ! 9CREASE ( AGRICULTURAL 
PRODUCTION1 S\ND F9ANCIAL POLICIES1 ELECTRIFICATION1 & SO =?4 

,AP>T FROM A FEW G5]AL REM>KS1 ,M>X DID NOT CONC]N HIMSELF ) ! 
ORGANIZATION ( A SOCIALI/ SOCIETY4 ,HIS ECONOMIC WRIT+S W]E NOT 9T5D$ TO 
5RI* ! 0SCI5CE ( ECONOMICS10 BUT TO LAY B>E ! ACTUAL 
SOCIAL RELATIONS ?AT F\ND !IR FETI%I/IC EXPRESSION 9 POLITICAL ECONOMY4 
,AL?\< POLITICAL ECONOMY 0IS = ! PROLET>IAT FIR/ & =EMO/ AN 
5EMY C\NTRY10.<#e.> IT HAS TO BE 5T]$ 9 ORD] TO %[ ?AT 
0ECONOMIC RELATIONS0 >E M]E DISGUISES = CAPITALI/ EXPLOITATION 
RELATIONS1 & TO REVEAL ! CLASS CONTRADICTIONS 9 ! ECONOMIC 
CONTRADICTIONS ?AT BESET B\RGEOIS PRACTICE & CAPITALI/ DEVELOPM5T4 ,= 
,M>X1 ! 0ECONOMIC LAWS0 PROP\ND$ BY POLITICAL ECONOMY >E 
IRRELEVANT TO SOCIALISM :I*1 9 FACT1 WILL BR+ !M TO AN 5D4 ,9/EAD1 
!RE WILL BE CONSCI\S REGULATION ( PRODUCTION & DI/RIBUTION BY ! 
ASSOCIAT$ PRODUC]S !MSELVES1 & ! 9/RUM5TALITIES TO ?IS 5D WILL BE 
( A TE*NICAL-ORGANIZATIONAL NATURE4 

,:5 PLANN+ BECAME A POSSIBILITY = ! ,BOL%EVIK /ATE1 IT NEV]!LESS 
F\ND ITS !ORETICAL />T+-PO9T 9 ,M>X1 ?AT IS1 9 HIS IDEA ( SOCIAL 
PRODUCTION AS A REPRODUCTION PROCESS4 ,! PLANN]S ?\<T ,M>X'S 
S*EMATA ( SIMPLE & 5L>G$ REPRODUCTION1 :I* ,M>X HAD DEVELOP$ FROM ! 
PHYSIOCRAT ,FRANCOIS ,QUESNAY'S ,TABLEAU ECONOMIQUE1 & 
:I* HE PRES5TS 9 ! SECOND VOLUME ( ,CAPITAL1 .<#f.> APPLICABLE TO ALL SOCIAL 
=MATIONS & P>TICUL>LY USEFUL 9 SOLV+ ! PROBLEMS ( A SOCIALI/ 
ECONOMY4 ,IT WAS ON ! BASIS ( !SE S*EMATA ?AT ,SOVIET ECONOMI/S 
CON/RUCT$ MACRO-ECONOMIC MODELS DEPICT+ ! FEASIBILITY ( A BALANC$ 
PLANN$ ECONOMY.<#g.>4 

,M>X'S REPRODUCTION S*EMES S]VE TO %[ ! RELATION%IPS 9 ! 
PRODUCTION & EX*ANGE PROCESS :I* >E REQUIR$ TO CONSUMMATE ! PROCESS ( 
CAPITAL PRODUCTION ) RESPECT TO BO? ! VALUE & USE-VALUE ( COMMODITY 
PRODUCTION4 0,SO LONG AS WE LOOK$ UPON PRODUCTION ( VALUE & ! VALUE 
( PRODUCTS FROM ! PO9T ( VIEW ( 9DIVIDUAL CAPITAL10 HE WROTE1 
0IT WAS IMMAT]IAL = ! ANALYSIS :I* WAS ! NATURAL =M ( ! 
PRODUCT 9 COMMODITIES4 ,SO F> AS REPRODUCTION WAS CONC]N$1 IT WAS SUFFICI5T 
TO ASSUME ?AT ?AT PORTION ( ! PRODUCTS 9 COMMODITIES1 :I* REPRES5T$ 
CAPITAL 9 ! SPH]E ( CIRCULATION1 F\ND AN OPPORTUNITY TO RECONV]T ITSELF 
9TO ITS ELEM5TS ( PRODUCTION & ?US 9TO ITS =M ( PRODUCTIVE CAPITAL4 
,IT LIKEWISE SUFFIC$ TO ASSUME ?AT BO? ! LABOR] & ! CAPITALI/ F\ND 
9 ! M>KET ?OSE COMMODITIES = :I* !Y SP5D !IR WAGES & SURPLUS 
VALUE4 ,?IS M]ELY =MAL MANN] ( REPRES5TATION DOES NOT SUFFICE 9 ! 
/UDY ( ! TOTAL SOCIAL CAPITAL & ( ! VALUE ( ITS PRODUCTS4 ,! 
RECONV]SION ( ONE PORTION ( ! VALUE ( ! PRODUCT 9TO CAPITAL1 ! 
PASS+ ( ANO!R PORTION 9TO ! 9DIVIDUAL CONSUMPTION ( ! CAPITALI/ 
& WORK+ CLASSES1 =M A MOVEM5T )9 ! VALUE ( ! PRODUCT ITSELF 
:I* IS CREAT$ BY ! TOTAL CAPITAL2 & ?IS MOVEM5T IS NOT ONLY A 
REPRODUCTION ( VALUE1 BUT ALSO ( MAT]IAL1 & IS1 !RE=E1 AS MU* 
CONDITION$ ON ! RELATIVE PROPORTIONS ( ! ELEM5TS ( VALUE ( ! TOTAL 
SOCIAL PRODUCT AS ON ITS USE-VALUE1 ITS MAT]IAL SUB/ANCE40.<#h.> ,!RE IS NO NE$ H]E TO 
DISPLAY ,M>X'S DIAGRAMS2 IT SUFFICES TO RECALL ?AT HE DIVID$ TOTAL 
SOCIAL PRODUCTION 9TO TWO SECTIONS ONE PRODUC+ ! MEANS ( PRODUCTION & 
! O!R ! MEANS ( CONSUMPTION4 ,EA* DEP>TM5T IS COMPOS$ ( CON/ANT & 
V>IABLE CAPITAL & PRODUCES SURPLUS-VALUE4 ,! TRANSACTIONS BETWE5 ! TWO 
DEP>TM5TS >E SU* AS TO REPRODUCE ! TOTAL CAPITAL1 LEAV+ ! 
SURPLUS-VALUE = CAPITALI/ CONSUMPTION4 0,SIMPLE REPRODUCTION10 
,M>X WROTE1 0IS ESS5TIALLY DIRECT$ T[>D CONSUMPTION AS AN 5D10 
& 09S(> AS SIMPLE REPRODUCTION IS A P>T 444 ( ANNUAL PRODUCTION ON 
AN 5L>G$ SCALE1 CONSUMPTION REMA9S AS A MOTIVE ACCOMPANY+ ! 
ACCUMULATION ( WEAL? AS AN 5D & DI/+UI%$ FROM IT40.<#i.> ,! DIFF]5CE BETWE5 
SIMPLE & 5L>G$ REPRODUCTION CONSI/S 9 ! FACT ?AT P>T ( ! TOTAL 
SURPLUS-VALUE IS NOT CONSUM$ BY ! CAPITALI/S BUT IS TURN$ 9TO ADDITIONAL 
CAPITAL4 ,! %IFT FROM SIMPLE TO 5L>G$ REPRODUCTION 9VOLVES 0NOT ! 
QUANTITY1 BUT ! DE/9ATION ( ! GIV5 ELEM5TS ( SIMPLE REPRODUCTION 444 
& ?IS *ANGE IS ! MAT]IAL BASIS ( A SUBSEQU5T REPRODUCTION ON AN 
5L>G$ SCALE40.<#a.> 

,:ATEV] ! ME?ODOLOGICAL M]ITS ( ,M>X'S REPRODUCTION S*EMES1 
!Y CANNOT BE CON/RU$ AS A SY/EM ( G5]AL EQUILIBRIUM AK9 TO B\RGEOIS 
EQUILIBRIUM !ORY4 ,! PROCESS ( REPRODUCTION DEPICT$ BY !M1 ,M>X PO9T$ 
\T1 0MAY TAKE PLACE :5 SOCIETY CONTROLS ! MAT]IAL REQUIREM5TS ( 
ITS [N PRODUCTION4 ,BUT 9 CAPITALI/ SOCIETY IT IS AN ELEM5T ( 
AN>*Y40.<#a#a.> 
,! CONTROL ( ! MAT]IAL REQUIREM5TS ( SOCIETY'S [N REPRODUCTION 
PRESUPPOSES ! ABOLITION ( ! VALUE ASPECT ( CAPITALI/ PRODUCTION2 = IT 
IS ! CONTRADICTORY MOVEM5T BETWE5 VALUE & USE-VALUE PRODUCTION :I* 
ACC\NTS = CAPITALISM'S AN>*Y1 I4E41 ITS 9ABILITY TO ORGANIZE 
PRODUCTION & REPRODUCTION RATIONALLY4 0,! FACT ?AT ! PRODUCTION ( 
COMMODITIES IS ! G5]AL =M ( CAPITALI/ PRODUCTION10 ,M>X WROTE1 
0IMPLIES ! ROLE :I* MONEY IS PLAY+ NOT ONLY AS A M$IUM ( 
CIRCULATION BUT ALSO AS MONEY CAPITAL1 & CREATES CONDITIONS PECULI> = ! 
NORMAL TRANSACTIONS ( EX*ANGE UND] ?IS MODE ( PRODUCTION1 & !RE=E 
PECULI> = ! NORMAL C\RSE ( REPRODUCTION1 :E!R IT BE ON A SIMPLE1 OR 
ON AN 5L>G$ SCALE4 ,!SE CONDITIONS BECOME SO MANY CAUSES ( ABNORMAL 
MOVEM5TS1 IMPLY+ ! POSSIBILITY ( CRISIS1 S9CE A BALANCE IS AN ACCID5T 
UND] ! CRUDE CONDITIONS ( ?IS PRODUCTION40.<#a#b.> 

,! 0EQUILIBRIUM0 ( ! REPRODUCTION S*EME1 9 :I* BO? 
VALUE & MAT]IAL PRODUCTION >E 9 H>MONY1 ILLU/RATES ! ESS5TIALS ( A 
FRICTIONLESS CAPITALI/ REPRODUCTION PROCESS4 ,?IS 0EQUILIBRIUM0 IS 
POSSIBLE 9 !ORY BUT NOT 9 PRACTICE2 LIKE ! EQUALITY BETWE5 SUPPLY & 
DEM&1 OR VALUE & PRICE1 IT WILL EXI/ ONLY BY ACCID5T4 ,RUSSIAN ECONOMI/S1 
9 BAS+ !IR MODELS ( A SOCIALI/ ECONOMY ON ,M>X'S REPRODUCTION 
S*EMES1 CONCEIV$ !SE MODELS 9 /RICTLY MAT]IAL1 NOT VALUE1 T]MS4 ,! 
RELATION%IPS ( PRODUCTION & DI/RIBUTION1 IT WAS SAID1 0MU/ BE 
/UDI$ 9 !IR MAT]IAL REPRES5TATION1 ?AT IS1 AS ! SUM ( CONCRETE 
PRODUCTS 9 !IR CONCRETE MOVEM5T FROM PRODUC] TO CONSUM]4 

4 4 4 ,S9CE ! BALANCE /UDIES ! RELATION%IPS ( PRODUCTION & 
CIRCULATION 9 MAT]IAL T]MS1 IT MU/ CONSID] ! SOCIAL ECONOMY AS A K9D ( 
NATURAL ECONOMY MEASUR+ PRODUCTION AS ! SUM ( MAT]IALS & ?+S 
PRODUC$ 9 ! C\RSE ( ! YE> & EXPLOR+ ! DI/RIBUTION ( PRODUCTS 
9 !IR MAT]IAL EXPRESSION40.<#a#c.> ,EV5 IF MONEY 0MU/ PLAY ! ROLE ( 
Y>D/ICK1 A MEANS ( R$UC+ ! ASSORT$ FRUITS ( SOCIAL PRODUCTION TO A 
COMMON D5OM9ATOR 444 ! BALANCE /UDIES ! RELATION%IPS 9 ! PRODUCTION 
& CONSUMPTION ( PRODUCTS AS A MAT]IAL PROCESS40.<#a#d.> 

,! ACTUAL ORGANIZATION ( ! ,RUSSIAN ECONOMY WAS1 9DE$1 A PLANN+ 9 
MAT]IAL T]MS TO REALIZE ECONOMIC GOALS SET BY ! GOV]NM5T4 ,!SE GOALS 
EMPHASIZ$ ECONOMIC GR[? & ! DEVELOPM5T ( 9DU/RY1 OR1 9 B\RGEOIS 
P>LANCE1 ! ACCUMULATION ( CAPITAL4 ,) WAGES & PRICES ADM9I/]$1 IT 
CAN BE APPROXIMATELY BUT DIRECTLY DET]M9$ :AT PORTION ( ! TOTAL SOCIAL 
PRODUCT %ALL FALL TO ! PRODUC]S AS CONSUMPTION GOODS1 H[ !SE GOODS %ALL 
BE DI/RIBUT$ AMONG ! CONSUM]S1 & :AT PORTION ( ! TOTAL %ALL S]VE 
TO 5L>GE ! PRODUCTIVE APP>ATUS4 ,WAGES & PRICES >E H]E M$IA = 
BR++ =? & DI/RIBUT+ A SOCIAL PRODUCT 9 ACCORDANCE ) A C5TRAL 
PLAN CONCEIV$ 9 PHYSICAL T]MS1 AS MAT]IAL PRODUCTION4 ,! AU?ORITIES 
DET]M9E PRODUCTION & DI/RIBUTION 9 ?OSE PROPORTIONS :I* !Y DEEM 
NECESS>Y OR DESIRABLE4 

,ACCORD+ TO ,M>X1 ! 0MEASURE ( WORK IS TIME4 ,ONLY BECAUSE PRODUCTS 
REQUIRE LABOR CAN !SE PRODUCTS BE MEASUR$ BY LABOR TIME40.<#a#e.> ,9 CAPITALISM1 
H[EV]1 0PRICE IS NOT ! EQUIVAL5T ( VALUE & ! VALUE-DET]M9+ 
ELEM5T - LABOR-TIME - CANNOT BE ! ELEM5T :I* EXPRESSES 
PRICES40.<#a#f.> 
,BECAUSE 9 CAPITALISM 0LABOR-TIME AS A MEASURE ( VALUE EXI/S ONLY 
IDEALLY1 IT CANNOT S]VE AS ! ELEM5T = ! COMP>ISON ( 
PRICES40.<#a#g.> 
,YET IT HAS (T5 BE5 SAID ?AT ! 9DIRECT REGULATION ( ! :OLE ( ! 
CAPITALI/ SY/EM BY ! LAW ( VALUE1 AS ASSUM$ 9 ,M>X'S VALUE S*EME 
( CAPITAL DEVELOPM5T1 CAN BE ! BASIS ( ! DIRECT REGULATION ( PRODUCTION 
9 ! SOCIALI/ SY/EM4 ,SUPPOS$LY1 ?IS WILL BE A*IEV$ BY A K9D ( 
0RE-TRANS=MATION0 ( PRICES 9TO VALUES2 ?\< !SE VALUES >E 
NO LONG] 9DIRECTLY E/ABLI%$ ?R\< M>KET COMPETITION BUT >E 9/EAD SET 
BY SOCIALI/ PLANN+ AG5CIES4 ,! POSSIBILITY ( SU* A 
0RE-TRANS=MATION0 IS1 = 9/ANCE1 IMPLICIT 9 ,SWEEZY'S 
CLAIM ?AT 0,M>X'S VALUE !ORY HAS ! GREAT M]IT1 UNLIKE SOME 
O!R VALUE !ORIES1 ( CLOSE CORRESPOND5CE TO ! ACTUAL ACC\NT+ 
CATEGORIES ( CAPITALI/IC BUS9ESS 5T]PRISES40.<#a#h.> ,IF ?IS IS SO1 !N IT IS ( C\RSE 
POSSIBLE TO ASSUME ?AT IT IS ONLY ! IMP]FECT PRICE-=M ( VALUE1 BUT NOT 
VALUE ITSELF1 :I* WILL DISAPPE> 9 A SOCIALI/ SOCIETY4 ,JOAN ,ROB9SON1 = 
9/ANCE1 FELT IT APT TO SAY ?AT :ILE LITTLE1 IF ANY?+1 CAN BE DONE ) 
! LAW ( VALUE 9 CAPITALISM1 ,M>X MAY BE RI<T 9 BELIEV+ ?AT 0IT 
W\LD COME 9TO ITS [N0.<#a#i.> 9 SOCIALISM4 

,AL?\< ,M>X HELD NO SU* BELIEF1 SOME ,RUSSIAN ECONOMI/S DID 9DE$ 
EXPRESS ! OP9ION ?AT ! LAW ( VALUE APPLIES TO BO? CAPITALISM & 
SOCIALISM4 ,VALUE IS H]E EQUAT$ ) CO/-(-PRODUCTION2 &1 IT IS SAID1 
)\T A KN[L$GE ( PRODUCTION CO/S SOCIAL PLANN+ W\LD BE IMPOSSIBLE4 
,O!R ECONOMI/S1 MO/ PROM95TLY ,N4 ,I4 ,BUKH>9 & ,E4 ,A4 ,PREOBRAZH5SKY1 
MA9TA9$ ?AT ! LAW ( VALUE WAS OP]ATIVE ONLY 9 A M>KET-DET]M9$ 
COMMODITY-PRODUC+ SOCIETY & NOT UND] CONDITIONS ( SOCIALISM1 :]E ALL 
! B\RGEOIS CATEGORIES LIKE MONEY1 PRICES1 WAGES1 9T]E/1 R5T & PR(ITS 
DISAPPE> TO MAKE ROOM = A DIRECT ACC\NT+ ( ECONOMIC PROCESSES 9 
MAT]IAL T]MS4 ,ACCORD+ TO ,PREOBRAZH5SKY1 ?OSE :O HOLD ?AT ! LAW ( 
VALUE HAS G5]AL VALIDITY M]ELY CONFUSE ! REGULATORY ECONOMIC PROCESSES 
UND] COMMODITY PRODUCTION ) ! REGULATORY ROLE ( LABOR-EXP5DITURE 9 ANY 
SY/EM ( SOCIAL PRODUCTION4 ,TO ACKN[L$GE ! LAW ( VALUE AS ! UNIQUE 
REGULATOR ( ! ECONOMIC SY/EM ( ! ,U4,S4,S4,R4 WAS TO D5Y H] SOCIALI/ 
*>ACT]4 0,WE NE$ ONLY TRY TO IMAG9E ! LAW ( VALUE AS REGULATOR ( 
SOCIALI/ PRODUCTION10 HE WROTE1 0OR ! PLANN+ PR9CIPLE AS 
REGULATOR ( COMMODITY PRODUCTION1 TO SEE ?AT WE CANNOT SEP>ATE ! 
REGULATORY ME*ANISM FROM ! :OLE /RUCTURE ( ! GIV5 SOCIETY40.<#b.> 

,! ASS]TION ( ! VALIDITY ( ! LAW ( VALUE 9 SOCIALISM L$ TO MU* 
DISCUSSION1 :I* WAS AU?ORITATIVELY T]M9AT$ BY ,/AL9 HIMSELF4 ,:]EV] 
COMMODITIES & COMMODITY PRODUCTION EXI/1 ,/AL9 WROTE1 0!RE ! LAW 
( VALUE MU/ ALSO EXI/4 ,9 \R C\NTRY1 ! SPH]E ( OP]ATION ( ! LAW ( 
VALUE EXT5DS1 FIR/ ( ALL1 TO COMMODITY CIRCULATION1 TO ! EX*ANGE ( 
COMMODITIES ?R\< PUR*ASE & SALE1 ! EX*ANGE1 *IEFLY1 ( >TICLES ( 
P]SONAL CONSUMPTION4 ,H]E 9 ?IS SPH]E1 ! LAW ( VALUE PRES]VES1 )9 
C]TA9 LIMITS1 ( C\RSE1 ! FUNCTION ( ! REGULATOR4 ,BUT ! OP]ATION ( 
! LAW ( VALUE IS NOT CONF9$ TO ! SPH]E ( CIRCULATION4 ,IT ALSO EXT5DS 
TO PRODUCTION4 ,TRUE1 ! LAW ( VALUE HAS NO REGULATIVE FUNCTION 9 \R 
SOCIALI/ PRODUCTION1 BUT IT NEV]!LESS 9FLU5CES PRODUCTION4 ,9 ?IS 
CONNECTION1 SU* ?+S AS CO/ ACC\NT+ & PR(ITABL5ESS1 PRODUCTION 
CO/S1 PRICES1 ETC41 >E ( ACTUAL IMPORTANCE 9 \R 5T]PRISES4 ,CONSEQU5TLY1 
\R 5T]PRISES CANNOT1 & MU/ NOT1 FUNCTION )\T TAK+ ! LAW ( VALUE 
9TO ACC\NT40.<#b#a.> 

,:AT DOES IT ACTUALLY MEAN TO TAKE ! LAW ( VALUE 9TO ACC\NT8 ,ACCORD+ 
TO ,/AL9 IT MEANS1 FIR/ ( ALL1 0TO TRA9 BUS9ESS EXECUTIVES TO C\NT 
PRODUCTION MAGNITUDES 444 TO IMPROVE ME?ODS ( PRODUCTION1 TO L[] PRODUCTION 
CO/S1 TO PRACTICE CO/ ACC\NT+1 & TO MAKE 5T]PRISE PAY40.<#b#b.> ,AL?\< 9 
,M>X'S DEF9ITION ! LABOR !ORY ( VALUE REF]S EXCLUSIVELY TO 
CAPITALI/ PRODUCTION & ! CONCEPT ( SURPLUS-VALUE TO LABOR EXPLOITATION1 
9 ,/AL9'S DEF9ITION VALUE !ORY NE$ NOT BE 9 CONTRADICTION ) ! 
REQUIREM5TS ( SOCIALISM4 ,ALL ?AT IS NECESS>Y IS TO DISC>D 0C]TA9 
CONCEPTS TAK5 FROM ,M>X'S ,CAPITAL1 SU* AS 'NECESS>Y 
LABOR' & 'SURPLUS LABOR1' 'NECESS>Y' & 
'SURPLUS' PRODUCT1 'NECESS>Y' & 
'SURPLUS' LABOR TIME40.<#b#c.> ,/AL9 F\ND IT RA!R /RANGE 0TO USE !SE 
CONCEPTS N[1 :5 ! WORK+ CLASS IS NOT ONLY NOT B]EFT ( P[] & MEANS 
( PRODUCTION1 BUT1 ON ! CONTR>Y1 IS 9 POSSESSION ( P[] & CONTROLS ! 
MEANS ( PRODUCTION4 ,TALK ( LABOR P[] BE+ A COMMODITY & ( 
'HIR+' ( WORK]S S\NDS RA!R ABSURD N[1 AS ?\< ! WORK+ 
CLASS1 :I* POSSESSES MEANS ( PRODUCTION ITSELF1 SELLS ITS LABOR P[] TO 
ITSELF4 ,IT IS JU/ AS /RANGE TO SPEAK ( 'NECESS>Y' & 
'SURPLUS' LABOR2 AS ?\<1 UND] \R CONDITIONS1 ! LABOR 
CONTRIBUT$ BY ! WORK]S TO SOCIETY = ! EXT5SION ( PRODUCTION1 ! 
PROMOTION ( $UCATION & PUBLIC HEAL?1 ! ORGANIZATION ( DEF5SE1 ETC41 IS 
NOT JU/ AS NECESS>Y TO ! WORK+ CLASS1 N[ 9 P[]1 AS ! LABOR EXP5D$ 
TO SUPPLY ! G5]AL NE$S ( ! WORK]S & !IR FAMILIES40.<#b#d.> 

,9 ITS ESS5TIALS1 ,/AL9'S POSITION ON ! PROBLEM ( VALUE 9 
SOCIALISM /ILL PREVAILS 9 PO/-,/AL9I/ ,RUSSIA4 ,!RE HAVE BE5 DISCUSSIONS 
S9CE #aief AS TO :E!R OR NOT ! LAW ( VALUE HAS ONLY P>TIAL OR G5]AL 
VALIDITY1 ?AT IS1 :E!R IT APPLIES ONLY TO ! CONSUM] M>KET1 OR TO ! 
TOTALITY ( GOODS CIRCULAT+ 9 ! :OLE ( ! ECONOMY4 ,VOICES HAVE BE5 
HE>D :I* D5Y ! COMMODITY *>ACT] ( PRODUCTION 9 ! ,U4,S4,S4,R41 &1 9 
CONSEQU5CE1 WI% TO APPLY ! LAW ( VALUE 9 ! S5SE ( ,M>X'S 
0ECONOMICS ( TIME0 AS ! OBJECTIVE CRIT]ION = MEASUR+1 
ECONOMIZ+1 & ALLOCAT+ ! SOCIAL PRODUCT4 ,CONTR>IWISE1 IT IS HELD ?AT 
JU/ BECAUSE ! ,RUSSIAN ECONOMY IS CONSID]$ TO BE A 0PLANN$ =M ( 
COMMODITY PRODUCTION0 IT %\LD BE 0BAS$ ON ! LAW VALUE & 
COMMODITY-MONET>Y RELATIONS40.<#b#e.> ,?IS G5]AL BEWILD]M5T IS FUR!R CONF\ND$ BY 
ECONOMI/S :O WANT TO AVAIL !MSELVES ( ! M>G9ALISM ( B\RGEOIS !ORY 
& WI% TO DEAL ) FACTORS ( PRODUCTION O!R ?AN LABOR1 AS WELL AS ) 
! APPLICATION ( L9E> PROGRAMM+ & COMPUT] TE*NIQUES 9 ECONOMIC 
PLANN+4 ,B\RGEOIS ECONOMI/S1 = !IR P>T1 CELEBRATE !SE EV5TS AS ! 
AB&ONM5T ( ,M>X'S LABOR !ORY ( VALUE BY ! 0,M>XI/S0 
!MSELVES2 AS IF ! !ORY ( VALUE HAD ACTUALLY BE5 ! !ORY ( ,RUSSIAN 
ECONOMIC PRACTICE1 OR C\LD BE ! ECONOMIC !ORY ( SOCIALISM4 

,! CONFUSION :I* SURR\NDS ! LABOR !ORY ( VALUE DOES NOT REFLECT ! 
!ORETICIANS' MUDDL$ ?9K+ ALONE2 IT RESULTS FROM !IR ATTEMPT TO 
DESCRIBE A NON-SOCIALI/ SY/EM ( PRODUCTION & DI/RIBUTION AS A SOCIALI/ 
SOCIETY4 ,!Y DO SO BECAUSE1 BY !IR DEF9ITION1 SOCIALISM IS /ATE-CONTROL 
OV] ! MEANS ( PRODUCTION & C5TRALLY-PLANN$ DET]M9ATION ( ! 
NATIONAL ECONOMY4 ,IT SEEMS TO !M !N ?AT PLANN+ :I* FITS ! SOCIAL 
NE$S & ECONOMIC NECESSITIES1 IS PLANN+ 9 ACCORDANCE ) ! LAW ( 
VALUE4 ,UND] CAPITALISM1 IT IS SAID1 0! LAW ( VALUE ACTS AS AN 
ELEM5TAL LAW ( ! M>KET1 9EVITABLY L9K$ ) ! DE/RUCTION ( 
PRODUCTIVE =CES1 ) CRISIS1 ) AN>*Y ( PRODUCTION4 ,UND] SOCIALISM IT 
ACTS AS A LAW ( ! PLANN$ ADM9I/RATION ( ! NATIONAL ECONOMY1 UND] ! 
CONDITIONS ( ! DEVELOPM5T ( AN ECONOMY FREE FROM CRISES40.<#b#f.> 

,TO SAY ?AT ! LAW ( VALUE UND]LIES ECONOMIC PROCESSES IS TO SAY ?AT 
!RE IS SOME DEF9ITE REGULATION ( SOCIAL PRODUCTION DE SPITE ! LACK ( 
CONC]N =1 & ! PRACTICAL IMPOSSIBILITY (1 SU* REGULATION UND] PRIVATE 
PROP]TY RELATIONS4 ,! 0REGULATION0 IS BR\<T AB\T BY WAY ( 
M>KET COMPETITION & CRISES4 ,BUT IF !RE IS NO PRIVATE [N]%IP ( CAPITAL1 
NO COMPETITION1 NO PRIVATE ACCUMULATION2 IF PRODUCTION IS C5TRALLY PLANN$2 IF 
PRICES & WAGES >E REGULAT$1 & ! EXPANSION ( PRODUCTION CONSCI\SLY 
DET]M9$ - !N !RE CANNOT >ISE ?OSE RESULTS ( COMPETITION & 
CRISES :I* MANIFE/ ! OP]ATION ( ! LAW ( VALUE4 ,TO APPLY ! LAW ( 
VALUE 0CONSCI\SLY0 9 SOCIALISM C\LD ONLY MEAN TO 9CORPORATE ! 
EFFECTS ( COMPETITION & CRISIS 9TO ! P FL+ ME*ANISM - 9 O!R 
WORDS1 TO RE-9/ITUTE ! M>KET & PRIVATE PROP]TY1 :I* IS OBVI\SLY 
NONS5SE4 

,IT IS P]HAPS = ?IS REASON ?AT ,/AL9 SPOKE ( A LAW ( VALUE 
0/RICTLY LIMIT$ & PLAC$ )9 DEF9ITE B\NDS10 I4E41 ONE 
:I* FULLY OP]ATES ONLY 9 ! SPH]E ( CIRCULATION CONF9$ TO P]SONAL 
CONSUMPTION1 & :I* 09FLU5CES0 ! SPH]E ( PRODUCTION ONLY 
BECAUSE ! LATT] CANNOT DISREG>D ! PR9CIPLE ( PR(ITABILITY1 EV5 ?\< 
?IS PR9CIPLE IS MODIFI$ BY CONSCI\S DECISIONS ON ! P>T ( ! PLANN+ 
AU?ORITIES4 ,BUT EV5 ?\< ! 0MODIFI$0 LAW ( VALUE PRESUMABLY 
AFFECTS PRODUCTION & REGULATES DI/RIBUTION1 ,/AL9 SAW NO SOCIAL DIVISION 
BETWE5 VALUE & SURPLUS-VALUE1 & NONE BETWE5 NECESS>Y & SURPLUS LABOR1 
BECAUSE BY DEF9ITION ! :OLE SOCIAL PRODUCT BELONGS N[ TO ALL ( 
SOCIETY4 

,9 ! ,U4,S4,S4,R4 ! PLANN$ TOTAL \TPUT IS EXPRESS$ EI!R 9 PHYSICAL 
T]MS OR 9 T]MS ( MONEY-VALUES4 ,AL?\< PRICES1 WAGES1 & PR(ITS >E 
/ILL ECONOMIC CATEGORIES1 !Y NO LONG] PLAY AN 9DEP5D5TLY ACTIVE P>T3 
!Y >E M]ELY EXPRESSIONS = AGGREGATE PHYSICAL MAGNITUDES ?AT >E DIRECTLY 
DET]M9$ BY ! DECISION-MAK]S4 ,RES\RCE ALLOCATION H]E HAS NO?+ TO DO 
) PRICE RELATIONS2 RA!R1 PRICES1 WAGES1 & PR(ITS >E US$ TO ASSURE ! 
ALLOCATION ( RES\RCES REQUIR$ BY ! PLAN4 ,AS ?IS IS1 PRACTICALLY1 A 
DIFFICULT TASK1 ! PLAN COMPRISES ONLY R\< APPROXIMATIONS1 SUBJECT TO 
CONT9U\S *ANGE4 ,?US F>1 ALL ECONOMIC PLANN+ HAS BE51 SO TO SPEAK1 
MAKE%IFT PLANN+1 & HAS BE5 ATTEMPT$ UND] CONDITIONS NOT V]Y 
SUSCEPTIBLE TO OV]-ALL CONTROL ( ! ECONOMY4 ,PLANN+ HAS BE5 US$ 9 
9DU/RIALLY UND] DEVELOP$ C\NTRIES :OSE =EMO/ NE$ IS ! RAPID 
ACCUMULATION ( CAPITAL4 ,=C$ 9DU/RIALIZATION BY POLITICAL MEANS PROCE$$ 
FROM GOV]NM5T DIRECTION TO DIRECT GOV]NM5T CONTROL &1 9 ! PROCESS1 
CREAT$ ! CONDITIONS = A PLANN$ ECONOMIC DEVELOPM5T4 ,! PLANS REFLECT$ 
! G5]AL BACKW>DNESS2 !Y C\LD NOT BE ANY BETT] ?AN ! CONDITIONS !Y 
TRI$ TO ALT]4 

,! TOTAL SOCIAL 9COME 9 ! ,U4,S4,S4,R4 IS SUPPOS$ TO EQUAL ! TOTAL VALUE 
( ! TOTAL MAT]IAL PRODUCT1 :I* EQUATES ) ! SUM TOTAL ( ! F9AL 
SELL+ PRICES ( MAT]IAL GOODS - ASIDE FROM ! AMORTIZATION ( FIX$ 
CAPITAL4 ,SOCIAL DEM& IS CONTROLL$ ?R\< ! CONTROL ( P]SONAL 9COMES1 
AS WELL AS ?R\< CONTROL ( ! ALLOCATION ( PRODUCTIVE RES\RCES4 ,PRICES 
>E SUPPOS$LY BAS$ ON ! AV]AGE CO/S ( PRODUCTION ( ALL 5T]PRISES 
PRODUC+ ID5TICAL COMMODITIES4 ,RETAIL PRICES = ALL GOODS & S]VICES >E 
FIX$ TO MAT* ! LEVEL ( P]SONAL 9COMES4 ,!SE PRICES MOVE 9 RELATION TO 
SUPPLY & DEM& = CONSUMPTION GOODS ?AT 5T] ! M>KET4 ,MONEY-WAGES >E 
MANIPULAT$ BY PRIC+ POLICIES4 ,PR(ITS FALL TO ! GOV]NM5T MA9LY ?R\< 
A TURNOV] TAX :I* IS D]IV$ FROM ! DIFF]5CE BETWE5 RETAIL PRICES & 
ACTUAL CO/S ( PRODUCTION4 

,) WAGES & PRICES ADM9I/]$1 IT CAN BE APPROXIMATELY BUT DIRECTLY 
E/ABLI%$ :AT PORTION ( TOTAL SOCIAL PRODUCTION %ALL FALL TO ! WORK]S 
& 9 :AT P>TICUL> COMMODITY =M4 ,CONSUMPTION GOODS MAY BE PRIC$ 9 SU* 
A WAY ?AT ! WORK]S' *OICE ( COMMODITIES IS PRACTICALLY LIMIT$ TO 
:AT ! GOV]NM5T ?9KS !IR *OICE %\LD BE1 & SC>CE COMMODITIES CAN 
BE MADE EV5 SC>C] BY A PRIC+ POLICY :I* RES]VES !M = ! PRIVILEG$ 
LAY]S ( SOCIETY4 ,! NECESSITY ( KEEP+ ! LABOR+ POPULATION ALIVE & 
WORK+ PREVAILS 9 ALL =MS ( CONT9U\S SOCIAL PRODUCTION2 9 CAPITALISM1 
IT IS EXPRESS$ 9 ! VALUE ( LABOR-P[]1 :I* DET]M9ES & LIMITS ! 
SURPLUS-VALUE OR SURPLUS- LABOR TIME EXTRACTABLE \T ( A GIV5 LABOR+ 
POPULATION4 ,BUT IF NECESS>Y- & SURPLUS-LABOR IS AT ONCE ! COMMON PROP]TY 
( ! SOCIALIZ$ PRODUC]S1 IT IS QUITE PO9TLESS TO SPEAK ( A LAW ( VALUE 
AS ! REGULATOR ( SOCIAL DI/RIBUTION & ( ! EFFECT ( ?IS REGULATION 
UPON ! PROCESS ( PRODUCTION4 ,IF ! TOTAL SOCIAL PRODUCT IS ! COMMON 
PROP]TY ( ! :OLE ( SOCIETY1 ITS COMP>TM5TAL DIVISION 9TO CONSUMPTION1 
REPRODUCTION1 & EXPANSION C\LD JU/ AS WELL BE EXPRESS$ 9 DIRECT 
LABOR-TIME QUANTITIES1 :I* W\LD REF] NO LONG] TO VALUE RELATIONS BUT TO 
/RICTLY TE*NICAL >RANGEM5TS 5ABL+ ! SOCIAL PRODUCTION & REPRODUCTION 
PROCESS TO FUNCTION PROP]LY4 

,!RE IS ONLY ONE COMPELL+ REASON = RETA9+ ! LAW ( VALUE 9 ITS 
,RUSSIAN DEF9ITION1 & ?AT IS TO GIVE ! CONDITIONS ( 9EQUALITY1 SU* AS 
PREVAIL 9 ! /ATE-CAPITALI/ ECONOMY1 ! SEMBLANCE ( AN 0ECONOMIC 
LAW40 ,BECAUSE 0,M>XISM0 IS H]E ! ,/ATE-5=C$ RUL+ 
IDEOLOGY1 IT IS NOT ONLY NECESS>Y TO EXPLA9 ?AT PRODUCTION IMPLIES 
REPRODUCTION1 & ?AT PROGRESS MEANS 5L>G$ REPRODUCTION1 = :I* PURPOSE 
PRES5T CONSUMPTION MU/ BE RE/RICT$ TO ASSURE A BETT] FUTURE CONSUMPTION2 
IT IS ALSO NECESS>Y TO EXPLA9 ?AT ! WAGE DIFF]5TIATIONS BETWE5 ! 
WORK]S1 & ! 9COME DIFF]5TIATIONS BETWE5 ! WORK]S & ! 
ADM9I/RATIVE LAY]S ( SOCIETY >E NOT >BITR>ILY 9/ITUT$ BY ! :IMS ( 
A NEW RUL+ CLASS1 BUT >E DET]M9$ BY AN 0ECONOMIC LAW0 :I* 
GIVES EA* HIS DUE 9 ACCORDANCE ) HIS P>TICUL> CONTRIBUTION TO SOCIETY4 
,AS !RE >E NOM9ALLY NONE BUT PRODUCTIVE PEOPLE 9 ,RUSSIA1 !IR DIFF]5T 
LIV+ /&>DS MU/ BE EXPLA9$ BY DIFF]5CES 9 !IR PRODUCTIVITY1 & BY 
! ECONOMIC NECESSITY TO TAKE !SE DIFF]5CES 9TO ACC\NT - AT ?IS 
HI/ORICAL /AGE ( DEVELOPM5T1 AT ANY RATE4 

,REW>D+ LABOR 9 ACCORDANCE ) ITS PRODUCTIVITY MEANS ?AT SKILL$ LABOR 
RECEIVES MORE ?AN UNSKILL$ LABOR4 ,BECAUSE ( TRA9+ EXP5SES1 ! 
REPRODUCTION CO/S = SKILL$ LABOR >E HI<] ?AN ?OSE = UNSKILL$ LABOR4 
,9COME DIFF]5TIATIONS MAY ?US BE EXPLA9$ BY ! DIFF]5T PRODUCTIVITY ( 
DIFF]5T K9DS ( LABOR1 & BY ! V>Y+ 9T5SITY 9 ! P]=MANCE ( A 
P>TICUL> TYPE ( LABOR4 ,BECAUSE ACTUAL WORK IS UNEQUAL1 EQUAL 9 COMES W\LD 
IMPLY ! 0EXPLOITATION0 ( MORE-PRODUCTIVE BY LESS-PRODUCTIVE 
LABOR4 ,9 ! ,BOL%EVIK AS WELL AS 9 ! B\RGEOIS M9D1 ?IS W\LD DE/ROY 
! 9C5TIVE TO PREP>E = & 5GAGE 9 MORE SKILL$ & !RE=E MORE 
PRODUCTIVE ACTIVITIES1 TO ! DETRIM5T ( ! :OLE ( SOCIETY4 ,!RE IS !N 
A SOCIAL NE$ = 9COME DIFF]5TIATIONS AS ! 9ESCAPABLE REQUIREM5T ( 
SOCIAL DEVELOPM5T4 

,WE WILL H]E RECALL ?AT 9 ,M>X'S VALUE !ORY ALL LABOR IS R$UC$ 
TO AB/RACT SIMPLE LABOR4 ,! CONCEPT ( VALUE REF]S TO AB/RACT SOCIAL 
AGGREGATES ( NECESS>Y LABOR TIME & SURPLUS LABOR TIME4 ,?IS ALL[S = 
! CONSID]ATION ( SKILL$ LABOR AS MULTI PLI$ SIMPLE LABOR1 JU/ AS IT 
ALL[S = ! ID5TITY ( VALUE & PRICE4 ,BO? WAGES & PRICES DEVIATE FROM 
LABOR-TIME VALUES4 ,TO SAY ?AT ! CAPITALI/ LAW ( VALUE APPLIES TO ! 
PLANN$ ECONOMY C\LD ONLY MEAN ?AT H]E1 TOO1 IT REF]S TO ! SOCIAL 
AGGREGATES ( AB/RACT NECESS>Y & SURPLUS LABOR1 :I* >E N[1 H[EV]1 NO 
LONG] UNKN[N QUANTITIES BUT DATA GIV5 ?R\< A SOCIAL 9V5TORY 9 T]MS ( 
LABOR-TIME UNITS1 OR EXPRESS$ 9 MONEY REPRES5T+ !SE UNITS4 ,?IS W\LD 
NOT REVEAL ! CONCRETE CONTRIBUTION ( 9DIVIDUALS1 OR CATEGORIES ( 
9DIVIDUALS1 TO ! TOTAL MASS ( PRODUCTS 9CORPORAT+ ! TOTAL QUANTITY ( 
LABOR-TIME EXP5D$ ON !IR PRODUCTION4 ,IT W\LD1 H[EV]1 REVEAL1 ?R\< ! 
*ANG+ RELATION%IP BETWE5 ! SOCIAL AGGREGATES ( NECESS>Y LABOR-TIME & 
SURPLUS-LABOR TIME1 :E!R ! EXPLOITATION ( LABOR-P[] IS 9CREAS+ OR 
DECREAS+4 ,?IS 9CREASE OR DECREASE ( EXPLOITATION W\LD BE AN OBS]VABLE 
PH5OM5ON 9 ! /ATE-CONTROLL$ ECONOMY1 ?\< IT IS NOT 9 ! COMPETITIVE 
PRIVATE-5T]PRISE ECONOMY4 ,! LATT] DISCOV]S IT ONLY ?R\< M>KET 
MOVEM5TS FROM PROSP]ITY TO DEPRESSION1 BUT ! =M] C\LD - 9 !ORY 
- RE>RANGE SOCIAL AGGREGATES AS IT SEES FIT BY POLITICAL DECISIONS1 TO 
EI!R SPE$ UP OR SL[ D[N ! EXPLOITATION PROCESS4 

,ACCORD+ TO ,M>X1 SOCIAL LABOR-TIME 9 G5]AL DET]M9ES VALUE4 ,! VALUE 
( COMMODITIES REF]S NOT TO ! SPECIFIC QUANTITY ( LABOR CONTA9$ 9 !M 
BUT TO ?AT RELATIVE PORTION ( ! G5]AL SOCIAL LABOR-TIME :I* !Y 
REPRES5T4 ,IT FOLL[S FROM ?IS ?AT IT IS NOT POSSIBLE TO SEP>ATE ! ECONOMY 
9TO A VALUE-DET]M9$ SPH]E & ANO!R SPH]E NOT SO DET]M9$4 ,EI!R ! 
:OLE ( ! ECONOMY IS REGULAT$ BY ! LAW ( VALUE OR IT IS NOT4 ,IT IS NOT 
POSSIBLE TO SAY ) ,/AL91 = 9/ANCE1 ?AT ! LAW ( VALUE REGULATES ! 
SPH]E ( CONSUMPTION BUT NOT ! SPH]E ( PRODUCTION2 EI!R IT REGULATES ! 
:OLE ( ! ECONOMY OR IT REGULATES NONE ( IT4 

,! AB/RACT VALUE ( LABOR-P[] DOES NOT EXPLA9 ACTUAL WAGES & !IR 
DIFF]5TIATIONS4 ,M>X %[$ NO 9T]E/ 9 ! ACTUAL SUPPLY & DEM& 
DET]M9ATION ( ONE OR ANO!R WAGE4 ,! WAGE DIFF]5TIALS 5C\NT]$ 9 
REALITY RELATE R\<LY TO DIFF]5T REPRODUCTION CO/S ( DIFF]5T TYPES ( 
LABOR4 ,BUT !SE DIFF]5CES DISAPPE> 9 ! EQUATION ( SKILL$ AS MULTIPLI$ 
SIMPLE LABOR US$ TO ANALYZE ! SOCIAL AGGREGATES ( VALUE & SURPLUS-VALUE 
& !IR *ANG+ RELATION%IP 9 ! C\RSE ( CAPITAL ACCUMULATION4 ,! 
AB/RACT VALUE CONCEPT IS QUITE USELESS 9 ! DET]M9ATION ( 9DIVIDUAL 
WAGES & TO DEAL ) ! LATT] AS ACTUAL 5TITIES IS TO ACCEPT !M SIMPLY 
AS HI/ORICALLY-GIV5 FACTS4 

,9 /ATE-CAPITALISM ! LAW ( VALUE C\LD HAVE VALIDITY ONLY ) RESPECT 
TO ! SOCIAL AGGREGATES ( CON/ANT CAPITAL1 V>IABLE CAPITAL1 & ! 
SURPLUS-VALUE BR\<T =? 9 PRODUCTION1 & !IR *ANG+ RELATION%IPS 9 
! C\RSE ( CAPITAL =MATION4 ,UND] CONDITIONS ( COMPETITIVE PRIVATE 
CAPITAL ACCUMULATION1 ! PHYSICAL EXPANSION ( CAPITAL CAN ONLY PROCE$ AS ! 
ACCUMULATION ( EX*ANGE-VALUE4 ,9 /ATE-CAPITALISM :]E ALL MEANS ( 
PRODUCTION >E C5TRALIZ$1 ?IS NE$ NOT BE SO4 ,SU* A SOCIETY CAN *OOSE 
BETWE5 MEASUR+ ITS 9CREAS+ WEAL? 9 ! AB/RACT =M ( ADD$ CAPITAL 
VALUES1 & ORGANIZ+ ITS SOCIAL PRODUCTION & DI/RIBUTION 9 REAL1 PHYSICAL 
T]MS1 )\T REG>D TO VALUE RELATIONS4 

,M>X DID NOT =ESEE ! EM]G5CE ( /ATE-CAPITALI/ SY/EMS SU* AS >E 
PRES5TLY RECOGNIZ$ AS ACTUALIZATIONS ( 0,M>XIAN SOCIALISM40 ,= 
HIM1 SOCIALISM WAS1 FIR/ ( ALL1 ! 5D ( VALUE PRODUCTION & ?US ALSO ! 
5D ( ! CAPITALI/ RELATIONS ( PRODUCTION4 0,)9 A COOP]ATIVE 
SOCIETY BAS$ ON COMMON [N]%IP ( ! MEANS ( PRODUCTION10 ,M>X 
WROTE1 0! PRODUC]S DO NOT EX*ANGE !IR PRODUCTS4 ,NEI!R DOES ! 
LABOR EMPLOY$ ON ! PRODUCTS APPE> H]E AS ! VALUE ( !SE PRODUCTS1 AS 
ONE ( !IR MAT]IAL QUALITIES - S9CE N[ 9DIVIDUAL LABORS >E 
DIRECTLY COMPON5T P>TS ( ! TOTAL LABOR1 & NOT 9DIRECTLY1 AS 9 
CAPITALI/ SOCIETY40.<#b#g.> ,9 ,M>X'S VIEW1 NO REAL SOCIAL *ANGE 
- AS REG>DS ! CONDITIONS ( ! WORK+ CLASS - WAS POSSIBLE 
UNLESS IT 9VOLV$ A *ANGE 9 ! SOCIAL RELATIONS ( PRODUCTION4 0,! 
DI/RIBUTION ( ! MEANS ( CONSUMPTION AT ANY P]IOD10 HE WROTE1 
0IS M]ELY ! CONSEQU5CE ( ! DI/RIBUTION ( ! CONDITIONS ( 
PRODUCTION !MSELVES 444 ,CAPITALI/ ME?ODS ( PRODUCTION = EXAMPLE DEP5D 
ON ! CONDITION ?AT ! MAT]IAL CONDITIONS ( PRODUCTION >E DI/RIBUT$ 
AMONG NON-WORK]S UND] ! =M ( CAPITAL & L& [N]%IP1 :ILE ! 
MASSES >E ONLY [N]S ( ! P]SONAL CONDITIONS ( PRODUCTION1 I4E41 
LABOR-P[]4 ,IF ! ELEM5TS ( PRODUCTION >E SO DI/RIBUT$1 !N ! 
CONTEMPOR>Y .<CAPITALISM.> DI/RIBUTION ( ! MEANS ( CONSUMPTION RESULTS 
AUTOMATICALLY4 ,BUT IF ! MAT]IAL CONDITIONS ( PRODUCTION >E ! COLLECTIVE 
PROP]TY ( ! WORK]S !MSELVES1 !N1 NATURALLY1 A DIFF]5T DI/RIBUTION 
( ! MEANS ( PRODUCTION FROM ! PRES5T ONE WILL RESULT40.<#b#h.> 

,ACCORD+ TO ,M>X1 !N1 ! MODE ( DI/RIBUTION DEP5DS OR ! MODE ( 
PRODUCTION4 ,9 A SOCIETY 9 :I* ! WORK]S HAVE NO CONTROL OV] ! MEANS ( 
PRODUCTION BUT SELL !IR LABOR-P[] TO O!RS :O HAVE ?IS CONTROL1 ! 
SY/EM ( DI/RIBUTION WILL BE AS ANTAGONI/IC AS >E ! RELATIONS 9 ! 
PRODUCTION PROCESS BETWE5 ! PRODUC]S & ! APPROPRIATORS ( 
SURPLUS-LABOR4 ,! /ATE-CAPITALI/ SY/EM NEI!R IS CAPITALI/IC 9 ! 
TRADITIONAL S5SE NOR REPRES5TS ! SOCIALISM ( ,M>X'S VISION4 ,FROM ! 
PO9T ( VIEW ( PRIVATE CAPITALISM1 IT MAY BE DESCRIB$ AS /ATE-SOCIALISM 
SIMPLY BECAUSE IT C5TRALIZES CAPITAL 9 ! H&S ( ! /ATE2 BUT FROM ! 
PO9T ( VIEW ( WORK+-CLASS SOCIALISM1 IT MU/ BE DESCRIB$ AS 
/ATE-CAPITALISM1 S9CE IT RETA9S ! CAPITALI/IC DIVISION ( ! CONDITIONS 
( PRODUCTION BETWE5 WORK]S & NON-WORK]S4 ,BO? T]MS CAN BE US$ 
9T]*ANGEABLY S9CE !Y D5OTE ID5TICAL CONDITIONS4 

,= ,M>X1 ! LAW ( VALUE 0REGULATES0 M>KET CAPITALISM BUT NO 
O!R =M ( SOCIAL PRODUCTION4 ,TO SPEAK ( A LAW ( VALUE AS ! 
0REGULATOR0 ( ! ECONOMY 9 ! ABS5CE ( SPECIFICALLY 
CAPITALI/IC M>KET RELATIONS CAN ONLY MEAN ?AT ! T]MS 0VALUE0 
& 0SURPLUS-VALUE0 >E RETA9$ ?\< !Y EXPRESS NO MORE ?AN 
! RELATION BETWE5 LABOR & SURPLUS-LABOR4 ,9 CAPITALISM1 LABOR-P[] IS A 
COMMODITY LIKE ANY O!R1 & BECAUSE ALL COMMODITIES >E SOCIALLY 9T]RELAT$ 
ONLY BY MEANS ( ! EX*ANGE PROCESS !Y MU/ BE REALIZ$ AS EX*ANGE-VALUE 
BE=E !Y CAN BECOME >TICLES ( UTILITY4 ,9 ! C5TRALIZ$ /ATE-ECONOMY1 
H[EV]1 CAPITAL & LABOR CAN BE ALLOCAT$ AP>T FROM M>KET RELATIONS & 
VALUE CONSID]ATIONS BY A DIRECT REG>D = SOCIAL UTILITY AS UND] /OOD BY 
! CONTROLL+ AU?ORITIES4 ,IF ?IS IS P>TLY DONE & P>TLY NOT DONE1 IT IS 
BECAUSE ! /ATE-CAPITALI/ SY/EM REFUSES TO ACKN[L$GE ITSELF = :AT IT 
IS1 NAMELY1 A SY/EM ( EXPLOITATION BAS$ ON ! DIRECT CONTROL ( A RUL+ 
M9ORITY OV] ! RUL$ MAJORITY4 

,:AT DI/+UI%ES CAPITALI/ EXPLOITATION FROM EV]Y PREVI\S =M ( 
EXPLOITATION IS ! EXTRACTION ( SURPLUS-LABOR 9 ! ABS5CE ( DIRECT 
CO]CION4 ,DEPRIV$ ( ! MEANS ( PRODUCTION1 ! WORK]S HAVE NO *OICE BUT 
TO SELL !IR LABOR-P[] TO ! CAPITALI/S AT ! PREVAIL+ M>KET PRICES4 
,SOCIAL PRODUCTION IS C>RI$ ( BY WAY ( BUY+ & SELL+4 ,?US ! SOCIAL 
LIFE PROCESS APPE>S DEP5D5T ON M>KET RELATIONS4 ,%ORT ( *ANG+ ! :OLE 
( SOCIETY1 ?IS IS1 ( C\RSE1 TRUE4 ,)9 ! FRAME ( ?IS1 SOCIETY1 ! 
WORK]S WILL ACCEPT ! CONDITIONS ( 9EQUALITY AS DET]M9$ BY M>KET 
RELATIONS1 & !Y WILL NOT NECESS>ILY RECOGNIZE ! FACT ( !IR 
EXPLOITATION4 ,!Y WILL ATTEMPT TO UTILIZE ! M>KET RELATIONS = !IR [N 
5DS1 9 ! COMPETITION = LUCRATIVE JOBS & 9 ! /RUGGLE = HI<] 
WAGES4 ,IT IS ! M>KET1 & - )9 DEF9ITE LIMITS - ! 
COMPETITIVE UTILIZATION ( ! M>KET1 :I* ASSURES A MORE SUBTLE EXTRACTION 
( SURPLUS-LABOR ?AN DIRECT PHYSICAL CO]CION4 ,! MORE SUBTLE WAY IS ( 
C\RSE ALSO ! MORE ADVANC$1 EV5 = ! WORK]S2 S9CE WAGE-LABOR IS 
G5]ALLY PREF]ABLE TO =C$ LABOR4 ,NEI!R WILL+ NOR ABLE TO 5D ! 
SY/EM ( LABOR EXPLOITATION1 ! /ATE-CAPITALI/ SY/EM TOO PREF]S 
WAGE-LABOR TO =C$ LABOR & = ?AT REASON ADOPTS ! ME*ANISM ( ! 
M>KET ECONOMY :]EV] POSSIBLE4 

,IT IS ! SEMBLANCE ( CAPITALI/IC M>KET RELATIONS )9 ! 
/ATE-CONTROLL$ ECONOMY :I* SUGGE/S ! CONT9U$ VALIDITY ( ! LAW ( 
VALUE UND] ! N[ MODIFI$ CONDITIONS ( CAPITAL PRODUCTION4 ,ACTUALLY1 
H[EV]1 ! LAW ( VALUE CANNOT BE 0OP]ATIVE0 BECAUSE ! M>KET 
RELATIONS >E >TIFICIAL1 NOT REAL4 ,! PLANN+ AU?ORITIES M]ELY ORI5T 
!IR PLANS ON ! MODEL ( ! CAPITALI/ M>KET ECONOMY1 = !Y CANNOT 
ORGANIZE PRODUCTION & DI/RIBUTION 9 ACCORDANCE ) SOCIALI/ PR9CIPLES1 
& !Y NO LONG] D>E TO DEAL ) ! REALITIES ( EXPLOITATION & CAPITAL 
ACCUMULATION 9 OP5 =MS SU* AS *>ACT]IZ$ ! FIR/ P]IOD ( ! 
,RUSSIAN /ATE-SOCIALI/ REGIME4 ,DUR+ ?AT P]IOD - LAT] TO BE 
D5IGRAT$ AS ! EXT]NALLY-5=C$ P]IOD ( W>-COMMUNISM - ! :OLE 
( COMMODITY PRODUCTION ) ITS CATEGORIES ( VALUE1 PRICE1 PR(IT & WAGES 
WAS TO BE REPLAC$ BY A C5TRALIZ$ NATURAL ECONOMY ADM9I/]$ 9 T]MS ( 
PHYSICAL NECESSITIES & POSSIBILITIES ) RESPECT TO BO? PRODUCTION & 
DI/RIBUTION4 

,UND] ! CONDITIONS PREVAIL+ 9 UND]DEVELOP$ CAPITALI/ NATIONS1 
C5TRALIZ$ ADM9I/RATION MU/ MAKE ! EXPANSION ( PRODUCTION1 & !RE) 
! =MATION ( CAPITAL1 ITS FIR/ CONC]N4 ,IF ?IS IS TO BE ACCOMPANI$ BY 
! DE/RUCTION ( M>KET RELATIONS1 BO? PRODUCTION & CONSUMPTION MU/ BE 
DET]M9$ BY GOV]NM5TAL DECISIONS ) OR )\T ! CONS5T ( ! 
POPULATION !REBY AFFECT$4 ,! PRODUCTIVE RES\RCES >E ALLOCAT$ BY DECREE 
& DICTATORIALLY 5=C$4 ,WAGE-LABOR BECOMES =CE LABOR &1 = BETT] OR 
WORSE1 ! CONDITIONS ( PRODUCTION & DI/RIBUTION >E DET]M9$ BY ! 
DELIB]ATIONS ( 9DIVIDUALS SOCIAL P[] POSITIONS4 ,& ?US1 :ILE ! *ANGE 
FROM ! M>KET TO ! PLANN$-ECONOMY IS UND\BT$LY AN ADVANCE1 ! ME?ODS 
BY :I* ?IS ADVANCE IS ATTA9$ >E REGRESSIVE4 ,BUT AS ,LEON ,TROTSKY WROTE1 
0WE CAN HAVE NO WAY TO SOCIALISM EXCEPT BY ! AU?ORITATIVE REGULATION 
( ! ECONOMIC =CES & RES\RCES ( ! C\NTRY1 & BY ! C5TRALIZ$ 
DI/RIBUTION ( LABOR-P[] 9 H>MONY ) ! G5]AL ,/ATE PLAN4 ,! ,LABOR 
,/ATE CONSID]S ITSELF EMP[]$ TO S5D EV]Y WORK] TO ! PLACE :]E HIS 
WORK IS NECESS>Y4 ,& NOT ONE S]I\S SOCIALI/ WILL BEG9 TO D5Y TO ! 
,LABOR ,/ATE ! RI<T TO LAY ITS H&S UPON ! WORK] :O REFUSES TO EXECUTE 
HIS LABOR DUTY40.<#b#i.> 

,MOREOV]1 ACCORD+ TO ,TROTSKY1 0! PR9CIPLE ( COMPULSORY LABOR HAS 
JU/ SO RADICALLY & P]MAN5TLY REPLAC$ ! PR9CIPLE ( FREE HIR+ AS ! 
SOCIALIZATION ( ! MEANS ( PRODUCTION HAS REPLAC$ CAPITALI/ 
PROP]TY40.<#c.> 
,WE WILL 0RETA91 & = A LONG TIME RETA91 ! SY/EM ( WAGES4 ,9 ! 
PRES5T DIFFICULT P]IOD ! SY/EM = WAGES IS = US1 FIR/ & =EMO/1 
NOT A ME?OD = GU>ANTEE+ ! P]SONAL EXI/5CE ( ANY SEP>ATE WORK]1 
BUT A ME?OD ( E/IMAT+ :AT ?AT 9DIVIDUAL WORK] BR+S ) HIS LABOR TO 
! ,LABOR ,REPUBLIC4 ,CONSEQU5TLY1 WAGES1 9 ! =M ( MONEY & GOODS1 MU/ 
BE BR\<T 9TO ! CLOSE/ POSSIBLE T\* ) ! PRODUCTIVITY ( 9DIVIDUAL 
LABOR4 ,?OSE WORK]S :O DO MORE = ! G5]AL 9T]E/ ?AN O!RS RECEIVE 
! RI<T TO A GREAT] QUANTITY ( ! SOCIAL PRODUCT ?AN ! LAZY1 ! 
C>ELESS1 & ! DISORGANIZ]S 444 ,ALL !SE MEASURES MU/ ASSI/ ! 
DEVELOPM5T ( RIVALRY 9 ! SPH]E ( PRODUCTION40.<#c#a.> 

,BUT :AT IS AN OBJECTIVE MEASURE ( ! PRODUCTIVITY ( 9DIVIDUAL LABOR8 
,TROTSKY NEI!R RAIS$ NOR ANSW]$ ! QUE/ION4 ,9 PRACTICE1 DIFF]5CES 9 
REW>D = DIFF]5T TYPES ( LABOR W]E ANALOG\S TO ! WAGE DIFF]5TIALS 9 
CAPITALISM1 EV5 ?\< WAGE-RATES W]E SET BY GOV]NM5T & NOT BY ! LABOR 
M>KET4 ,H[EV]1 COMPLETE REGIM5TATION ( LABOR PROV$ TO BE AN IMPOSSIBILITY 
& WAS SOON REPLAC$ BY A COMB9ATION ( M>KET RELATIONS & GOV]NM5T 
PLANN+1 9DIRECT & DIRECT ME?ODS ( CONTROL1 & MONEY AN MEASUREM5TS1 
ALL ( :I* FRE$ ! SOCIAL PRODUCTION & DI/RIBUTION PROCESS FROM 
REGULATION BY ! LAW ( VALUE )\T1 H[EV]1 LEAD+ TO A VALUE-FREE 
SOCIALI/ ECONOMY4 

,) WAGES ADM9I/]$ & /RIKES EXCLUD$1 ) PRICES SET TO /IMULATE 
! CONSUMPTION ( SOME COMMODITIES & DISC\RAGE ?AT ( O!RS1 ) ! 
RATE & TR5D ( ACCUMULATION CONSCI\SLY DET]M9$1 IT IS M]ELY A QUE/ION 
( CONV5I5CE :E!R TO COMM& LABOR 9TO C]TA9 OCCUPATIONS OR TO 9DUCE 
WORK]S TO *OOSE !SE JOBS ( !IR [N FREE WILL BY DIFF]5TIAL VALUATION 
( V>I\S TYPES ( WORK4 ,9 ! LATT] CASE !RE IS A LIMIT$ FRE$OM ( 
*OICE ( OCCUPATION4 ,TO BE SURE1 AS 9 ! CAPITALISM ( OLD1 ! *OICE ( 
OCCUPATION IS MORE ! EXCEPTION ?AN ! RULE4 ,OBVI\SLY1 IT DOES NOT 9CLUDE 
SU* L>GE-SCALE TRANSF]S FROM AGRICULTURAL TO 9DU/RIAL PURSUITS AS W]E 
BR\<T AB\T BY ! 5=C$ COLLECTIVIZATION & MOD]NIZATION ( 
AGRICULTURE4 ,V>I\S ADM9I/RATIVE HURDLES PLAC$ 9 ! WAY ( 
9DIVIDUALLY-DESIR$ *ANGES FROM ONE JOB TO ANO!R DISC\RAGE SU* *ANGES 
- NOT TO SPEAK ( WAGE-RATES SO L[ AS DIRECTLY TO =BID BO? MOBILITY 
& 9DIVIDUAL 9ITIATIVE4 ,H[EV]1 S9CE ! 9DU/RIALIZ+ SOCIETY IS AN 
EXP&+ ECONOMY1 IT DOES (F] OPPORTUNITIES TO ACQUIRE SKILLS1 PREP>E = 
NEW PR(ESSIONS1 REA* = HI< POSITIONS1 & TO COMPETE = BETT] JOBS4 ,! 
SOCIAL CLIMATE ( COMPETITION DELIB]ATELY FO/]$ BY A HI]>*ICAL 
9COME-/RUCTURE IS 9DI/+UI%ABLE FROM ?AT 9 CAPITALISM4 

,TO SUM UP3 ,! /ATE-SOCIALI/ SOCIETY NEI!R IS 0REGULAT$0 BY 
! LAW ( VALUE NOR ORD]S ITS ECONOMIC RELATION%IPS ON ! BASIS ( ! LAW 
( VALUE4 ,BUT EV5 IF IT 0LEAN$ ON ! LAW ( VALUE10 AS ,/AL9 
ASS]T$1 9 ORD] TO ASSURE RATIONAL CO/ & PR(IT CALCULATIONS & A ME?OD 
( SOCIAL BOOK-KEEP+ = ! PROP] ALLOCATION ( RES\RCES1 ?IS /ILL W\LD 
NOT JU/IFY ITS DESIGNATION AS SOCIALISM4 ,9 ANY CASE1 ! LAW ( VALUE CANNOT 
HE MADE OP]ATIVE 9 EI!R ! CAPITALI/ OR ! SOCIALI/ SOCIETY4 
,9 CAPITALISM IT ASS]TS ITSELF LIKE A 0NATURAL LAW0 BECAUSE 
PRIVATE EX*ANGE RELATIONS EXCLUDE ! CONSCI\S SOCIAL 
ORGANIZATION ( PRODUCTION2 & 9 SOCIALISM1 :]E ?IS PROPORTION+ ( ! 
SOCIAL LABOR IS DONE CONSCI\SLY & DIRECTLY1 ! LAW ( VALUE NO LONG] 
DET]M9ES SOCIAL CONDITIONS4 

,AS VALUE ANALYSIS ( CAPITAL PRODUCTION CONSID]S ! G5]AL NE$ = 
RATIONALITY 9 ! SOCIAL PRODUCTION PROCESS 9 ! SPECIFIC =M 9 :I* ?IS 
G5]AL NE$ EXPRESSES ITSELF 9 CAPITALISM4 ,EV5 SO1 ! VALUE ANALYSIS DOES 
NOT DEAL ) ! CONCRETE CAPITALI/ EX*ANGE RELATIONS1 BUT ) ! 
DISREG>D$ & ACTUALLY UNKN[ABLE REALITIES UND]LY+ !SE EX*ANGE 
RELATIONS4 ,BECAUSE 09 ! ANALYSIS ( ECONOMIC =MS10 ,M>X WROTE1 
0NEI!R MICROSCOPES NOR *EMICAL REAG5TS >E ( USE1 ! =CE ( 
AB/RACTION MU/ REPLACE BO?40.<#c#b.> ,LABOR-TIME VALUE IS ! 0SCI5TIFIC 
EXPRESSION0 ( ! ECONOMIC RELATIONS ( CAPITALISM4 ,IT IS NOT AN 
EMPIRICAL DESCRIPTION ( !SE RELATIONS1 BUT IT IS AN AB/RACTION FROM !M2 
& IT IS ONLY BY WAY ( AB/RACT ?\<T ?AT ! CONCRETE SITUATION BECOMES 
COMPREH5SIBLE4 

,?IS DOES NOT MEAN1 H[EV]1 ?AT LABOR-TIME VALUE C\LD ACTUALLY BECOME ! 
ORGANIZATIONAL PR9CIPLE ( A NON-CAPITALI/1 OR SOCIALI/1 SY/EM ( 
PRODUCTION & DI/RIBUTION4 ,9 CRITICIZ+ ! ,RIC>DIAN SOCIALI/S.<#c#c.> &1 NOTABLY1 
,PR\DHON = ADVOCAT+ AN EX*ANGE SY/EM ( PRIVATE PRODUC]S BAS$ ON 
LABOR-TIME VALUE1 ,M>X PO9T$ \T ?AT PRODUCTS :I* >E PRODUC$ AS 
COMMODITIES CAN ONLY BE EX*ANG$ AS SU*1 ?AT IS1 9 T]MS ( PRICES2 !Y 
CANNOT BE EX*ANG$ ACCORD+ TO LABOR-TIME VALUES4 ,( ,JOHN ,GRAY'S 
PROPOS$ !ORY ( LABOR-TIME AS ! DIRECT MEASURE ( MONEY1 ,M>X WROTE ?AT 
IT IS BAS$ ON ! ILLUSION 0?AT COMMODITIES C\LD BE RELAT$ DIRECTLY 
TO EA* O!R AS PRODUCTS ( SOCIAL LABOR4 ,BUT !Y CAN RELATE TO EA* O!R 
ONLY 9 !IR CAPACITY AS COMMODITIES4 ,COMMODITIES >E ! DIRECT PRODUCTS ( 
ISOLAT$ 9DEP5D5T PRIVATE LABORS1 :I* HAVE TO BE REALIZ$ AS UNIV]SAL 
LABOR ?R\< !IR ALI5ATION 9 ! PROCESS ( PRIVATE EX*ANGE4 ,?AT IS TO 
SAY1 LABOR BAS$ ON ! PRODUCTION ( COMMODITIES BECOMES SOCIAL LABOR ONLY 
?R\< UNIV]SAL ALI5ATION ( 9DIVIDUAL LABOR4 ,BUT BY ASSUM+ ?AT ! 
LABOR-TIME CONTA9$ 9 COMMODITIES IS DIRECTLY SOCIAL LABOR-TIME1 ,GRAY ASSUMES 
IT TO BE ! COMMON LABOR-TIME OR LABOR-TIME ( DIRECTLY ASSOCIAT$ 
9DIVIDUALS4 ,UND] SU* CONDITIONS A SPECIFIC COMMODITY LIKE GOLD OR SILV] 
C\LD NOT CONFRONT O!R COMMODITIES AS ! 9C>NATION ( UNIV]SAL LABOR1 & 
EX*ANGE VALUE W\LD NOT BE TURN$ 9TO PRICE2 BUT1 ON ! O!R H&1 
USE-VALUE W\LD NOT BECOME EX*ANGE-VALUE1 PRODUCTS W\LD NOT BECOME 
COMMODITIES & ?US ! V]Y F\NDATION ( ! CAPITALI/IC SY/EM ( 
PRODUCTION W\LD BE REMOV$40.<#c#d.> 

,TO PUT ?IS 9 A SLI<TLY DIFF]5T WAY3 ,IF ! LABOR-TIME CONTA9$ 9 ! 
SOCIAL PRODUCT IS ! COMMON LABOR-TIME ( DIRECTLY ASSOCIAT$ 
PRODUC]S1 !SE PRODUCTS DO NOT TAKE ON ! *>ACT] ( COMMODITIES4 ,!Y DO 
NOT NE$1 !N1 TO BE TRANS=M$ 9TO PRODUCTS ( UNIV]SAL SOCIAL LABOR 
7:I* !Y >E ALREADY71 NOR DO !Y REQUIRE A DEF9ITE MONEY-COMMODITY TO 
EXPRESS !IR SOCIAL NATURE 9 ! =M ( PRICES4 ,IF LABOR-TIME1 ,M>X ASK$1 
0IS ! 9TR9SIC MEASURE ( VALUE1 :Y %\LD !RE BE ANO!R EXT]NAL 
MEASURE SIDE BY SIDE ) IT80.<#c#e.> ,! FACT ?AT !RE IS ! MEASURE ( PRICE 
9DICATES ?AT SOCIAL PRODUCTS 7AS COMMODITIES7 >E NOT DIRECTLY P>T ( ! 
COMMON SOCIAL LABOR BUT CAN ONLY BECOME P>T ( IT VIA ! EX*ANGE & MONEY 
RELATIONS 9 A M>KET ECONOMY ( DISASSOCIAT$ PRODUC]S4 ,! !ORY ( VALUE1 
AS ! !ORY ( B\RGEOIS SOCIETY1 ,M>X TOLD ,PR\DHON1 CANNOT BECOME 
0! REVOLUTION>Y !ORY ( ! FUTURE40.<#c#f.> 

,9 A COMMUNI/ SOCIETY1 ,M>X WROTE1 0MONEY-CAPITAL W\LD BE 5TIRELY 
ELIM9AT$1 & ) IT ! DISGUISES :I* IT C>RIES 9TO ! 7ECONOMIC7 
TRANSACTIONS4 ,! QUE/ION IS !N SIMPLY R$UC$ TO ! PROBLEM ?AT SOCIETY 
MU/ CALCULATE BE=EH& H[ MU* LABOR1 MEANS ( PRODUCTION1 & MEANS ( 
SUBSI/5CE IT CAN UTILIZE )\T 9JURY = SU* L9ES AS1 = 9/ANCE1 ! 
BUILD+ ( RAILWAYS1 :I* DO NOT FURNI% ANY MEANS ( PRODUCTION OR 
SUBSI/5CE1 OR ANY USEFUL ?+1 = A LONG TIME1 A YE> OR MORE1 :ILE !Y 
REQUIRE LABOR1 & MEANS ( PRODUCTION & SUBSI/5CE \T' ( ANNUAL 
PRODUCTION40.<#c#g.> ,AL?\< ! 0ECONOMICS ( TIME0 & 
! PLANN$ DI/RIBUTION ( LABOR-TIME OV] ! DIFF]5T SPH]ES & BRAN*ES 
( PRODUCTION >E /ILL AN ECONOMIC NECESSITY1 ?IS HAS NO?+ TO DO ) 
LABOR-TIME VALUE1 ?AT IS1 ) ! EX*ANGE VALUE ( LABOR-P[] OR ITS 
PRODUCTS4 

,AS REG>DS 9DIVIDUAL LABOR1 IT IS IMPOSSIBLE TO MEASURE SPECIFIC 
CONTRIBUTIONS TO ! TOTAL SOCIAL PRODUCT & DIVIDE ! LATT] ACCORD+LY 9 
BO? SOCIALISM & CAPITALISM4 ,! LABOR ( DIFF]5T 9DIVIDUALS 9 ID5TICAL 
OCCUPATIONS1 & ! WORK BETWE5 DIV]SE OCCUPATIONS1 DIFF]S QUANTITATIVELY 
AS WELL AS QUALITATIVELY4 ,BECAUSE !RE EXI/S NO ACTUAL COMMON D5OM9ATOR = 
DIFF]5T TYPES ( LABOR1 ,M>X SAW !IR ONLY POSSIBLE COMMON D5OM9ATOR 9 
LABOR-TIME4 ,) RESPECT TO SPECIFIC K9DS ( LABOR1 QUANTITATIVELY DIFF]5T 
ACCOMPLI%M5TS DUR+ A GIV5 TIME 7AS 9 PIECE RATE SY/EMS7 DO1 ( C\RSE1 
REVEAL PRODUCTIVITY V>IATIONS ( 9DIVIDUALS4 ,BUT SU* DIFF]5CES >E RA!R 
SMALL & PRES5T NO REAL PROBLEM EI!R ) REG>D TO WAGE DIFF]5CES1 OR 
) RESPECT TO 5TREPR5EURIAL CALCULATIONS1 :I* CONC]N !MSELVES ) ! 
AV]AGE PRODUCTIVITY ( ! WORK+ =CE 9 T]MS ( ! TOTAL WAGE BILL4 

,S9CE IT TAKES TIME TO ACQUIRE A SKILL1 ! PRODUCTION CO/S ( SKILL$ & 
SIMPLE LABOR DIFF]4 ,BUT AS CO/S ( LE>N+ >E ASC]TA9ABLE1 IT IS NOT 
DIFFICULT TO ACC\NT = !M 9 ACTUAL WAGE-RATES4 ,9 FACT1 DIFF]5CES 
BETWE5 WAGES = SIMPLE & SKILL$ LABOR >E NOT WIDE 5\< TO ?R[ D\BT 
UPON LABOR-TIME AS ! COMMON D5OM9ATOR ( ! VALUE ( LABOR-P[]4 ,GREAT 
9COME DIFF]5CES EXI/ ONLY )9 & BETWE5 OCCUPATIONS 9 :I* IT IS 
PRACTICALLY IMPOSSIBLE TO MEASURE DIFF]5CES ( PRODUCTIVITY OR SPECIAL 
CONTRIBUTIONS TO ! G5]AL SOCIAL WEAL?4 ,OBJECTIONS RAIS$ TO LABOR-TIME AS 
! COMMON VALUE-D5OM9ATOR = ALL TYPES ( LABOR >E1 !N1 R>ELY RELAT$ 
TO WAGE DIFF]5CES )9 ! LABOR =CE1 BUT TO TYPES ( WORK & S]VICES 
P]=M$ BY NON-WORK+-CLASS PEOPLE1 MO/ (T5 TO PAYM5TS RECEIV$ = 
ACTIVITIES ?AT HAVE NO?+ AT ALL TO DO ) ! SOCIAL PRODUCTION 
PROCESS4 

,! PRODUCTIVITY ( DIFF]5T TYPES ( LABOR IS 9SEP>ABLY CONNECT$ ) 
! PRODUCTIVITY ( TOTAL SOCIAL LABOR & *ANGES 9 ! SOCIAL PRODUCTION 
PROCESS4 ,9 CAPITALISM1 ( C\RSE1 ?IS PROBLEM IS APPROA*$ NOT FROM A SOCIAL 
BUT FROM AN 9DIVIDUAL PO9T ( VIEW BECAUSE ( ! COMMODITY *>ACT] ( 
LABOR-P[] & ! CAPITALI/IC DIVISION ( LABOR1 :I* 9CLUDES ! DIVISION 
BETWE5 M5TAL & MANUAL LABOR OR1 RA!R 7S9CE M5TAL & MANUAL LABOR 
CANNOT REALLY BE DIVORC$71 BETWE5 (FICE & FACTORY1 SCI5CE & 9DU/RY4 
,SPECIALIZATION 9 ONE-SID$ ACTIVITIES HAS BE5 F\ND PR(ITABLE2 BUT :E!R 
IT IS SOCIALLY MORE PRODUCTIVE ?AN 9T]*ANGEABILITY ( OCCUPATIONS REMA9S 
TO BE TE/$4 ,MEAN:ILE1 ! DIFF]+ EVALUATIONS ( M5TAL & MANUAL LABOR1 
SKILL$ & SIMPLE WORK1 9 T]MS ( PRICES E/ABLI%$ BY SUPPLY & DEM& 
RELATIONS ON ! LABOR M>KET1 >E TAK5 QUITE S]I\SLY2 !Y DIVIDE ! 
LABOR+ POPULATION 9TO DIFF]5T 9COME GR\PS1 BLURR+ ! DOM9ANCE ( 
SOCIAL RELATIONS BY CAPITAL-LABOR RELATIONS4 

,ACCORD+ TO ,M>X1 ! 9DIVIDUAL'S LABOR IS A NECESS>Y COMPON5T ( 
! TOTAL SOCIAL LABOR BECAUSE LABOR HAS BECOME SOCIALIZ$ LABOR1 9DIRECTLY 9 
CAPITALISM1 & DIRECTLY 9 SOCIALISM4 ,9 SOCIALISM1 K9DS ( LABOR WILL BE 
DIFF]5TIAT$ ONLY ) RESPECT TO !IR UTILITY1 & ?IS UTILITY WILL NOT 
F9D EXPRESSION 9 AN ATTA*$ EX*ANGE-VALUE4 ,AL?\< B\RGEOIS SOCIETY 
PROP\NDS ! PR9CIPLE ( EQUALITY 9 EX*ANGE1 ,M>X VIEWS ?IS AS AN 
UNREALIZABLE PR9CIPLE 9 CAPITALISM AS WELL AS 9 SOCIALISM4 ,BECAUSE ! 
CLASSICAL VALUE CONCEPT HAD GIV5 RISE TO ! IDEA ( AN EX*ANGE ( EQUAL 
LABOR-TIME QUANTITIES1 :I* ASSUR$ ALL PRODUC]S ! :OLE PROCE$S ( !IR 
LABOR1 ,M>X PO9T$ \T ?AT ! EXI/5CE ( A NON-WORK+ POPULATION 
7*ILDR51 AG$1 SICK1 ETC471 ! NECESSITY ( UNPRODUCTIVE ACTIVITIES1 & ! 
REQUIREM5TS ( SOCIAL DEVELOPM5T 9 G5]AL PROHIBIT$ ! APPROPRIATION BY 
9DIVIDUALS ( ! :OLE PROCE$S ( !IR LABOR4 ,! PROCE$S ( LABOR1 ,M>X 
WROTE1 C\LD ONLY BE P>T ( ITS PRODUCT1 0EV5 IF :AT IS TAK5 AWAY 
FROM ! PRODUC] AS A PRIVATE 9DIVIDUAL IS GIV5 BACK TO HIM DIRECTLY OR 
9DIRECTLY 9 HIS CAPACITY AS MEMB] ( ! COOP]ATIVE 
COMMONWEAL?40.<#c#h.> 

,AFT] !SE NECESS>Y D$UCTIONS1 H[EV]1 ! 9DIVIDUAL C\LD GET BACK 
0:AT HE HAS GIV5 SOCIETY 9 HIS 9DIVIDUAL AM\NT ( LABOR4 ,= 
EXAMPLE1 ! SOCIAL WORK+-DAY CONSI/S ( ! SUM ( ! 9DIVIDUALS' 
H\RS ( WORK4 ,! 9DIVIDUAL WORK+-TIME ( ! 9DIVIDUAL PRODUC] IS ?AT 
P>T ( ! SOCIAL WORK+-DAY CONTRIBUT$ BY HIM1 HIS P>T !RE(4 ,HE 
RECEIVES FROM SOCIETY A V\*] ?AT HE HAS CONTRIBUT$ SU* & SU* A 
QUANTITY ( WORK 7AFT] D$UCTIONS FROM HIS WORK = ! COMMON FUND7 & DRAWS 
?R\< HIS V\*] ON ! SOCIAL /OREH\SE AS MU* ( ! MEANS ( 
CONSUMPTION AS ! SAME QUANTITY ( WORK CO/S4 ,! SAME AM\NT ( WORK :I* 
HE HAS GIV5 TO SOCIETY 9 ONE =M1 HE RECEIVES BACK 9 ANO!R40.<#c#i.> ,9 ?IS WAY EQUAL 
QUANTITIES ( LABOR-TIME W\LD 0EX*ANGE0 = EQUAL QUANTITIES ( 
LABOR-TIME1 & 0! RI<T ( ! PRODUC]S W\LD BE PROPORTIONAL TO ! 
AM\NT ( LABOR !Y CONTRIBUTE2 ! EQUALITY CONSI/S 9 ! FACT ?AT 
EV]Y?+ IS MEASUR$ BY AN EQUAL MEASURE1 LABOR40.<#d.> ,BUT ?IS 0EQUAL 
RI<T0 TO ! PROCE$S ( LABOR W\LD ACTUALLY BE AN UNEQUAL RI<T = 
UNEQUAL WORK1 DUE TO UNEQUAL P]SONAL SITUATIONS4 0,IT IS !RE=E A 
RI<T ( 9EQUALITY 9 ITS CONT5T1 AS 9 G5]AL IS EV]Y RI<T40.<#d#a.> 

,IF LABOR-TIME IS ADOPT$ AS A MEASURE TO DET]M9E ! DI/RIBUTION ( ! 
RETURNABLE P>T ( ! SOCIAL PRODUCT DE/9$ = CONSUMPTION1 !RE W\LD 
>ISE AN EQUALITY ( REMUN]ATION1 =1 9 FACT 0IT IS 9 ! NATURE ( 
L>GE-SCALE 9DU/RY ?AT WORK+ H\RS %\LD BE EQUAL = ALL40.<#d#b.> ,YET P]SONAL 
SITUATIONS1 SU* AS ! M>ITAL /ATUS ( A WORK] OR ! NUMB] ( HIS 
DEP5D5TS1 W\LD TURN ?IS EQUAL %>E ( CONSUMPTION GOODS MEASUR$ BY HIS 
LABOR-TIME CONTRIBUTION TO ! SOCIAL PRODUCT 9TO AN 9EQUALITY ( LIV+ 
/&>DS4 ,TO A*IEVE REAL EQUALITY 9 ?IS RESPECT ! RI<T TO ! PROCE$S 
( LABOR W\LD HAVE TO BE UNEQUAL4 

,MOREOV]1 ,M>X PO9T$ \T1 SOME EXCEL PHYSICALLY OR 9TELLECTUALLY & 
CONTRIBUTE 9 ! SAME TIME MORE LABOR ?AN O!RS4 ,YET1 0LABOR1 TO S]VE 
AS A MEASURE1 MU/ BE DEF9$ BY ITS DURATION OR 9T5SITY1 O!RWISE IT CEASES 
TO BE A /&>D ( MEASURE40.<#d#c.> ,IF LABOR IS MEASUR$ BY ITS 9T5SITY IT IS NO 
LONG] MEASUR$ BY LABOR-TIME BUT BY ! DIV]SE PRODUCTIVITY ( DIFF]5T 
P]SONS 9 DIFF]5T OCCUPATIONS4 ,9 ?AT CASE1 H[EV]1 ! >IS+ 
9EQUALITIES W\LD NOT BE ! RESULT ( AN EQUAL MEASURE1 BUT ! RESULT ( 
MEASUR+ UNEQUAL 9DIVIDUAL CONTRIBUTIONS TO ! TOTAL SOCIAL LABOR PRODUCT4 
,NOT LABOR-TIME1 BUT ! SPECIFIC PRODUCT ( LABOR1 W\LD BE MEASUR$4 ,?IS IS 
PROBABLY :AT ,M>X MEANT 9 SAY+ ?AT ! RI<T TO ONE'S P>TICUL> 
LABOR 0IS /ILL BAS$ ON ! SAME PR9CIPLE ( B\RGEOIS RI<T1 AL?\< 
PR9CIPLE & PRACTICE >E NO LONG] AT DAGG]S DRAWN1 :ILE ! EX*ANGE ( 
EQUIVAL5TS 9 COMMODITY EX*ANGE ONLY EXI/S = ! AV]AGE & NOT = ! 
9DIVIDUAL CASE40.<#d#d.> ,IF ! 9DIVIDUAL'S LABOR IS /ILL SE5 AS 
EMBODI$ 9 HIS 9DIVIDUAL PRODUCT & NOT AS A COMPON5T ( ! :OLE ( 
SOCIAL LABOR1 IT IS /ILL SE5 FROM A B\RGEOIS1 NOT A SOCIALI/1 PO9T ( 
VIEW4 ,IT IS1 !N1 ?IS DI/9CTION BETWE5 DURATION & 9T5SITY ( LABOR 
:I* S]VES AS AN APOLOGIA = 9EQUALITIES 9 ! NOM9ALLY SOCIALI/ 
NATIONS4 

,BECAUSE ( ! VAGU5ESS ( HIS =MULATION1 ,M>X'S POSITION ON ?IS 
ISSUE HAS BE5 SUBJECT$ TO DIFF]5T 9T]PRETATIONS4 ,IT CAN BE ACCEPT$ AS 
MEAN+ ?AT1 :E!R LABOR S]VES AS A /&>D ( MEASUREM5T 9 ITS DURATION 
OR 9 ITS 9T5SITY1 9 EI!R CASE !RE WILL BE 9EQUALITY 9 LIV+ 
CONDITIONS = UNEQUALLY-5D[$ OR UNEQUALLY-SITUAT$ 9DIVIDUALS4 ,TO AVOID 
!SE 9EQUALITIES1 ! RI<T TO ! PROCE$S ( LABOR W\LD HAVE TO BE UNEQUAL 
9/EAD ( EQUAL1 :I* C\LD EI!R MEAN ?AT ! 9DIVIDUAL'S 
CONTRIBUTION TO G5]AL SOCIAL LABOR %\LD BE IGNOR$ 9 ORD] TO ASSURE AN 
EQUITABLE DI/RIBUTION ( CONSUMPTION GOODS1 OR ?AT ! 9EQUITABLE 
DI/RIBUTION ( CONSUMPTION GOODS IS UNAVOIDABLE BECAUSE LABOR IS /ILL 
MEASUR$ ) REG>D TO ITS DURATION OR ITS 9T5SITY4 ,IT DOES NOT MEAN ?AT 
,M>X OPPOS$ EQUALITY4 ,BUT IT DOES MEAN ?AT HE REALIZ$ ?AT ! PR9CIPLE ( 
EQUALITY BAS$ ON LABOR CONTRIBUTIONS WAS NOT A SOCIALI/ PR9CIPLE1 
EV5 ?\< IT MI<T BE ! RUL+ PR9CIPLE 9 ! TRANSITORY /AGES ( A 
SOCIALI/ SOCIETY4 

,M>X ?\<T ?AT ! IDEA ( ! 9DIVIDUAL'S RI<T TO HIS 
LABOR-PRODUCT MAY /ILL DOM9ATE ! SOCIETY EM]G+ FROM CAPITALISM & 
09 EV]Y RESPECT /ILL TA9T$ ECONOMICALLY1 MORALLY1 & 9TELLECTUALLY 
) ! H]$IT>Y DISEASES ( ! OLD SOCIETY40.<#d#e.> ,YET1 9 HIS M9D1 EQUALIT>IANISM WAS 
A QUE/ION NOT ( REMUN]ATION B\ND TO AN AB/RACT PR9CIPLE ( EQUALITY1 BUT 
( RATIONAL SOCIAL RELATIONS ?AT EXCLUDE EXPLOITATION & PROMOTE ! FREE 
SUPPLY ( GOODS & S]VICES4 ,9 HIS VIEW1 ! DEVELOPM5T ( SOCIETY 9 ! 
PO/-CAPITALI/ WORLD W\LD F9D EXPRESSION NOT 9 A RIGID & N>R[ 
REALIZATION ( AN ALWAYS GREAT] EQUALITY 9 0EX*ANGE0 9 
ACCORDANCE ) ! 9DIVIDUAL'S CONTRIBUTION TO ! SOCIAL LABOR PROCESS 
BUT 9 A T5D5CY T[>D ! REALIZATION ( ! PR9CIPLE 0FROM EA* 
ACCORD+ TO HIS ABILITY1 TO EA* ACCORD+ TO HIS NE$S40.<#d#f.> ,SOCIALITY IS ITSELF A 
DEVELOPM5TAL PROCESS 9 :I* ! 0N>R[ B\RGEOIS HORIZON ( PRIVATE 
RI<TS0 W\LD WI!R AWAY BECAUSE ( AN 9CREAS+ ABUNDANCE ( 
CONSUMPTION GOODS ?AT W\LD R5D] ECONOMIC ACC\NT+ BAS$ ON 9DIVIDUAL 
CONTRIBUTIONS TO PRODUCTION BO? SUP]FLU\S & RIDICUL\S4 

#a4 ,L591 ,QUE/IONS ( ! ,SOCIALI/ ,ORGANIZATION ( ! ,ECONOMY1 ,MOSC[1 P4 #dg 

#b4 ,IBID41 P4 #a#a#g4 

#c4 ,IBID41 P4 #abg 

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#e4 ,K4 ,KORS*1 ,K>L ,M>X1 P4 #i4 

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#i4 ,IBID41 P4 #d#g#f4 

#a4 ,IBID41 PP4 #e#i#a-#i#b4 

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#a#i4 ,J4 ,ROB9SON1 ,AN ,ESSAY ON ,M>XIAN ,ECONOMICS1 P4 #b#c4 

#b4 ,E4 ,A41 ,PREOBRAZH5SKY1 ,! ,NEW ,ECONOMICS1 ,LONDON1 #a#i#f#e1 P4 #bi 

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#c4 ,IBID41 P4#a#c#g 

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#c#c4 ,T4 ,HODGSK91 ,LABOR ,DEF5D$ ,AGA9/ ! ,CLAIMS ( ,CAPITAL1 #a#h#b#e2 ,W4 ,?OMPSON1 ,AN ,9QUIRY 9TO ! ,PR9CIPLES ( ! ,DI/RIBUTION ( ,WEAL? MO/ CONDUCIVE TO ,HUMAN ,HAPP9ESS1 #a#h#b#d2 ,J4 ,F4 ,BRAY1 ,LABOR'S ,WRONGS & ,LABOR'S ,REM$Y1 #a#h#c#i2 ,J4 ,GRAY1 ,! ,SOCIAL ,SY/EM3 ,A ,TREATISE ON ! ,PR9CIPLES ( ,EX*ANGE1 #a#h#c#a4 ,A VALUE ANALYSIS ( CAPITAL PRODUCTION CONSID]S ! G5]AL NE$4 

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