Conceptualizing the Future: Marx’s Value Theory and the Debate on Markets and Planning

Marx posits a vision of socialism in which mass-produced items are “priced” via computation of embodied labor-time with remuneration such that one hour of actual labor is exchanged for items produced in one hour. But implementing Marx’s scheme today would incentivize increased individual labor time and drive a tendency to ecologically-harmful “growth.” As pushing beyond capitalism remains indispensable we must assess newer models of socialist planning and distribution providing alternatives to capitalism and “market socialism.”

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