Lesson 1
The Labor Theory of Value; Exploitation and Injustice 1
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Prof. Shapiro, Ian, PLSC 118, The Moral Foundations of Politics, Spring 2010, YALE Open Courses: Yale University, Political Science (Accessed 04/10/2014), http://oyc.yale.edu/political-science/plsc-118/lecture-10 License: Creative Commons BY-NC-SA Today, Professor Shapiro continues his discussion of Enlightenment theory of Karl Marx, focusing on the foundations of his theory of capitalism. The central question is, how is wealth created under capitalism at the micro level? For Marx, Adam Smith's invisible hand is not entirely benevolent. His labor theory of value stipulates that living human labor-power is the only way to create new value, and therefore capitalists who shift toward capital-intensive production cannot actually create new value.


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