Title: An Overview of Socialist Economy--with Also A Discussion on Labor, Value, Net Output Value and National Income
Abstract: Socialist market economy is inevitably an economy marked by the co existence of various forms of ownership and many kinds of economic components. The key to a correct understanding of socialist market economy lies in a full awareness of how value is generated and income distributed under socialism. Under conditions where different economic components are present at the same time, labor generates value in the form of net output value (V +M), which is then distributed not only in accordance with the amount of labor put in, but also with the input of other economic components, such as capital. By way of market competition, equal amount of labor gets equal amount of income, and equal amount of capital gets an average profit. In the process when market economy is practiced, exploitation of capital is inevitable, but when viewed as a whole, such exploitation is a kind of bonus given by a laborers' society to those who possess capital. For in socialist market economy, labor and capital go hand in hand to make contributions to the development of economy and the enhancement of people's livelihood.
Publication Year: 2002
Publication Date: 2002-01-01
Language: en
Type: article
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