Ôn tập Kinh tế chính trị Mác – Lênin

Review of Marxist‑Leninist Political Economy

Key concepts in political economy such as value, price, surplus value, capital accumulation and market contradictions are explained in a clear, SEO‑friendly format.

1. The Relationship Between Value and Price

In Marxist theory, value is the amount of socially necessary labour time embodied in a commodity. Price is the monetary expression of that value. The correct statement is:

• Price is the monetary form of value.

Thus, price reflects value, but it can be higher or lower than the labour‑time value because of supply‑demand fluctuations, monopoly rents, or other market factors. Understanding this distinction helps to analyse why profits can arise without exploitation of labour directly.

2. Super‑Profit (Surplus Value) and Social Value

When the productivity of a specific labour force rises, the individual (or "personal") value of the commodity it produces falls. If this individual value becomes lower than the social value—the value determined by the average productivity of the whole society—a super‑profit (also called surplus value of the “super‑normal” kind) emerges.

In practice, the producer sells the commodity at the social value, keeping the difference as extra profit. This mechanism explains why technologically advanced firms can earn higher returns than less efficient competitors.

3. Production Price: Cost Plus Average Profit

The production price (Giá cả sản xuất) is calculated as:

• Cost of production + average profit

Average profit is the profit that results from the equalisation of profit rates across different industries. It is not the profit of a single firm, but the average that circulates through the whole economy. This concept is essential for understanding price formation in a capitalist market where competition tends to equalise profit rates.

4. Accumulation vs. Concentration of Capital

Two fundamental processes shape the dynamics of capital:

• Accumulation (tích tụ) of capital – the reinvestment of surplus value that expands the total social capital. It increases the overall scale of production.
• Concentration (tập trung) of capital – the merging or acquisition of existing capitals into larger units. This process does not increase the total amount of social capital; it merely redistributes it.

Recognising the difference clarifies why some economies experience rapid growth (through accumulation) while others see increasing monopoly power (through concentration).

5. The Core Contradiction Leading to Potential Crises

The most dangerous contradiction in commodity production is the clash between:

• Private labour (individual producers) and social labour (the collective recognition of labour through exchange).

If a privately produced commodity cannot be sold on the market, the labour that created it is not recognised as social labour, leading to over‑production and a latent crisis. This contradiction underlies periodic recessions in capitalist economies.

6. Effect of Increased Labour Productivity on Commodity Value

When labour productivity rises while other factors remain constant, the amount of labour required per unit of output falls. Consequently, the value of each commodity unit decreases. This is distinct from an increase in labour intensity, which would raise the value of each unit.

Lower commodity values can put downward pressure on prices, but market prices may not fall proportionally because of price rigidity, monopoly power, or speculative elements.

7. Money Turning Into Capital: The Essential Condition

For money to transform into capital, the crucial condition is the commodification of labour power. When a capitalist purchases labour power as a commodity, the production process can generate surplus value. Merely having a large amount of money or engaging in buying low‑selling high does not create capital without this labour‑power purchase.

This insight highlights the central role of the labour market in the capitalist mode of production.

8. How the Market Realises Commodity Value

The market actualises the value of a commodity through exchange and sale. Production creates the physical good, but only when the commodity is sold does its labour‑time value become realised in money. This exchange function is the bridge between the world of production and the world of consumption.

Understanding this mechanism is vital for analysing how price signals coordinate production decisions across different sectors.

By mastering these eight core concepts, students of Marxist‑Leninist political economy gain a solid foundation for analysing capitalist dynamics, crisis tendencies, and the role of labour in value creation. For deeper study, consult classic texts such as Capital (Vol. I‑III) by Karl Marx and supplementary works by Lenin on imperialism and finance capital.