Much of it is appropriated by the capi­talist. This difference between the exchange value of the manufactured commodity and the price paid to the worker for his labour is called surplus value.

Under the socialist system the value of labour would be paid to the worker. Moreover, Marx emphasizes that “He who does not work, neither shall eat”.

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

Criticism:

1. Marx neglects the efficacy of capital and entrepreneurship skill in production process. 2. Marx is interested in egalitarian principles than growth.

3. Even his socialist Utopia has failed to remedy the disease that he thought to diagnose very correctly. 4. His remedy through revolution is questionable. For, there may be more adequate peaceful methods to deal with exploitation.

Despite limitations, Marxist conception of surplus value is noteworthy for highlighting the intricate and complex exploitative character of capitalist system of production. Perhaps this led to revision and rethinking within the liberal paradigm the positive, welfare state was nothing out of a plea to remedy the ill plight of weak and poor sections.