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Cost The Limit Of Price
"Cost the limit of price" was a maxim coined by Josiah Warren, indicating a (prescriptive) version of the labor theory of value. Warren maintained that the just compensation for labor (or for its product) could only be an equivalent amount of labor (or a product embodying an equivalent amount).In ''Equitable Commerce'', Warren writes, "If a priest is required to get a soul out of purgatory, he sets his price according to the value which the relatives set upon his prayers, instead of their cost to the priest. This, again, is cannibalism. The same amount of labor equally disagreeable, with equal wear and tear, performed by his customers, would be a just remuneration Thus, profit, rent, and interest were considered unjust economic arrangements. As Samuel Edward Konkin III put it, "The labor theory of value recognizes no distinction between profit and plunder." In keeping with the tradition of Adam Smith's ''The Wealth of Nations'', the "cost" of labor is considered to be the su ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Josiah Warren
Josiah Warren (; June 26, 1798 – April 14, 1874) was an American Reformism (historical), social reformer, inventor, musician, businessman, and philosopher. He is regarded as the first American Philosophical anarchism, philosophical anarchist; he took an active part in Robert Owen's experimental community at New Harmony, Indiana, in 1825–1826. Later, Warren rejected Owenism, giving birth to the Time Store Cooperative Movement (historically known as "Equity Movement"). His ideas were partly implemented through the establishment of the Cincinnati Time Store, followed by the founding of the Modern Times (community), Utopian Community of Modern Times. In his 1863 work titled ''True Civilization'', Warren outlines his philosophy founded on the "Self-ownership, sovereignty of every individual." In his subsequent development, ''Practical Applications of the Elementary Principles of True Civilization'' (1873), he proposes a Decentralization, decentralized hexagonal ideal city, drawin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Karl Marx
Karl Marx (; 5 May 1818 – 14 March 1883) was a German philosopher, political theorist, economist, journalist, and revolutionary socialist. He is best-known for the 1848 pamphlet '' The Communist Manifesto'' (written with Friedrich Engels), and his three-volume (1867–1894), a critique of classical political economy which employs his theory of historical materialism in an analysis of capitalism, in the culmination of his life's work. Marx's ideas and their subsequent development, collectively known as Marxism, have had enormous influence. Born in Trier in the Kingdom of Prussia, Marx studied at the universities of Bonn and Berlin, and received a doctorate in philosophy from the University of Jena in 1841. A Young Hegelian, he was influenced by the philosophy of Georg Wilhelm Friedrich Hegel, and both critiqued and developed Hegel's ideas in works such as '' The German Ideology'' (written 1846) and the '' Grundrisse'' (written 1857–1858). While in Paris, Marx wrote ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Theory Of Value (economics)
In economics, economic value is a measure of the benefit provided by a goods, good or service (economics), service to an Agent (economics), economic agent, and value for money represents an assessment of whether financial or other resources are being used effectively in order to secure such benefit. Economic value is generally measured through units of currency, and the interpretation is therefore "what is the maximum amount of money a person is willing and able to pay for a good or service?” Value for money is often expressed in comparative terms, such as "better", or "best value for money", but may also be expressed in absolute terms, such as where a deal does, or does not, offer value for money. Among the competing schools of economic theory there are differing Theory of value (economics), theories of value. Economic value is ''not'' the same as Price, market price, nor is economic value the same thing as market value. If a consumer is willing to buy a good, it implies tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anarchist Theory
Anarchism is a political philosophy and movement that seeks to abolish all institutions that perpetuate authority, coercion, or hierarchy, primarily targeting the state and capitalism. Anarchism advocates for the replacement of the state with stateless societies and voluntary free associations. A historically left-wing movement, anarchism is usually described as the libertarian wing of the socialist movement (libertarian socialism). Although traces of anarchist ideas are found all throughout history, modern anarchism emerged from the Enlightenment. During the latter half of the 19th and the first decades of the 20th century, the anarchist movement flourished in most parts of the world and had a significant role in workers' struggles for emancipation. Various anarchist schools of thought formed during this period. Anarchists have taken part in several revolutions, most notably in the Paris Commune, the Russian Civil War and the Spanish Civil War, whose end marked the en ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property Is Theft
Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, rent, sell, exchange, transfer, give away, or destroy it, or to exclude others from doing these things, as well as to perhaps abandon it; whereas regardless of the nature of the property, the owner thereof has the right to properly use it under the granted property rights. In economics and political economy, there are three broad forms of property: private property, public property, and collective property (or ''cooperative propert''y). Property may be jointly owned by more than one party equally or unequally, or according to simple or complex agreements; to distinguish ownership and easement from rent, there is an expectation that each party's will with regard to the property be clearly defined and unconditional.. The parties may expe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutual Credit
"Mutual credit" (sometimes called " multilateral barter" or " credit clearing") is a term mostly used in the field of complementary currencies to describe a common, usually small-scale, endogenous money system. In a mutual credit system, creditors and debtors are the same people lending to each other. Transactions are recorded on a ledger, and a given individual or firm's balance is the sum of all their transactions positive or negative. Economics Once a common unit of account is agreed upon, and the extent to which members can draw credit is limited, a mutual credit system resembles a money system in which currency is created and destroyed with every transaction. Meaning of 'mutual' Practitioners and theoreticians in the complementary currency movement do not use the term in a consistent way. It could mean that * creditors and debts are the same people at different times * default risk is shared between all members of the circle (not necessarily distributed equally or even i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anarchism
Anarchism is a political philosophy and Political movement, movement that seeks to abolish all institutions that perpetuate authority, coercion, or Social hierarchy, hierarchy, primarily targeting the state (polity), state and capitalism. Anarchism advocates for the replacement of the state with Stateless society, stateless societies and voluntary Free association (communism and anarchism), free associations. A historically left-wing movement, anarchism is usually described as the libertarian wing of the socialist movement (libertarian socialism). Although traces of anarchist ideas are found all throughout history, modern anarchism emerged from the Age of Enlightenment, Enlightenment. During the latter half of the 19th and the first decades of the 20th century, the anarchist movement flourished in most parts of the world and had a significant role in Labour movement, workers' struggles for emancipation. #Schools of thought, Various anarchist schools of thought formed during ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutualism (economic Theory)
Mutualism is an anarchist school of thought and economic theory that advocates for workers' control of the means of production, a free market made up of individual artisans, sole proprietorships and workers' cooperatives, and occupation and use property rights. As proponents of the labour theory of value and labour theory of property, mutualists oppose all forms of economic rent, profit and non-nominal interest, which they see as relying on the exploitation of labour. Mutualists seek to construct an economy without capital accumulation or concentration of land ownership. They also encourage the establishment of workers' self-management, which they propose could be supported through the issuance of mutual credit by mutual banks, with the aim of creating a federal society. Mutualism has its roots in the utopian socialism of Robert Owen and Charles Fourier. It first developed a practical expression in Josiah Warren's community experiments in the United States, which he est ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cincinnati Time Store
The Cincinnati Time Store (1827–1830) was the first in a series of retail stores created by American individualist anarchist Josiah Warren to test his economic labor theory of value. The experimental store operated from May 18, 1827, until May 1830. He sold things at-cost plus a small markup for his time. It is usually considered to be the first time alternative currency labor notes were used, and as such the first experiment in what would later be called '' mutualism''. He also founded stores in two utopian communities, New Harmony, Indiana, and at Modern Times, Long Island. The store in Cincinnati closed in 1830 with Warren being satisfied he demonstrated running and managing a business without the "erection of any power over the individual". His theory replacing money with time was turned into an actual practical demonstration project. It was the first such activity, preceding similar labor notes in Europe by more than 20 years, and still has implications for other c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital (economics)
In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. A typical example is the machinery used in a factory. At the macroeconomic level, "the nation's capital stock includes buildings, equipment, software, and inventories during a given year." The means of production is as a "... series of heterogeneous commodities, each having specific technical characteristics ..." "capital goods", are one of the three types of intermediate goods used in the production process, the other two being land and labour. The three are also known collectively as "primary factors of production". This classification originated during the classical economics period and has remained the dominant method for classification. Capital can be increased by the use of a production process (see production function and factors of production). Outputs of the production process are normally classif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tribute
A tribute (; from Latin ''tributum'', "contribution") is wealth, often in kind, that a party gives to another as a sign of submission, allegiance or respect. Various ancient states exacted tribute from the rulers of lands which the state conquered. In the case of alliances, lesser parties may pay tribute to more powerful parties as a sign of allegiance. Tributes are different from taxes, as they are not collected in the same regularly routine manner that taxes are. Further, with tributes, a recognition of political submission by the payer to the payee is uniquely required. Overview The Aztec Empire is another example, as it received tribute from the various city-states and provinces that it conquered. Ancient China received tribute from various states such as Japan, Korea, Vietnam, Cambodia, Borneo, Indonesia, Sri Lanka, Nepal, Myanmar and Central Asia. Aztec Empire Tributes as a form of government The Aztecs used tributes as a means for maintaining control over con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Usury
Usury () is the practice of making loans that are seen as unfairly enriching the lender. The term may be used in a moral sense—condemning taking advantage of others' misfortunes—or in a legal sense, where an interest rate is charged in excess of the maximum rate that is allowed by law. A loan may be considered usurious because of excessive or abusive interest rates or other factors defined by the laws of a state. Someone who practices usury can be called a ''usurer'', but in modern colloquial English may be called a ''loan shark''. In many historical societies including ancient Christian, Jewish, and Islamic societies, usury meant the charging of interest of any kind, and was considered wrong, or was made illegal. During the Sutra period in India (7th to 2nd centuries BC) there were laws prohibiting the highest castes from practicing usury. Similar condemnations are found in religious texts from Buddhism, Judaism ('' ribbit'' in Hebrew), Christianity, and Islam (''rib ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
