Value of diamonds and effect on the lives of millions of people

However, much has happened since it went up, including the Blogger outage. Scroll down for a report on that. More new posts will be added below this one. The essay below is the conclusion of the ninth part in a series by Takuan Seiyo.

Value of diamonds and effect on the lives of millions of people

This question has perplexed the human mind for more than 2, years. The classical bourgeois economists grappled with the question, as did Marx. After much deliberation, they correctly concluded that labour was the source of value. This idea then became a cornerstone of bourgeois political economy, beginning with Adam Smith.

On this question, there was common ground between Marx and the classical bourgeois economists. However, for the bourgeois economists the labour theory of value presented a paradox as well as a blind alley. For this reason, the labour theory of value has become the principal target for all opponents of Marx, both bourgeois and reformist.

Lindsay, the former Master of Balliol College, Oxford. We also receive the proceeds of nature as a free gift, which also contributes to the wealth of society. An early English economist, William Petty, correctly observed that labour is the father of wealth and the earth its mother.

It is a statement that Marx quotes in Capital. The labour theory of value has become an anathema in bourgeois circles, not least because of its revolutionary implications.

Initially, the labour theory of value was a very useful weapon to the rising bourgeoisie, when, as a progressive class, they used it to strike blows against the politically powerful landowning class.

But once the battle was won, the bourgeoisie no longer had any use for such a theory.

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In fact, for the now dominant bourgeoisie, the theory had subversive connotations which had to be discredited and rejected. In fact, there are forms of wealth which are supplied by nature alone, and which contains no labour whatsoever.

Value of diamonds and effect on the lives of millions of people

This includes, for example, virgin forests and natural rivers. Marx explained this in Volume One of Capital. Nature and labour both play their part in the production of wealth. We should not, however, confuse wealth which is composed of use-vaues with value, which is completely different, as we shall see.

Value of diamonds and effect on the lives of millions of people

The theory of value is straight forward enough. Human beings can only live and satisfy their basic needs through labour. Of course, this can take the form of an exploiting class living off the labour of others.

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Without labour we would all die.The discovery of significant oil reserves in and the subsequent income from petroleum sales enabled the Kingdom of Libya to transition from one of the world's poorest nations to a wealthy state.

Although oil drastically improved the Libyan government's finances, resentment began to build over the increased concentration of the nation's wealth in the hands of King Idris. Latest breaking news, including politics, crime and celebrity. Find stories, updates and expert opinion.

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