Karl Marx is not a proponent of classical value theory as labour expended. Marx developed in Capital and his other mature economic writings a monetary theory of value and capital.2 He analysed value as an expression of relations exclusively characteristic of the capitalist mode of production. Value registers the rela-tionship of exchange between each commodity and all other commodities and expresses the effect of the specifically capitalist homogenization of the labour processes in capitalism (production for exchange and production for profit.
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