Whyisitbought？"Becauseofthevaluesitissupposedpotentiallytocontain。"Butifacertainthingissaidtobeacommodity，thereisnolongeranyquestionastothereasonwhyitisbought，thatis，astotheutilitytobederivedfromit，theapplicationtobemadeofit。Itisacommodityasanobjectoftraffic。AllM。Proudhon’sargumentsarelimitedtothis：laborisnotboughtasanimmediateobjectofconsumption。No，itisboughtasaninstrumentofproduction，asamachinewouldbebought。

Asacommodity，laborhasnovalueanddoesnotproduce。M。Proudhonmightjustaswellhavesaidthatthereisnosuchthingasacommodity，sinceeverycommodityisobtainedmerelyforsomeutilitarianpurpose，andneverasacommodityinitself。

Inmeasuringthevalueofcommoditiesbylabor，M。Proudhonvaguelyglimpsestheimpossibilityofexcludinglaborfromthissamemeasure，insofaraslaborhasavalue，aslaborisacommodity。Hehasamisgivingthatitisturningthewageminimumintothenaturalandnormalpriceofimmediatelabor，thatisisacceptingtheexistingstateofsociety。So，togetawayfromthisfatalconsequence，hefacesaboutandassertsthatlaborisnotacommodity，thatitcannothavevalue。Heforgetsthathehimselfhastakenthevalueoflaborasameasure，heforgetsthathiswholesystemrestsonlaborasacommodity，onlaborwhichisbartered，bought，sold，exchangedforproduce，etc。，onlabor，infact，whichisanimmediatesourceofincomefortheworker。Heforgetseverything。

Tosavehissystem，heconsentstosacrificeitsbasis。

Etproptervitamvivendiperderecausas！

Wenowcometoanewdefinitionof"constitutedvalue"。

"Valueistheproportionalrelationoftheproductswhichconstitutewealth。"

Letusnoteinthefirstplacethatthesinglephrase"relativeorexchangevalue"impliestheideaofsomerelationinwhichproductsareexchangedreciprocally。Bygivingthename"proportionalrelation"tothisrelation，nochangeismadeintherelativevalue，exceptintheexpression。Neitherthedepreciationnortheenhancementofthevalueofaproductdestroysitsqualityofbeinginsome"proportionalrelation"withtheotherproductswhichconstitutewealth。

Whythenthisnewterm，whichintroducesnonewidea？

"Proportionalrelation"suggestsmanyothereconomicrelations，suchasproportionalityinproduction，thetrueproportionbetweensupplyanddemand，etc。，andM。Proudhonisthinkingofallthatwhenheformulatesthisdidacticparaphraseofmarketablevalue。

Inthefirstplace，therelativevalueofproductsbeingdeterminedbythecomparativeamountoflaborusedintheproductionofeachofthem，proportionalrelations，appliedtothisspecialcase，standfortherespectivequotaofproductswhichcanbemanufacturedinagiventime，andwhichinconsequencearegiveninexchangeforoneanother。

LetusseewhatadvantageM。Proudhondrawsfromthisproportionalrelation。

Everyoneknowsthatwhensupplyanddemandareevenlybalanced，therelativevalueofanyproductisaccuratelydeterminedbythequantityoflaborembodiedinit，thatistosay，thatthisrelativevalueexpressestheproportionalrelationpreciselyinthesensewehavejustattachedtoit。M。Proudhoninvertstheorderofthing。Begin，hesays，bymeasuringtherelativevalueofaproductbythequantityoflaborembodiedinit，andsupplyanddemandwillinfalliblybalanceoneanother。Productionwillcorrespondtoconsumption，theproductwillalwaysbeexchangeable。Itscurrentpricewillexpressexactlyitstruevalue。Insteadofsayinglikeeveryoneelse：whentheweatherisfine，alotofpeoplearetobeseengoingoutforawalk。M。Proudhonmakeshispeoplegooutforawalkinordertobeabletoensurethemfineweather。

WhatM。Proudhongivesastheconsequenceofmarketablevaluedeterminedaprioribylabortimecouldbejustifiedonlybyalawcouchedmoreorlessinthefollowingterms：

Productswillinfuturebeexchangedintheexactratioofthelabortimetheyhavecost。Whatevermaybetheproportionofsupplytodemand，theexchangeofcommoditieswillalwaysbemadeasiftheyhadbeenproducedproportionatelytothedemand。LetM。Proudhontakeituponhimselftoformulateandlaydownsuchalaw，andweshallrelievehimofthenecessityofgivingproofs。If，ontheotherhand，heinsistsonjustifyinghistheory，notasalegislator，butasaneconomist，hewillhavetoprovethatthetimeneededtocreateacommodityindicatesexactlythedegreeofitsutilityandmarksitsproportionalrelationtothedemand，andinconsequence，tothetotalamountofwealth。Inthiscase，ifaproductissoldatapriceequaltoitscostofproduction，supplyanddemandwillalwaysbeevenlybalanced;forthecostofproductionissupposedtoexpressthetruerelationbetweensupplyanddemand。

Actually，M。Proudhonsetsouttoprovethatlabortimeneededtocreateaproductindicatesitstrueproportionalrelationtoneeds，sothatthethingswhoseproductioncoststheleasttimearethemostimmediatelyuseful，andsoon，stepbystep。Themereproductionofaluxuryobjectprovesatonce，accordingtothisdoctrine，thatsocietyhassparetimewhichallowsittosatisfyaneedforluxury。

M。Proudhonfindstheveryproofofhisthesisintheobservationthatthemostusefulthingscosttheleasttimetoproduce，thatsocietyalwaysbeginswiththeeasiestindustriesandsuccessively"startsontheproductionofobjectswhichcostmorelabortimeandwhichcorrespondtoahigherorderofneeds。"

M。ProudhonborrowsfromM。Dunoyertheexampleofextractiveindustry——fruit—gathering，pasturage，hunting，fishing，etc。——whichisthesimplest，theleastcostlyofindustries，andtheonebywhichmanbegan"thefirstdayofhissecondcreation"。ThefirstdayofhisfirstcreationisrecordedinGenesis，whichshowsGodastheworld’sfirstmanufacturer。

ThingshappeninquiteadifferentwayfromwhatM。Proudhonimagines。

Theverymomentcivilizationbegins，productionbeginstobefoundedontheantagonismoforders，estates，classes，andfinallyontheantagonismofaccumulatedlaborandactuallabor。Noantagonism，noprogress。Thisisthelawthatcivilizationhasfolloweduptoourdays。Tillnowtheproductiveforceshavebeendevelopedbyvirtueofthissystemofclassantagonisms。Tosaynowthat，becausealltheneedsofalltheworkersweresatisfied，mencoulddevotethemselvestothecreationofproductsofahigherorder——tomorecomplicatedindustries——wouldbetoleaveclassantagonismoutofaccountandturnallhistoricaldevelopmentupsidedown。Itislikesayingthatbecause，undertheRomanemperors，muraenawerefattenedinartificialfishponds，thereforetherewasenoughtofeedabundantlythewholeRomanpopulation。Actually，onthecontrary，theRomanpeoplehadnotenoughtobuybreadwith，whiletheRomanaristocratshadslavesenoughtothrowasfoddertothemuraena。

Thepriceoffoodhasalmostcontinuouslyrisen，whilethepriceofmanufacturedandluxurygoodshasalmostcontinuouslyfallen。Taketheagriculturalindustryitself;themostindispensableobjects，likecorn，meat，etc。，riseinprice，whilecotton，sugar，coffee，etc。，fallinasurprisingproportion。Andevenamongcomestiblesproper，theluxuryarticles，likeartichokes，asparagus，etc。，aretodayrelativelycheaperthanfoodstuffsofprimenecessity。Inourage，thesuperfluousiseasiertoproducethanthenecessary。Finally，atdifferenthistoricalepochs，thereciprocalpricerelationsarenotonlydifferent，butopposedtooneanother。InthewholeoftheMiddleAges，agriculturalproductswererelativelycheaperthanmanufacturedproducts;inmoderntimestheyareininverseratio。

DoesthismeanthattheutilityofagriculturalproductshasdiminishedsincetheMiddleAges？

Theuseofproductsisdeterminedbythesocialconditionsinwhichtheconsumersfindthemselvesplaced，andtheseconditionsthemselvesarebasedonclassantagonism。

Cotton，potatoesandspiritsareobjectsofthemostcommonuse。

Potatoeshaveengenderedscrofula;cottonhastoagreatextentdrivenoutflaxandwool，althoughwoolandflaxare，inmanycases，ofgreaterutility，ifonlyfromthepointofviewofhygiene;finally，spiritshavegottheupperhandofbeerandwine，althoughspiritsusedasanalimentarysubstanceareeverywhererecognizedtobepoison。Forawholecentury，governmentsstruggledinvainagainsttheEuropeanopium;economicsprevailed，anddictateditsorderstoconsumption。

Whyarecotton，potatoesandspiritsthepivotsofbourgeoissociety？

Becausetheleastamountoflaborisneededtoproducethem，and，consequently，theyhavethelowestprice。Whydoestheminimumpricedeterminethemaximumconsumption？Isitbyanychancebecauseoftheabsoluteutilityoftheseobjects，theirintrinsicutility，theirutilityinsomuchastheycorrespond，inthemostusefulmanner，intheneedsoftheworkerasaman，andnottothemanasaworker？No，itisbecauseinasocietyfoundedonpovertythepoorestproductshavethefatalprerogativeofbeingusedbythegreatestnumber。

Tosaynowthatbecausetheleastcostlythingsareingreateruse，theymustbeofgreaterutility，issayingthatthewideuseofspirits，becauseoftheirlowcostofproduction，isthemostconclusiveproofoftheirutility;itistellingtheproletarianthatpotatoesaremorewholesomeforhimthanmeat;itisacceptingthepresentstateofaffairs;itis，inshort，makinganapology，withM。Proudhon，forasocietywithoutunderstandingit。

Inafuturesociety，inwhichclassantagonismwillhaveceased，inwhichtherewillnolongerbeanyclasses，usewillnolongerbedeterminedbytheminimumtimeofproduction;butthetimeofproductiondevotedtodifferentarticleswillbedeterminedbythedegreeoftheirsocialutility。

ToreturntoM。Proudhon’sthesis：themomentthelabortimenecessaryfortheproductionofanarticleceasestobetheexpressionofitsdegreeofutility，theexchangevalueofthissamearticle，determinedbeforehandbythelabortimeembodiedinit，becomesquiteusabletoregulatethetruerelationofsupplytodemand，thatis，theproportionalrelationinthesenseM。Proudhonatthemomentattributestoit。

Itisnotthesaleofagivenproductatthepriceofitscostofproductionthatconstitutesthe"proportionalrelation"ofsupplytodemand，ortheproportionalquotaofthisproductrelativelytothesumtotalofproduction;itisthevariationsinsupplyanddemandthatshowtheproducerwhatamountofagivencommodityhemustproduceinordertoreceiveinexchangeatleastthecostofproduction。Andasthesevariationsarecontinuallyoccurring，thereisalsoacontinualmovementofwithdrawlandapplicationofcapitalinthedifferentbranchesofindustry。

"Itisonlyinconsequenceofsuchvariationsthatcapitalisapportionedprecisely，intherequisiteabundanceandnomore，totheproductionofthedifferentcommoditieswhichhappentobeindemand。Withtheriseorfallofprice，profitsareelevatedabove，ordepressedbelowtheirgenerallevel，andcapitaliseitherencouragedtoenterinto，oriswarnedtodepartfrom，theparticularemploymentinwhichthevariationhastakenplace。"——

"Whenwelookatthemarketsofalargetown，andobservehowregularlytheyaresuppliedbothwithhomeandforeigncommodities，inthequantityinwhichtheyarerequired，underallthecircumstancesofvaryingdemand，arisingfromthecapriceoftaste，orachangeintheamountofpopulation，withoutoftenproducingeithertheeffectsofaglutfromatooabundantsupply，oranenormouslyhighpricefromthesupplybeingunequaltothedemand，wemustconfessthattheprinciplewhichapportionscapitaltoeachtradeinthepreciseamountthatisrequired，ismoreactivethanisgenerallysupposed。"

（Ricardo，Vol。I，pp。105and108）

IfM。Proudhonadmitsthatthevalueofproductsisdeterminedbylabortime，heshouldequallyadmitthatitisthefluctuatingmovementalonethatinsocietyfoundedonindividualexchangesmakelaborthemeasureofvalue。Thereisnoready—madeconstituted"proportionalrelation"，butonlyaconstitutingmovement。

Wehavejustseeninwhatsenseitiscorrecttospeakof"proportion"

asofaconsequenceofvaluedeterminedbylabortime。Weshallseenowhowthismeasurebytime，calledbyM。Proudhonthe"lawofproportion"，becomestransformedintoalawofdisproportion。

Everynewinventionthatenablestheproductioninonehourofthatwhichhashithertobeenproducedintwohoursdepreciatesallsimilarproductsonthemarket。Competitionforcestheproducertoselltheproductoftwohoursascheaplyastheproductofonehour。Competitioncarriesintoeffectthelawaccordingtowhichtherelativevalueofaproductisdeterminedbythelabortimeneededtoproduceit。Labortimeservingasthemeasureofmarketablevaluebecomesinthiswaythelawofthecontinualdepreciationoflabor。Wewillsaymore。Therewillbedepreciationnotonlyofthecommoditiesbroughtintothemarket，butalsooftheinstrumentsofproductionandofwholeplants。ThisfactwasalreadypointedoutbyRicardowhenhesaid：

"Byconstantlyincreasingthefacilityofproduction，weconstantlydiminishthevalueofsomeofthecommoditiesbeforeproduced。"

（Vol。II，p。59）

Sismondigoesfurther。Heseesinthis"valueconstituted"bylabortime，thesourceofallthecontradictionsofmodernindustryandcommerce。

"Mercantilevalue，"hesays，"isalwaysdeterminedinthelongrunbythequantityoflaborneededtoobtainthethingevaluated：itisnotwhatithasactuallycost，butwhatitwouldcostinthefuturewith，perhaps，perfectedmeans;andthisquantity，althoughdifficulttoevaluate，isalwaysfaithfullyestablishedbycompetition……

"Itisonthisbasisthatthedemandoftheselleraswellasthesupplyofthebuyerisreckoned。Theformerwillperhapsdeclarethatthethinghascosthim10days’labor;butifthelatterrealizesthatitcanhenceforthbeproducedwitheightdays’labor，intheeventofcompetitionprovingthistothetwocontractingparties，thevaluewillbereduced，andthemarketpricefixedateightdaysonly。Ofcourse，eachofthepartiesbelievesthatthethingisuseful，thatitisdesired，thatwithoutdesiretherewouldbenosale;butthefixingofthepricehasnothingtodowithutility。"

（Etudes，etc。，Vol。II，p。267）

Itisimportanttoemphasizethepointthatwhatdeterminesvalueisnotthetimetakentoproduceathing，buttheminimumtimeitcouldpossiblybeproducedin，andtheminimumisascertainedbycompetition。Supposeforamomentthatthereisnomorecompetitionandconsequentlynolongeranymeanstoascertaintheminimumoflabornecessaryfortheproductionofacommodity;whatwillhappen？Itwillsufficetospendsixhours’ontheproductionofanobject，inordertohavetheright，accordingtoM。

Proudhon，todemandinexchangesixtimesasmuchastheonewhohastakenonlyonehourtoproducethesameobject。

Insteadofa"proportionalrelation"，wehaveadisproportionalrelation，atanyrateifweinsistonstickingtorelations，goodorbad。

Thecontinualdepreciationoflaborisonlyoneside，oneconsequenceoftheevaluationofcommoditiesbylabortime。Theexcessiveraisingofprices，overproductionandmanyotherfeaturesofindustrialanarchyhavetheirexplanationinthismodeofevaluation。

ButdoeslabortimeusedasameasureofvaluegiveriseatleasttotheproportionalvarietyofproductsthatsodelightsM。Proudhon？

Onthecontrary，monopolyinallitsmonotonyfollowsinitswakeandinvadestheworldofproducts，justastoeverybody’sknowledgemonopolyinvadestheworldoftheinstrumentsofproduction。Itisonlyinafewbranchesofindustry，likethecottonindustry，thatveryrapidprogresscanbemade。Thenaturalconsequenceofthisprocessisthattheproductsofcottonmanufacture，forinstance，fallrapidlyinprice：butasthepriceofcottongoesdown，thepriceofflaxwillbereplacedbycotton。

Inthisway，flaxhasbeendrivenoutofalmostthewholeofNorthAmerica。

Andwehaveobtained，insteadoftheproportionalvarietyofproducts，thedominanceofcotton。

Whatisleftofthis"proportionalrelation"？Nothingbutthepiouswishofanhonestmanwhowouldlikecommoditiestobeproducedinproportionswhichwouldpermitoftheirbeingsoldatanhonestprice。

Inallagesgood—naturedbourgeoisandphilanthropiceconomistshavetakenpleasureinexpressingthisinnocentwish。

LetushearwhatoldBoisguillebertsays：

"Thepriceofcommodities，"hesays，"mustalwaysbeproportionate;

foritissuchmutualunderstandingalonethatcanenablethemtoexisttogethersoastogivethemselvestooneanotheratanymoment（hereisM。Proudhon’scontinualexchangeability）andreciprocallygivebirthtooneanother……

"Aswealth，then，isnothingbutthiscontinualintercoursebetweenmanandman，craftandcraft，etc。，itisafrightfulblindnesstogolookingforthecauseofmiseryelsewherethaninthecessationofsuchtrafficbroughtaboutbyadisturbanceofproportioninprices。"

（Dissertationsurlanaturedesrichesses，Daire’sed。[pp。405and408]）

[Boisguillebert’sworkisquotedfromthesymposiumEconomistes—financiersduXVIIIsiecle。PrefacedbyahistoricalsketchoneachauthorandaccompaniedbycommentariesandexplanatorynotesbyEugeneDaire;

Paris1843。]

Letuslistenalsotoamoderneconomist：

"Thegreatlawasnecessarytobeaffixedtoproduction，thatis，thelawofproportion，whichalonecanpreservethecontinuityofvalue……

"Theequivalentmustbeguaranteed……

"Allnationshaveattempted，atvariousperiodsoftheirhistory，byinstitutingnumerouscommercialregulationsandrestrictions，toeffect，insomedegree，theobjecthereexplained……

Butthenaturalandinherentselfishnessofman……hasurgedhimtobreakdownallsuchregulations。ProportionateProductionistherealizationoftheentiretruthoftheScienceofSocialEconomy。"

（W。Atkinson，PrinciplesofPoliticalEconomy，London1840，pp。170—95）

FuitTroja。[Troyisnomore。]Thistrueproportionbetweensupplyanddemand，whichisbeginningoncemoretobetheobjectofsomanywishes，ceasedlongagotoexist。Ithaspassedintothestageofsenility。Itwaspossibleonlyatatimewhenthemeansofproductionwerelimited，whenthemovementofexchangetookplacewithinveryrestrictedbounds。

Withthebirthoflarge—scaleindustrythistrueproportionhadtocometoanend，andproductionisinevitablycompelledtopassincontinuoussuccessionthroughvicissitudesofprosperity，depression，crisis，stagnation，renewedprosperity，andsoon。

Thosewho，likeSismondi，wishtoreturntothetrueproportionofproduction，whilepreservingthepresentbasisofsociety，arereactionary，since，tobeconsistent，theymustalsowishtobringbackalltheotherconditionsofindustryofformertimes。

Whatkeptproductionintrue，ormoreorlesstrue，proportions？

Itwasdemandthatdominatedsupply，thatprecededit。Productionfollowedcloseontheheelsofconsumption。Large—scaleindustry，forcedbytheveryinstrumentsatitsdisposaltoproduceonanever—increasingscale，cannolongerwaitfordemand。Productionprecedesconsumption，supplycompelsdemands。

Inexistingsociety，inindustrybasedonindividualexchange，anarchyofproduction，whichisthesourceofsomuchmisery，isatthesametimethesourceofallprogress。

Thus，oneortheother：

Eitheryouwantthetrueproportionsofpastcenturieswithpresent—daymeansofproduction，inwhichcaseyouarebothreactionaryandutopian。

Oryouwantprogresswithoutanarchy：inwhichcase，inordertopreservetheproductiveforces，youmustabandonindividualexchange。

Individualexchangeissuitedonlytothesmall—scaleindustryofpastcenturieswithitscorollaryof"trueproportion"，orelsetolarge—scaleindustrywithallitstrainofmiseryandanarchy。

Afterall，thedeterminationofvaluebylabortime——theformulaM。Proudhongivesusastheregeneratingformulaofthefuture——isthereforemerelythescientificexpressionoftheeconomicrelationsofpresent—daysociety，aswasclearlyandpreciselydemonstratedbyRicardolongbeforeM。Proudhon。

Butdoesthe"equalitarian"applicationofthisformulaatleastbelongtoM。Proudhon？Washethefirsttothinkofreformingsocietybytransformingallmenintoactualworkersexchangingequalamountsoflabor？

IsitreallyforhimtoreproachtheCommunists——thesepeopledevoidofallknowledgeofpoliticaleconomy，these"obstinatelyfoolishmen"，these"paradisedreamers"——withnothavingfound，beforehim，this"solutionoftheproblemoftheproletariat"？

AnyonewhoisinanywayfamiliarwiththetrendofpoliticaleconomyinEnglandcannotfailtoknowthatalmostalltheSocialistsinthatcountryhave，atdifferentperiods，proposedtheequalitarianapplicationoftheRicardiantheory。WequoteforM。Proudhon：Hodgskin，PoliticalEconomy，1827;WilliamThompson，AnInquiryintothePrinciplesoftheDistributionofWealthMostConducivetoHumanHappiness，1824;

T。R。Edmonds，PracticalMoralandPoliticalEconomy，1828[18]，etc。，etc。，andfourpagesmoreofetc。WeshallcontentourselveswithlisteningtoanEnglishCommunist，Mr。Bray。Weshallgivethedecisivepassagesinhisremarkablework，Labor’sWrongsandLabor’sRemedy，Leeds，1839，andweshalldwellsometimeuponit，firstly，becauseMr。

BrayisstilllittleknowninFrance，andsecondly，becausewethinkthatwehavediscoveredinhimthekeytothepast，presentandfutureworksofM。Proudhon。

"TheonlywaytoarriveattruthistogoatoncetoFirstPrinciples……

Letus……goatoncetothesourcefromwhencegovernmentsthemselveshavearisen……Bythusgoingtotheoriginofthething，weshallfindthateveryformofgovernment，andeverysocialandgovernmentalwrong，owesitsrisetotheexistingsocialsystem——totheinstitutionofpropertyasitatpresentexists——andthat，therefore，ifwewouldendourwrongsandourmiseriesatonceandforever，thepresentarrangementsofsocietymustbetotallysubverted……Bythusfightingthemupontheirownground，andwiththeirownweapons，weshallavoidthatsenselessclatterrespecting’visionaries’and’theorists’，withwhichtheyaresoreadytoassailallwhodaremoveonestepfromthatbeatentrackwhich’byauthority’，hasbeenpronouncedtobetherightone。Beforetheconclusionsarrivedatbysuchacourseofproceedingcanbeoverthrown，theeconomistsmustunsayordisprovethoseestablishedtruthsandprinciplesonwhichtheirownargumentsarefounded。"

（Bray，pp。17and41）

"Itislaboralonewhichbestowsvalue……

"EverymanhasanundoubtedrighttoallthathishonestlaborcanprocurehiM。Whenhethusappropriatesthefruitsofhislabor，hecommitsnoinjusticeuponanyotherhumanbeing;forheinterfereswithnootherman’srightofdoingthesamewiththeproduceofhislabor……

"Alltheseideasofsuperiorandinferior——ofmasterandman——maybetracedtotheneglectofFirstPrinciples，andtotheconsequentriseofinequalityofpossessions;andsuchideaswillneverbesubverted，solongasthisinequalityismaintained。Menhavehithertoblindlyhopedtoremedythepresentunnaturalstateofthings……bydestroyingexistinginequality;butitwillbeshortlyseen……thatmisgovernmentisnotacause，butaconsequence——thatitisnotthecreator，butthecreated——thatisistheoffspringofinequalityofpossessions;andthattheinequalityofpossessionsisinseparablyconnectedwithourpresentsocialsystem。"

（Bray，pp。33，36and37）

"Notonlyarethegreatestadvantages，butstrictjusticealso，onthesideofasystemofequality……Everymanisalink，inthechainofeffects——thebeginningofwhichisbutanidea，andtheend，perhaps，theproductionofapieceofcloth。Thus，althoughwemayentertaindifferentfeelingstowardstheseveralparties，itdoesnotfollowthatoneshouldbebetterpaidforhislaborthananother。Theinventorwilleverreceive，inadditiontohisjustpecuniaryreward，thatwhichgeniusonlycanobtainfromus——thetribuneofouradmiration……

"Fromtheverynatureoflaborandexchange，strictjusticenotonlyrequiresthatallexchangersshouldbemutually，butthattheyshouldlikewisebeequally，benefited。Menhaveonlytwothingswhichtheycanexchangewitheachother，namely，labor，andtheproduceoflabor……

"Ifajustsystemofexchangeswereactedupon，thevalueofarticleswouldbedeterminedbytheentirecostofproduction;andequalvaluesshouldalwaysexchangeforequalvalues。If，forinstance，ittakesahatteronedaytomakeahat，andashoemakerthesametimetomakeapairofshoes——supposingthematerialusedbyeachtobeofthesamevalue——

andtheyexchangethesearticleswitheachother，theyarenotonlymutuallybutequallybenefited：theadvantagederivedbyeitherpartycannotbeadisadvantagetotheother，aseachhasgiventhesameamountoflabor，andthematerialsmadeuseofbyeachwereofequalvalue。Butifthehattershouldobtaintwopairofshoesforonehat——timeandvalueofmaterialbeingasbefore——theexchangewouldclearlybeanunjustone。Thehatterwoulddefraudtheshoemakerofoneday’slabor;andweretheformertoactthusinallhisexchanges，hewouldreceive，forthelaborofhalfayear，theproductofsomeotherperson’swholeyear。Wehaveheretoforeacteduponnootherthanthismostunjustsystemofexchanges——theworkmenhavegiventhecapitalistthelaborofawholeyear，inexchangeforthevalueofonlyhalfayear——andfromthis，andnotfromtheassumedinequalityofbodilyandmentalpowersinindividuals，hasarisentheinequalityofwealthandpowerwhichatpresentexistsaroundus。Itisaninevitableconditioninequalityofexchanges——ofbuyingatonepriceandsellingatanother——thatcapitalistsshallcontinuetobecapitalists，andworkingmentobeworkingmen——theoneaclassoftyrantsandtheotheraclassofslaves——toeternity……

"Thewholetransaction，therefore，plainlyshewsthatthecapitalistsandproprietorsdonomorethangivetheworkingman，forhislaborofoneweek，apartofthewealthwhichtheyobtainedfromhimtheweekbefore！

——whichamountstogivinghimnothingforsomething……

"Thewholetransaction，therefore，betweentheproducerandthecapitalistisapalpabledeception，amerefarce：itis，infact，inthousandsofinstances，nootherthanabarefacedthoughlegalizedrobbery。"

（Bray，pp。45，48，49and50）

"……thegainoftheemployerwillneverceasetobethelossoftheunemployed——untiltheexchangesbetweenthepartiesareequal;andexchangesnevercanbeequalwhilesocietyisdividedintocapitalistsandproducers——thelastlivingupontheirlaborandthefirstbloatingupontheprofitofthatlabor。

"Itisplain[continuesMr。Bray]that，establishwhateverformofgovernmentwewill……wemaytalkofmoralityandbrotherlylove……

noreciprocitycanexistwherethereareunequalexchanges。Inequalityofexchanges，asbeingthecauseofinequalityofpossessions，isthesecretenemythatdevoursus。"

（Bray，pp。51and52）

"Ithasbeendeduced，also，fromaconsiderationoftheintentionandendofsociety，notonlythatallmenshouldlabor，andtherebybecomeexchangers，butthatequalvaluesshouldalwaysexchangeforequalvalues——andthat，asthegainofonemanoughtnevertobethelossofanother，valueshouldbedeterminedbycostofproduction。butwehaveseen，that，underthepresentarrangementsofsociety……thegainofthecapitalistandtherichmanisalwaysthelossoftheworkman——thatthisresultwillinvariablytakeplace，andthepoormanbeleftentirelyatthemercyoftherichman，underanyandeveryformofgovernment，solongasthereisinequalityofexchanges——andthatequalityofexchangescanbeensuredonlyundersocialarrangementsinwhichlaborisuniversal……

"Ifexchangeswereequal，wouldthewealthofthepresentcapitalistsgraduallygofromthemtotheworkingclasses。"

（Bray，pp。53—55）

"Solongasthissystemofunequalexchangesistolerated，theproducerswillbealmostaspoorandasignorantandashardworkedastheyareatpresent，evenifeverygovernmentalburthenbesweptawayandalltaxesbeabolished……nothingbutatotalchangeofthissystem——anequalityoflaborandexchanges——canalterthisstateofrights……

"Theproducershavebuttomakeaneffort——andbythemmusteveryeffortfortheirownredemptionbemade——andtheirchainswillbesnappedasunderforever……

"Asanend，thepoliticalequalityisthereafailure，asameans，also，itisthereafailure。

"Whereequalexchangesaremaintained，thegainofonemancannotbethelossofanother;foreveryexchangeisthensimplyatransfer，andnotasacrificeoflaborandwealth。Thus，althoughunderasocialsystembasedonequalexchanges，aparsimoniousmanmaybecomerich，hiswealthwillbenomorethantheaccumulatedproduceofhisownlabor。Hemayexchangehiswealth，orhemaygiveittoothers……butarichmancannotcontinuewealthyforanylengthoftimeafterhehasceasedtolabor。Underequalityofexchanges，wealthcannothave，asitnowhas，aprocreativeandapparentlyself—generatingpower，suchasreplenishesallwastefromconsumption;

for，unlessitberenewedbylabor，wealth，whenonceconsumed，isgivenupforever。Thatwhichisnowcalledprofitandinterestcannotexistassuchinconnectionwithequalityofexchanges;forproduceranddistributorwouldbealikeremunerated，andthesumtotaloftheirlaborwoulddeterminethevalueofthearticlecreatedandbroughttothehandsoftheconsumer……

"Theprincipleofequalexchanges，therefore，mustfromitsverynatureensureuniversallabor。"

（Bray，pp。67，88，89，94，109—10）

Afterhavingrefutedtheobjectionsoftheeconomiststocommunism，Mr。

Braygoesontosay：

"If，thenachangedcharacterbeessentialtothesuccessofthesocialsystemofcommunityinitsmostperfectform——andif，likewise，thepresentsystemaffordsnocircumstancesandnofacilitiesforeffectingtherequisitechangeofcharacterandpreparingmanforthehigherandbetterstatedesired——itisevidentthatthesethingsmustnecessarilyremainastheyare……

orelsesomepreparatorystepmustbediscoveredandmadeuseof——somemovementpartakingpartlyofthepresentandpartlyofthedesiredsystem——someintermediaterestingplace，towhichsocietymaygowithallitsfaultsanditsfollies，andfromwhichitmaymoveforward，imbuedwiththosequalitiesandattributeswithoutwhichthesystemofcommunityandequalitycannotassuchhaveexistence。"

（Bray，p。134）

"Thewholemovementwouldrequireonlyco—operationinitssimplestform……Costofproductionwouldineveryinstancedeterminevalue;andequalvalueswouldalwaysexchangeforequalvalues。Ifonepersonworkedawholeweek，andanotherworkedonlyhalfaweek，thefirstwouldreceivedoubletheremunerationofthelast;butthisextrapayoftheonewouldnotbeattheexpenseoftheother，norwouldthelossincurredbythelastmanfallinanywayuponthefirst。Eachpersonwouldexchangethewagesheindividuallyreceivedforcommoditiesofthesamevalueashisrespectivewages;andinnocasecouldthegainofonemanoronetradebealosstoanothermanoranothertrade。Thelaborofeveryindividualwouldalonedeterminedhisgainsofhislosses……

"……Bymeansofgeneralandlocalboardsoftrade……thequantititiesofthevariouscommoditiesrequiredforconsumption——therelativevalueofeachinregardtoeachother——thenumberofhandsrequiredinvarioustradesanddescriptionsoflabor——andallothermattersconnectedwithproductionanddistribution，couldinashorttimebeaseasilydeterminedforanationasforanindividualcompanyunderthepresentarrangements……

"Asindividualscomposefamilies，andfamiliestowns，undertheexistingsystem，solikewisewouldtheyafterthejoint—stockchangehadbeeneffected。Thepresentdistributionofpeopleintownsandvillages，badasitis，wouldnotbedirectlyinterferedwith……

"Underthisjoint—stocksystem，thesameasunderthatnowexisting，everyindividualwouldbeatlibertytoaccumulateasmuchashepleased，andtoenjoysuchaccumulationswhenandwherehemightthinkproper……

"Thegreatproductivesectionofthecommunity……isdividedintoanindefinitenumberofsmallersections，allworking，producingandexchangingtheirproductsonafootingofthemostperfectequality……

"Andthejoint—stockmodification（whichisnothingbutaconcessiontopresent—daysocietyinordertoobtaincommunism），bybeingsoconstitutedastoadmitofindividualpropertyinproductionsinconnectionwithacommonpropertyinproductivepowers——makingeveryindividualdependentonhisownexertions，andatthesametimeallowinghimanequalparticipationineveryadvantageaffordedbynatureandart——isfittedtotakesocietyasitis，andtopreparethewayforotherandbetterchanges。"

（Bray，pp。158，160，162，168and194）

WenowonlyneedtoreplyinafewwordstoMr。BraywhowithoutusandinspiteofushadmanagedtosupplantM。Proudhon，exceptthatMr。Bray，farfromclaimingthelastwordonbehalfofhumanity，proposesmerelymeasureswhichhethinkgoodforaperiodoftransitionbetweenexistingsocietyandacommunityregime。

OnehourofPeter’slaborexchangesforonehourofPaul’slabor。

ThatisMr。Bray’sfundamentalaxiom。

LetussupposePeterhas12hours’laborbeforehim，andPaulonlysix。Peterwillconsequentlyhavesixhours’laborleftover。Whatwillhedowiththesesixhours’labor？

Eitherhewilldonothingwiththem——inwhichcasehewillhaveworkedsixhoursfornothing;orelsehewillremainidleforanothersixhourstogeteven;orelse，asalastresource，hewillgivethesesixhours’labor，whichhehasnousefor，toPaulintothebargain。

WhatintheendwillPeterhaveearnedmorethanPaul？Somehoursoflabor？No！Hewillhavegainedonlyhoursofleisure;hewillbeforcedtoplaytheloaferforsixhours。Andinorderthatthisnewrighttoloafmightbenotonlyrelishedbutsoughtafterinthenewsociety，thissocietywouldhavetofindinidlenessitshighestbliss，andtolookuponlaborasaheavyshacklefromwhichitmustbreakfreeatallcosts。

Andindeed，toreturntoourexample，ifonlythesehoursofleisurethatPeterhadgainedinexcessofPaulwerereallyagain！Notintheleast。Paul，beginningbyworkingonlysixhours，attainsbysteadyandregularworkaresultthatPetersecuresonlybybeginningwithanexcessofwork。EveryonewillwanttobePaul，therewillbeacompetitiontooccupyPaul’sposition，acompetitioninidleness。

Well，then！Whathastheexchangeofequalquantitiesoflaborbroughtus？Overproduction，depreciation，excessoflaborfollowedbyunemployment;

inshort，economicrelationssuchasweseeinpresent—daysociety，minusthecompetitionoflabor。

No！Wearewrong！TheseisstillanexpedientwhichmaysavethisnewsocietyofPetersandPauls。Peterwillconsumebyhimselftheproductofthesixhours’laborwhichhehasleft。Butfromthemomenthehasnolongertoexchangebecausehehasproduced，hehasnoneedtoproduceforexchange;andthewholehypothesisofasocietyfoundedontheexchangeanddivisionoflaborwillfalltotheground。Equalityofexchangewillhavebeensavedbythesimplefactthatexchangewillhaveceasedtobe：

PaulandPeterwouldarriveatthepositionofRobinson。

Thus，ifallthemembersofsocietyaresupposedtobeactualworkers，theexchangeofequalquantitiesofhoursoflaborispossibleonlyonconditionthatthenumberofhourstobespentonmaterialproductionisagreedonbeforehand。Butsuchanagreementnegatesindividualexchange。

Westillcometothesameresult，ifwetakeasourstartingpointnotthedistributionoftheproductscreatedbuttheactofproduction。

Inlarge—scaleindustry，Peterisnotfreetofixforhimselfthetimeofhislabor，forPeter’slaborisnothingwithouttheco—operationofallthePetersandallthePaulswhomakeuptheworkshop。ThisexplainsverywellthedoggedresistancewhichtheEnglishfactoryownersputuptotheTenHours’Bill。Theyknewonlytoowellthatatwo—hours’reductionoflaborgrantedtowomenandchildren[5]wouldcarrywithitanequalreductionofworkinghoursforadultmen。Itisinthenatureoflarge—scaleindustrythatworkinghoursshouldbeequalforall。

Whatistodaytheresultofcapitalandthecompetitionofworkersamongthemselveswillbetomorrow，ifyousevertherelationbetweenlaborandcapital，anactualagreementbasedupontherelationbetweenthesumofproductiveforcesandthesumofexistingneeds。

Butsuchanagreementisacondemnationofindividualexchange，andwearebackagainatourfirstconclusion！

Inprinciple，thereisnoexchangeofproducts——butthereistheexchangeofthelaborwhichco—operatedinproduction。Themodeofexchangeofproductsdependsuponthemodeofexchangeoftheproductiveforces。Ingeneral，theformofexchangeofproductscorrespondstotheformofproduction。Changethelatter，andtheformerwillchangeinconsequence。

Thusinthehistoryofsocietyweseethatthemodeofexchangingproductsisregulatedbythemodeofproducingthem。IndividualexchangecorrespondsalsotoadefinitemodeofproductionwhichitselfcorrespondstoclassantagonisM。Thereisthusnoindividualexchangewithouttheantagonismofclasses。

Buttherespectableconsciencerefusestoseethisobviousfact。

Solongasoneisabourgeois，onecannotbutseeinthisrelationofantagonismarelationofharmonyandeternaljustice，whichallowsnoonetogainattheexpenseofanother。Forthebourgeois，individualexchangecanexistwithoutanyantagonismofclasses。Forhim，thesearetwoquiteunconnectedthing。Individualexchange，asthebourgeoisconceivesit，isfarfromresemblingindividualexchangeasitactuallyexistsinpractice。

Mr。Brayturnstheillusionoftherespectablebourgeoisintoanidealhewouldliketoattain。Inapurifiedindividualexchange，freedfromalltheelementsofantagonismhefindsinit，heseesan"equalitarian"

relationwhichhewouldlikesocietytoadoptgenerally。

Mr。Braydoesnotseethatthisequalitarianrelation，thiscorrectiveidealthathewouldliketoapplytotheworld，isitselfnothingbutthereflectionoftheactualworld;andthatthereforeitistotallyimpossibletoreconstitutesocietyonthebasisofwhatismerelyanembellishedshadowofit。Inproportionasthisshadowtakesonsubstanceagain，weperceivethatthissubstance，farfrombeingthetransfigurationdreamtof，istheactualbodyofexistingsociety。[6]

3。

APPLICATIONOFTHE

LAWOFTHEPROPORTIONALITYOFVALUE

A）Money"Goldandsilverwerethefirstcommoditiestohavetheirvalueconstituted。"

[I69]

Thus，goldandsilverarethefirstapplicationsof"valueconstituted"……byM。Proudhon。AndasM。Proudhonconstitutesthevalueofproductsdeterminingitbythecomparativeamountoflaborembodiedinthem，theonlythinghehadtodowastoprovethatvariationsinthevalueofgoldandsilverarealwaysexplainedbyvariationsinthelabortimetakentoproducethem。M。Proudhonhasnointentionofdoingso。Hespeaksofgoldandsilvernotascommodities，butasmoney。

Hisonlylogic，iflogicitbe，consistsinjugglingwiththecapacityofgoldandsilvertobeusedasmoneyforthebenefitofallthecommoditieswhichhavethepropertyofbeingevaluatedbylabortime。

Decidedlythereismorenaivetethanmaliceinthisjugglery。

Ausefulproduct，onceithasbeenevaluatedbythelabortimeneededtoproduceit，isalwaysacceptableinexchange;witness，criesM。Proudhon，goldandsilver，whichexistinmydesiredconditionsof"exchangeability"！

Goldandsilver，then，arevaluewhichhasreachedastateofconstitution：

theyaretheincorporationofM。Proudhon’sidea。Hecouldnothavebeenhappierinhischoiceofanexample。Goldandsilver，apartfromtheircapacityofbeingcommodities，evaluatedlikeothercommodities，inlabortime，havealsothecapacityofbeingtheuniversalagentsofexchange，ofbeingmoney。Bynowconsideringgoldandsilverasanapplicationof"valueconstituted"bylabortime，nothingiseasierthantoprovethatallcommoditieswhosevalueisconstitutedbylabortimewillalwaysbeexchangeable，willbemoney。

AverysimplequestionoccurstoM。Proudhon。Whyhavegoldandsilvertheprivilegeoftypifying"constitutedvalue"？

"Thespecialfunctionwhichusagehasdevolveduponthepreciousmetal，thatofservingasamediumfortrade，ispurelyconventional，andanyothercommoditycould，lessconvenientlyperhaps，butjustasreliably，fulfilthisfunction。Economistsrecognizethis，andcitemorethanoneexample。Whatthenisthereasonforthisuniversalpreferenceformetalsasmoney？Andwhatistheexplanationofthisspecializationofthefunctionofmoney——whichhasnoanalogyinpoliticaleconomy？……Isitpossibletoreconstructtheseriesfromwhichmoneyseemstohavebrokenaway，andhencetotraceitbacktoitstrueprinciple？"

[I68—69]

Straightaway，byformulatingthequestionintheseterms，M。Proudhonhaspresupposedtheexistenceofmoney。Thefirstquestionheshouldhaveaskedhimselfwas，why，inexchangesastheyareactuallyconstituted，ithasbeennecessarytoindividualizeexchangeablevalue，sotospeak，bythecreationofaspecialagentofexchange。Moneyisnotathing，itisasocialrelation。Whyisthemoneyrelationaproductionrelationlikeanyothereconomicrelation，suchasthedivisionoflabor，etc。？IfM。

Proudhonhadproperlytakenaccountofthisrelation，hewouldnothaveseeninmoneyanexception，anelementdetachedfromaseriesunknownorneedingreconstruction。

Hewouldhaverealized，onthecontrary，thatthisrelationisalink，and，assuch，closelyconnectedwithawholechainofothereconomicrelations;thatthisrelationcorrespondstoadefinitemodeofproductionneithermorenorlessthandoesindividualexchange。Whatdoeshedo？Hestartsoffbydetachingmoneyfromtheactualmodeofproductionasawhole，andthenmakesitthefirstmemberofanimaginaryseries，ofaseriestobereconstructed。

Oncethenecessityforaspecificagencyofexchange，thatis，formoney，hasbeenrecognized，allthatremainstobeexplainediswhythisparticularfunctionhasdevelopedupongoldandsilverratherthanuponanycommodity。Thisisasecondaryquestion，whichisexplainednotbythechainofproductionrelations，butbythespecificqualitiesinherentingoldandsilverassubstances。Ifallthishasmadeeconomistsforonce"gooutsidethedomainsoftheirownscience，todabbleinphysics，mechanics，historyandsoon"，asM。Proudhonreproachesthemwithdoing，theyhavemerelydonewhattheywerecompelledtodo。Thequestionwasnolongerwithinthedomainofpoliticaleconomy。

"Whatnoeconomist，"saysM。Proudhon，"haseitherseenorunderstoodistheeconomicreasonwhichhasdetermined，infavorofthepreciousmetals，thefavortheyenjoy。"

[I69]

Thiseconomicreasonwhichnobody——withgoodgroundindeed——hasseenofunderstood，M。Proudhonhasseen，understoodandbequeathedtoposterity。

"Whatnobodyelsehasnoticedisthat，ofallcommodities，goldandsilverwerethefirsttohavetheirvalueattainconstitution。Inthepatriarchalperiod，goldandsilverwerestillbarteredandexchangediningotsbuteventhentheyshowedavisibletendencytobecomedominantandreceivedamarkeddegreeofpreference。Littlebylittlethesovereignstookpossessionofthemandaffixedtheirsealtothem：andofthissovereignconsecrationwasbornmoney，thatis，thecommodityparexcellence。which，notwithstandingalltheshocksofcommerce，retainsadefiniteproportionalvalueandmakesitselfacceptedforallpayments……

"Thedistinguishingcharacterofgoldandsilverisdue，Irepeat，tothefactthat，thankstotheirmetallicproperties，tothedifficultiesoftheirproduction，andabovealltotheinterventionofstateauthority，theyearlywonstabilityandauthenticityascommodities。"

Tosaythat，ofallcommodities，goldandsilverwerethefirsttohavetheirvalueconstituted，istosay，afterallthathasgonebefore，thatgoldandsilverwerethefirsttoattainthestatusofmoney。ThisisM。

Proudhon’sgreatrevelation，thisisthetruththatnonehaddiscoveredbeforehim。

If，bythesewords，M。Proudhonmeansthatofallcommodities，goldandsilveraretheoneswhosetimeofproductionwasknowntheearliest，thiswouldbeyetanotherofthesuppositionswithwhichheissoreadytoregalehisreaders。Ifwewishedtoharponthispatriarchalerudition，wewouldinformM。Proudhonthatitwasthetimeneededtoproduceobjectsofprimenecessity，suchasiron，etc。，whichwasthefirsttobeknown。

WeshallsparehimAdamSmith’sclassicbow。

But，afterallthat，howcanM。Proudhongoontalkingabouttheconstitutionofavalue，sinceavalueisneverconstitutedbyitself？

Itisconstituted，notbythetimeneededtoproduceitbyitself，butinrelationtothequotaofeachandeveryotherproductwhichcanbecreatedinthesametime。Thustheconstitutionofthevalueofgoldandsilverpresupposesanalreadycompletedconstitutionofanumberofotherproducts。

Itisthennotthecommoditythathasattained，ingoldandsilver，thestatusof"constitutedvalue"，itisM。Proudhon’s"constitutedvalue"

thathasattained，ingoldandsilver，thestatusofmoney。

Letusnowmakeacloserexaminationofthese"economicreasons"

which，accordingtoM。Proudhon，havebestowedupongoldandsilvertheadvantageofbeingraisedtothestatusofmoneysoonerthanotherproducts，thankstotheirhavingpassedthroughtheconstitutivephaseofvalue。

Theseeconomicreasonsare：the"visibletendencytobecomedominant"，the"markedpreferences"eveninthe"patriarchalperiod"，andothercircumlocutionsabouttheactualfact——whichincreasethedifficulty，sincetheymultiplythefactbymultiplyingtheincidentswhichM。Proudhonbringsintoexplainthefact。M。Proudhonhasnotyetexhaustedalltheso—calledeconomicreasons。Hereisoneofsovereign，irresistibleforce：

"Moneyisbornofsovereignconsecration：thesovereignstakepossessionofgoldandsilverandaffixtheirsealtothem。"

[I69]

Thus，thewhimofsovereignsisforM。Proudhonthehighestreasoninpoliticaleconomy。

Truly，onemustbedestituteofallhistoricalknowledgenottoknowthatitisthesovereignswhoinallageshavebeensubjecttoeconomicconditions，buttheyhaveneverdictatedlawstotheM。Legislation，whetherpoliticalorcivil，neverdoesmorethanproclaim，expressinwords，thewillofeconomicrelations。

Wasitthesovereignwhotookpossessionofgoldandsilvertomakethemtheuniversalagentsofexchangebyaffixinghissealtothem？

Orwasitnot，rather，theseuniversalagentsofexchangewhichtookpossessionofthesovereignandforcedhimtoaffixhissealtothemandthusgivethemapoliticalconsecration？

Theimpresswhichwasandisstillgiventomoneyisnotthatofitsvaluebutofitsweight。ThestabilityandauthenticityM。Proudhonspeaksofapplyonlytothestandardofthemoney;andthisstandardindicateshowmuchmetallicmatterthereisinacoinedpieceofmoney。

"Thesoleintrinsicvalueofasilvermark，"saysVoltaire，withhishabitualgoodsense，"isamarkofsilver，halfapoundweighingeightounces。Theweightandthestandardaloneformthisintrinsicvalue。"

（Voltaire，SystemedeLaw）

[MarxquotesachapterfromVoltaire’sHistoriedeparlement。Itisentitled"FranceinthePeriodoftheRegencyandLaw’sSystem"。]

Butthequestion：howmuchisanounceofgoldorsilverworth，remainsnonetheless。IfacashmerefromtheGrandColbertstoresborethetrademarkpurewool，thistrademarkwouldnottellyouthevalueofthecashmere。Therewouldstillremainthequestion：howmuchiswoolworth？

【推荐阅读】幽幽深宫，醒来一梦似千年，重生于下堂妃身躯中的她，将如何手刃仇人? 点击阅读