Ricardian socialism [SEP] named after
Ricardian socialism
Ricardian socialism is a branch of classical economic thought based upon the work of the economist David Ricardo (1772–1823). The term is used to describe economists in the 1820s and 1830s who developed a theory of capitalist exploitation from the theory developed by Ricardo that stated that labor is the source of all wealth and exchange value. This principle extends back to the principles of English philosopher John Locke. The Ricardian socialists reasoned that labor is entitled to all it produces, and that rent, profit and interest were not natural
) that was required to produce the commodities. The Ricardian socialists viewed profit, interest and rent as deductions from this exchange-value. These ideas embodied early conceptions of market socialism.
After the advent of Karl Marx's theory of capitalism and scientific socialism, socialism came to refer to ownership and administration of the means of production by the working class, either through the state apparatus or through independent cooperatives. In Marxist theory, socialism refers to a specific stage of social and economic development that will displace capitalism, characterized by