Marxist-Leninist Political Economy Practice Flashcards

Comprehensive vocabulary flashcards covering the key concepts of Marxist-Leninist Political Economy, including commodity theory, surplus value, monopoly capitalism, and the socialist-oriented market economy in Vietnam.

Antoine de Montchrestien

The person credited with first introducing the term 'political economy' in his work 'A Treatise on Political Economy' in 1615.

William Petty

Considered by Karl Marx as the founder of classical bourgeois political economy.

Object of study of Marxist-Leninist Political Economy

Production relations in their interaction with productive forces and the superstructure.

Scientific abstraction

The most important method in Marxist-Leninist political economy which removes accidental, superficial phenomena to retain essential and universal relationships.

Cognitive function of Political Economy

The function that reveals the nature of economic phenomena and processes.

Methodological function of Political Economy

Providing the theoretical foundation for sectoral economic sciences.

Economic law

Objective relationships that exist independently of human will and exert influence through human economic activities.

Economic policy

A subjective product of humans (the State) based on the awareness and application of objective economic laws.

Commodity (Hàng hóa)

A product of labor that can satisfy a human need through exchange or buying and selling.

Use-value of a commodity

The utility or usefulness of a commodity to satisfy a specific human need.

Value of a commodity

The social labor of the commodity producer crystallized in the commodity.

Price (Giá cả)

The expression of the value of a commodity in terms of money.

Socially necessary labor time

The standard measure for the magnitude of a commodity's value, determined by the time required to produce a value under average social conditions.

Dual nature of labor producing commodities

Concrete labor (source of use-value) and abstract labor (source of value).

Concrete labor

Useful labor performed under a specific form of a particular professional craft; it creates the use-value of a commodity.

Abstract labor

The social labor of commodity producers regardless of its specific form; it is the source and substance of value.

Simple labor

Labor that can be performed by any average person without specialized training.

Complex labor

Labor that requires training and skill to perform.

Law of Value

The basic economic law of commodity production requiring that production and exchange be based on the social labor required.

Market (Broad sense)

The totality of relationships related to exchange and buying/selling in society formed by historical, economic, and social conditions.

Market (Narrow sense)

The physical or virtual place where exchange and transaction behaviors between economic subjects occur.

Labor power (Sức lao động)

A specific commodity whose use-value has the unique property of being a source of value, specifically creating value greater than its own value.

Capital (Marxist definition)

Value that brings in surplus value by exploiting hired labor.

Constant capital (c)

The part of capital (machines, raw materials) whose value is preserved and transferred unchanged into the product during the production process.

Variable capital (v)

The part of capital spent on labor power that changes its magnitude by creating surplus value.

Fixed capital

Part of productive capital (machinery, equipment, workshops) that transfers its value bit by bit into the product through depreciation over many cycles.

Circulating capital

Part of productive capital (raw materials, fuel, labor power) that is completely consumed in one production cycle and transfers its value immediately to the product.

Absolute surplus value production

A method of increasing surplus value by lengthening the working day while the necessary labor time remains unchanged.

Relative surplus value production

A method of increasing surplus value by shortening necessary labor time based on increasing social labor productivity.

Capital accumulation (Tích tụ tư bản)

Increasing the size of individual capital by transforming a portion of surplus value into capital.

Capital concentration (Tập trung tư bản)

Increasing the size of individual capital by merging existing individual capitals in society.

Nominal wages

The amount of money a worker receives from a capitalist for selling their labor power.

Surplus value rate (M')

An indicator reflecting the degree of exploitation of workers by capitalists.

Monopoly

An alliance between large enterprises that grasp the majority of production and consumption of certain goods to gain high monopoly profits.

Finance capital

The result of the merger between industrial monopoly capital and banking monopoly capital.

Capital export

The export of value (capital) abroad to occupy surplus value and other benefits in the recipient country.

State monopoly capitalism

A stage where monopoly organizations and the State apparatus combine into a single mechanism to serve the interests of monopolies and save capitalism.

Socialist-oriented market economy

An economy that operates according to market rules while being managed by a socialist state, aiming for 'prosperous people, strong country, democracy, justice, and civilization'.

Economic institution

A system of lines, laws, policies, and mechanisms that regulate the behavior of economic subjects and the operation of the economy.

Economic interest

The material benefits obtained when performing economic activities; it serves as a driving force for economic subjects.

Industrialization

The fundamental, comprehensive transition of economic and social activities from using manual labor to labor based on mechanical industry.

Modernization

The process of applying advanced scientific and technological achievements to production, business, and social management.

The First Industrial Revolution

Began in the 1760s in England, characterized by the use of water power, steam engines, and mechanization.