MLN122 - Marxist-Leninist Political Economy Practice Flashcards

This set of vocabulary flashcards covers the fundamental terms and concepts of Marxist-Leninist Political Economy, including theories of value, surplus value, capital, and modern industrial revolutions, based on the provided MLN122 notes.

Characteristics of Capitalism

A system characterized by capital accumulation, voluntary exchange, a price system, and competitive markets (not state ownership of production means).

State Monopoly Capitalism Mechanism

Consists of the market mechanism, private monopolies, and state intervention/regulation.

Second Industrial Revolution Period

Occurred from the second half of the $19^{th}$ century to the early $20^{th}$ century.

British Classical Political Economy Contributions

Concluded that value is created by labor and analyzed economic categories such as value, net product, capital, and wages.

Functions of Marxist-Leninist Political Economy

Includes cognitive, practical, ideological, and methodological functions.

Conditions for Commodity Production

The social division of labor and the economic separation between producers/production subjects.

Socialist-Oriented Market Economy

Defined at the $IX^{th}$ National Party Congress as an economic organization that follows market laws under the leadership and principles of socialism.

Labor Power (Sức lao động)

The total physical and mental strength of a living person used to produce a specific use-value; it becomes a commodity under capitalism.

Abstract Labor (Lao động trừu tượng)

The expenditure of human labor in general, which creates the value of a commodity.

Concrete Labor (Lao động cụ thể)

Labor performed in a specific professional form with its own purpose, object, tools, and results; it creates the use-value of a commodity.

Monopoly (Độc quyền)

An alliance between large enterprises capable of capturing production and consumption to set monopoly prices and obtain high monopoly profits.

Surplus Value ($m$)

The part of the value created by the worker's labor that is beyond the value of their labor power and is appropriated by the capitalist.

Constant Capital ($c$)

The part of capital existing as means of production (machinery, raw materials) whose value is transferred unchanged to the product.

Variable Capital ($v$)

The part of capital used to purchase labor power; it grows in value during production as it creates surplus value.

Absolute Surplus Value

Value obtained by extending the working day beyond the necessary labor time while labor productivity and labor-power value remain constant.

Relative Surplus Value

Value obtained by shortening the necessary labor time through increased social labor productivity, thereby increasing surplus labor time.

Cartel

A form of monopoly popular in Europe in the late $19^{th}$ century where members are independent in production but lose independence in circulation/distribution.

Syndicate

A higher form of monopoly where enterprises lose independence in circulation (buying and selling) but remain independent in production.

Trust

A monopoly form where all production, sales, and financial activities are unified under a single management board.

Consortium

A complex monopoly organization consisting of large enterprises from different industries (banks, industry, etc.) managed by a central power.

Financial Capital (Tư bản tài chính)

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

Functions of Money

Measure of value, medium of circulation, medium of payment, store of value (hoarding), and world money.

Knowledge Economy (Kinh tế tri thức)

An economy where the production, dissemination, and use of knowledge are the main drivers of growth and wealth creation.

William Petty

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

Adam Smith's Invisible Hand

The mechanism where individuals pursuing their own profit are led by market forces to achieve the most efficient social outcome.

Rate of Surplus Value ($m'$)

The ratio representing the degree of exploitation: $m' = \frac{m}{v} \times 100\%$.

Mass of Surplus Value ($M$)

Calculated by the formula: $M = m' \times V$.

Organic Composition of Capital

The value composition of capital determined by its technical composition: denoted as $\frac{c}{v}$.

Differential Rent I (Địa tô chênh lệch I)

Rent obtained from land with average or high fertility, or land in favorable locations.

Differential Rent II (Địa tô chênh lệch II)

Rent obtained from land subjected to intensive cultivation/additional investment.

Absolute Rent (Địa tô tuyệt đối)

Rent that all capitalists operating in agriculture must pay to landowners regardless of land fertility.

General Formula of Capital

$T - H - T'$ (where $T' = T + \Delta t$), reflecting that the purpose of circulation is surplus value.

Capital Turnover (Chu chuyển tư bản)

The circulation of capital considered as a periodic, constantly repeating process of renewal.

Fixed Capital (Tư bản cố định)

Capital used in production (machinery, factory) that participates in the whole process but transfers value gradually to products through depreciation.

Circulating Capital (Tư bản lưu động)

Capital (raw materials, wages) whose value is transferred entirely to the new product in one production cycle.

Export of Capital

The export of value abroad to produce surplus value and other benefits in the recipient country.

Methods of Capital Investment

Direct investment (FDI) and indirect investment (purchasing stocks/bonds).

Capitalist Production Cost ($k$)

The amount spent by the capitalist: $k = c + v$.

Rate of Profit ($p'$)

The ratio of surplus value to total advanced capital: $p' = \frac{m}{c+v} \times 100\%$. It is usually smaller than $m'$.

Knowledge Economy - Fourth Industrial Revolution

Characterized by breakthroughs in Big Data, Artificial Intelligence (AI), Internet of Things (IoT), and 3D technology.