Is there a defect in the labor theory of value? How to treat exploitation in contemporary private enterprises and foreign-funded enterprises

Labor theory of value also has defects:

First, it is not entirely realistic to deny the role of assets and capital in the formation of value. In fact, labor and assets are two sources of use value and value, and the role of labor is one-sided. For example, farmers plant two plots of land, one fertile and the other barren, and invest the same labor, seeds and fertilizers. But these two plots don't produce the same amount of food, so they will certainly produce more food. Under the same market price, more grain will represent more value, which is of course related to land, and the role of land in the formation of value is undeniable. This is an example, but it is universal. In fact, all our enterprises have problems with the means of production, especially the tools of production, and their status and role are equivalent to farmers' land, which is the first defect of the labor theory of value.

The second flaw, the labor theory of value, holds that natural resources have no value, because it does not contain abstract labor of human beings. This is also unrealistic. In the contemporary world, people can't ask for any resources at will. To obtain them, we must pay a certain value, or produce their substitutes, and also need a certain amount of labor and resources. These things are very valuable. This is the second defect of labor theory of value.

The third defect is that the labor theory of value emphasizes operational labor, especially manual labor, while ignoring managerial labor, especially highly complicated labor. In fact, management labor is more important than management labor. For example, capital investment is indispensable even under socialist conditions, and it is also a part of social necessary labor. And this highly complex labor has created higher value.

Whether it is a foreign-funded enterprise or a domestic private enterprise, the purpose is the same. Therefore, there is exploitation in China at present, but exploitation is only a local phenomenon, which only exists in foreign enterprises and private economy.