KARL MARX. 
25 
corresponding. Value in use depends solely on the intensity 
of the need. A loaf of bread which can feed me for a day 
has a constant value as an article of consumption, but as an 
article of exchange it varies with the amount of the harvest 
and the price of grain. Glasses which suit my eyesight may 
have a high value for me, while perhaps they would have no 
value in exchange, because they might not suit any other eyes 
than mine. 
As regards value in use, all articles differ from one another 
by reason of their qualities and the wants they are intended to 
satisfy. As regards value in exchange, all articles have in 
common the capability of being bartered one for the other or 
for a certain sum of money. In respect of use, it would be 
difficult to establish a relation between the sheep that we eat 
and the horse that we ride ; in respect of exchange, however, 
we may say that a horse is worth twenty sheep, if for a horse 
we get;¿’40, and for a sheep 
In primitive communities, as in India, according to Sir 
Henry Maine, or during the Middle Ages, it is value in use 
that is principally considered, for as each group of families 
produces almost all they consume, there is very little buying 
and selling. Take a hamlet under Charlemagne, or a village 
community in Russia or Servia : the men procure the articles of 
food and the textile materials, make the tools, the agricultural 
implements, and the house furniture, while the women prepare 
the food and the clothes, spin the wool, hemp, and flax, and 
even make the boots. There is almost no exchange. In com 
munities, when division of labour and of trades has taken place, 
value in exchange is the principal thing ; for as nobody pro 
duces what he consumes, each must sell in order to buy. 
Every product becomes an object for the market, and the 
important point to discover is what it is that gives value to 
these objects intended for exchange. To this question Marx 
does not hesitate to reply, with Adam Smith and Ricardo, that 
it is labour alone.* 
* For an account of the theories of Karl Marx, the following writers may 
he consulted :—Heinrich von Sybel, Die Lehren det heutigen Soctaltsmus ; 
Fugen Jaeger, Der Moderne Socialismus ; Schæffle, Der Socialtsmus und