Against the neo-classical revolution in bourgeois economics, which repudiated the labour theory of value, Marxists tended to assert the classical position that labour is the substance of value and that value is the labour embodied in the product. Like the classical political economists, Marxists failed to address the peculiarity of the social process of reduction that is necessary for such quantitative magnitudes to be compared. That is to say, they too did not ask the question of why labour appears in the value-form of its product, and what kind of labour can so appear. Yet as Marx indicates, it is only by understanding the intricacy of the value-form that one can understand the subsequent forms of money and capital, or how human activity takes the form of the accumulation of capital. […] Understanding value as merely a form […] went together with a vision of socialism as a state-directed version of essentially the same industrial division of labour that is organised by the market in capitalism. On this view labour, which was restricted by market forms under capitalism, would become the conscious organising principle of society in socialism. […] labour is something that exists quasi-naturalistically in the product, and exploitation is seen as an issue of the distribution of that product — thus the “solution” to capitalism is seen as workers, via the state or other means, shifting that distribution in their favour. If exploitation is a matter of the deduction of a portion of the social product by a parasitic ruling class then socialism does not have to substantially alter the form of commodity production; but may simply take it over, eliminate the parasitic class, and distribute the product equitably. Endnotes, Communisation and Value Form Theory, Endnotes #2 (2010), https://endnotes.org.uk/articles/communisation-and-value-form-theory

In the traditional view, the overcoming of the capitalist mode of production need not involve the abolition of abstract labour: abstract labour, according to this view, is a generic abstraction, a general transhistorical truth underlying the appearance of market forms within the capitalist mode of production. This truth would shine forth in socialism, with the parasitic role of the capitalist eliminated, and the anarchic market organisation of social labour replaced by (state) planning. From a critical perspective, traditional Marxism had turned capitalist forms and laws into general laws of history: in the relatively backward areas such as Russia, where Marxism became the ideology of state-led industrial development, Capital became a “how-to manual.” By contrast, for the value-form theorists Marx’s theory of value, as a monetary theory of value, is “not a theory about the distribution of social wealth, but rather a theory of the constitution of the social totality under the conditions of capitalist commodity production.” The issue was thus shifted from one of distribution to an overcoming of the form of labour, of wealth and the mode of production itself. Endnotes, Communisation and Value Form Theory, Endnotes #2 (2010), https://endnotes.org.uk/articles/communisation-and-value-form-theory