On the Theory of Value.

Socialism is based on the equitable distribution of the fruits of labor, meaning physical labor. Marx plundered David Ricardo's Labor Theory of Value. This was intended as a counter to the earlier Mercantilist theory which was somewhat vulgarly thought to depend on wealth being based on the regulated trade in plundered colonial assets and the even earlier Feudal social and economic system with wealth based on land tenure.

Marx failed to see that the Mercantilist model failed on its own merits as shown by financial implosion of Spain after importing the gold of the New World. Every effort to use state power to limit innovation and trade failed. In this Marxism was no different than the advocates for earlier would be productive elites, feudal or mercantile.

What Marx never worked out was the valuation of non-physical labor, like that of intellectuals such as Marx. It was clear that Intellectuals are Alienated and full of grievance but for all the pleading about "Knowledge Workers" there is no credible way short of the market in a Capitalist system to value and identify as a good the product of intellectuals. Intellectuals should be the last people to argue for scrapping the market because they are most likely to have the their work value revalued down by a bureaucrat.