Abraham Lincoln’s Labor Theory of Value

Abraham Lincoln was no Marxist, but his ideas about the relationship of labor and capital mirrored Marx’s in some ways—albeit with a rural American flavor.

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Today, the idea that the value of all commodities comes from the labor power used to produce them is closely associated with Karl Marx. But Marx was far from the only thinker in the mid-nineteenth century to believe this. Literature scholar Owen Cantrell looks at another: Abraham Lincoln.

In 1847, Lincoln wrote that goods rightfully “belong to those whose labour has produced them,” and any good government should ensure that workers receive the entire product of their labor “or as nearly as possible.”

However, unlike Marx, Lincoln saw no problem with the private ownership of property, or even of some people becoming rich. Cantrell argues that his view was the product of his own background in rural middle America. As a young man, Lincoln’s father had worked odd jobs in Kentucky, sometimes alongside enslaved laborers. This became increasingly difficult as the growing use of enslavement crowded out free workers. But he was eventually able to help his community with his carpentry skills and establish a homestead in Indiana. There, Lincoln grew up doing manual labor on the homestead and at neighboring farms.

In 1861, the newly elected president warned that slavery threatened a system of free labor in which “the prudent, penniless beginner in the world, labors for wages for awhile, saves a surplus with which to buy tools or land for himself; then labors on his own account another while, and at length hires another new beginner to help him.”

Cantrell writes that Lincoln believed that both human advancement and political stability for the American democratic republic depended on workers’ dignity and ability to improve their conditions. He envisioned the Civil War as a fight between a slave economy that left workers powerless and a kind of capitalism in which they could use the cash economy to advance, improve production techniques, and create better material conditions for the country as a whole.

Marx had a very different view of the capitalist system, seeing wage work as the mark of an oppressed class making up the majority of industrial nations’ populations. But, like Lincoln, he saw the Civil War as an opportunity to secure better lives for all workers. When Lincoln was reelected in 1864, Marx—on behalf of the First International—wrote to him with hopes that the “American Antislavery War” would essentially function as a revolution bringing the working class to power.

In the end, the post-Civil War era did bring a new labor system, though not one for which either Marx or Lincoln had hoped. It saw the rise of large corporate employers and the consignment of an increasing part of the workforce to lifelong wage work—thanks in significant part to Lincoln’s Republican Party choosing to ally itself with the corporations.

“If he had witnessed the capitalist excesses of the Gilded Age, it would have proved the lie to his conception of capital and labor in the starkest possible way,” Cantrell writes.

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The post Abraham Lincoln’s Labor Theory of Value appeared first on JSTOR Daily.