Marx’stheoryofvaluearoseoutofthebidtounderstandthebasisonwhichgoodswereexchanged.Whatisitthatdeterminesthequantityofaproductthatisexchangedwithanother?How is it that a bag of rice can be exchanged with twobales of cloth or why is it that both products share thesame monetary value? Marx’s theory was a build-up onthe theories of bourgeois classical political economists,notably,AdamSmith,DavidRicardo,etal.wholaiddownthefoundationformoderndayeconomictheoryeconomic theory from their investigations of what exactlydeterminedthevalueofacommodity.ForBarbon(1696:2)“thingshaveanintrinsicvalueandthatthegreatestnumberofthingshavetheirvaluefromsupplyingthewantsofthemind”.OtherslikeRicardoandSmithpositedthattherewardforlabour(wage)determinedpriceofvalueofthecommodity.Locke(1777:280),studyingtheissueoftheconsequencesoflowering interest rates posited that “the natural value ofanything consists in its fitness to supply the necessitiesorservetheconvenienceofhumanlife”.Also,somethought that this ‘value’ seen in exchange was a result ofthe importance of products, what is regarded as its usevalue.‘butthat‘thispropertyofacommunityisindependentoftheamountoflabourrequiredtoappropriate its useful qualities.