ABSTRACT
The elimination of the private ownership system of the means of production and the establishment of the socialist public ownership system has led to a fundamental change in the social relations of people in the production, exchange, and distribution processes. The socialist production process is a unity of the labor process and the value-creation process. The policy "grasp revolution and promote production" formulated by Chairman Mao correctly reflects the requirement of the objective law governing the motion of the basic contradiction of socialist society. The basic economic law of socialism determines all major aspects of development of the socialist economy and the basic content of socialist production, exchange, distribution, and consumption. The basic economic law of socialism also determines socialist distribution and consumption. The General Line for socialist construction requires the unification of greater, faster, and better results at lower costs in socialist construction.
