Capitalism produces use values as they are de4 ned by exchange value. Social production is carried on as the production of commodities as these are determined by socially necessary labor time. Socially necessary labor time is reduced through competition among capitals, and their concentration and centralization as competitors are eliminated. The reduction of socially necessary labor time is, therefore, simultaneously, the process of concentration and centralization of capital. And, pari passu, the concentration and centralization of capital is the management of the production of exchange value at its highest and most developed levels.