ABSTRACT
The law of value was treated as an economic law for the capitalist society. The reason why the law of value was allowed to exist in the socialist society was because capitalist economy and commodity economy existed. In 1956, after a decisive victory was won in China's socialist transformation of its agriculture, handicraft industry, and capitalist industry and commerce. An upsurge of discussion on value and the law of value in relation to the planning system and planning methods were started among economists. The law of value was allowed to participate in the big family of socialist economic laws as a spokesman for spontaneous market forces of the capitalist economy and the individual economy. Many comrades also attempt to associate "regulating functions" with the law of value under the capitalist and individual economy so as to distinguish it from the law of value under the present socialist economy.
