Question

Robert Owen’s Equitable Labour Exchange was based on which theory?

• A. Labour theory of value
• B. Supply and demand theory
• C. Keynesian economic theory
• D. Mercantilism

Answer 1

Answer:

A. Labour theory of value

Equitable Labour Exchange (1832)

• Equitable Labor Exchange – 1832

• Established: 3 September 1832

• Location: England

• Founder: Robert Owen

Background

• After the failure of New Harmony (USA), Robert Owen returned to England.

• He was not discouraged and continued to pursue his cooperative ideas.

• He started the Equitable Labor Exchange to promote fair trade and worker empowerment.