Bray's pamphlet ''Labour's Wrongs and Labour's Remedy
is quoted at length by Karl Marx in his 1847 attack on Proudhon, The Poverty of Philosophy''. In it Marx uses him to show the unoriginality of Proudhon's
mutualist proposals. Indeed, Bray's economics are those that have somewhat controversially (see Noel Thompson reference) been ascribed to the
Ricardian socialists. In short a belief that the source of employers profits is an unequal exchange with employees in which the latter is not paid the full value of their labor. The remedy then is based on creating a society of equal exchange between producers at fair value. Bray's ideas in this sense are in the tradition of
market socialism. According to French Socialist
Paul Lafargue, who calls "Labour's Wrongs, and Labour's Remedy" "his remarkable work", Bray had called for the establishing of "equitable labour exchanges", not "as a solution of the social problem" but "only [as] a means of smoothing over the transition from the capitalist to the communist
régime". In this he was echoing Marx's own comments on Bray in his polemic against Proudhon almost word for word. Several were started in 1840 -- "in
London,
Sheffield,
Leeds and other towns", but "after absorbing vast capital, had gone bankrupt under scandalous circumstances." Bray claimed that capital accumulation was the result of an unequal exchange of commodities between laborers and capitalists. This led him to criticize the system of inheritance as it existed in his time. He maintained that inheritance by individuals helped account for “the existence of large private fortunes” and that it was “an unjust case.” Bray stated that the “greater part of present capital has been inherited from preceding generations” and that instead of individual inheritance, inherited wealth should be “used for the benefit of all.” In Bray’s system of equal exchange, “prices are based exclusively on labor cost of production” and “there can be neither interest nor profit.” Bray supported the abolition of private ownership because he was critical of certain social issues—“the existence of poverty, the exploitation of the poor by the rich, [and] the dishonesty of the commercial system”—that he claimed were inherent to a system of private ownership. ==Bibliography==