[...] in the Marxian definition exploitation is precisely the capture of surplus-value by capital, which consists in depriving the employees of a part of the value they have produced. It is not however the dispossession from that part of value in itself that turns it into exploitation, but its private appropriation by the capitalist. Were the surplus-value handed over, not to the capitalist but to the enterprise under total internal democratic control of the employees, or more accurately to the employees collectively, who would still think of calling it ‘exploitation’? Yet formally the employees would still be personally deprived of the surplus-value as the difference between the total value and the value of the reproduction of their labour-power. The ‘objective’ calculus of the labour theory of value, which supposedly entails a finding of exploitation, would be maintained, without however leading to that conclusion. Therefore, if exploitation there is, it falls under a political theory of capture more than under an economic theory of value. [...]