Time of Production, under capitalism, the time during which capital is in the productive sphere, i. e., operates as productive capital whose function is to create surplus value; under socialism, it is the time during which the means of socialist enterprises are engaged in production. It embraces the entire process of manufacturing a certain product at an enterprise from the moment the means of production are supplied to the moment the finished product is ready. Production time consists of: 1) the time during which the means of production are retained as a production stock, which ensures the interrupted process of production; 2) the labour time during which the labour process as such takes place; 3) the time consumed by intervals in labour; 4) the time during which objects of labour are subjected to the impact of natural or artificial (in certain industries) processes in conformity with the accepted technology. The most important element of production time is the working period. The longer this period of time, the higher the expenditure in producing the item. Reduction of production time means more effective utilisation of the means of production and labour power. It becomes possible to accelerate capital turnover, and, under socialism, to accelerate the turnover of the means of production (producer goods) of socialist enterprises and associations. Under socialism, the working period is reduced through the planned utilisation of the latest achievements of science, technology and advanced expertise, by better organisation of production, by encouraging the social division of labour, concentration of production, and specialisation of production, and by 373 combining of industrial production. Also significant in this respect are the growth of labour productivity, raising the efficiency of social production and quality of work, and the intensification of production (see Intensification of Production under Socialism) throughout the economy.