Applicative programming languages and languages for data-flow machines are often described as value-oriented languages. Other languages, such a Smalltalk, are described as object-oriented. LISP has been described as both value-oriented and object-oriented. What exactly do these terms mean? This paper attempts to identify and clarify the differences between values and objects and, hence, between value-oriented and object-oriented languages. The paper then turns to the question of whether objects should be included in applicative languages and the role they can fill in those languages. The remainder of the paper is a proposal for one approach to a true object-oriented programming. This includes both an informal description of object-oriented programming constructs and a formal semantics for these constructs. Nondeterminacy, synchronization and recovery from failures are briefly discussed. (Author)