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Wage-Labour and Capital and Value, Price, and Profit Paperback – December 23, 2021
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- Reading age7 years and up
- Print length114 pages
- LanguageEnglish
- Dimensions5.5 x 0.25 x 8.25 inches
- PublisherIntl Pub Co Inc
- Publication dateDecember 23, 2021
- ISBN-100717804704
- ISBN-13978-0717804702
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- Publisher : Intl Pub Co Inc; Paperback (Combined) ed. edition (December 23, 2021)
- Language : English
- Paperback : 114 pages
- ISBN-10 : 0717804704
- ISBN-13 : 978-0717804702
- Reading age : 7 years and up
- Item Weight : 5.4 ounces
- Dimensions : 5.5 x 0.25 x 8.25 inches
- Best Sellers Rank: #92,109 in Books (See Top 100 in Books)
- #50 in Political Economy
- #91 in Communism & Socialism (Books)
- #273 in History & Theory of Politics
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About the author
Karl Marx (1818-1883) was a German philosopher, political economist, historian, political theorist, sociologist, communist, and revolutionary, whose ideas played a significant role in the development of modern communism. Marx summarized his approach in the first line of chapter one of The Communist Manifesto, published in 1848: "The history of all hitherto existing society is the history of class struggles." Marx argued that capitalism, like previous socioeconomic systems, would inevitably produce internal tensions which would lead to its destruction. Just as capitalism replaced feudalism, he believed socialism would, in its turn, replace capitalism, and lead to a stateless, classless society called pure communism. This would emerge after a transitional period called the "dictatorship of the proletariat": a period sometimes referred to as the "workers state" or "workers' democracy". In section one of The Communist Manifesto Marx describes feudalism, capitalism, and the role internal social contradictions play in the historical process: We see then: the means of production and of exchange, on whose foundation the bourgeoisie built itself up, were generated in feudal society. At a certain stage in the development of these means of production and of exchange, the conditions under which feudal society produced and exchanged...the feudal relations of property became no longer compatible with the already developed productive forces; they became so many fetters. They had to be burst asunder; they were burst asunder. Into their place stepped free competition, accompanied by a social and political constitution adapted in it, and the economic and political sway of the bourgeois class. A similar movement is going on before our own eyes.... The productive forces at the disposal of society no longer tend to further the development of the conditions of bourgeois property; on the contrary, they have become too powerful for these conditions, by which they are fettered, and so soon as they overcome these fetters, they bring order into the whole of bourgeois society, endanger the existence of bourgeois property.Marx argued for a systemic understanding of socio-economic change.
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I’m not so sure about this. Marx’s master work and critique of capitalism, “Capital” is the most comprehensive expression of his thoughts, but even Volume I is pretty daunting because of its size.
I had already begun reading some of Capital Vol I before reading these works (Wage-Labour, and Value) cover-to-cover, and some of what Marx talks about in depth in Capital he touches on a little more briefly here.
So /I/ was able to understand what he was talking about, having already read some more basic works of his beforehand for context, but I’m not sure if someone reading this for their first step into Marxism will get as much out of it as they should.
Wage-Labour and Capital is based on a series of lectures Marx have in 1847. This one is definitely more readable and understandable than Value, Price, and Profit, in my opinion, anyway, and you could kind of consider it Capital Lite. Marx’s friend Frederick Engels wrote the introduction to this work, and it is very good on its own.
Value, Price, and Profit on the other hand, was written under different circumstances and I had a harder time getting through it. (You must remember that these works are pretty old, and the translations themselves are 80+ years old, so they are not modern English)
Marx wrote it in 1865 as a speech. The speech was a rebuttal to another man’s claims that wage increases were useless, and therefore trade unions hurt workers.
If you can imagine, Marx and his contemporaries did not take this very well lol.
But Marx wrote this speech WHILE he was working on his master work Capital. So, you see ideas yet unpublished directly lifted from Capital and put in Value, Price, and Profit.
Problem being, Marx had to keep it fairly brief as he only had so much time to deliver his speech.
This is why he never formally published the speech, as he was afraid he couldn’t properly represent his ideas within the time limit and wanted to publish Capital instead.
“Value” remained unpublished until Marx’s death for that very reason, and his daughter Eleanor published it. I think there is some validity to Marx’s fear, but at the same time I can see the desire for a shorter, more easily digested work to read instead of Capital, since many people don’t have the time or ability to read a book of that magnitude.
I would recommend as a starting point
Principles of Communism- Frederick Engels
Communist Manifesto- Marx and Engels
at least before reading this. I still haven’t finished Capital, but what I did read was a great reinforcement for these pamphlets.
If you’re not starting with this book, then jump right in and enjoy.
Of course, I could be totally crazy...
Either way, in my view Marx is most difficult to understand when he is writing about specifically economic issues, and, Engels to the contrary, that applies to the two essays in this book. Neither essay is unreadable in the sense that Althusser and Balibar are in Reading Capital, but Marx, whatever his intentions, did not write or speak in a way that was readily understandable for the masses. I can only imagine that Marx assumed that the laboring people he expected to address, while not possessed of the leisure and resources to study political economy at length and in depth, were veterans of organized political activity with radical ends who had often been exposed to the thinking of Marx and those like him.
As far as I can tell, Marx's efforts to make his work more accessible to non-specialists typically backfired; he became wordy and repetitious and, though trying not to, he became more convoluted. Nevertheless, bearing in mind that Marx really is dealing with inherently hard-to-understand issues, if readers are patient and thoughtful they can gain a great deal from this slim volume. It certainly improved my understanding of just what Marx means by class struggle, and I am no longer so quick to dismiss his version of the labor theory of value as, to use Veblen's characterization, unduly "metaphysical."
This book, read along with The Communist Manifesto, provides the best introduction I can think of to the first volume of Capital. As such, it is valuable indeed.
As named, they mainly concentrate on value, wages, profits, competition, the relations between these, and historical forms of exploitation. They have definitely helped my knowledge; I loved them.