What is the relationship between wage Labour and capital according to Marx?
In the words of Marx: Capital therefore presupposes wage-labour; wage-labour presupposes capital. They condition each other; each brings the other into existence.
What is the relationship between wage labor and capital?
The labor-power of the wage-laborer can exchange itself for capital only by increasing capital, by strengthening that very power whose slave it is. Increase of capital, therefore, is increase of the proletariat, i.e., of the working class.
What does Marx say about Wages?
“Wages are the price of labor-power, not labor.” NOTE ON SOURCE: This selection was from a book published in 1900 entitled The People’s Marx.
What does Marx say about labor?
Labor power is the worker’s capacity to produce goods and services. Marx, using principles of classical economics, explained that the value of labor power must depend on the number of labor hours it takes society, on average, to feed, clothe, and shelter a worker so that he or she has the capacity to work.
How did Marx describe the relationship between the workers and the capitalists?
Marx wrote that the power relationships between capitalists and workers were inherently exploitative and would inevitably create class conflict. He believed that this conflict would ultimately lead to a revolution in which the working class would overthrow the capitalist class and seize control of the economy.
What is the difference between labor and labor power according to Marx?
Marx distinguished between the capacity to do work, labour power, from the physical act of working, labour. Labour power exists in any kind of society, but on what terms it is traded or combined with means of production to produce goods and services has historically varied greatly.
What is capital according to Marx?
Capital can be defined as that amount of wealth which is used in making profits and which enters into the accounts. Karl Marx adds a distinction that is often confused with David Ricardo’s. In Marxian theory, variable capital refers to a capitalist’s investment in labor-power, seen as the only source of surplus-value.
What is the difference between labor and labor-power according to Marx?
What is the general formula for capital Marx?
The general formula of capital as M–C–M’ is thus the purchase (M) of the commodity of labour-power (C) and its metamorphosis into surplus-value (M’) based on the exploitation of labour-time as surplus-labour.
What does MCM stand for Marx?
Capitalist mode of production (Marxist theory)