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Wage labour and capital
Image 11
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Marx, Karl, 1818-1883. Wage labour and capital - Image 11. 1932. Special Collections, University of Houston Libraries. University of Houston Digital Library. Web. November 27, 2020. https://digital.lib.uh.edu/collection/scpamp/item/4652/show/4610.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Marx, Karl, 1818-1883. (1932). Wage labour and capital - Image 11. Socialist and Communist Pamphlets. Special Collections, University of Houston Libraries. Retrieved from https://digital.lib.uh.edu/collection/scpamp/item/4652/show/4610

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Marx, Karl, 1818-1883, Wage labour and capital - Image 11, 1932, Socialist and Communist Pamphlets, Special Collections, University of Houston Libraries, accessed November 27, 2020, https://digital.lib.uh.edu/collection/scpamp/item/4652/show/4610.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

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Compound Item Description
Title Wage labour and capital
Creator (LCNAF)
  • Marx, Karl, 1818-1883
Contributor (LCNAF)
  • Engels, Friedrich, 1820-1895
Publisher International Publishers
Place of Creation (TGN)
  • New York, New York
Date 1932
Subject.Topical (LCSH)
  • Wages
  • Capital
Genre (AAT)
  • pamphlets
Language English
Type (DCMI)
  • Text
Original Item Extent 48 pages; 20 cm
Original Item Location HB301.M3813 1932
Original Item URL http://library.uh.edu/record=b8302360~S11
Original Collection Socialist and Communist Pamphlets
Digital Collection Socialist and Communist Pamphlets
Digital Collection URL http://digital.lib.uh.edu/collection/scpamp
Repository Special Collections, University of Houston Libraries
Repository URL http://libraries.uh.edu/branches/special-collections
Use and Reproduction In Copyright: This item is protected by copyright. Copyright to this resource is held by the creator or current rights holder, and the resource is provided here for educational purposes. It may not be reproduced or distributed in any format without permission of the copyright owner. Users assume full responsibility for any infringement of copyright or related rights.
Note Translation of Lohnarbeit und Kapital.
File Name index.cpd
Item Description
Title Image 11
Format (IMT)
  • image/jpeg
File Name uhlib_2981922_010.jpg
Transcript INTRODUCTION 9 a value of 1 shilling. The wages for one day are, according to our assumption, 3 shillings. This makes a total of 24 shillings for our piece of a machine. But the capitalist calculate:: that on an average he will receive for it a price of 27 shillings from his customers, or 3 shillings over and above his outlay. Whence do the 3 shillings pocketed by the capitalist come? According to the assertion of classical political economy, commodities are in the long run sold at their values, that is, they are sold at prices which correspond to the necessary quantities of labour contained in them. The average price of our part of a machine —27 shillings—would therefore equal its value, i.e., equal the amount of labour embodied in it. But of these 27 shillings, 21 shillings were values already existing before the machinist began to work; 20 shillings were contained in the raw material, I shilling in the fuel consumed during the work and in the machines and tools used in the process and reduced in their efficiency to the value of this amount. There remains 6 shillings, which have been added to the value of the raw material. But according to the supposition of our economists themselves, these 6 shillings can arise only from the labour added to the raw material by the labourer. His twelve hours' labour has created, according to this, a new value of 6 shillings. Therefore, the value of his twelve hours' labour would be equivalent to 6 shillings. So we have at last discovered what the " value of labour " is. " Hold on there! " cries our machinist. " Six shillings? But I have received only 3 shillings! My capitalist swears high and dry that the value of my twelve hours' labour is no more than 3 shillings, and if I were to demand six, he'd laugh at me. What kind of a story is that?" If before this we got with our value of labour into a vicious circle, we now surely have driven straight into an insoluble contradiction. We searched for the value of labour, and we found more than we can use. For the labourer the value of the twelve hours' labour is 3 shillings; for the capitalist it is 6 shillings, of which he pays the workingman 3 shillings as wages, and pockets the remaining 3 shillings himself. According to this, labour has not one but two values, and, moreover, two very different values! As soon as we reduce the values, now expressed in money, to