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Wage labour and capital
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Marx, Karl, 1818-1883. Wage labour and capital - Image 12. 1932. Special Collections, University of Houston Libraries. University of Houston Digital Library. Web. November 29, 2020. https://digital.lib.uh.edu/collection/scpamp/item/4652/show/4611.

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 12. Socialist and Communist Pamphlets. Special Collections, University of Houston Libraries. Retrieved from https://digital.lib.uh.edu/collection/scpamp/item/4652/show/4611

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 12, 1932, Socialist and Communist Pamphlets, Special Collections, University of Houston Libraries, accessed November 29, 2020, https://digital.lib.uh.edu/collection/scpamp/item/4652/show/4611.

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 12
Format (IMT)
  • image/jpeg
File Name uhlib_2981922_011.jpg
Transcript 10 WAGE-LABOUR AND CAPITAL labour-time, the contradiction becomes even more absurd. By the twelve hours' labour a new value of 6 shillings is created. Therefore in six hours the new value created equals 3 shillings— the amount which the labourer receives for twelve hours' labour. For twelve hours' labour the workingman receives, as an equivalent, the product of six hours' labour. We are thus forced to one of two conclusions: either labour has two values, one of which is twice as large as the other, or twelve equals six! In both cases we get pure absurdities. Turn and twist as we may, we will not get out of this contradiction 03 long as we speak of the buying and selling of " labour " and of the " value of labour." And just so it happened to the political economists. The last offshoot of classical political economy—the Ricardian school—was largely wrecked on the insolubility of this contradiction. Classical political economy had run itself into a blind alley. The man who discovered the way out of this blind alley was Karl Marx. What the economists had considered as the cost of production of " labour " was really the cost of production, not of " labour," but of the living labourer himself. And what this labourer sold to the capitalist was not his labour. " So soon as his labour really begins," says Marx, " it ceases to belong to him, and therefore can no longer be sold by him." At the most, he could sell his future labour, i.e., assume the obligation of executing a certain piece of work in a certain time. But in this way he does not sell labour (which would first have to be performed), but for a stipulated payment he places his labour-power at the disposal of the capitalist for a certain time (in case of time-wages), or for the performance of a certain task (in case of piece-wages). He hires out or sells his labour-power. But this labour-power has grown up with his person and is inseparable from it. Its cost of production therefore coincides with his own cost of production; what the economists called the cost of production of labour is really the cost of production of the labourer, and therewith of his labour-power. And thus we can also go back from the cost of production of labour-power to the value of labour-power, and determine the quantity of social labour that is required for the production of a labour-power of a given quality, as Marx has done in the chapter on the " The Buying and Selling of Labour-Power."l 1 Capital, Vol. I, Part II, Chapter 6.