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Wage labour and capital
Image 25
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Marx, Karl, 1818-1883. Wage labour and capital - Image 25. 1932. Special Collections, University of Houston Libraries. University of Houston Digital Library. Web. February 19, 2020. https://digital.lib.uh.edu/collection/scpamp/item/4652/show/4624.

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 25. Socialist and Communist Pamphlets. Special Collections, University of Houston Libraries. Retrieved from https://digital.lib.uh.edu/collection/scpamp/item/4652/show/4624

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 25, 1932, Socialist and Communist Pamphlets, Special Collections, University of Houston Libraries, accessed February 19, 2020, https://digital.lib.uh.edu/collection/scpamp/item/4652/show/4624.

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 25
Format (IMT)
  • image/jpeg
File Name uhlib_2981922_024.jpg
Transcript BY WHAT IS PRICE DETERMINED? 23 stand—that's an honest, sound, reasonable profit. But if in the exchange I receive one hundred and twenty or one hundred and thirty pounds, that's a higher profit; and if I should get as much as two hundred pounds, that would be an extraordinary, an enormous profit." What is it, then, that serves this citizen as the standard of his profit ? The cost of the production of his commodities. If in exchange for these goods he receives a quantity of other goods whose production has cost less, he has lost. If he receives in exchange for his goods a quantity of other goods whose production has cost more, he has gained. And he reckons the falling or rising of the profit according to the degree at which the exchange value of his goods stands, whether above or below his zero—the cost of production. We have seen how the changing relation of supply and demand causes now a rise, now a fall of prices; now high, now low prices. If the price of a commodity rises considerably owing to a failing supply or a disproportionately growing demand, then the price of some other commodity must have fallen in proportion; for of course the price of a commodity only expresses in money the proportion in which other commodities will be given in exchange for it. If, for example, the price of a yard of silk rises from two to three shillings, the price of silver has fallen in relation to the silk, and in the same way the prices of all other commodities whose prices have remained stationary have fallen in relation to the price of silk. A larger quantity of them must be given in exchange in order to obtain the same amount of silk. Now, what will be the consequence of a rise in the price of a particular commodity ? A mass of capital will be thrown into the prosperous branch of industry, and this immigration of capital into the provinces of the favoured industry will continue until it yields no more than the customary profits, or, rather until the price of its products, owing to overproduction, sinks below the cost of production. Conversely: if the price of a commodity falls below its cost of production, then capital will be withdrawn from the production of this commodity. Except in the case of a branch of industry which has become obsolete and is therefore doomed to disappear, the production of such a commodity (that is, its supply), will, owing to this flight of capital, continue to decrease until it corresponds to the demand, and the price of the commodity rises again