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331330.1 |
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One of the most notorious works of modern times, as well as one of the most influential, Capital is an incisive critique of private property and the social relations it generates. Living in exile in England, where this work was largely written, Marx drew on a wide-ranging knowledge of its society to support his analysis and generate fresh insights. Arguing that capitalism would create an ever-increasing division in wealth and welfare, he predicted its abolition and replacement by a system with common ownership of the means of production. Capital rapidly acquired readership among the leaders of social democratic parties, particularly in Russia and Germany, and ultimately throughout the world, to become a work described by Marx's friend and collaborator Friedrich Engels as 'the Bible of the Working Class'.… (more)
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This book is extensive, but it's easier to understand if you think of it as a model of capitalism at his time in history rather than some declaration of eternal truth. Karl Marx himself knew that this book was not capable of seeing the full expanse of capitalism. That's why he intended on writing three more volumes. His best friend and patron, Fredrich Engels had two more published based on Marx's notes and research since he died too early to make the other volumes happen.
But he never comes back to show how the real-world violation of that assumption affects the relative market for each class of labor. He does a moderately successful job of showing the economics of "value add" but then creates another logical gap in the process of allowing free market exchange for each laborer's portion. (To summarize the argument, someone gets more for something and it clearly isn't the laborer.) It was interesting to see the reference to Robinson Crusoe (a frequent event in economics.) The closest he comes to that dangerous border of reality is his admission that compulsory labor is less productive. That is the point where an enterprising student could ask "because of lack of incentive?" In his own chapter on "contradictions" he himself makes a critical mathematical error in showing who gets the surplus value from exchange. Again, a whole argument is built on this to show the disparity that faces the worker. He bases the low living wage provided to workers as being similar to the ancient societies that bought from provinces with money taxed from them. In "The Labour Process" he references that the "way to Hell is paved with good intentions." He also quotes Benjamin Franklin. Summary: Due to monopoly power, the capitalist benefits from labor's surplus value without contributing anything to the process. Asserted but not proven.
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G-26