Wage Labour and Capital; Value, Price and Profit
Marx explains wages, capital, and profit to activist audiences. The distinction between labor and labor-power develops over time; wage struggles can defend workers without abolishing wage relations.
Understanding the text
The first appeared in 1849 and was revised by Engels in 1891. The second was delivered in English in 1865 and published in 1898. The later address answers the claim that wage increases would necessarily be cancelled by rising prices. Marx places bargaining within the distribution of the social product and asks how changes in wages can affect profits rather than simply altering a fixed monetary appearance.
Two distinct short expositions, based on 1847 lectures and an 1865 address.
Key points
- 01
Wages as relationship
A payment alone does not describe economic dependency. Pay can rise without eliminating the difference between labour performed and wages received.
- 02
Labor and labor-power
Versions must be distinguished to track conceptual development. Labour-power names a capacity sold for a period, not the completed labour itself.
- 03
Struggle and limits
Resisting wage cuts can matter without transforming every institution. Trade unions can defend workers while remaining limited by the institutional structure of wage labour.
How to read it
Compare dates and editorial interventions instead of assuming identical terminology.
Editions & sources
Summaries and key points are original editorial interpretations. They accompany reading the work and do not replace an edition of the text. Editorial method ↗