Value, Price and Profit
By 1865 Karl Marx (pictured) had long since
solved the theoretical problems of his work, “Capital”, on Surplus Value, and
in that year he gave the well-known address to a gathering of workers that
afterwards became a popular publication under the name “Value, Price and Profit”,
also sometimes called “Wages, Price and Profit” (downloadable compilation
linked below). The first volume of “Capital” was published two years later.
This short book has served the labour movement well, down
the years. Among other things, it debunks the argument, still attempted by
employers and their apologists in South Africa today, that wage rises
will cause unemployment.
It shows how commodities, including commodity Labour-Power,
are normally sold at their full value, yet how, at the same time, the worker is
getting swindled every day. It explains this apparent paradox.
It encourages workers to struggle for better wages and
conditions, but it also (prefiguring Lenin’s argument against “Economism” four
decades later in “What is to be Done?”) shows
clearly why trade unionism, without political organisation, will never succeed
in throwing off the yoke of capital.
The abridged version of “Value, Price and Profit”, linked
below, can serve as the short, or “basic”, version of “Capital” that so many
people long for. It will help us to get a better grip on some of the key
concepts in “Capital, Volume 1” such as Labour, Value, Labour-Power, and above
all, Surplus-Value.
For this purpose we have put aside many of the sections of
“Value, Price and Profit”. The work is available on the Internet for anyone who
would like to read it in full. The best source for Marxist classics in general
on the Internet is the Marxists Internet Archive (MIA).
Here is the last part of Value, Price and Profit:
“…the
working class ought not to exaggerate to themselves the ultimate working of
these everyday struggles. They ought not to forget that they are fighting with
effects, but not with the causes of those effects; that they are retarding the
downward movement, but not changing its direction; that they are applying
palliatives, not curing the malady. They ought, therefore, not to be
exclusively absorbed in these unavoidable guerilla fights incessantly springing
up from the never ceasing encroachments of capital or changes of the market.
They ought to understand that, with all the miseries it imposes upon them, the
present system simultaneously engenders the material
conditions and the social forms
necessary for an economical reconstruction of society. Instead of the conservative motto, "A fair day's wage for a fair day's work!" they ought to
inscribe on their banner the revolutionary
watchword, "Abolition of the wages
system!"
Please download and read this text via the
following link:
Value, Price and Profit, Parts 6 to 10, Marx
(6563 words)
Further reading:
Capital V1, C1, Commodities, Marx
(9048 words)
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