Karl Marx on

Commodity;
Wages, The so-
called Primitive
Accumulation
KHUMI PHOKO
Who is Karl Marx?
He is a German philosopher, economist, sociologist, historian, journalist, and revolutionary
socialist. Marx is known for his theories on capitalism, class struggles, and communism, which
have a profound influence on economic and political thought.

Marx’s analysis of capitalism focused on its inherent contradictions, particularly the exploitation
of the proletariat (working class) by the bourgeoisie (capitalist class). He argued that capitalism
inevitably leads to social inequality, alienation, and economic crisis.

Marx’s ideas laid the groundwork for modern socialist and communist movements, inspiring
revolutions, social reforms, and academic debates around the world. He remains one of the most
influential figures in the history of social and political thought.
Understanding
the Commodity

Chapter 1
Commodity and Money
Marx's Perspective on Commodities
Introducing Marx's
View
Karl Marx underscores the
crucial role of commodities in
capitalist societies, emphasizing
the abundance of goods and
services as an immense
accumulation of commodities.
Fundamental Role
Marx highlights the importance
of analyzing the commodity
itself to understand the
relationships and contradictions
of capitalist production,
including exchange value, use
value, and labor.
Wealth and
Commodity
Accumulation
Marx associates the wealth of
capitalist societies with the
immense accumulation of
commodities, setting the stage
for a critique of capitalism based
on the analysis of commodities.
Duality of Commodities: Quality and
Quantity
Qualitative and
Quantitative Aspects
Every useful object possesses
qualitative and quantitative
aspects, which are the subject of
historical analysis to discover
different uses and establish
socially recognized
measurement standards.
Historical Analysis
Societies evolve and develop
different uses for commodities
over time, while establishing
standardized measures for trade,
exchange, and production within
a society.
Standardized
Measurement
Societal conventions and
inherent differences in object
nature contribute to creating
standardized measures for
weights, volumes, lengths,
reflecting the diversity of
measurement standards.
Use Value
Defining Use Value
Use value refers to the utility or
usefulness of a commodity,
grounded in its physical
properties, making it valuable for
fulfilling human needs and
desires.
Materiality and
Quantitative
Consideration
Use value is directly tied to the
physical properties of the
commodity itself, and specific
quantities of commodities are
considered, allowing a precise
examination of their usefulness.
Wealth and Social
Form
Use values constitute the
substance of all wealth,
irrespective of the social form of
that wealth, forming the basis of
exchange value and playing a
crucial role in determining the
commodity's value.
Commodities and Exchange Value
Multiple Exchange
Values
Commodities can be exchanged
for various other commodities in
different proportions, reflecting
their multiple exchange values
and indicating underlying
qualities within commodities.
Underlying Qualities
Exchange value represents
something equal within the
commodity yet separate from it,
portraying an underlying quality
that is distinct and essential for
the representation of exchange
value.
Transformational
Exchange Value
Exchange value undergoes
transformation, representing an
underlying quality within the
commodity while being distinct
and separate from it, indicating a
representation of value
contained within the commodity.
Labor Theory of Value
Exploring the Labor
Theory of Value
Marx's labor theory of value
asserts that a commodity's value
is determined by the amount of
socially necessary labor time
required for its production,
emphasizing the central role of
labor in shaping economic value
within capitalist societies.
Role of Labor
Commodities are considered as
crystallized forms of labor time,
reflecting the quantity of labor
invested in their creation, and
their value is directly
proportional to the labor time
needed for their production.
Factors Influencing
Commodity Value
The value of commodities
fluctuates based on changes in
the labor time needed for their
production, influenced by factors
such as labor productivity,
technological advancements,
organization of production, and
natural conditions.
Impact of Labor Productivity on
Commodity Value
Factors Influencing
Value Fluctuation
Commodity value fluctuates
based on changes in the labor
time needed for production,
influenced by factors like
workers' skill levels,
technological advancements,
organization of production, and
natural conditions.
Impact of Technology
Changes in technology and
productivity can significantly
impact the value of
commodities, regardless of the
individual laborers' efforts,
showcasing the influence of
labor productivity on commodity
value.
Labor Time and Value
Fluctuation
Changes in labor time due to
shifts in productivity or natural
conditions directly impact the
value of commodities, portraying
the dynamic nature of
commodity value determination.
Karl Marx's
'Capital' and
Labor in Capitalist
Societies
Chapter 19
Wages
Labor as a Commodity
Perception of Labor
Labor is viewed as a commodity
with the wage of the laborer
seen as the price paid for a
certain quantity of labor.
Concepts like the 'value of labor'
and 'natural price' are prevalent
in this context.
Value Determination
Marx critiques the circular
reasoning in determining the
value of labor, highlighting
inconsistencies in equating the
value of labor to the labor itself,
without meaningful explanation.
Contradictions in
Exchange
The direct exchange of money
for labor in the capitalist system
leads to contradictions,
potentially undermining the law
of value or causing a collapse of
the system due to the absence
of surplus value.
Determining the Value
of Labor
Contradictions in
Exchange
The direct exchange of labor for
money in the capitalist system
creates inherent contradictions,
potentially undermining the law
of value or causing the collapse
of the system due to the
absence of surplus value.
Circular Reasoning
Marx presents a critique of the
circular reasoning regarding the
value of labor, pointing out the
tautological nature of equating
the value of labor to the labor
itself without providing a
coherent explanation.
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 The Value of Labor
Power
Labor Power
Transformation
Marx explains the
transformation of the value of
labor power into wages and its
implications on the perception
of labor in capitalist society,
highlighting the exploitation of
surplus value by the capitalist.
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Capitalist Exploitation
The contradiction in the value of
labor power and the surplus
value produced creates a system
where the laborer works longer
than necessary to reproduce the
value of their labor power,
leading to the appropriation of
surplus value by the capitalist.
Capitalist Perspectives on Labor
Laborer's Perception
The laborer's perception of their
compensation is based on the
value of their labor power, which
may vary depending on the cost
of their means of subsistence.
Fluctuations in wages do not
change the amount of labor
provided.
Capitalist's Perspective
The capitalist seeks to maximize
profit by paying as little as
possible for labor while
extracting the maximum amount
of labor value. Adam Smith's
oversight on the variability of the
value of labor is critiqued by
Marx.
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Wages and Labor Market Dynamics
Apparent
Discrepancies
Phenomena like changes in
wages based on the length of
the working day and individual
differences in wages indicate
discrepancies, which can be
reconciled by understanding the
influence of diverse factors on
wages.
Marx's Criticism
Marx criticizes classical political
economy for failing to grasp the
distinction between the
apparent form of wages and the
underlying reality, emphasizing
its adherence to bourgeois
ideology.
.
Critique of Political
Economy
Marx's criticism of classical
political economy revolves
around its failure to fully
comprehend the nature of
wages and its alignment with
bourgeois ideology rather than
objective economic analysis.
Understanding Wages
The distinction between the
apparent form of wages and the
underlying reality is crucial, as
Marx's critique highlights the
influence of bourgeois ideology
in shaping perceptions of labor
and capital in capitalist societies.
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The Secret of
Primitive
Accumulation

Chapter 26
The so-called primitive
accumulation
Understanding Capital Accumulation
Circularity in Capital
Accumulation
Marx discusses the circular
nature of capital accumulation
where surplus value seems to
depend on capitalist production,
while capitalist production
requires significant masses of
capital and labor power. This
apparent circularity is crucial to
understanding the dynamics of
capital accumulation.
Surplus Value
Exploration of the concept of
surplus value and its crucial role
in the accumulation of capital.
Understanding surplus value is
fundamental to grasping the
mechanisms of capitalist
accumulation and exploitation.
Importance of
Primitive Accumulation
Introduction to the significance
of primitive accumulation as a
historical process that precedes
capitalist accumulation, offering
insights into the origins and
development of capitalist wealth
and exploitation.
The Concept of Primitive
Accumulation
Comparison to Original
Sin
Marx's analogy of primitive
accumulation to original sin,
humorously likening the
accumulation of wealth by a
privileged elite to the biblical
tale of Adam's consumption of
the forbidden fruit. This
comparison lays the groundwork
for understanding the unjust
distribution of wealth and the
exploitation of the majority.
Impact on Wealth
Distribution
Discussion of the profound
impact of primitive accumulation
on wealth distribution,
highlighting how it led to the
impoverishment of the majority
who had nothing to sell but their
labor power. This sheds light on
the unequal economic structures
inherent in capitalism.
Realities vs.
Romanticized Notions
Critique of the romanticized
portrayal of primitive
accumulation in political
economy, contrasting it with the
harsh historical realities of
conquest, enslavement, robbery,
and murder. This challenges
misconceptions and emphasizes
the true nature of primitive
accumulation.
Transformation into
Capital
Emergence of Wage
Labor
Exploration of the emergence of
wage labor as a fundamental
characteristic of capitalist
production. Delving into this
aspect provides valuable insights
into the relationship between
laborers and the means of
production in capitalist
economies.
Process of
Transformation
Explanation of the process
through which money and
commodities are transformed
into capital, elucidating the vital
transition that occurs in the
economic system. Understanding
this transformation is crucial for
comprehending the mechanisms
of capitalist wealth
accumulation.
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 Historical Development
of Capitalism
Transition from
Feudalism
Tracing the historical transition
from feudalism to capitalist
exploitation, emphasizing the
pivotal role of expropriation in
this transformation.
Understanding this historical
development is essential for
contextualizing the origins of
capitalist wealth accumulation.
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Expropriation of
Peasants
Explanation of the expropriation
of peasants from the land and
their transformation into
proletarians, serving as the basis
for capitalist accumulation. This
historical process underpins the
foundations of capitalist wealth
and exploitation.
Expropriation and Transition to
Capitalism
Importance in
Transition to Capitalism
Highlighting the critical
importance of expropriation in
different countries and its pivotal
role in the transition to
capitalism. This sheds light on
the diverse pathways through
which capitalist economies
emerged globally, offering
valuable insights into the
multifaceted nature of capitalist
wealth accumulation.
England as Prime
Example
Utilization of England as a prime
example of the classic form of
primitive accumulation,
showcasing its historical
significance and providing a
compelling case study for
understanding the nuances of
this process. England's historical
trajectory offers valuable lessons
in the evolution of capitalist
wealth accumulation.
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Conclusion
In closing, we can see how Marx offered a comprehensive
analysis of key economic concepts and critiques of capitalism.
Marx's labor theory of value challenges conventional economic
theories by asserting that the value of commodities is derived
from the socially necessary labor time expended in their
production. Additionally, Marx scrutinizes the notion of
primitive accumulation, revealing the violent and coercive
processes underlying the emergence of capitalism, including
the expropriation of peasants from their land. Through
historical materialism, Marx traces the transition from
feudalism to capitalism, emphasizing the role of economic
relations and class struggle in shaping societies. His analysis
underscores the exploitation inherent in capitalist production,
HVHD
wherein surplus value is extracted from laborers through the
sale of their labor power as a commodity, perpetuating
inequality. Ultimately, Marx's critique invites reflection on
contemporary economic systems and the dynamics of power
and exploitation within them.