Very proud of us all who have kept it going. We've gotten into a nice groove now. We looked at the labour theory of value, and how all commodities are commensurable by measuring the labour time. We saw that money is a commodity (gold) used to measure value. We learned that surplus value isn't generated by trade, because that would cancel out over the economy. We saw that surplus value comes from the variation between the value of the food etc. required to MAKE a day's labour, and the value of the work done in that day. We have learned the general formula of capital, and how capital differs from money. Not only am I proud of you, Stalin would be proud of you.
Let's use this shared activity as an excuse to also build camaraderie by thinking out loud in the comments.
The overall plan is to read Volumes 1, 2, and 3 in one year. (Volume IV, often published under the title Theories of Surplus Value, will not be included in this particular reading club, but comrades are encouraged to do other solo and collaborative reading.) This bookclub will repeat yearly. The three volumes in a year works out to about 6½ pages a day for a year, 46⅔ pages a week.
I'll post the readings at the start of each week and @mention anybody interested. Let me know if you want to be added or removed.
Just joining us? It'll take you about 8½ or 9 hours to catch up to where the group is.
Archives: Week 1 – Week 2 – Week 3 – Week 4
Week 5, Jan 29-Feb 4, we are reading Volume 1, Chapter 9, and from Chapter 10 we are reading section 1 'The Limits of the Working Day', PLUS section 2 'The Greed for Surplus-Labour', PLUS section 3 'Branches of English Industry without Legal Limits to Exploitation'
In other words, aim to get to the heading '4. Day Work and Night Work. The Shift System' by Sunday
Discuss the week's reading in the comments.
Use any translation/edition you like. Marxists.org has the Moore and Aveling translation in various file formats including epub and PDF: https://www.marxists.org/archive/marx/works/1867-c1/
Ben Fowkes translation, PDF: http://libgen.is/book/index.php?md5=9C4A100BD61BB2DB9BE26773E4DBC5D
AernaLingus says: I noticed that the linked copy of the Fowkes translation doesn't have bookmarks, so I took the liberty of adding them myself. You can either download my version with the bookmarks added, or if you're a bit paranoid (can't blame ya) and don't mind some light command line work you can use the same simple script that I did with my formatted plaintext bookmarks to take the PDF from libgen and add the bookmarks yourself.
Resources
(These are not expected reading, these are here to help you if you so choose)
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Harvey's guide to reading it: https://www.davidharvey.org/media/Intro_A_Companion_to_Marxs_Capital.pdf
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A University of Warwick guide to reading it: https://warwick.ac.uk/fac/arts/english/currentstudents/postgraduate/masters/modules/worldlitworldsystems/hotr.marxs_capital.untilp72.pdf
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Reading Capital with Comrades: A Liberation School podcast series - https://www.liberationschool.org/reading-capital-with-comrades-podcast/
Yes, exactly. So, Marx is putting forward a thought experiment: what if the capitalist didn't exist? What if the worker owned his own means of production? In the yarn example, what if the worker owned the machine, and the raw materials, etc.?
Then, the worker could choose to work 3.94 hours per day, and make the same wages they are making now, or work 10 hours a day, and earn the wages they are earning now PLUS the money that the capitalist is taking, aka the surplus-value. So, if the laborer worked 3.94 hours per day, they would make £52 per week, but if they worked 10 hours a day, they would make £132 per week. (£430-£378 versus £510-£378) And if they worked any number of hours in between, then the amount of money they made would depend on how many hours they worked, and how much yarn they made. Their starting cost is always £378, the constant capital. The number of hours they can work can vary (hence variable capital).
I guess one of the hidden assumptions here is that capitalists pay their workers as little as they possibly can. That is something that Marx says again and again in Volume I. The capitalist only pays the worker enough to survive and "reproduce" himself and his family. Obviously, Marx was writing in the 1800s, and if anything, things are even worse now. In America today, a lot of companies do not even pay their workers enough to survive, because those workers can also get government benefits to help (WalMart is a good example). But Marx is assuming that workers are being paid just enough to afford rent, food, and basic necessities. That's why he calls the 3.94 hours a week "necessary" labor time - if the worker works any less than 3.94 hours a week, they won't be able to pay rent/ buy food anymore. Anything above "necessary" labor time is "surplus," which under capitalism is taken away by the employer, but under socialism would (theoretically) go to the worker instead, to use how they wish.
thanks!