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Marx on Economics (The Theory Labour of Value)
Degree Marxism (Marx on Economics (The Labour Theory of Value)) Mind Map on Marx on Economics (The Theory Labour of Value), created by Anna Black on 04/08/2015.
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marx on economics (the labour theory of value)
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Marx on Economics (The Theory Labour of Value)
'Karl Marx Selected Writings' by David McLellan.
Chapter 32 'Capital' 'Volume 1'.
Gives critical analysis of capitalism as political economy.
Marx addresses nature of: commodities, wages + worker/capitalist relationship.
Marx tries to show ways workers =exploited by capitalist mode of production.
Marx = capitalist system = unstable because it can't endlessly sustain profits.
'Commodities: Use Value + Exchange Value'
Commodity = an external subject- satisfies human need directly/ indirectly.
Marx states = useful things - looked at from view of quality + quantity.
Uses term: Use-Value - relation to commodities quality.
'The usefulness of a thing makes it use-value'
Commodities use-value is separate to amount labour needed to make commodity useful.
Remember: something = a use-value doesn't have to be commodity.
E.g air breath = use-value but not commodity(can't buy/sell it)
Uses term: Exchange Value relation to commodities quantity.
About social context of commodity in market place.
Refer to: amount it is bought/sold for = 'exchange value'
Comes about when Exchange value of commodity = Labour invested.
Value of commodity = average labour power invested.
Marx focused on this word 'average'
The individual skill of worker has no effect on exchange value.
Imagine 1 worker = not skilful = 3 hours make commodity.
Then we've got 3 more workers = take 2 hours to make commodity.
Lack of skill from 1st person isn't making impact on exchange value (average) compared to 3 workers- do it quicker.
Marx is therefore talking about total time takes to make a commodity.
Chapter Four: 'The General Formula for Capital'
Capitals starting point = with circulation of commodities.
Ultimate product of commodity circulation = money.
2 kinds of circulation:
1. C-M-C (Commodities turned into money and then back into commodities).
e.g. Sell more to buy more.
2. M-C-M (We buy in order to sell- Money is capital)
1st = money into commodity 2nd = commodity into money
Ultimately exchange money for money.
Compares C-M-C to M-C-M.
Similar = both involve commodities, money, buyers + sellers.
C-M-C = final product is a use-value and gets spent once and for all.
M-C-M = seller gets money back again; the money is not spent instead advanced.
Use-value = purpose of C-M-C. Exchange-value = purpose of M-C-M.
Money is recognizable only in amount.
Therefore in M-C-M what really happens is M-C-M1 where M1 = M +Excess.
Excess = called surplus value.
Since M-C-M is buying to sell the cycle is endless.
Money is the starting point = M1 to M11 e.t.c
Therefore the possessor of money becomes = capitalist.
He is a capitalist because increase wealth = sole force.
M-C-M is therefore the general formula for capital.
Chapter Ten: 'The Working Day'
We've assumed cost of commodity is = labour time necessary 2 produce it.
However amount of labour time needed to provide subsistence doesn't = length of work day.
Excess time outside of necessary labour time called = surplus labour.
Therefore working day = changes according to amount of surplus labour.
Capitals drive is to create surplus value and make means of production by absorb surplus labour as possible.
If a worker uses excess time for himself = "robbing" the capitalist because capitalist lives surplus labour.
Thus Capitalist get maximum benefit from workers use-value.
Workers perspective = should paid = full value of labour power.
'The Fetishism of Commodities'
Develops relationships between commodities value + social dimension.
Commodities = meaningful 2 ways:
1st as objects of exchange.
2nd = commodities reflect, not only labour went into making them, but social relations of production in which labour performed.
= This Social aspect commodity can't express itself...
...because = capitalist society quality of commodity - thought to emerge from price not from social labour.
Fact people reduce quality of commodity 2 money...
Led Marx claim = capitalist society -invested money-form with mystical +magical significance.
Therefore rich economists wrongly avoid looking at -commodities show in social terms.
In doing this: rich are able to ignore the fact that commodities emerge through exploitative system of wage power.
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