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/
I’m happy to respond, I like talking about this stuff clearly :)
I’ll make a few general points that I think will cover most of your questions. Then I’ll read back and see if I still need to answer any questions more directly.
In that section, Marx does 3 things at once in order to critique a line from the Gotha program:
After showing why #1 is absurd, he suggests #2 as a better way to think about it, and finally he brings in #3 to remind everyone what a post-capitalist society would look like.
The Gotha program states: The emancipation of labor demands the promotion of the instruments of labor to the common property of society and the co-operative regulation of the total labor, with a fair distribution of the proceeds of labor."
All the stuff about deductions, that is part of argument #1, showing how impossible it is to build a fair society on the basis of commodities. Who decides what is fair?1 The law of value is “fair” from the standpoint of the bourgeoisie, because equivalents are exchanged. And in an earlier section, the Gotha program also demands “undiminished proceeds of labor” which is at odds with fairness, because fairness would require deductions (diminished proceeds) for the maintenance of the state, for helping the needy, etc.
After showing in #1 why the program is vague, he acknowledges in #2 that nevertheless, the transitional society immediately emerging from capitalist society would be stamped “economically, morally, and intellectually” with capitalist characteristics. Note morally: people would retain a capitalist morality, like deserving only in proportion to contribution. It will take time to actually transition, from the economic base all the way up to modes of thought, religion, morality, etc. So in the meantime it would likely make sense, even without private property, to organize the distribution of the social product through some sort of labor certificate that works sort of like money, except that it cannot be hoarded nor acquired through exploitation.2 This would not be an end in itself, just an intermediate stage.
Labor certificates would still be flawed because they still attempt to distribute products based on fairness, but that fairness is not really fair. Each person may receive equal pay for equal work, but this does not recognize the inequality between persons. For example, one person might have an Olympian physique and be able to work a lot more than someone else who has a physical disability. It reminds me of the quote by Anatole France: “The law, in its majestic equality, forbids the rich as well as the poor to sleep under bridges, to beg in the streets, and to steal bread.”
The function of value is to resolve a contradiction, that in capitalism all social labor takes the form of individual private labor. There has to be a determination, for each private labor, how much it counts as social labor. Private labor is not immediately social, it is mediated by a social form, by money/value. In a society without commodities and without value, it becomes possible for labor to be immediately social, for 1 hour of your personal labor to count as 1 hour of social labor, without needing validation by tossing the product of your labor into a market of commodities.
Yes. Communism would be the production of use-value alone. Or said another way, value disappears at the same time as the commodity.3
That’s the idea. In capitalism, profit is not proportional to material productivity (of use-value), only value productivity. So the need to labor will never decrease in capitalism, no matter how advanced our technology becomes. It becomes possible to reduce labor in a communist society in which needs are being met, since profit is no longer the driving force.
Exactly!
1
2
This labor certificate is often confused with a slightly different concept used by the utopian socialists like Proudhon, Owen, and Fourier. They advocated for abolishing money within capitalism, on the basis of private property, and substituting in its place a labor-voucher. For 10 hours of concrete labor one would receive a 10-hour voucher. Marx criticized this heavily in The Poverty of Philosophy because he believed money, as the embodiment of abstract labor, to be absolutely necessary for capitalism. Money cannot be replaced by labor-vouchers without abolishing the need for money, i.e. abolishing private property.
3
The commodity and the value form are intrinsically linked. Remove one and you remove the other.
Thanks and I think a lot of that helped clicked some things in place? In a way it sounds like money/value seems like a middle-man? just getting in the way of things in terms of social labor. Also going to private property, at what point does a socialist state decide to take one form of private property and seizes it under the state and abolishing it? A country that comes to mind about this is China
and I ask about private property because of this from Engels
Yep, a necessary middle-man that can’t be done away with within capitalism.
Sounds right to me. There is not one single way it happens though, which is why he uses phrases like “in all probability.”
Later in volume 1, Marx will talk about concentration and centralization of capital. We see this occurring in huge corporations like Amazon and Walmart. This tendency makes revolution more and more possible as it would only take the nationalization of a few corporations, not countless small businesses.
I’m not an expert on China, but from what I understand, it is following the socialist path about as well as one could expect. It is building its industry and making itself independent of Western capitalist nations. It has nationalized major industries or kept them within narrow bounds.
oh right yea, I wasn’t thinking about the like, concentration and centralization of capital with this stuff with like nationalization. and yea for sure, China really amazing with like everything so far what they have done. It would be neat to see what China is like I dunno, 50 years from now. I can’t really imagine.