Letters from Tomis

Marx, Karl. Wage-Labour and Capital & Value, Price and Profit. International Publishers, 1995.

Karl Marx’s “Wage-Labour and Capital” and “Value, Price, and Profit” are seminal works that offer profound insights into the mechanics of capitalist economies. Serving as accessible introductions to Marxist economic theory, these texts delve into the intricate relationships between labor, value, wages, and profit.

In “Wage-Labour and Capital,” Marx elucidates the dynamics between wage laborers and capitalists, shedding light on how labor is commodified and the implications of this commodification on workers and the broader economy. This work is based on lectures delivered by Marx before the German Workingmen’s Club of Brussels in 1847.  

“Value, Price, and Profit,” on the other hand, is an address Marx delivered before two sessions of the General Council of the First International in London in 1865. In this piece, he tackles the concepts of surplus value and the exploitation inherent in the wage system, providing a critical analysis of how profits are derived from the labor of workers.  

Together, these works complement each other, offering a comprehensive overview of Marx’s critique of political economy. Readers have found these texts to be valuable resources for understanding the fundamental contradictions of capitalist society and the class struggles that arise from them. The clarity and depth of Marx’s analysis make these works essential reading for anyone interested in political economy and the underpinnings of capitalist systems.

Overall, “Wage-Labour and Capital” and “Value, Price, and Profit” are indispensable texts that continue to resonate with readers seeking to comprehend the complexities of labor and capital in modern economies. I highly recommend this easy to read overview of Marx’s early writings on capitalism.