Capital Study Series: Session 8


Read:

  • Capital, Chapter 16 – Absolute and Relative Surplus-Value
  • Capital, Chapter 17 – Changes of Magnitude in the Price of Labour-Power and in Surplus-Value
  • Capital, Chapter 18 – Various Formula for the Rate of Surplus-Value
  • Capital, Chapter 19 – The Transformation of the Value (and Respective Price) of Labour-Power in Wages
  • Capital, Chapter 20 – Time-Wages
  • Capital, Chapter 21 – Piece-Wages
  • Capital, Chapter 22 – National Differences of Wages
  • Capital, Chapter 23 – Simple Reproduction
  • Capital, Chapter 24 – Conversion of Surplus-Value into Capital

Watch:

Optional Reading:

Study Questions:

Some of the questions below are borrowed from the Marxists Internet Archive

  1. How would you understand or explain the difference in wages from one country to another?
  2. What is the fundamental difference between the way Marx defines the rate of profit and the way “rate of profit” is understood in economics today?
  3. And what factors would lead to “rate of profit” in Marx”s terms going up while “rate of profit” in economic terms goes down, and vice versa?
  4. If being a wage-worker (i.e., paid by the hour to work as directed) is not the definition of the proletariat, what is?
  5. What, if anything, is the difference between a worker paid a wage by an employer, and a contractor who is paid by the hour for services rendered to the same capitalist?
  6. What is the key assumption that Marx makes that differentiates his concept of simple reproduction from his concept of expanded reproduction?
  7. How is surplus-value converted into new capital?