"Up—and Down !" (1956)

From the June 1956 issue of the Socialist Standard

   “If the unpaid labour supplied by the working-class and accumulated by the Capitalist class, increases so rapidly that its conversion into capital requires an extraordinary addition of paid labour, then wages rise, and, all other circumstances remaining equal, the unpaid labour diminishes in proportion. But as soon as this diminution touches the point at which the surplus-labour that nourishes capital is no longer supplied in normal quantities, a reaction sets in; a smaller part of revenue is capitalised, accumulation lags, and the movement of rise in wages receives a check. The rise of wages, therefore, is confined within limits that not only leave intact the foundations of the capitalistic system, but also secure its reproduction on a progressive scale" 

(“ Capital” Karl Marx, Vol. 1, Chap. 25, page 680 Kerr Ed.).