Universal suffrage has added to the already existing parliamentary parties a new one, the Social-Democratic Party. In the last elections to the North-German Reichstag it nominated its own candidates in most large towns, in all factory districts, and six or eight of its deputies were returned. In comparison with the last election but one it has developed considerably greater strength and it can therefore be assumed that, for the present at least it is still growing. It would be folly to wish to continue to pass over in splendid silence the existence, activity and doctrines of such a party in a country in which universal suffrage has laid the final decision in the hands of the most numerous and poorest class.
However divided and unsettled the few Social-Democratic deputies may be among themselves, it can be assumed with assurance that all groups of that party will welcome the present book as their theoretical bible, the arsenal from which they will draw their most substantial arguments. On these grounds alone the book already deserves particular attention. Rut its contents too are such as will arouse interest. Whereas Lassalle's main argumentation — and in political economy Lasalle was but a disciple of Marx — is confined to continual repetition of Ricardo's so-called wages law, we have before us a work which treats the whole relation of capital and labour in its connection with the whole of economic science with indisputably rare erudition and which sets as its ultimate aim "to lay hare the economic law of motion of modern society”, and thereby, after obviously sincere investigations carried out with unmistakable knowledge of the subject, comes to the conclusion that the whole “capitalist mode of production” must be abolished. We should, however, like further to draw attention to the fact that, apart from the conclusions, the author in the course of his work presents quite a number of the major points of economics in a completely new light and in purely scientific questions arrives at results which are greatly at variance with current economics and wInch orthodox economists must seriously criticise and scientifically refute if they do not wish to see the doctrine they have so far professed founder. In the interest of science it is desirable that a polemic should develop very soon in specialised journals precisely on these points.
Marx begins by expounding the relation between commodity and money, the most essential of which was already published some time ago in a special work. Then he goes on to capital and here we have the cardinal point of the whole work. What is capital? Money which is changed into a commodity in order to be changed back from a commodity into more money than the original sum. When I buy cotton for 100 talers and sell it for 110 talers I preserve my 100 talers as capital, value which expands itself. Now the question arises: where do the 10 talers which I gain in this process come from? How does it happen that as a result of two simple exchanges 100 talers becomes 110. For economics presupposes that in all exchanges equal values are exchanged. Marx then considers all possible cases (fluctuation in prices of commodities, etc.) in order to prove that in the conditions assumed by economics the creation of 10 talers surplus-value out of the original 100 talers is impossible. Yet this process takes place daily and the economists have not yet given us an explanation for it. Marx provides the following explanation: the puzzle can be solved only if we find on the market a commodity of a quite peculiar kind, a commodity whose use-value consists in producing exchange-value. This commodity exists — it is labour-power. The capitalist buys labour-power on the market and makes it work for him in order in turn to sell its product. So we must first of all investigate labour-power.
What is the value of labour-power? According to the generally known law, it is the value of the means of subsistence necessary to maintain and procreate the labourer in the way established in a given country and a given historical epoch. We assume that the labourer is paid the entire value of his labour-power. Further we assume that this value is represented by six hours’ work daily, or half a working-day. But the capitalist asserts that he has bought labour-power for a whole working-day and he makes the labourer work twelve hours or more. With a twelve-hour working-day he therefore acquires the product of six hours' work without paying for it. From this Marx concludes: all surplus-value, no matter how it is divided, as profit of the capitalist, ground-rent, taxes, etc. is unpaid labour.
From the manufacturer's interest to extract as much unpaid labour as possible every day and the contrary interest of the labourer arises the struggle over the length of the working-day. In an illustration which is very much worth reading and which takes up about a hundred pages, Marx describes the origin of this struggle in English modern industry which, in spite of the protests of the free-trade manufacturers, ended last spring in not only factory industry but all small establishments and even ail domestic industry being subjected to the restrictions of the Factory Act, according to which the maximum working-day for women and children under eighteen — and thereby indirectly for men too in the most important branches of industry — was fixed at 10½ hours. At the same time he explains why English industry did not suffer, but on the contrary gained thereby, as the work of each individual won more in intensity than it lost in duration.
But there is another way of increasing surplus-value besides lengthening the working-day beyond the time required for the production of the necessary means of subsistence or their value. A given working-day. let us say of twelve hours, includes, according to our previous assumption, six hours of necessary work and six hours used for the production of surplus-value. If a means is found to cut the necessary working-time down to five hours, seven hours remain during which surplus-value will be produced. This can be achieved by a reduction in the working-time required to produce the necessary means of subsistence, in other words by cheapening the means of subsistence, and this in turn only by improving production. On this point Marx again gives a detailed illustration by investigating or describing the three main levers by which these improvements are brought about: 1) co-operation, or multiplication of power, which results from the simultaneous and systematic joint work of a number of workers; 2) division of labour, as it took shape in the period of manufacture proper (i.e. up to about 1770); finally. 3) machinery by the help of which modern industry has since developed. These descriptions are also of great interest and show astonishing knowledge of the subject even down to technological details.
We cannot enter into further details of the investigation on surplus-value and wages: we merely note, in order to avoid misunderstandings, that, as Marx proves by a number of quotations, orthodox economics is not unaware of the fact that wages are less than the whole product of work. It is to be hoped that this book will provide Messrs, the orthodox economists with the opportunity of giving us closer explanations on this really surprising point. It will be appreciated that all the factual proofs that Marx gives are taken from the best sources, mostly official parliamentary reports. We take this opportunity of supporting the suggestion, made indirectly by the author in the Preface, that in Germany too a thorough inquiry into the condition of the workers in the various industries be made by government officials — who, however, must not be prejudiced bureaucrats — and that the reports be submitted to the Reichstag and the public.
The first volume ends with a study of the accumulation of capital. This point has often been written about, although we must admit that here too much of what is given is new and that light is shed on the old from new sides. The most original is the attempted proof that side by side with the concentration and accumulation of capital. and in step with it, the accumulation of a surplus working population is going on, and that both together will in the end make a social upheaval necessary, on the one hand, and possible on the other.
Whatever opinion the reader may have of the author's socialist views, we think that we have shown him that he is here in presence of a work which stands well above the usual Social-Democratic publications. To that we add that with the exception of the strongly dialectical things on the first 40 pages, the book, in spite of all its scientific rigour, is very easy to understand and because of the author's sarcastic manner, which spares no one, is even interestingly written.
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