We are reading Volumes 1, 2, and 3 in one year. This will repeat yearly until communism is achieved. (Volume IV, often published under the title Theories of Surplus Value, will not be included, but comrades are welcome to set up other bookclubs.) This works out to about 6½ pages a day for a year, 46 pages a week.
I’ll post the readings at the start of each week and @mention anybody interested.
Week 1, Jan 1-7, we are reading Volume 1, Chapter 1 ‘The Commodity’
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/
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Decided to go with a new thread per chapter. One big huge thread would have been messy.
Thanks for setting this up. I think we still have to tag comrades in the comments rather than the post for it to show up in their inbox. Unless mine is just being screwy.
Something I always come back to is how unbelievably obvious it becomes that most critics of Marx have never even opened Capital. Just the first like 10 paragraphs are so immediately enlightening to a different way to consider commodities than marginal value and pure exchange value.
I’m just gonna put all my thoughts in comments under this I guess. At least until more discussion arises
So Marx’s definition of Value as residue comes down to this, right (correct me please if I misunderstand, I’ve struggled here a while): We begin with all aspects/materials characteristics of commodities. Subtract all things which are different between commodities (which includes the aspects we could call use-value) and you are left with the common aspects. These aspects are: 1 exchanges value because the commodities still share the ability to be traded with one another and; 2 Value because all commodities were produced by some form of labour power which crystallizes in the commodity.
He calls it residue because exchange values are not inherent but socially determined while the labour power to produce it is inherent to the commodity. Am I missing something here?
For those who went through Western schooling, especially STEM, the method of chapter 1 is confounding because it is the reverse of how we are normally educated. Normally, in math class for example, you are taught an axiom at the start of class, and its truth is demonstrated by a multitude of examples. In science, you are taught a method by which one makes a hypothesis (based on ??? a gut feeling?), and through empirical data collection, its truth is demonstrated.
The line of thought in chapter 1 is the reverse: Marx starts with truths that are self-evident, and infers a logical structure based on that. Observation -> model instead of model -> observation.
So when you refer to a definition of value, keep in mind it’s not an axiom, it was actually a logical inference based on the observation that commodities in actual fact, in reality, are produced for two contradictory purposes, for their use and for their exchangeability. This necessarily implies value, rather than value implying the rest. It also implies that in the real practice of exchange that people identify something common about all commodities, because without such abstraction it would not be possible to resolve the observable exchange relations we see happening.
Thanks for the clear explanation, valuable even if mostly stuff I knew in some terms! I think this misses my question a bit, though. My question is about that “this necessarily implies value”. How is this implication clear in the process of commodity production and trade? Seems he does deduction from all aspects down to some necessary ones, which support and contradict one another, but I was checking if that’s true. Here you seem to indicate instead that it arises after the deduction as a necessary component to explain exchange and use value as they function.
I said “definition” which was definitely the wrong term though. His derivation, I guess, is what I’m getting at.
Uhhh… Let me be 30 yards of linen
Just a word of encouragement to anyone struggling with chapter 1, the first three chapters (and chapter 1 especially) of Capital are notoriously heavy and hard to read. Marx and Engles both apologised for them! It’s not just you, you’re not lacking some quality, everyone finds the first 3 chapters tough. So don’t worry, go steady, get through them, especially if it’s your first Marxist reading. These chapters will make more sense retrospectively once you’ve seen how his arguments develop through the book(s). Some people (not me) even recommend reading the book out of order to get more from these chapters later on.
This is what I am trying to keep in mind. This is also a reason why I don’t really have much to say on it this week yet. I feel like thoughts are just starting to form. The parts about money for example are very thought provoking and have lead to some side-reading as well, but I can’t form any coherent thoughts from them just yet.
I am trying to take this as a sort of primer and trust the process, very much appreciate the comments here as they help in forming thoughts about it a lot.
Fun game! How many common “refutations” of Marxism, the kind you might find in r/neoliberal, are directly addressed in the first chapter, especially in the first few pages of Capital.
Refutations of the labor theory of value often start with a claim that LTV means that if a laborer slacks off and is super inefficient in their production, that this will somehow make the commodity they produce more valuable. Another version of this argument is the claim that LTV means that the quality of the commodity doesn’t affect it’s value, or that literally useless commodities are supposed to have value.
If these people have read Capital, they didn’t get past the first 3 paragraphs, because paragraph 4 is where the discussion of use value begins. It turns out, surprise, commodities actually have to be useful to people and of usable quality to have value, they don’t just magically gain value because someone spent a lot of labor on processing or manufacturing it. A few paragraphs later, we get to discussions about the average labor power of society, and how that correlates to prices of exchange. I think what people get backwards about LVT is that, yes, inefficient productivity CAN cause a commodity to be very valuable and have a high price, but only when the average amount of labor required to produce or extract it is very high.
Marx’s example of diamond extraction is prescient: diamonds were legitimately quite difficult to extract from the earth in that era, and so their value was high. In our modern age, automation in mining and synthetic diamond production have dramatically increased the productivity of labor of diamond mining, which has made them much less valuable. That’s not because any particular worker was working super slowly and inefficiently, nor is it because of the use value of diamonds decreased (their use value has arguably increased, as they’ve found applications in industrial processes).
(I think it’s not until vol 3 that Marx talks about monopolies, but that’s an obvious elephant in the room when talking about diamonds)
Omg that link is so incredibly econ brained. It’s like bourg academic economists have to write garbage like this to prove they haven’t read Marx.
Marx’s formulation of LTV is explicitly that what is contained in value isn’t labor, it is labor power. It isn’t just work, it is working for the capitalist. Power is energy exerted over time, allowing us to determine the actual material composition of value which eludes the bourgeois economist and their idealistic and transparently useless equilibrium pricing. Marx teaches while bourg economics obfuscates. He is explicit and repetitive, which makes us truly consider the “stuff” of value. This is why liberals can’t tell the difference between mercantilism and capitalism. Value is our time and energy, our limited renewable life taken out of us, much of which is unpaid, and converted into commodities which converts to profits for the capitalist. Private property has never been anything but a grift, a way to trick the masses into voluntarily surrendering our material bodies for a dream sold to us by parasites.
Capitalism is class oppression, if it wasn’t it wouldn’t create value, it would just shift it around like medieval mercantilism. Honestly I think this is where a lot of progressive liberal “Marxists” end up in an overly economistic interpretation, especially class reductionist tendencies. Misreadings of Marx lead to bourgeois economic obfuscation; a close reading of Capital gives us the basic formulations for dispensing with bourgeois economics for good.
The other key thing to note is that commodities are not valued around the individual circumstances of their creation. So if I decide to make a perfect copy of a ‘bic biro’ pen, without the aid of specialist tooling and experience, it would take me hundreds of hours to make a biro, but the socially necessary labour for making a bic is the mere seconds of labour that a biro takes on the bic production line. The individual circumstance of the creation of my hand made biro doesn’t affect the value of the commodity.
“Jacob doubts whether gold has ever been paid for at its full value. This applies still more to diamonds. According to Eschwege, the total produce of the Brazilian diamond mines for the eighty years, ending in 1823, had not realised the price of one-and-a-half years’ average produce of the sugar and coffee plantations of the same country, although the diamonds cost much more labour, and therefore represented more value. With richer mines, the same quantity of labour would embody itself in more diamonds, and their value would fall. If we could succeed at a small expenditure of labour, in converting carbon into diamonds, their value might fall below that of bricks.”
This paragraph is like a three in one:
"Some people might think that if the value of a commodity is determined by the quantity of labour spent on it, the more idle and unskilful the labourer, the more valuable would his commodity be, because more time would be required in its production. The labour, however, that forms the substance of value, is homogeneous human labour, expenditure of one uniform labour power. The total labour power of society, which is embodied in the sum total of the values of all commodities produced by that society, counts here as one homogeneous mass of human labour power, composed though it be of innumerable individual units. Each of these units is the same as any other, so far as it has the character of the average labour power of society, and takes effect as such; that is, so far as it requires for producing a commodity, no more time than is needed on an average, no more than is socially necessary. The labour time socially necessary is that required to produce an article under the normal conditions of production, and with the average degree of skill and intensity prevalent at the time. The introduction of power-looms into England probably reduced by one-half the labour required to weave a given quantity of yarn into cloth. The hand-loom weavers, as a matter of fact, continued to require the same time as before; but for all that, the product of one hour of their labour represented after the change only half an hour’s social labour, and consequently fell to one-half its former value. "
