Front Page Titles (by Subject) SECTION 5.—THE SO-CALLED LABOUR FUND. - Capital: A Critique of Political Economy. Volume I: The Process of Capitalist Production
SECTION 5.—THE SO-CALLED LABOUR FUND. - Karl Marx, Capital: A Critique of Political Economy. Volume I: The Process of Capitalist Production 
Capital: A Critique of Political Economy. Volume I: The Process of Capitalist Production, by Karl Marx. Trans. from the 3rd German edition, by Samuel Moore and Edward Aveling, ed. Federick Engels. Revised and amplified according to the 4th German ed. by Ernest Untermann (Chicago: Charles H. Kerr and Co., 1909).
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- Editor's Note to the First American Edition By Ernest Untermann
- Author's Prefaces to the First and Second Editions, By Karl Marx
- I.—TO The First Edition.
- II.—TO The Second Edition.
- Editor's Prefaces, to the First English Translation and Fourth German Edition By Frederick Engels
- Editor's Preface to the First English Translation.
- Editor's Preface to the Fourth German Edition.
- Volume I. The Process of Capitalist Production.
- Book I. Capitalist Production.
- Part I. Commodities and Money.
- Part I, Chapter I Commodities.
- Section 1.—THE Two Factors of a Commodity: Use-value and Value (the Substance of Value and the Magnitude of Value).
- Section 2.—THE Twofold Character of the Labour Embodied In Commodities.
- Section 3.—THE Form of Value Or Exchange Value.
- A. Elementary Or Accidental Form of Value.
- 1. the Two Poles of the Expression of Value: Relative Form and Equivalent Form.
- 2. the Relative Form of Value.
- (a.) the Nature and Import of This Form.
- (b.) Quantitative Determination of Relative Value.
- 3. the Equivalent Form of Value.
- 4. the Elementary Form of Value Considered As a Whole.
- B. Total Or Expanded Form of Value.
- 1. the Expanded Relative Form of Value.
- 2. the Particular Equivalent Form.
- 3. Defects of the Total Or Expanded Form of Value.
- C. the General Form of Value.
- 1. the Altered Character of the Form of Value.
- 2. the Interdependent Development of the Relative Form of Value, and of the Equivalent Form.
- 3. Transition From the General Form of Value to the Money Form.
- D. the Money Form.
- Section 4.—THE Fetishism of Commodities and the Secret Thereof.
- Part I, Chapter Ii Exchange.
- Part I, Chapter Iii Money, Or the Circulation of Commodities.
- Section 1. The Measure of Values.
- Section 2.—THE Medium of Circulation.
- A. the Metamorphosis of Commodities.
- B. the Currency 82 of Money.
- C. Coin and Symbols of Value.
- Section 3.—MONEY.
- A. Hoarding.
- B. Means of Payment.
- C. Universal Money.
- Part II. the Transformation of Money Into Capital.
- Part Ii, Chapter Iv the General Formula For Capital.
- Part Ii, Chapter V Contradictions In the General Formula of Capital.
- Part Ii, Chapter Vi the Buying and Selling of Labour-power.
- Part III. the Production of Absolute Surplus-value.
- Part Iii, Chapter Vii the Labour-process and the Process of Producing Surplus-value.
- Section 1.—THE Labour-process Or the Production of Use-values.
- Section 2.—THE Production of Surplus-value.
- Part Iii, Chapter Viii Constant Capital and Variable Capital
- Part Iii, Chapter Ix the Rate of Surplus-value.
- Section 1.—THE Degree of Exploitation of Labour-power.
- Section 2.—THE Representation of the Components of the Value of the Product By Corresponding Proportional Parts of the Product Itself.
- Section 3.—SENIOR'S "last Hour."
- Section 4.—SURPLUS Produce
- Part Iii, Chapter X the Working Day
- Section 1—the Limits of the Working Day
- Section 2.—THE Greed For Surplus Labor, Manufacturer and Boyard
- Section 3.—BRANCHES Of English Industry Without Legal Limits to Exploitation
- Section 4.—DAY And Night Work. the Relay System
- Section 5.—THE Struggle For a Normal Working Day. Compulsory Laws For the Extension of the Working Day From the Middle of the 14th to the End of the 17th Century
- Section 6.—THE Struggle For the Normal Working Day. Compulsory Limitation By Law of the Working Time. the English Factory Acts, 1833 to 1864.
- Section 7.—THE Struggle For the Normal Working-day. Re-action of the English Acts On Other Countries.
- Part Iii, Chapter Xi Rate and Mass of Surplus-value.
- Part IV. Production of Relative Surplus-value.
- Part Iv, Chapter Xii the Concept of Relative Surplus-value.
- Part Iv, Chapter Xiii Co-operation.
- Part Iv, Chapter Xiv Division of Labour and Manufacture.
- Section 1.—TWOFOLD Origin of Manufacture.
- Section 2.—THE Detail Labourer and His Implements.
- Section 3.—THE Two Fundamental Forms of Manufacture: Heterogeneous Manufacture, Serial Manufacture.
- Section 4.—DIVISION Of Labour In Manufacture, and Division of Labour In Society.
- Section 5.—THE Capitalistic Character of Manufacture.
- Part Iv, Chapter Xv Machinery and Modern Industry.
- Section 1.—THE Development of Machinery.
- Section 2.—THE Value Transferred By Machinery to the Product
- Section 3.—THE Approximate Effects of Machinery On the Workman.
- A. Appropriation of Supplementary Labour-power By Capital. the Employment of Women and Children.
- B. Prolongation of the Working-day.
- C. Intensification of Labour
- Section IV.—THE Factory
- Section 5.—THE Strife Between Workman and Machine
- Section 6.—THE Theory of Compensation As Regards the Workpeople Displaced By Machinery.
- Section 7.—REPULSION And Attraction of Workpeople By the Factory System. Crisis In the Cotton Trade.
- Section 8.—REVOLUTION Effected In Manufacture, Handicrafts. and Domestic Industry By Modern Industry.
- A. Overthrow of Co-operation Based On Handicraft and On the Division of Labour.
- B. Re-action of the Factory System On Manufacture and Domestic Industries.
- C. Modern Manufacture.
- D. Modern Domestic Industry.
- E. Passage of Modern Manufacture, and Domestic Industry Into Modern Mechanical Industry. the Hastening of This Revolution By the Application of the Factory Acts to Those Industries.
- Section 9.—THE Factory Acts. Sanitary and Education Clauses of the Same. Their General Extension In England.
- Section 10.—MODERN Industry and Agriculture.
- Part V. the Production of Absolute and of Relative Surplus-value.
- Part V, Chapter Xvi Absolute and Relative Surplus-value.
- Part V, Chapter Xvii Changes of Magnitude In the Price of Labour-power and In Surplus-value.
- 1. Length of the Working Day and Intensity of Labour Constant. Productiveness of Labour Variable.
- II. Working-day Constant. Productiveness of Labour Constant. Intensity of Labour Variable.
- III. Productiveness and Intensity of Labour Constant. Length of the Working-day Variable.
- IV.— Simultaneous Variations In the Duration, Productiveness, and Intensity of Labour.
- (1). Diminishing Productiveness of Labour With a Simultaneous Lengthening of the Working-day.
- (2) Increasing Intensity and Productiveness of Labour With Simultaneous Shortening of the Working-day.
- Part V, Chapter Xviii Various FormulÆ For the Rate of Surplus-value.
- Part VI. Wages.
- Part Vi, Chapter Xix the Transformation of the Value (and Respectively the Price) of Labour-power Into Wages.
- Part Vi, Chapter Xx Time-wages.
- Part Vi, Chapter Xxi Piece-wages.
- Part Vi, Chapter Xxii National Differences of Wages.
- Part VII. the Accumulation of Capital.
- Part Vii, Chapter Xxiii Simple Reproduction.
- Part Vii, Chapter Xxiv Conversion of Surplus-value Into Capital.
- Section I.—CAPITALIST Production On a Progressively Increasing Scale. Transition of the Laws of Property That Characterise Production of Commodities Into Laws of Capitalist Appropriation.
- Section 2.—ERRONEOUS Conception By Political Economy of Reproduction On a Progressively Increasing Scale.
- Section 3.—SEPARATION Of Surplus-value Into Capital and Revenue. the Abstinence Theory.
- Section 4.—CIRCUMSTANCES That, Independently of the Division of Surplus-value Into Capital and Revenue, Determine the Amount of Accumulation. Degree of Exploitation of Labour-power. Productivity of Labour. Growing Difference In Amount Between Capital Empl
- Section 5.—THE So-called Labour Fund.
- Part Vii, Chapter Xxv the General Law of Capitalist Accumulation.
- Section 1.—THE Increased Demand For Labour-power That Accompanies Accumulation, the Composition of Capital Remaining the Same.
- Section 2.—RELATIVE Diminution of the Variable Part of Capital Simultaneously With the Progress of Accumulation and of the Concentration That Accompanies It.
- Section 3.—PROGRESSIVE Production of a Relative Surplus-population Or Industrial Reserve Army.
- Section 4.—DIFFERENT Forms of the Relative Surplus-population. the General Law of Capitalistic Accumulation.
- Section 5.—ILLUSTRATIONS Of the General Law of Capitalist Accumulation.
- ( A. ) England From 1846-1866.
- (b). the Badly Paid Strata of the British Industrial Class.
- C. the Nomad Population.
- (d). Effect of Crises On the Best Paid Part of the Working Class.
- (e.) the British Agricultural Proletariat.
- (1.) Bedfordshire.
- (2.) Berkshire.
- (3.) Buckinghamshire.
- (4.) Cambridgeshire.
- (5.) Essex.
- (6.) Herefordshire.
- (7.) Huntingdon.
- (8.) Lincolnshire.
- (9.) Kent.
- (10.) Northamptonshire.
- (11.) Wiltshire.
- (12.) Worcestershire.
- (f.) Ireland.
- Part VIII. the So-called Primitive Accumulation.
- Part Viii, Chapter Xxvi the Secret of Primitive Accumulation.
- Part Viii, Chapter Xxvii Expropriation of the Agricultural Population From the Land.
- Part Viii, Chapter Xxviii Bloody Legislation Against the Expropriated, From the End of the 15th Century. Forcing Down of Wages By Acts of Parliament.
- Part Viii, Chapter Xxix Genesis of the Capitalist Farmer.
- Part Viii, Chapter Xxx Reaction of the Agricultural Revolution On Industry. Creation of the Home Market For Industrial Capital.
- Part Viii, Chapter Xxxi Genesis of the Industrial Capitalist.
- Part Viii, Chapter Xxxii Historical Tendency of Capitalist Accumulation.
- Part Viii, Chapter Xxxiii the Modern Theory of Colonisation. 70
- Works and Authors Quoted In "capital"
SECTION 5.—THE SO-CALLED LABOUR FUND.
It has been shown in the course of this inquiry that capital is not a fixed magnitude, but is a part of social wealth, elastic and constantly fluctuating with the division of fresh surplus-value into revenue and additional capital. It has been seen further that, even with a given magnitude of functioning capital, the labour-power, the science, and the land (by which are to be understood, economically, all conditions of labour furnished by Nature independently of man), embodied in it, from elastic powers of capital, allowing it, within certain limits, a field of action independent of its own magnitude. In this inquiry we have neglected all effects of the process of circulation, effects which may produce very different degrees of efficiency in the same mass of capital. And as we presupposed the limits set by capitalist production, that is to say, pre-supposed the process of social production in a form developed by purely spontaneous growth, we neglected any more rational combination, directly and systematically practicable with the means of production, and the mass of labour-power at present disposable. Classical economy always loved to conceive social capital as a fixed magnitude of a fixed degree of efficiency. But this prejudice was first established as a dogma by the arch-Philistine, Jeremy Bentham, that insipid, pedantic, leather-tongued oracle of the ordinary bourgeois intelligence of the 19th century. Bentham is among philosophers what Martin Tupper is among poets. Both could only have been manufactured in England. In the light of his dogma the commonest phenomena of the process of production, as, e.g., its sudden expansions and contractions, nay, even accumulation itself, become perfectly inconceivable. The dogma was used by Bentham himself, as well as by Malthus, James Mill, M'Culloch, etc., for an apologetic purpose, and especially in order to represent one part of capital, namely, variable capital, or that part convertible into labour-power, as a fixed magnitude. The material of variable capital, i.e., the mass of the means of subsistence it represents for the labourer, or the so-called labour fund, was fabled as a separate part of social wealth, fixed by natural laws and unchangeable. To set in motion the part of social wealth which is to function as constant capital, or, to express it in a material form, as means of production, a definite mass of living labour is required. This mass is given technologically. But neither is the number of labourers required to render fluid this mass of labour-power given (it changes with the degree of exploitation of the individual labour-power), nor is the price of this labour-power given, but only its minimum limit, which is moreover very variable. The facts that lie at the bottom of this dogma are these: on the one hand, the labourer has no right to interfere in the division of social wealth into means of enjoyment for the non-labourer and means of production. On the other hand, only in favourable and exceptional cases, has he the power to enlarge the so-called labour-fund at the expense of the "revenue" of the wealthy.
What silly tautology results from the attempt to represent the capitalistic limits of the labour-fund as its natural and social limits may be seen, e.g., in Professor Fawcett. "The circulating capital of a country," he says, "is its wage-fund. Hence, if we desire to calculate the average money wages received by each labourer, we have simply to divide the amount of this capital by the number of the labouring population." That is to say we first add together the individual wages actually paid, and then we affirm that the sum thus obtained, forms the total value of the "labour-fund" determined and vouchsafed to us by God and Nature. Lastly, we divide the sum thus obtained by the number of labourers to find out again how much may come to each on the average. An un-commonly knowing dodge this. It did not prevent Mr. Fawcett saying in the same breath: "The aggregate wealth which is annually saved in England, is divided into two portions; one portion is employed as capital to maintain our industry, and the other portion is exported to foreign countries.... Only a portion, and perhaps, not a large portion of the wealth which is annually saved in this country, is invested in our own industry."
The greater part of the yearly accruing surplus-product, embezzled, because abstracted without return of an equivalent, from the English labourer, is thus used as capital, not in England, but in foreign countries. But with the additional capital thus exported, a part of the "labour-fund" invented by God and Bentham is also exported.
Part VII, Chapter XXV
THE GENERAL LAW OF CAPITALIST ACCUMULATION.