‼️ Capital: A Critique of Political Economy Volume 1 by Karl Marx ‼️
61/∞
"The wealth of the nation is identical with the misery of its people."
Rating: 🚩🚩🚩🚩🚩 (5 out of 5)
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📚 Length: 1138 pages
🔊Audiobook: 30 hrs and 17 mins
Why you should read this book?
💡 To discover that the evil capitalists extract 2/3 of the total work time of the proletariat as their profit and allow the workers to keep only 1/3.
💡 Learn about the imperfections of the capitalist system and how the system is inherently prone to create crises and misery.
💡 Because Capital is closer to England and to the atrocities which took place over there during the industrial revolution than to Lenin, Stalin and communist Russia.
The first time, I got my hand on Marx’s Capital, was when I was writing an essay at the law school in Wales, United Kingdom. Marx and Marxism was something to be frown upon in my country as the communism did not turn out to benefit and save all. It had that 'hint' of forbidden fruit. In the UK I first hand experienced what is the 'class struggle.' I lived like a mizer and I condemned the bourgeoisie, mainly because of the wage differences.
Up until this day, I am surprised that the United Kingdom has never turned into a communist country. They had and still have so much class struggle and so much injustice going on… Even though Margaret Thatcher said: “We (the British) are all but one class.“ Let me just note: no, they (the British) are anything, but one class.
Anyway, back in Wales I we could choose from one of the topics. I went for “Justice is open to all; like the Ritz hotel.“ I somehow slipped to the natural road leading of Marxism and law. Since Marx mentions law only marginally I quoted and read a significant part of Marxism and law written by Hugh Collins. Along the way, I also read a few parts of different volumes of Marx’s Capital.
I started to read this book some 2 years, ago, but haven’t finished it, as it is very complex and requires loads of free mental capacity to comprehend what Marx is talking about. Finally, I concluded that the second best time to read book this is now.
I also would like to mention that I do not understand why being called a 'marxist' should be an offence. The majority of uneducated people would not be able to read and understand a profoundly intellectual book which contains more than 1100 pages.
After all of these years, after living in the West I hoped to discover something which would provide me with a proper judgment. Are the capitalist societies better or worse than the socialistic and communist ones? Is the class struggle real?
…
Imperfections of the capitalist economy
The original purpose of money is circulation, but money does not fulfil its original purpose in the capitalist economy. This is caused by the hoarders and capitalists who cumulate money.
The amount of money in circulation should be equal to the amount of commodities and services in the economy. This is not true, because the capitalists hord the money.
This deficiency causes inflation. I only point out, that this problem was solved by cryptocurrencies like Bitcoin, because their chain verification of the currency prevents the system from creating more money or to make them disappear as in the standard money based system with paper money and coins.
In the other words the capital is not meant for the exchange. It is the sum of money meant to make more money (as an investment) and exercise power over the proletariat by the bourgeoisie as Marx puts it.
Some parts of this book are outdated and not applicable in today’s world. Marx talks about the commodities and exchange values. E.g. 1 GBP equals to 1 pound in silver and so on. The problem is that money is no longer tied to the gold or precious metals anymore. It is all made up. 😃
Commodities
I see his work as an attempt to describe the inner workings of the economy. He follows first the commodities and how they equal to one another. E.g. 20 yards of linen equals 10 pounds of coffee and 10 pounds of coffee equals to 2 GBP. Marx says that the commodities have no value on their own. They need to be exchanged and transformed into something else. This transformation takes place based on the social aspect. One tradesman produces something the other does not. He needs to exchange it and in return he receives the other things he lacks or needs.
Human labour power
The worker sells his labour power. The paradox is that he sells it and exercises it before he gets paid by the factory owner. This puts a worker into a naturally disadvantageous position and causes he is more prone to be exploited by the capitalists.
The victorian industrialists stripped down the workmen of all their dignity and turned them in mere tools. All the trade secrets which were kept in a very narrow circle of guilds were now kept by the factory owners. This ment that the craftsmen were not the holders of their trade secrets and this again caused them to be exploited by the capitalists.
The labourer puts his work into commodities and transforms them into something else. This something else could be then sold for more. This is how surplus value is created. But the surplus value belongs to the capitalist, not the worker.
Marx sees labour power as commodity and the labourer sells it as commodity to the capitalist. Sadly, the labourer works for the capitalist more than is required for his daily substenance.
Factories Acts
In early 1800’ the working day was 13 hours. Capitalists claimed that they make profit in the last one hour of the 13 hour shift. This was a lie obviously and shows how politicians and capitalists manipulate the public in order to gain more profit. This was how the capitalist attempted to prevent the legislators from shortening the labour day which decreased capitalists’ profits.
In reality worker was exploited for 2/3 of his working time. 1/3 was all the worker needed for his daily substenance, but the evil capitalist set the wage so low, that the poor worker had to keep working another 2/3 of his day just to be able to live.
Capitalists become rich, because they continually exploit the workers for 2/3 of their day. It is therefore unpaid labour which makes capitalist rich.
The capitalist is the one in the better position, because there are always more those who seek job than there is work positions.
Eventually, 13 hour work day was shortened down to 10,5 hours by law.In today’s view 10,5 hours /day is still undignifying.
Marx here points out how capitalism and exploitation of factory principals made us people unhappy and we diverted from the happy life we used to have as hunters and gatherers. I say: SPOT ON!
More and more profit
Marx comes to the rightful conclusion that the capitalist society is based on ever rising and increasing profits.
Machinery
One of the imperfection of the capitalist system is the relation between the worker and machinery. The better and more efficient machinery puts out of work more workers, because machines are cheaper than workers and could work relentlessly.
Child and female labour
Marx wrote this book in time when children labour was permitted. He also points out that children and female workers were more in demand than men. Could it be because they are less likely to revolt? I think so. Some exploitative companies employ only female workers because they are more obedient and less likely to strike.
The UK was more expensive already in 1800’
But enough of exploitation and let’s talk about the standard of living. What I find interesting is that Marx mentions that the average income is higher on the British islands, but the standard of living did not match the one on the continent. He mentions that already in 1800’. Back then it already cost more to rent a room in London than in cost to rent an entire house in Germany. This is the situation I can relate to, because it is true up to this day.
When wages rise
Only when the capitalists do not have enough workers. This is the only moment when the capitalists are willing to share more of worker’s 'unpaid work' (the 2/3 of the work day in surplus value) with the worker himself.
This rise may be is only temporary as when the capitalist need for workers diminished, the wages stay the same. The other option is strike, this si according to Marx also a temporary solution.
The Industrial Army Reservists
Marx also uses some funny terminology e.g. he calls the unemployed the industrial army reserve. 😂🤷♂️ I recon he inspired himself with army terminology.
Marx compares the amount of money a prisoner lives in prison and the amount a money an unemployed person lives. He comes to the conclusion that the unemployed lives on 1/3 of what a prisoner lives. This shall say enough about how dire the living conditions of the unemployed were in 1860’.
Housing
Marx studies various government reports concerning housing in England and some European countries such as Belgium. The housing was of poor quality back then and it was super expensive. The tragic sanitary conditions caused many people to die.
Ireland
Marx also runs his analysis on Ireland in the years of the Great Famine. He states that Ireland is mere agricultural district of England says that England would have bled to death, if the Grate Famine would have taken place over there. Irish were lied to by their (presumably) English lords who convinced them that Ireland is overpopulated. I wonder why these lords did not get hanged by the Irish masses… 🤷♂️
Capital and land: a history
The source of wealth and sustenance used to be land in the past (in feudal Europe), now the source of wealth and sustenance is the capital (money). Land had value, but with the industrial revolution it lost its value (as less and less people were needed to till the crops) and the value retained only money. Marx demonstrates these event on the historical examples from the United Kingdom.
Nevertheless, some feudal lords treated their peasants better that capitalists treat their workers (this is true up to this day). Feudal lords had to care for their peasants and provided them with housing. If peasants were dying, it was a problem for the lord as well, because they were his workforce and his source of income.
Marx also rightly points out that what we today would call 'expropriation' and 'nationalisation' was taking place all over the feudal Europe. The one, who had too much sheep or land, was helped by the king and his property was taken away and redistributed among not so fortunate ones. I consider this just and fair. 😉
It was the capitalist English who drove out the Gales from Scotland and Ireland. The English had taken the land away from them and made them live under the central administration located in Westminster. So the exploitation of the poor begins.
Colonies and the capital
The problem of the colonies e.g. the former USA, was that anybody who came over could seize land. The workers who were imported from Europe could not be held subservient to their evil and exploitative masters, because they were able to escape the system. Obviously, they weren't able to do that back in Europe where all land was already seized and owned by the evil capitalists and land owners.
Surprisingly, the representatives of the richest country in the world, the English, were seen as the biggest of paupers in the new colonies. They were malnourished, weak and were willing to work for nothing. That should tell you 'how beautiful country the UK was' and still is. 😂
Capitalism or communism?
To answer my question from the beginning of this review. I think the forced nationalisation and expropriation of the 'rich' is necessary and shall take place whenever the living conditions of the proletariat become unbearable. this clears the system and creates the new opportunities. When the system overheats and the rich get too rich, revolution functions as a reset button for the society. History shows us that it was a common practice since the feudal ages in Europe.
And yes, there is ever-ongoing class struggle. This struggle will continue as long as the capitalism exists counterbalanced by the communist revolutions which will redistribute the property of the rich to the rest of the society.
Kaiser’s Verdict: ⭐️⭐️⭐️⭐️ (highly recommended read)
Marxe’s Capital Vol. 1 is long and complex. This book has over 1100 pages. To read it and to understand it requires serious dedication on the side of the reader. I would even claim that people who have little intellectual predispositions won’t be able to read it.
The book contains some snappy, revolutionary and subversion ideas, but they are buried in hundreds and hundreds pages of this book and are difficult to allocate.
I would say Capital Vol. 1 is really interesting and subversive up to the end of chapter 15 (about 1/2 of the book). After that Marx starts to dissect the unimportant staff which he already mentioned in the first part of the book, but in the second part of the book he goes more into details. In my opinion, this was not necessary and I consider it a wee bit waste of reader’s time. He dissects the topics such as the relation between the relative and absolute surplus value, the difference between hourly wage and piece labour and so on.
In general, Marx has done an excellent job, it took him 16 years to write this book and he pretty much covered everything beyond average reader’s imagination. He has described the entire capitalist economy, the relation of the individual parts of the economy and rightly pointed to many imperfections in the system of capitalist economy.
My take on the relation between capitalism and communism is that the capitalist economy is the naturally created system (Marx says that himself in the book). Contrary to communism capitalism is not pre-engineered by human minds. I think that everything what is created by the mother nature, is more perfect than humans can ever make it. Therefore communism cannot work.
I love Marxe’s anger and the way he is pointing out to the exploitation of the workers by the evil capitalists. Some people were born with the silver spoon in their mouth. They do not need to do anything to rise and be free. The rest of us, who weren’t so lucky, need to show the rich that their positions are not granted and they are not permanent. The masses have always more power than a handful of capitalists who hold the reins.
This book is obviously being written amidst the brutal industrial revolution. What I find funny is how this book has closer to England and to Lenin and communist Russia.
My main takeaway from this book is this: if you allow anybody to exploit you, you will be exploited and own your means of production! Do not be afraid to slay and fight the evil capitalists and anybody who wants to make you dependent on the system!
If this book could be summarised into one simple and short sentence I would do it with this one:
"The mass of mankind expropriated itself in honour of the accumulation of capital."
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Trump: The Art of the Deal by Donald J. Trump and Tony Schwartz
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