Value. Frederick Harry Pitts

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did so through an explanation based outside the workplace itself, taking in broader changes in juridical, political and transactional relationships between class actors in the legal sphere, the market and society at large. But it was insufficient simply to stop there, and, having established this state of affairs in Capital, Marx took readers beyond the ‘realm of Freedom, Equality, Property and Bentham’ into the sphere of production to explore the implications of these changes for how work is performed and experienced, and the hidden mechanics and dynamics of value creation in capitalist society.62 What Marx called the ‘valorization process’ – the process by which the value invested in production is expanded in pursuit of profit and the reproduction of the conditions for business to continue – compels the process by which labour is bought, sold and engaged in the ‘labour process’.63 Profit, for Marx, arises where the capitalist is able to receive more from the sale of the good or services they produce than they have expended on its production – in other words, from surplus value. In order to understand how this surplus can be raised from the exchange of equivalents, we pick up where Marx’s account of the constitution of wage labour in the proletariat’s ‘double freedom’ left off. The individual’s labour power must be sold to a willing buyer in possession of the means of production required to put that labour to good use. This labour power presents at the point of sale a purely potential quantity, for which a wage is agreed in order for the willing buyer – the capitalist – to claim its ownership and thus the ability to turn what is merely a potential into actuality. In selling labour power to the capitalist, the individual thus gives over full and sole discretion as to how, when and for how long the labour power can be employed in its next stage of development – as labour in its concrete, practical existence.64

      For Marx, the production of commodities is divided up into two parts: necessary labour and surplus labour. Translated into time, the first ‘necessary’ portion has two determinations: the amount of time taken to produce the commodity demanded for sale by the capitalist, as a measure of general human labour in the abstract; and the amount of time the worker takes to produce the commodity in order to reproduce their labour power with the consumption of equivalent commodities through the provision of a wage. This demonstrates the dual nature of necessary labour-time: necessary for the worker, because of their sustenance, and necessary for the capitalist because ‘the continued existence of the worker is the basis of that world’.69

      This can be done in two main ways, according to Marx: through raising absolute surplus value or relative surplus value. Both centre on the rate of surplus value, or what Marx also called the rate of exploitation: surplus labour divided by necessary labour.70 If productivity and intensity are given, the rate of surplus value can only be raised by the prolongation of the working day – absolute surplus value – and if the working day is given, the rate of surplus value can only be increased by a shift in the ratio of necessary to surplus labour, achieved by a change in either productivity or intensity – in other words, relative surplus value.71

      In raising what Marx calls ‘absolute surplus value’, employers extend the time workers work above and beyond the bare minimum to earn the wage necessary for the reproduction of their labour power. The employer pays the same but gets more in return. In this context, ‘moments are the elements of profit’. The means of production that lie dormant in workplaces overnight demand this, existing only to ‘absorb labour’. Starved of this, plant and equipment do not perform their function, constituting a loss to the capitalist. As such, Marx signifies here that ‘to appropriate labour during all the 24 hours of the day is the inherent tendency of capitalist production’.72 With a watchful eye on the clock, times extraneous to the labour process are carefully cropped. Workers see infinitesimal, yet ever-increasing, portions of their free time eroded at the beginning and end of the day and at break-times, accumulating over the year into a significant surplus under the command of the employer. Such is the capitalist’s ‘right’ as a buyer: the contract of employment signed, the capitalist possesses full discretion over the way in which the commodity at their disposal is used.73

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