The concept of surplus value (Mehrwert) is a cornerstone of Karl Marx’s critique of political economy, especially in his seminal work Das Kapital (1867). It represents the value produced by labor that exceeds the laborer’s wages and is appropriated by the capitalist as profit.
1. The Labour Theory of Value:
Marx, building on classical economists like Adam Smith and David Ricardo, held that the value of a commodity is determined by the socially necessary labour time required for its production. However, in a capitalist system, workers are paid less than the value they create.
2. Surplus Value: Definition and Mechanism:
Surplus value is the difference between the value of the product produced by labor and the wages paid to the laborer.
- Suppose a worker is paid for 6 hours but works for 10 hours. The extra 4 hours’ worth of production is surplus value.
- This unpaid labor is the source of profit in capitalism.
“Capital is dead labour, which, vampire-like, lives only by sucking living labour.”
— Karl Marx, Das Kapital
3. Types of Surplus Value:
Marx distinguished between:
- Absolute Surplus Value – obtained by extending the working day.
- Relative Surplus Value – achieved through increased productivity (e.g., via technology), reducing the value of labor power.
4. Exploitation and Class Conflict:
Marx argued that surplus value is a form of exploitation, where capitalists extract profits from the labor of workers without equivalent compensation. This relationship lies at the heart of class struggle between the bourgeoisie (capital-owning class) and the proletariat (working class).
5. Historical and Political Implications:
According to Marx, surplus value accumulation leads to capital concentration, economic crises, and eventually, the revolutionary overthrow of capitalism. This forms the basis of his theory of historical materialism, in which economic structures determine social and political realities.
Vocabulary & Grammar Tip:
- Surplus – an amount exceeding what is needed.
- Proletariat – working-class people.
- Exploitation – unfair use of someone for one’s own advantage.
Grammar Insight:
When explaining economic terms, be cautious with plural and singular forms.
E.g., “Surplus value is the source of profit” (not “are”).
Conclusion:
Both Hegel’s dialectics and Marx’s surplus value are pivotal concepts in Western political and philosophical thought. Hegel’s dialectics provide a method of understanding historical and intellectual development through contradictions and resolutions. Marx adapted this method to material conditions, focusing on economic exploitation and the structural inequalities of capitalism through the concept of surplus value. These ideas continue to influence critical theory, political analysis, and social movements across the world.
Leave a Reply