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,CAPITALISM-,ITS ,ORIG9 ,& ,DEVELOPM5T ,9 ,EUROPE 

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,PEOPLE 3 

,AU?OR 3 ,ALB]T ,P>SONS 

,TEXT 3 

,P>SONS1 ,ALB]T ,RI*>D4 ,AN>*ISM3 ,ITS ,PHILOSOPHY 
& ,SCI5TIFIC ,BASIS AS DEF9$ BY SOME ( ITS APO/LES4 ,*ICAGO1 
,MRS4 ,A4 ,R4 ,P>SONS .<C#a#h#h#g.>4 

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,! WAGE SY/EM ( LABOR IS A DESPOTISM ,IT IS CO]CIVE & >BITR>Y4 ,IT COMPELS ! WAGE-WORK]1 UND] A P5ALTY ( HUNG]1 MIS]Y & DI/RESS ( WIFE & *ILDR5 TO OBEY ! DICTATION ( ! EMPLOY]4 ,! 9DIVIDUALITY & P]SONAL LIB]TY ( !1 WAGE-WORK]1 & ?OSE DEP5D5T UPON HIM IS DE/ROY$ BY ! WAGE-SY/EM4 ,A REPUBLICAN =M ( GOV]NM5T DOES NOT ALT] ! CLASS S]VITUDE ( ! WAGE-WORK]4 ,:ILE GOV]NM5TS >E NECESS>ILY DESPOTIC--!Y MAY DIFF] 9 DEGREE4 ,BUT ALL GOV]NM5TS BAS$ UPON ! WAGE-LABOR SY/EM >E ESS5TIALLY ! SAME4 ,! GOV]NM5T ( ! ,UNIT$ ,/ATES1 BAS$ UPON ! WAGE-LABOR SY/EM1 DOES NOT1 & CANNOT GU>ANTEE ! 9ALI5ABLE RI<T ( ! WAGE-WORK]S TO 0LIFE1 LIB]TY & ! PURSUIT ( HAPP9ESS40 ,?IS FACT IS MORE APP>5T EA* DAY4 ,UND] ! REPUBLIC1 ! POLITICIAN IS A M]E SPOILS-HUNT]4 ,BRIB]Y1 9TIMIDATION & HYPOCRISY IS PRACTIC$ UPON ! POOR & IGNORANT VOT]1 :O IS GIV5 A *OICE BETWE5 CAPITALI/ C&IDATES & MEASURES4 ,HALLS ( LEGISLATION >E M]E DEBAT+ CLUBS ( ! RI*--! PROP]TI$ CLASS--:]E LEGISLATION HAS = ITS SOLE OBJECT1 ! ADJU/M5T ( ! SPECIAL1 & SOMETIMES CONFLICT+1 9T]E/ ( ?IS CLASS4 

,! JUDICIAL & EXECUTIVE DEP>TM5TS ( A REPUBLICAN =M ( GOV]NM5T >E ! (FIC]S OR COMMITTEES :O ADM9I/] ! LAWS ( ! PROP]TI$ CLASS4 ,! WAGE-CLASS >E BY !IR ECONOMIC DEP5D5CE KEPT 9 IGNORANCE & FE>4 ,!Y VOTE1 BUT VOTE AS A CLASS ONLY UPON CAPITALI/ QUE/IONS4 ,! GOV]NM5T ITSELF IS ! 9/RUM5T ( CAPITALISM TO P]PETUATE ! WAGE-SY/EM4 ,)9 ?IS CIRCLE ( GOV]NM5T ! VOTES ( ! WORK]S HAVE BE5 UNABLE TO EFFECT ANY AMELIORATION ( !IR CONDITION4 ,?IS IS ! EXP]I5CE ( ONE HUNDR$ YE>S ( REPRES5TATIVE GOV]NM5T 9 ! ,UNIT$ ,/ATES1 ) ! 9CREASE ( POPULATION FROM #c1#e1 9 #aggf TO #f#e11 9 #ahhf HAS ALSO DEVELOP$ ! WAGE-SY/EM UPON :I* ! GOV]NM5T WAS F\ND$4 ,ONE HUNDR$ YE>S' EXP]I5CE PROVES1 ?AT ?OSE :O CONTROL ! 9DU/RIES ( ! C\NTRY-CONTROL ITS VOTES2 ?AT WEAL? VOTES2 ?AT POV]TY CANNOT VOTE2 ?AT CITIZ5S :O MU/ SELL !IR LABOR OR />VE1 WILL SELL !IR VOTES :5 ! SAME ALT]NATIVE IS PRES5T$4 ,! WORK+-CLASS ( ! ,UNIT$ ,/ATES HAVE BE5 DELUD$ = ONE HUNDR$ YE>S1 ) ! BELIEF ?AT !Y POSSESS$ POLITICAL SOV]EIGNTY & LAW-MAK+ P[]S4 ,!Y HAVE BELIEV$ ?AT !Y C\LD MAKE LAWS 9 !IR [N BEHALF1 AL?\< !Y HAVE NOT MADE OR COMPELL$ ! 5=CEM5T ( ANY LAWS \TSIDE ( CAPITALI/ 9T]E/S4 ,! WAGE SY/EM ( LABOR SUBJECTS ! MAN ( LABOR TO ! CONTROL ( ! MONOPOLIZ]S ( ! MEANS ( LABOR--! RES\RCES ( LIFE4 ,SOCIAL MIS]Y1 M5TAL DEGRADATION & POLITICAL DEP5D5CE IS ! /ATE ( ?OSE :O >E DEPRIV$ ( ! MEANS ( EXI/5CE4 ,POLITICAL LIB]TY IS POSSESS$ BY ?OSE  ONLY :O ALSO POSSESS ECONOMIC LIB]TY4 ,! WAGE-SY/EM IS ! ECONOMIC S]VITUDE ( ! WORK]S4 ,F\R HUNDR$ YE>S AGO1 ! WAGE-SY/EM 9 ,EUROPE BEGAN TO GRADUALLY SUP]S$E ! SURF AGE-SY/EM ( LABOR4 ,PREVI\S TO ! F\RTE5? C5TURY1 A SY/EM ( VASSALAGE EXI/$ 9 ALL NATIONS1 EXCEPT A FEW GUILDS OR TRADES 9 ! L>G] CITIES4 ,UND] VASSALAGE1 ! PROPRIETOR ( AN E/ATE WAS [N] ( ! M51 WOM5 & *ILDR5 UPON ?AT E/ATE1 & :5 ! E/ATE WAS SOLD1 !SE M51 WOM5 & *ILDR5 W]E 9V5TORI$ & SOLD TO ! PUR*AS]4 ,! LAW1 DEF9$ ! /ATUS ( ! VASSAL OR S]F AS A FIXTURE TO ! SOIL4 ,! LAW WAS ?AT !Y C\LD NOT BE P>T$ FROM EA* O!R1 OR REMOV$ FROM ! E/ATE4 ,9 ?IS RESPECT VASSALAGE DIFF]$ FROM *ATTEL SLAVE LABOR4 ,AS AT ! PRES5T TIME1 SO 9 ! PA/1 ! HI/ORY ( SOCIETY IS ! HI/ORY ( CLASS /RUGGLES4 ,FREEM5 & SLAVES1 PATRICIANS & PLEBEIANS1 NOBLES & S]FS1 GUILD MEMB]S & J\RNEYM52 9 O!R WORDS1 ! OPPRESSORS & OPPRESS$ HAVE 5GAG$ EA* O!R 9 ?IS CLASS-/RUGGLE4 ,!SE CONFLICTS HAVE SOMETIMES BE5 OP51 AT O!R TIMES CONCEAL$1 BUT NEV] CEAS+4 ,?IS CONT9U\S /RUGGLE HAS 9V>IABLY T]M9AT$ 9 A REVOLUTION>Y ALT]ATION ( ! SOCIAL SY/EM1 OR 9 ! TOTAL DE/RUCTION ( ! CONT5D+ CLASSES4 

,9 E>LI] HI/ORICAL EPO*S1 WE F9D ALMO/ EV]Y:]E A M9UTE DIVISION & SUBDIVISION ( SOCIETY 9TO CLASSES OR CA/ES--A V>IETY ( GRADES 9 SOCIAL LIFE4 ,9 ANCI5T ,ROME W]E ! PATRICIANS1 KNI<TS1 PLEBEIANS1 SLAVES2 9 ,M$IEVAL ,EUROPE1 FEUDAL LORDS1 VASSALS1 BUR<]S J\RNEYM51 S]FS2 & 9 EA* ( !SE CLASSES !RE W]E AGA9 GRADES & DI/9CTIONS4 

,MOD]N ,B\RGEOIS 7CAPITALI/7 SOCIETY1 :I* >OSE FROM ! RA9S ( ! FEUDAL SY/EM HAS NOT WIP$ \T ! ANTAGONISM ( CLASSES4 ,NEW CLASSES1 N[ CONDITIONS ( OPPRESSION1 NEW MODES & =MS ( C>RY+ ON ! /RUGGLE1 HAVE BE5 SUB/ITUT$ = ! OLD ONES4 ,! *>ACT]I/IC ( \R EPO*-! EPO* ( ! ,B\RGEOISIE1 OR MIDDLE CLASS-IS ?AT ! /RAGGLE BETWE5 ! V>I\S SOCIAL CLASSES HAS BE5 R$UC$ TO ITS SIMPLE/ =M4 ,SOCIETY T5DS MORE & MORE TO BE DIVID$ 9TO TWO GREAT HO/ILE CLASSES--TO-WIT3 ,! ,B\RGEOISIE & ! ,PROLET>IAT4 ,?IS CLASS /RUGGLE >ISES FROM & IS 9H]5T 9 ! WAGE-SY/EM4 

,H[ ?AT SY/EM OP]ATES 9 M9UTIA1 9 DETAIL2 B[ IT EFFECTS ! LABOR] & ! CAPITALI/ HAS BE5 CLE>LY & SCI5TIFICALLY =MULAT$ BY ,K>L ,M>X 9 HIS WORK 5TITL$ 0,CAPITAL10 A *APT] FROM :I* IS H]E QUOT$4 

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0,IF WE W]E TO ASK ! LABOR]S1 ',H[ MU* WAGES DO Y\ GET 8' ONE W\LD REPLY1 ',I GET A C\PLE ( %ILL+S A DAY FROM MY EMPLOY]2' ANO!R1 ,I GET HALF-A-CR[N1' & SO ON4 ,ACCORD+ TO ! DIFF]5T TRADES TO :I* !Y BELONG1 !Y W\LD NAME DIFF]5T SUMS ( MONEY :I* !Y RECEIVE FROM !IR P>TICUL> EMPLOY]S1 EI!R = WORK+ = A C]TA9 L5G? ( TIME1 OR = P]=M+ A C]TA9 PIECE ( WORK2 = EXAMPLE1 EI!R = WEAV+ AN ELL ( CLO?1 OR = SETT+ UP A C]TA9 3AM\NT ( TYPE4 ,BUT 9 SPITE ( ?IS DIFF]5CE 9 !IR /ATEM5TS !RE IS ONE PO9T 9 :I* !Y W\LD ALL AGREE2 !IR WAGES >E ! AM\NT ( MONEY :I* !IR EMPLOY] PAYS !M EI!R = WORK+ A C]TA9 L5G? ( TIME1 OR = A C]TA9 AM\NT ( WORK DONE4 

0,?US !IR EMPLOY] BUYS !IR WORK = MONEY4 ,= MONEY !Y SELL !IR WORK TO HIM4 ,) ! SAME SUM = :I* ! EMPLOY] HAS B\<T !IR WORK1 AS = 9/ANCE1 ) A C\PLE ( %ILL+S1 HE MI<T HAVE B\<T F\R P\NDS ( SUG>1 OR A PROPORTIONATE AM\NT ( ANY O!R W>ES4 ,! TWO %ILL+S ) :I* HE BUYS ! F\R P\NDS ( SUG>1 >E ! PRICE ( F\R P\NDS ( SUG>4 ,! TWO %ILL+S ) :I* HE BUYS LABOR = TWELVE H\RS1 >E ! PRICE ( TWELVE H\RS' WORK4 ,WORK IS !RE=E AS MU* A COMMODITY AS SUG>1 NEI!R MORE NOR LESS1 ONLY !Y MEASURE ! =M] BY ! CLOCK1 ! LATT] BY ! SCALES4 

0,! LABOR]S EX*ANGE !IR [N COMMODITY ) !IR EMPLOY]S' -WORK = MONEY1 & ?IS EX*ANGE TAKES PLACE ACCORD+ TO A FIX$ PROPORTION4 ,SO MU* MONEY = SO MU* WORK4 ,= TWELVE H\RS' WEAV+1 TWO %ILL+S4 ,& DO NOT !SE TWO %ILL+S REPRES5T TWO %ILL+S WOR? ( ALL O!R COMMODITIES8 ,?US ! LABOR] HAS1 9 FACT1 EX*ANG$ HIS [N COMMODITY-WORK1 ) ALL K9DS ( O!R COMMODITIES1 & ?AT 9 A FIX$ PROPORTION4 ,HIS EMPLOY] 9 GIV+ HIM TWO %ILL+S1 HAS GIV5 -HIM SO MU* MEAT1 SO MU* CLO?+1 SO MU* FUEL1 LI<T1 & SO ON1 9 EX*ANGE = HIS DAY'S WORK4 ,! TWO %ILL+S1 !RE=E1 EXPRESS ! PROPORTION 9 :I* HIS WORK IS EX*ANG$ ) O!R COMMODITIES-! EX*ANGE-VALUE ( HIS WORK2 & ! EX*ANGE-VALUE ( ANY COMMODITY EXPRESS$ 9 MONEY IS CALL$ ITS PRICE4 ,WAGE IS1 !RE=E1 ONLY ANO!R -NAME = ! PRICE ( WORK-= ! PRICE ( ?IS PECULI> PIECE ( PROP]TY :I* CAN HAVE NO LOCAL HABITATION AT ALL EXCEPT 9 HUMAN FLE% & 'BLOOD4 

0,TAKE ! CASE ( ANY WORKMAN1 A WEAV] = 9/ANCE4 ,! EMPLOY] SUPPLIES HIM ) ?READ & LOOM4 ,! WEAV] SETS TO WORK1 & ! ?READ IS TURN$ 9TO CLO?4 ,! EMPLOY] TAKES POSSESSION ( ! CLO? & SELLS IT1 SAY = TW5TY %ILL+S4 ,DOES ! WEAV] RECEIVE AS WAGES A %>E 9 ! CLO?-9 ! TW5TY %ILL+S-9 ! PRODUCT ( HIS LABOR8 ,BY NO MEANS4 ,! WEAV] RECEIVES HIS WAGES LONG BE=E ! PRODUCT IS SOLD4 ,! EMPLOY] DOES NOT1 !RE=E1 PAY HIS WAGES ) ! MONEY BE WILL GET = ! CLO?1 BUT ) MONEY PREVI\SLY PROVID$4 ,LOOM & ?READ >E NOT ! WEAV]'S PRODUCT1 S9CE !Y >E SUPPLI$ BY ! EMPLOY]1 & NO MORE >E ! COMMODITIES :I* HE RECEIVES 9 EX*ANGE = HIS [N COMMODITY1 OR 9 O!R WORDS = HIS WORK4 ,IT IS POSSIBLE ?AT ! EMPLOY] F9DS NO PUR*AS] = HIS CLO?4 ,IT MAY BE ?AT BY ITS SALE HE DOES NOT RECOV] EV5 ! WAGES HE HAS PAID4 ,IT MAY BE ?AT 9 COMP>ISON ) ! WEAV]'S WAGES HE MADE A GREAT B>GA9 BY ITS SALE4 ,BUT ALL ?IS HAS NO?+ :ATEV] TO DO ) ! WEAV]4 ,! EMPLOY] PUR*ASES ! WEAV]'S LABOR ) A P>T ( HIS AVAILABLE PROP]TY--( HIS CAPITAL-9 EXACTLY ! SAME WAY AS HE HAS ) ANO!R P>T ( HIS PROP]TY B\<T ! RAW MAT]IAL-! ?READ-& ! 9/RUM5T ( LABOR -! LOOM4 ,AS SOON AS HE HAS MADE !SE PUR*ASES-& HE RECKONS AMONG !M ! PUR*ASE ( ! LABOR NECESS>Y TO ! PRODUCTION ( ! CLO?-HE PROCE$S TO PRODUCE IT BY MEANS ( ! RAW MAT]IAL & ! 9/RUM5TS :I* BELONG TO HIM4 ,AMONG !SE LA/ IS1 ( C\RSE1 RECKON$ \R WOR?Y WEAV]1 :O HAS AS LITTLE %>E1 9 ! PRODUCT1 OR 9 ! PRICE ( ! PRODUCT1 AS ! LOOM ITSELF4 

0,WAGES1 !RE=E1 >E NOT ! WORK]'S %>E ( ! COMMODITIES :I* HE HAS PRODUC$4 ,WAGES >E ! %>E ( COMMODITIES PREVI\SLY PRODUC$1 ) :I* ! EMPLOY] PUR*ASES A C]TA9 AM\NT ( PRODUCTIVE LABOR4 

0,LABOR IS1 !RE=E1 A COMMODITY :I* ITS [N]1 ! WAGE WORK]1 SELLS TO CAPITAL4 ,:Y DOES HE SELL IT8 ,9 ORD] TO LIVE4 

0,BUT LABOR IS ! PECULI> EXPRESSION ( ! 5]GY ( ! LABOR]'S LIFE4 ,& ?IS 5]GY HE SELLS TO ANO!R P>TY1 9 ORD] TO SECURE = HIMSELF ! MEANS ( LIV+4 ,= HIM1 !RE=E1 HIS 5]GY IS NO?+ BUT A MEANS ( 5SUR+ HIS [N EXI/5CE4 ,HE WORKS TO LIVE4 ,HE DOES NOT C\NT ! WORK ITSELF AS A P>T ( HIS LIFE1 RA!R IS IT A SACRIFICE ( HIS LIFE4 ,IT IS A COMMODITY :I* HE HAS MADE OV] TO ANO!R P>TY4 ,NEI!R IS ITS PRODUCT ! AIM ( HIS ACTIVITY4 ,:AT HE PRODUCES = HIMSELF IS NOT ! SILK HE WEAVES1 NOR ! PALACE ?AT HE BUILDS1 NOR ! GOLD ?AT HE DIGS FROM \T ! M9E4 ,:AT HE PRODUCES = HIMSELF IS HIS WAGE2 & SILK1 GOLD1 & PALACE >E TRANS=M$ = HIM 9TO A C]TA9 QUANTITY ( MEANS ( EXI/5CE--A COTTON %IRT1 SOME COPP] CO9S1 & A LODG+ 9 A CELL>4 ,& :AT ( ! LABOR]1 :O = TWELVE H\RS WEAVES1 SP9S1 BORES1 TURNS1 BUILDS1 %OVELS1 BREAKS /ONES1 C>RIES LOADS1 & SO ON8 ,DOES HIS TWELVE H\RS' WEAV+1 SP9N+1 BOR+1 TURN+1 BUILD+1 %OVEL+1 & /ONE-BREAK+ REPRES5T ! ACTIVE EXPRESSION ( HIS LIFE8 ,ON ! CONTR>Y4 ,LIFE BEG9S = HIM EXACTLY :]E ?IS ACTIVITY ( HIS CEASES --AT HIS MEALS1 ON ! PUBLIC-H\SE B5*1 9 HIS B$4 ,HIS TWELVE H\RS' WORK HAS NO MEAN+ = HIM AS WEAV+1 SP9N+1 BOR+1 ETC41 BUT ONLY AS E>N+S :]EBY HE MAY OBTA9 HIS MEALS1 HIS SEAT 9 ! PUBLIC H\SE1 HIS B$4 ,IF ! SILKWORM'S OBJECT 9 SP9N+ W]E TO PROLONG ITS EXI/5CE AS A CAT]PILL>1 IT W\LD BE A P]FECT EXAMPLE ( A WAGE WORK]4 

0,LABOR WAS NOT ALWAYS A COMMODITY4 ,LABOR WAS NOT ALWAYS WAGE WORK1 ?AT IS1 A M>KETABLE COMMODITY ,! SLAVE DOES NOT SELL HIS LABOR TO ! SLAVE-[N]4 ,! SLAVE ALONG ) HIS LABOR IS SOLD ONCE = ALL TO HIS [N]4 ,HE IS A COMMODITY :I* CAN PASS FROM ! H& ( ONE [N] TO ?AT ( ANO!R4 ,HE HIMSELF IS A COMMODITY1 BUT HIS LABOR IS NOT HIS COMMODITY4 ,! S]F SELLS ONLY A PORTION ( HIS LABOR4 ,HE DOES NOT RECEIVE HIS WAGES FROM ! [N] ( ! SOIL2 RA!R ! [N] ( ! SOIL RECEIVES A TRIBUTE FROM HIM4 ,! S]F BELONGS TO ! SOIL1 & TO ! LORD ( ! SOIL BE BR+S ITS FRUITS4 ,! FREE LABOR]1 ON ! O!R H&1 SELLS HIMSELF1 & ?AT BY FRACTIONS4 ,FROM DAY TO DAY HE SELLS BY AUCTION EI<T1 T51 TWELVE1 FIFTE5 H\RS ( HIS LIFE TO ! HI<E/ BIDD] TO ! [N] ( ! RAW MAT]IAL1 ! 9/RUM5TS ( WORK1 & ! MEANS ( LIFE2 ?AT IS1 TO ! EMPLOY]4 ,! LABOR] HIMSELF BELONGS NEI!R TO AN [N] NOR TO ! SOIL2 BUT EI<T1 T51 TWELVE1 FIFTE5 H\RS ( HIS DAILY LIFE BELONG TO ! MAN :O BUYS !M4 ,! LABOR] LEAVES ! EMPLOY] TO1 :OM BE HAS HIR$ HIMSELF ,:5EV] HE PLEASES2 & ! EMPLOY] DIS*>GES HIM :5EV] HE ?9KS FIT2 EI!R AS SOON AS HE CEASES TO MAKE A PR(IT \T ( HIM1 OR FAILS TO GET SO HI< A PR(IT AS HE REQUIRES4 ,BUT ! LABOR]1 :OSE ONLY S\RCE ( E>N+S IS ! SALE ( HIS LABOR1 CANNOT LEAVE ! :OLE CLASS ( ITS PUR*AS]S1 ?AT IS1 ! CAPITALI/ CLASS1 )\T R5\NC+ HIS [N EXI/5CE4 ,HE DOES NOT BELONG TO ?IS OR ?AT P>TICUL> EMPLOY]1 BUT HE DOES BELONG TO ! EMPLOY+ CLASS2 & MORE ?AN ?AT1 IT IS HIS BUS9ESS TO F9D AN EMPLOY]2 ?AT IS1 AMONG ?IS EMPLOY+ CLASS1 IT IS HIS BUS9ESS TO DISCOV] HIS [N P>TICUL> PUR*ASES4 

0,BE=E GO+ MORE CLOSELY 9TO ! RELATIONS BETWE5 CAPITAL & WAGE-WORK1 IT WILL BE WELL TO GIVE A BRIEF SURVEY ( ?OSE G5]AL RELATIONS :I* >E TAK5 9TO CONSID]ATION 9 DET]M9+ ! AM\NT ( WAGES4 

0,AS WE HAVE SE51 WAGES >E ! PRICE ( A C]TA9 COMMODITY--LABOR4 ,WAGES >E ?US DET]M9$ BY ! SAME LAW :I* REGULATES ! PRICE ( ANY O!R COMMODITY4 

0,!REUPON ! QUE/ION >ISES1 H[ IS ! PRICE ( A COMMODITY DET]M9$8 

0,BY :AT MEANS IS ! PRICE ( A COMMODITY DET]M9$8 

0,BY MEANS ( COMPETITION BETWE5 BUY]S & SELL]S1 & ! RELATION BETWE5 SUPPLY & DEM&--(F] & DESIRE4 ,& ?IS COMPETITION BY :I* ! PRICE ( AN >TICLE IS FIX$ IS ?REE-FOLD4 

0,! SAME COMMODITY IS (F]$ 9 ! M>KET BY V>I\S SELL]S4 ,:OEV] (F]S ! GREATE/ AD-VANTAGE TO PUR*AS]S IS C]TA9 TO DRIVE1 ! O!R SELL]S (F ! FIELD1 & SECURE = HIMSELF ! GREATE/ SALE4 ,! SELL]S1 !RE=E1 FI<T = ! SALE & ! M>KET AMONG !MSELVES4 ,EV]YONE ( !M WANTS TO SELL1 & DOES HIS BE/ TO SELL MU*1 & IF POSSIBLE TO BECOME ! ONLY SELL]4 ,!RE=E EA* \TBIDS ! O!R 9 *EAPNESS1 & A COMPETITION TAKES PLACE AMONG ! SELL]S :I* L[]S4 ! PRICE ( ! GOODS !Y (F]4 

0 ,BUT A COMPETITION ALSO GOES ON AMONG ! PUR*AS]S1 :I* ON !IR SIDE RAISES ! PRICE ( ! GOODS (F]$4 

0,F9ALLY !RE >ISES A COMPETITION BETWE5 BUY]S & SELL]S2 ! ONE SET WANTS TO BUY AS *EAP AS POSSIBLE1 ! O!R TO SELL AS DE> AS POSSIBLE4 ,! RESULT ( ?IS COMPETITION BETWE5 BUY]S & SELL]S WILL DEP5D UPON ! RELATIONS ( ! TWO PREVI\S ASPECTS ( ! COMPETITION2 ?AT IS1 UPON :E!R ! COMPETITION 9 ! RANKS ( ! BUY]S OR ?AT 9 ?OSE ( ! SELL]S IS ! KE5]4 ,BUS9ESS ?US LEADS TWO OPPOS+ >MIES 9TO ! FIELD1 & EA* ( !M AGA9 PRES5TS ! ASPECT ( A BATTLE 9 ITS [N RANKS BETWE5 ITS [N SOLDI]S4 ,?AT >MY :OSE TROOPS >E LEA/ MAUL$ BY ONE ANO!R C>RIES (F ! VICTORY OV] ! OPPOS+ HO/4 

0,LET US SUPPOSE ?AT !RE >E A HUNDR$ BALES ( COTTON 9 ! M>KET1 & AT ! SAME TIME BUY]S 9 WANT ( A ?\S& BALES4 ,9 ?IS CASE ! DEM& IS GREAT] ?AN ! SUPPLY4 ,! COMPETITION BETWE5 ! BUY]S WILL !RE=E BE 9T5SE2 EA* ( !M WILL DO HIS BE/ TO GET HOLD ( ALL ! HUNDR$ BALES ( COTTON4 ,?IS EXAMPLE IS NO >BITR>Y SUPPOSITION4 ,9 ! HI/ORY ( ! TRADE WE HAVE EXP]I5C$ P]IODS ( FAILURE ( ! COTTON PLANT1 :5 P>TICUL> COMPANIES ( CAPITALI/S HAVE 5DEAVOR$ TO PUR*ASE1 NOT ONLY A HUNDR$ BALES ( COTTON1 BUT ! :OLE /OCK ( COTTON 9 ! WORLD4 ,!RE=E 9 ! CASE SUPPOS$ EA* BUY] WILL TRY TO BEAT ! O!RS \T ( ! FIELD BY (F]+ A PROPORTIONATELY HI<] PRICE = ! COTTON4 ,! COTTON-SELL]S1 P]CEIV+ ! TROOPS ( ! HO/ILE HO/ 9 VIOL5T COMBAT ) ONE ANO!R1 & BE+ P]FECTLY SECURE AS TO ! SALE ( ALL !IR HUNDR$ BALES1 WILL TAKE V]Y GOOD C>E NOT TO BEG9 SQUABBL+ AMONG !MSELVES 9 ORD] TO DEPRESS ! PRICE AT ! V]Y MOM5T :5 !IR ADV]S>IES >E EMULAT+ EA* O!R 9 ! PROCESS ( SCREW+ IT HI<] UP4 ,PEACE IS !RE=E SUDD5LY PROCLAIM$ 9 ! >MY ( ! SELL]S4 ,!Y PRES5T A UNIT$ FRONT TO ! PUR*AS]1 & FOLD !IR >MS 9 PHILOSOPHIC CONT5T2 & !IR CLAIMS W\LD BE ABSOLUTELY B\NDLESS IF IT W]E NOT ?AT ! (F]S ( EV5 ! MO/ PRESS+ & EAG] ( ! BUY]S MU/ ALWAYS HAVE SOME DEF9ITE LIMIT4 

0,?US IF ! SUPPLY ( A COMMODITY IS NOT SO GREAT AS ! DEM& = IT1 ! COMPETITION BETWE5 ! BUY]S WAXES4 ,RESULT3 ,A MORE OR LESS IMPORTANT RISE 9 ! PRICE ( GOODS4 

0,AS A RULE ! CONV]SE CASE IS ( COMMON] OCCURR5CE1 PRODUC+ AN OPPOSITE RESULT4 ,L>GE EXCESS ( SUPPLY OV] DEM&2 DESP]ATE COMPETITION AMONG ! SELL]S2 DE>? ( PUR*AS]S2 =C$ SALE ( GOODS DIRT *EAP4 

0,BUT :AT IS ! MEAN+ ( ! RISE & FALL 9 PRICES8 ,:AT IS ! MEAN+ ( HI<] PRICE OR L[] PRICE8 ,A GRA9 ( S& IS HI< :5 EXAM9$ ?R\< A MICROSCOPE1 & A T[] IS L[ :5 COMP>$ ) A M\NTA94 ,& IF PRICE IS DET]M9$ BY ! RELATION BETWE5 SUPPLY & DEM&1 H[ IS ! RELATION BETWE5 SUPPLY & DEM& ITSELF DET]M9$8 

0,LET US TURN TO ! FIR/ WOR?Y CITIZ5 WE MEET4 ,HE WILL NOT TAKE AN 9/ANT TO CONSID]1 BUT LIKE A SECOND ,ALEX&] ! ,GREAT WILL CUT ! METAPHYSICAL KNOT BY ! HELP ( HIS MULTIPLICATION TABLE4 ',IF ! PRODUCTION ( ! GOODS :I* ,I SELL1' BE WILL TELL US1 'HAS CO/ ME ,G,B,P#a & ,I GET ,G,B,P#a#a BY !IR SALE--)9 ! YE>1 Y\ UND]/&-?AT'S :AT ,I CALL A S\ND1 HONE/1 REASONABLE PR(IT4 ,BUT IF ,I MAKE ,G,B,P#a#b OR ,G,B,P#a#c BY ! SALE1 ?AT IS A HI<] PR(IT2 & IF ,I W]E TO GET A GOOD ,G,B,P#b1 ?AT W\LD BE AN EXCEPTIONAL1 AN 5ORM\S PR(IT4' ,:AT IS IT !N ?AT S]VES \R CITIZ5 AS ! MEASURE ( HIS PR(IT8 ,! CO/ ( PRODUCTION ( HIS GOODS4 ,IF HE RECEIVES 9 EX*ANGE = !M AN AM\NT ( O!R GOODS :OSE PRODUCTION HAS CO/ LESS1 HE HAS LO/ BY HIS B>GAIU4 ,IF HE RECEIVES AN AM\NT :OSE PRODUCTION HAS CO/ MORE1 HE HAS GA9$4 ,& HE RECKONS ! RISE & FALL ( HIS PR(IT BY ! NUMB] ( DEGREES AT :I* IT /&S ) REF]5CE TO HIS Z]O--! CO/ ( PRODUCTION4 

0,WE HAVE N[ SE5 H[ ! *ANG+ PROPORTION BETWE5 SUPPLY & DEM& PRODUCES ! RISE & FALL ( PRICES1 MAK+ !M AT ONE TIME HI<1 AT ANO!R L[4 ,IF ?R\< FAILURE 9 ! SUPPLY1 OR EXCEPTIONAL 9CREASE 9 ! DEM&1 AN IMPORTANT RISE 9 ! PRICE ( A COMMODITY TAKES PLACE1 !N ! PRICE ( ANO!R COMMODITY MU/ HAVE FALL52 =1 ( C\RSE1 ! PRICE ( A COMMODITY ONLY EXPRESSES 9 MONEY ! PROPORTION 9 :I* O!R COMMODITIES CAN BE EX*ANG$ ) IT4 ,= 9/ANCE1 IF ! PRICE ( A Y>D ( SILK RISES FROM FIVE TO SIX %ILL+S1 ! PRICE ( SILV] HAS FALL5 9 COMP>ISON ) SILK2 & 9 ! SAME WAY ! PRICE ( ALL O!R COMMODITIES :I* REMA9 AT !IR OLD PRICES HAS FALL5 IF COMP>$ ) SILK4 ,WE HAVE TO GIVE A L>G] QUANTITY ( !M 9 EX*ANGE 9 ORD] TO OBTA9 ! SAME QUANTITY ( SILK4 ,& :AT IS ! RESULT ( A RISE 9 ! PRICE ( A COMMODITY8 ,A MASS ( CAPITAL IS ?R[N 9TO ?AT FL\RI%+ BRAN* ( BUS9ESS1 & ?IS IMMIGRATION ( CAPITAL 9TO ! PROV9CE ( ! PRIVILEG$ BUS9ESS WILL LA/ UNTIL ! ORD9>Y LEVEL ( PR(ITS IS ATTA9$2 OR RA!R1 UNTIL ! PRICE ( ! PRODUCTS S9KS ?R\< OV]PRODUCTION4 

0,CONV]SELY1 IF ! PRICE ( A COMMODITY FALLS BEL[ ! CO/ ( ITS PRODUCTION1 CAPITAL WILL BE )DRAWN FROM ! PRODUCTION ( ?IS COMMODITY4 ,EXCEPT 9 ! CASE ( A BRAN* ( 9DU/RY :I* HAS BECOME OBSOLETE & IS !RE=E DOOM$ TO DISAPPE>1 ! RESULT ( ?IS FLI<T ( ,CAPITAL WILL BE ?AT ! PRODUCTION ( ?IS COMMODITY1 & !RE=E ITS -SUPPLY1 WILL CONT9UALLY DW9DLE UNTIL IT CORRESPONDS TO ! DEM&2 & ?US ITS PRICE RISES AGA9 TO ! LEVEL ( ! CO/ ( ITS PRODUCTION2 OR RA!R1 UNTIL ! SUPPLY HAS FALL5 BEL[ ! DEM&2 ?AT IS1 UNTIL ITS -PRICE HAS AGA9 RIS5 ABOVE ITS CO/ ( PRODUCTION2 = ! PRICE ( ANY COMMODITY IS ALWAYS EI!R ABOVE OR BEL[ ITS CO/ ( PRODUCTION4 

0,WE SEE !N H[ IT IS ?AT CAPITAL IS ALWAYS IMMIGRAT+ & EMIGRAT+1 FROM ! PROV9CE ( ONE 9DU/RY 9TO ?AT ( ANO!R4 ,IT IS HI< PRICES ?AT BR+ AB\T AN EXCESSIVE IMMIGRATION1 & L[ PRICES AN EXCESS ( EMIGRATION4 

0,WE MI<T %[ FROM ANO!R PO9T ( VIEW H[ NOT ONLY ! SUPPLY1 BUT ALSO ! DEM& IS DET]M9$ BY ! CO/ ( PRODUCTION2 BUT ?IS W\LD LEAD US TOO F> FROM \R PRES5T SUBJECT4 

0,WE HAVE JU/ SE5 H[ ! FLUCTUATIONS ( SUPPLY & DEM& ALWAYS R$UCE ! PRICE ( A COMMODITY TO ITS CO/ ( PRODUCTION4 ,IT IS -TRUE ?AT ! PRECISE PRICE ( A COMMODITY IS ALWAYS EI!R ABOVE OR BEL[ ITS CO/ ( PRODUCTION2 BUT ! RISE & FALL RECIPROCALLY BALANCE EA* O!R1 ,S,O ,)9 A C]TA9 P]IOD1 IF ! EBB & FL[ ( ! BUS9ESS >E RECKON$ UP TOGE!R1 COMMODITIES >E EX*ANG$ ) ONE ANO!R 9 ACCORDANCE ) !IR CO/ ( PRODUCTION2 & ?US !IR CO/ ( PRODUCTION DET]M9ES !IR PRICE4 

0,! DET]M9ATION ( PRICE BY CO/ ( PRODUCTION IS NOT TO BE UND]2/OOD 9 ! S5SE ( ! ECONOMI/S4 ,! ECONOMI/S DECL>E ?AT ! AV]AGE PRICE ( COMMODITIES IS EQUAL TO ! CO/ ( PRODUCTION2 ?IS1 ACCORD+ TO !M1 IS A LAW4 ,! AN>*ICAL MOVEM5TS 9 :I* ! RISE IS COMP5SAT$ BY ! FALL1 & ! FALL BY ! RISE1 !Y ASCRIBE TO *ANCE4 ,) JU/ AS GOOD A RI<T AS ?IS1 :I* ! O!R ECONOMI/S ASSUME1 WE MI<T CONSID] ! FLUCTUATIONS AS ! LAW1 & ASCRIBE ! FIX+ ( PRICE BY CO/ ( PRODUCTION TO *ANCE4 ,BUT IF WE LOOK CLOSELY1 WE SEE ?AT IT IS PRECISELY !SE FLUCTUATIONS1 AL?\< !Y BR+ ! MO/ T]RIBLE DESOLATION 9 !IR TRA9 & %AKE ! FABRIC ( B\RGEOIS SOCIETY LIKE E>?QUAKES1 IT IS PRECISELY !SE FLUCTUATIONS :I* 9 !IR C\RSE DET]M9E PRICE BY CO/ ( PRODUCTION4 ,9 ! TOTALITY ( ?IS DISORD]LY MOVEM5T IS TO BE F\ND ITS DISORD]4 ,?R\<\T !SE ALT]NAT+ MOVEM5TS1 9 -! C\RSE ( ?IS 9DU/RIAL AN>*Y1 COMPETITION1 AS IT W]E1 CANCELS ONE EXCESS BY MEANS ( ANO!R4 

0,WE GA!R1 !RE=E1 ?AT ! PRICE ( A COMMODITY IS DET]M9$ BY ITS CO/ ( PRODUCTION1 9 SU* MANN] ?AT ! P]IODS 9 :I* ! PRICE ( ?IS COMMODITY RISES ABOVE ITS CO/ ( PRODUCTION TIRE COMP5SAT$ BY ! P]IODS 9 :I* IT S9KS BEL[ ?IS CO/1 & CONV]SELY4 ,( C\RSE ?IS DOES NOT HOLD GOOD = ONE S+LE P>TICUL> PRODUCT ( AN 9DU/RY1 BUT ONLY = ?AT 5TIRE BRAN* ( 9DU/RY4 ,SO ALSO IT DOES NOT HOLD GOOD4 = A P>TICUL> MANUFACTUR]1 BUT ONLY = ! 5TIRE 9DU/RIAL CLASS4 

0,! DET]M9ATION ( PRICE BY CO/ ( PRODUCTION IS ! SAME ?+ AS ITS DET]M9ATION BY ! DURATION ( ! LABOR :I* IS REQUIR$ = ! MANUFACTURE ( A COMMODITY2 = CO/ ( PRODUCTION MAY BE DIVID$ 9TO 7#a7 RAW MAT]IAL & IMPLEM5TS1 ?AT IS1 PRODUCTS ( 9DU/RY :OSE MANUFACTURE HAS CO/ A C]TA9 NUMB] ( DAYS' WORK1 & :I* !RE=E REPRES5TS A C]TA9 DURATION ( LABOR1 & 7#b7 ACTUAL LABOR1 :I* IS MEASUR$ BY ITS DURATION4 

0,N[ ! SAME G5]AL LAWS1 :I* UNIV]SALLY REGULATE ! PRICE ( COMMODITIES1 REGULATE1 ( C\RSE1 WAGES1 ! PRICE ( LABOR4 

0,WAGES WILL RISE & FALL 9 ACCORDANCE ) ! PROPORTION BETWE5 DEM& & SUPPLY1 ?AT IS1 9 ACCORDANCE ) ! CONDITIONS ( ! COMPETITION BETWE5 CAPITALI/S AS BUY]S1 & LABOR]S AS SELL]S ( LABOR4 ,! FLUCTUATIONS ( WAGES CORRESPOND 9 G5]AL ) ! FLUCTUATIONS ILL ! PRICE ( COMMODITIES4 ,)9 !SE FLUCTUATIONS ! PRICE ( LABOR IS REGULAT$ BY ITS CO/ ( PRODUCTION1 ?AT IS1 BY ! DURATION ( LABOR :I* IS REQUIR$ 9 ORD] TO PRODUCE ?IS COMMODITY1 LABOR4 

0,N[ :AT IS ! CO/ ( PRODUCTION ( LABOR ITSELF8 

0,IT IS ! CO/ REQUIR$ = ! PRODUCTION ( A LABOR] & = HIS MA9T5ANCE AS A LABOR]4 

0,! %ORT] ! TIME REQUISITE = 9/RUCTION 9 ANY LABOR1 ! LESS IS ! LABOR]'S CO/ ( PRODUCTION1 & ! L[] >E HIS WAGES1 ! PRICE ( HIS WORK4 ,9 ?OSE BRAN*ES ( 9DU/RIES :I* SC>CELY REQUIRE ANY P]IOD ( APPR5TICE%IP1 & :]E ! M]E BODILY EXI/5CE ( ! LABOR] IS SUFFICI5T1 ! REQUISITE CO/ ( HIS PRODUCTION & MA9T5ANCE >E ALMO/ LIMIT$ TO ! CO/ ( ! COMMODITIES :I* >E REQUISITE TO KEEP HIM ALIVE4 ,! PRICE ( HIS LABOR IS !RE=E DET]M9$ BY ! PRICE ( ! B>E NECESS>IES ( HIS EXI/5CE4 

0,H]E1 H[EV]1 ANO!R CONSID]ATION COMES 94 ,! MANUFACTUR]1 :O RECKONS UP HIS EXP5SES ( PRODUCTION & DET]M9ES ACCORD+LY ! PRICE ( ! PRODUCT1 TAKES 9TO ACC\NT ! WE> & TE> ( ! MA*9]Y4 ,IF A MA*9E CO/S HIM ,G,B,P#a & WE>S ITSELF \T 9 T5 YE>S1 HE ADDS ,G,B,P#a A YE> TO ! PRICE ( HIS GOODS1 9 ORD] TO REPLACE ! WORN\T MA*9E BY A NEW ONE :5 ! T5 YE>S >E UP4 ,9 ! SAME WAY WE MU/ RECKON 9 ! CO/ ( PRODUCTION ( SIMPLE LABOR ! CO/ ( ITS PROPAGATION2 SO ?AT ! RACE ( LABOR]S MAY BE PUT 9 A POSITION TO MULTIPLY & TO REPLACE '! WORN-\T WORK]S BY NEW ONES4 ,?US !1 WE> & TE> ( ! LABOR] MU/ BE TAK5 9TO ACC\NT JU/ AS MU* AS ! WE> & TE> ( ! MA*9E4 

0,?US ! CO/ ( PRODUCTION ( SIMPLE LABOR AM\NTS TO ! CO/ ( ! LABOR]'S SUBSI/5CE & PROPAGATION1 & ! PRICE ( ?IS CO/ DET]M9ES HIS WAGES4 ,A,N-H5 WE SPEAK ( WAGES WE MEAN ! M9IMUM ( WAGES4 ,?IS M9IMUM ( WAGES HOLDS GOOD1 JU/ AS DOES ! DET]M9ATION BY ! CO/ ( PRODUCTION ( ! PRICE ( COMMODITIES 9 G5]AL1 NOT = ! P>TICUL> 9DIVIDUAL1 BUT = ! SPECIES4 ,9DIVIDUAL LABOR]S1 9DE$ MILLIONS ( !M1 DO NOT RECEIVE 5\< TO 5ABLE !M TO SUBSI/ & PROPAGATE2 BUT ! WAGES ( ! :OLE WORK+ CLASS ) ALL !IR FLUCTUATIONS >E NICELY ADJU/$ TO ?IS M9IMUM4 

0,N[ ?AT WE >E GR\ND$ ON !SE G5]AL LAWS :I* GOV]N WAGES JU/ AS MU* AS ! PRICE ( ANY O!R COMMODITY1 WE CAN EXAM9E \R SUBJECT MORE EXACTLY4 

0,CAPITAL CONSI/S ( RAW MAT]IAL1 IMPLEM5TS ( LABOR1 & ALL K9DS ( MEANS ( SUBSI/5CE1 :I* >E US$ = ! PRODUCTION ( NEW IMPLEM5TS & N[ MEANS ( SUBSI/5CE4 ,ALL !SE FACTORS ( CAPITAL >E CREAT$ BY LABOR1 >E PRODUCTS ( LABOR1 >E /OR$-UP LABOR4 ,/OR$ UP LABOR :I* S]VES AS ! MEANS ( NEW PRODUCTION IS CAPITAL40 

,SO SAY ! ECONOMI/S4 

,:AT IS A NEGRO SLAVE8 ,A HUMAN CREATURE ( ! BLACK RACE4 ,! ONE DEF9ITION IS JU/ AS VALUABLE AS ! O!R4 

0,A NEGRO IS A NEGRO4 ,9 C]TA9 CONDITIONS HE IS TRANS=M$ 9TO A SLAVE4 ,A SP9N+-J5NY IS A MA*9E = SP9N+ COTTON4 ,ONLY 9 C]TA9 CONDITIONS IS IT TRANS=M$ 9TO CAPITAL4 ,:5 TORN AWAY FROM !SE CONDITIONS1 IT IS JU/ AS LITTLE CAPITAL AS GOLD IS MONEY 9 ! AB/RACT1 OR SUG> ! PRICE ( SUG>4 ,9 ! WORK ( PRODUCTION M5 DO NOT /& 9 RELATION TO NATURE ALONE4 ,!Y ONLY PRODUCE :5 !Y WORK TOGE!R 9 A C]TA9 WAY1 & MUTUALLY EX*ANGE !IR DIFF]5T K9DS ( 5]GY4 ,9 ORD] TO PRODUCE1 !Y MUTUALLY 5T] UPON C]TA9 RELATIONS & CONDITIONS1 & IT IS ONLY BY MEANS ( !SE RELATIONS & CONDITIONS ?AT !IR RELATION TO NATURE IS DEF9$1 & PRODUCTION BECOMES POSSIBLE4 

0,!SE SOCIAL RELATIONS UPON :I* ! PRODUC]S MUTUALLY 5T]1 ! T]MS UPON :I* !Y EX*ANGE !IR 5]GIES & TAKE !IR %>E 9 ! COLLECTIVE ACT ( PRODUCTION1 WILL ( C\RSE DIFF] ACCORD+ TO ! *>ACT] ( ! MEANS ( PRODUCTION4 ,) ! 9V5TION ( FIRE>MS AS IMPLEM5TS ( ,W>F>E ! :OLE ORGANIZATION ( ! >MY WAS ( NECESSITY ALT]$2 & ) ! ALT]ATION 9 ! RELATIONS ?R\< :I* 9DIVIDUALS =M AN >MY1 & >E 5ABL$ TO WORK TOGE!R AS AN >MY1 !RE WAS A SIMULTANE\S ALT]ATION 9 ! RELATIONS ( >MIES TO ONE ANO!R4 

0,?US ) ! *ANGE 9 ! SOCIAL RELATIONS BY MEANS ( :I* 9DIVIDUALS PRODUCE1 ?AT IS1 9 ! SOCIAL RELATIONS ( PRODUCTION1 & ) ! ALT]ATION & DEVELOPM5T ( ! MAT]IAL MEANS ( PRODUCTION1 ! P[]S ( PRODUCTION >E ALSO TRANS=M$4 ,! RELATIONS ( PRODUCTION COLLECTIVELY =M ?OSE SOCIAL RELATIONS :I* WE CALL A SOCIETY1 & A SOCIETY ) DEF9ITE DEGREES ( HI/ORICAL DEVELOPM5T1 A SOCIETY ) AN APPROPRIATE & DI/9CTIVE *>ACT]4 ,ANCI5T SOCIETY1 FEUDAL SOCIETY1 B\RGEOIS SOCIETY1 >E 9/ANCES ( ?IS COLLECTIVE RESULT ( ! RELATIONS ( PRODUCTION1 EA* ( :I* M>KS \T AN IMPORTANT /EP 9 ! HI/ORICAL DEVELOPM5T ( MANK9D4 

0,N[ CAPITAL ALSO IS A SOCIAL CONDITION ( PRODUCTION4 ,IT IS A B\RGEOIS CONDITION ( PRODUCTION1 A CONDITION ( ! PRODUCTION ( A B\RGEOIS SOCIETY4 ,>E NOT ! MEANS ( SUBSI/5CE1 ! IMPLEM5TS ( LABOR1 & ! RAW MAT]IAL1 ( :I* CAPITAL CONSI/S1 ! RESULTS ( DEF9ITE SOCIAL RELATIONS2 W]E !Y NOT PRODUC$ & /OR$ UP UND] C]TA9 SOCIAL CONDITIONS8 ,WILL !Y NOT BE US$ = FUR!R PRODUCTION UND] C]TA9 SOCIAL CONDITIONS8 ,& IS IT NOT JU/ ?IS DEF9ITE SOCIAL *>ACT] :I* TRANS=MS 9TO CAPITAL ?AT PRODUCT :I* S]VES = FUR!R PRODUCTION8   

0,CAPITAL DOES4 NOT CONSI/ ( MEANS ( SUBSI/5CE1 IMPLEM5TS ( LABOR1 & RAW MAT]IAL ALONE1 NOR ONLY ( MAT]IAL PRODUCTS2 IT CONSI/S JU/ AS MU* ( EX*ANGE-VALUES4 ,ALL ! PRODUCTS ( :I* IT CONSI/S >E COMMODITIES4 ,?US CAPITAL IS NOT M]ELY ! SUM ( MAT]IAL PRODUCTS1 IT IS A SUM ( COMMODITIES1 ( EX*ANGE-VALUES ( SOCIAL QUANTITIES4 

0,CAPITAL REMA9S UN*ANG$ IF WE SUB/ITUTE COTTON = WOOL1 RICE = CORN1 & /EAM]S = RAILWAYS2 PROVID$ ONLY ?AT ! COTTON1 ! RICE1 ! /EAM]S--! BODILY =M ( CAPITAL-HAVE ! SAME EX*ANGE VALUE1 ! SAME PRICE1 AS ! WOOL1 ! CORN1 ! RAILWAYS1 9 :I* IT =M]LY EMBODI$ ITSELF4 ,! BODILY =M ( CAPITAL MAY *ANGE CONT9UALLY1 :ILE ! CAPITAL ITSELF UND]GOES NOT ! SLI<TE/ ALT]ATION4 

0,BUT ?\< ALL CAPITAL IS A SUM ( COMMODITIES1 ?AT IS1 ( EX*ANGE1 VALUES1 IT IS NOT EV]Y SUM ( COMMODITIES1 ( EX*ANGE VALUES1 ?AT IS CAPITAL4 

0,EV]Y SUM ( EX*ANGE VALUES IS AN EX*ANGE VALUE4 ,= 9/ANCE1 A H\SE WOR? A ?\S& P\NDS IS AN EX*ANGE VALUE ( A ?\S& P\NDS4 ,A P5NY-WOR? ( PAP] IS ! SUM ( ! EX*ANGE VALUES ( A1 HUNDR$-HUNDR$?S ( A P5NY4 ,PRODUCTS :I* MAY BE MUTUALLY EX*ANG$ >E COMMODITIES4 ,! DEF9ITE PROPORTION 9 :I* !Y >E EX*ANGEABLE =MS !IR EX*ANGE VALUE1 OR1 EXPRESS$ 9 MONEY1 !IR PRICE4 ,! AM\NT ( !SE PRODUCTS CAN DO NO?+ TO ALT] !IR DEF9ITION AS BE+ COMMODITIES1 OR AS REPRES5T+ AN EX*ANGE VALUE1 OR AS HAV+ A C]TA9 PRICE4 ,:E!R A TREE IS L>GE OR SMALL1 IT REMA9S A TREE4 ,:E!R WE EX*ANGE IRON = O!R W>ES 9 \NCES OR 9 HUNDR$WEI<TS1 ?AT MAKES NO DIFF]5CE 9 ITS *>ACT] AS A COMMODITY POSSESS+ EX*ANGE VALUE4 ,ACCORD+ TO ITS AM\NT IT IS A COMMODITY ( MORE OR LESS WOR?1 ) A HI<] OR L[] PRICE4 

0,H[ !N CAN A SUM ( COMMODITIES1 ( EX*ANGE VALUES1 BECOME CAPITAL8 

0,BY MA9TA9+ & MULTIPLY+ ITSELF AS AN 9DEP5D5T SOCIAL P[]1 ?AT IS1 AS ! P[] ( A PORTION ( SOCIETY1 BY MEANS ( ITS EX*ANGE = DIRECT1 LIV+ LABOR4 ,CAPITAL NECESS>ILY PRE-SUPPOSES ! EXI/5CE ( A CLASS :I* POSSESSES NO?+ BUT LABOR-=CE4 

0,IT IS ! LORD%IP ( PA/1 /OR$-UP1 REALIZ$ LABOR OV] ACTUAL1 LIV+ LABOR ?AT TRANS=MS ! /OR$-UP LABOR 9TO CAPITAL4 

0,CAPITAL DOES NOT CONSI/ 9 ! FACT ?AT /OR$-UP LABOR IS US$ BY LIV+ LABOR AS A MEANS TO FUR!R PRODUCTION4 ,IT CONSI/S 9 ! FACT ?AT LIV+ LABOR S]VES AS ! MEANS :]EBY /OR$-UP LABOR MAY MA9TA9 & MULTIPLY ITS [N EX*ANGE-VALUE4 

0,:AT IS IT ?AT TAKES PLACE 9 ! EX*ANGE BETWE5 CAPITAL & WAGE-WORK8 

0,! LABOR] RECEIVES 9 EX*ANGE = HIS LABOR ! MEANS ( SUBSI/5CE2 BUT ! CAPITALI/ RECEIVES 9 EX*ANGE = ! MEANS ( SUBSI/5CE LABOR1 ! PRODUCTIVE 5]GY ( ! LABOR]1 ! CREATIVE =CE :]EBY ! LABOR] NOT ONLY REPLACES :AT HE CONSUMES1 BUT ALSO GIVES TO ! /OR$-UP LABOR A GREAT] VALUE ?AN IT HAD BE=E4 ,! LABOR] RECEIVES FROM ! CAPITALI/ A %>E ( ! PREVI\SLY PROVID$ MEANS ( SUBSI/5CE4 ,TO :AT USE DOES HE PUT !SE MEANS ( SUBSI/5CE8 ,HE USES !M = IMM$IATE CONSUMPTION4 ,BUT AS SOON AS ,I CONSUME MY MEANS ( SUBSI/5CE1 !Y DISAPPE> & >E IRRECOV]ABLY LO/ TO ME2 IT !RE=E BECOMES NECESS>Y ?AT ,I %\LD EMPLOY ! TIME DUR+ :I* !SE MEANS KEEP ME ALIVE 9 ORD] TO PRODUCE NEW MEANS ( SUBSI/5CE2 SO ?AT DUR+ !IR CONSUMPTION ,I MAY PROVIDE BY MY LABOR NEW VALUE 9 ! PLACE ( ?AT :I* ?US DISAPPE>S4 ,BUT IT IS JU/ ?IS GR& PRODUCTIVE P[] :I* ! LABOR] HAS TO B>GA9 AWAY TO CAPITAL 9 EX*ANGE = ! MEANS ( SUBSI/5CE :I* HE RECEIVES4 ,TO HIM !RE=E IT IS 5TIRELY LO/4 

0,LET US TAKE AN EXAMPLE4 ,A F>M] ,LIVES HIS DAY-LABOR] TWO %ILL+S A DAY4 ,= ?IS TWO %ILL+S HE WORKS ?R\<\T ! DAY ON ! F>M]'S FIELD1 & SO SECURES HIM A RETURN ( F\R %ILL+S4 ,! F>M] DOES NOT M]ELY GET ! VALUE :I* HE HAD ADVANC$ ! DAY-LABOR] REPLAC$2 HE D\BLES IT4 ,HE HAS ?US SP5T OR CONSUM$ ! TWO %ILL+S :I* HE GAVE TO ! DAY-LABOR] 9 A FRUITFUL & PRODUCTIVE FA%ION4 ,HE HAS B\<T = HIS TWO %ILL+S JU/ ?AT LABOR & =CE ( ! DAYLABOR] :I* PRODUCES FRUITS ( ! E>? ( TWICE ! VALUE1 & TURNS TWO %ILL+S 9TO F\R4 ,! DAY-LABOR] ON ! O!R H& RECEIVES 9 PLACE ( HIS PRODUCTIVE =CE1 :I* HE HAS JU/ B>GA9$ AWAY TO ! F>M]1 TWO %ILL+S2 & !SE HE EX*ANGES = MEANS ( SUBSI/5CE2 :I* MEANS ( SUBSI/5CE HE PROCE$S ) MORE OR LESS SPE$ TO CONSUME4 ,! TWO %ILL+S HAVE ?US BE5 CONSUM$ 9 D\BLE FA%ION2 PRODUCTIVELY = CAPITAL1 S9CE !Y HAVE BE5 EX*ANG$ = ! LABOR-=CE :I* PRODUC$ ! F\R %ILL+S2 UNPRODUCTIVELY = ! LABOR]1 S9CE !Y HAVE BE5 EX*ANG$ = MEANS ( SUBSI/5CE :I* HAVE DISAPPE>$ =EV]1 & :OSE VALUE HE CAN ONLY RECOV] BY REPEAT+ ! SAME B>GA9 ) ! F>M]4 ,?US CAPITAL PRE-SUPPOSES WAGE-LABOR1 & WAGE-LABOR PRE-SUPPOSES CAPITAL4 ,!Y CONDITION ONE ANO!R2 & EA* BR+ ! O!R 9TO PLAY4 

0,DOES A LABOR] 9 A COTTON FACTORY PRODUCE M]ELY COTTON8 ,NO1 HE PRODUCES CAPITAL4 ,HE PRODUCES VALUE :I* S]VES AFRE% TO COMM& HIS [N LABOR1 & TO CREATE N[ VALUE BY ITS MEANS4 

0,CAPITAL CAN ONLY 9CREASE :5 IT IS EX*ANG$ = LABOR1 :5 IT CALLS WAGE-LABOR4 9TO EXI/5CE4 ,WAGE-LABOR CAN ONLY BE EX*ANG$ = CAPITAL BY AUGM5T+ CAPITAL & /R5G!N+ ! P[] :OSE SLAVE IT IS4 ,AN 9CREASE ( CAPITAL IS !RE=E AN 9CREASE ( ! PROLET>IAT1 ?AT IS1 ( ! LABOR+ CLASS4 

0,! 9T]E/S ( ! CAPITALI/ & ! LABOR] >E !RE=E ID5TICAL1 ASS]T ! B\RGEOISIE & !IR ECONOMI/S4 ,&1 9 FACT1 SO !Y >E6 ,! LABOR] P]I%ES IF CAPITAL DOES NOT EMPLOY HIM4 ,CAPITAL P]I%ES IF IT DOES NOT EXPLOIT LABOR2 & 9 ORD] TO EXPLOIT IT1 IT MU/ BUY IT4 ,! FA/] ! CAPITAL DEVOT$ TO PRODUCTION-! PRODUCTIVE CAPITAL9CREASES1 & ! MORE SUCCESSFULLY ! 9DU/RY IS C>RI$ ON1 ! RI*] DO ! B\RGEOISIE BECOME1 ! BETT] DOES BUS9ESS GO1 ! MORE LABOR]S DOES ! CAPITALI/ REQUIRE1 & ! DE>] DOES ! LABOR] SELL HIMSELF4 

0,?US ! 9DISP5SABLE CONDITION ( ! LABOR]'S SECUR+ A TOL]ABLE POSITION IS ! SPE$IE/ POSSIBLE GR[? ( PRODUCTIVE CAPITAL4 

0,BUT :AT IS ! MEAN+ ( ! 9CREASE ( PRODUCTIVE CAPITAL #i ,! 9CREASE ( ! P[] ( /OR$-UP LABOR OV] LIV+ LABOR4 ,! 9CREASE ( ! DOM9ION ( ! B\RGEOISIE OV] ! LABOR+ CLASS4 ,AS FA/ AS WAGE-LABOR CREATES ITS [N ANTAGONI/ & ITS [N MA/] 9 ! DOM9AT+ P[] ( CAPITAL1 ! MEANS ( EMPLOYM5T1 ?AT IS1 ( SUBSI/5CE1 FL[ BACK TO IT FROM ITS ANTAGONI/2 BUT ONLY ON ! CONDITION ?AT IT IS ITSELF TRANS=M$ AFRE% 9TO A PORTION ( CAPITAL1 & BECOMES ! LEV] :]EBY ! 9CREASE ( CAPITAL MAY BE AGA9 HUGELY ACCEL]AT$4 

0,?US ! /ATEM5T ?AT ! 9T]E/S ( CAPITAL & LABOR >E ID5TICAL COMES TO MEAN M]ELY ?IS3 CAPITAL & WAGE-LABOR >E ! TWO T]MS ( ONE & ! SAME PROPORTION4 ,! ONE CONDITIONS ! O!R1 JU/ 9 ! SAME WAY ?AT ! USUR] & ! BORR[] CONDITION EA* O!R MUTUALLY4 

0,SO LONG AS ! WAGE-LABOR] REMA9S A WAGE-LABOR]1 HIS LOT 9 LIFE IS DEP5D5T UPON CAPITAL4 ,?AT IS ! EXACT MEAN+ ( ! FAM\S COMMUNITY ( 9T]E/S BETWE5 CAPITAL & LABOR4 

0,! 9CREASE ( CAPITAL IS ATT5D$ BY AN 9CREASE 9 ! AM\NT ( WAGE-LABOR & 9 ! NUMB] ( WAGE-LABOR]S2 OR1 9 O!R WORDS1 ! DOM9ION ( CAPITAL IS SPREAD OV] A L>G] NUMB] ( 9DIVIDUALS4 ,&1 TO GIVE ! MO/ =TUNATE EV5T POSSIBLE1 ) ! 9CREASE ( PRODUCTIVE CAPITAL !RE IS AN 9CREASE 9 ! DEM& = LABOR4 ,& ?US WAGES1 ! PRICE ( LABOR1 WILL RISE4 

0,A H\SE MAY BE L>GE OR SMALL2 BUT AS LONG AS ! SURR\ND+ H\SES >E EQUALLY SMALL1 IT SATISFIES ALL SOCIAL EXPECTATIONS AS A DWELL+ PLACE4 ,BUT LET A PALACE >ISE BY ! SIDE ( ?IS SMALL H\SE1 & IT %R9KS FROM A H\SE 9TO A HUT4 ,! SMALLNESS ( ! H\SE N[ GIVES IT TO BE UND]/OOD ?AT ITS OCCUPANT HAS EI!R V]Y SMALL PRET5SIONS OR NONE AT ALL2 & H[EV] HI< IT MAY %OOT UP ) ! PROGRESS ( CIVILIZATION1 IF ! NEI<BOR+ PALACE %OOTS UP ALSO 9 ! SAME OR 9 GREAT] PROPORTION1 ! OCCUPANT ( ! COMP>ATIVELY SMALL H\SE WILL ALWAYS F9D HIMSELF MORE UNCOM=TABLE1 MORE DISCONT5T$1 MORE CONF9$ )9 HIS F\R WALLS4 

0,A NOTABLE ADVANCE 9 ! AM\NT PAID AS WAGES BR+S AB\T RAPID 9CREASE ( PRODUCTIVE CAPITAL4 ,! RAPID 9CREASE ( PRODUCTIVE CAPITAL CALLS =? JU/ AS RAPID AN 9CREASE 9 WEAL?1 LUXURY1 SOCIAL WANTS1 & SOCIAL COM=TS4 ,!RE=E1 AL?\< ! COM=TS ( ! LABOR] HAVE RIS51 ! SOCIAL SATISFACTION :I* !Y GIVE HAS FALL5 9 COMP>ISON ) !SE AUGM5T$ COM=TS ( ! CAPITALI/ :I* >E UNATTA9ABLE = ! LABOR]1 & 9 COMP>ISON ) ! G5]AL DEVELOPM5T ( COM=TS4 ,\R WANTS & !IR SATISFACTION HAVE !IR ORIG9 9 SOCIETY2 WE !RE=E MEASURE !M 9 !IR RELATION TO SOCIETY1 & NOT 9 RELATION TO ! OBJECTS :I* SATISFY !M4 ,S9CE !IR NATURE IS SOCIAL1 IT IS !RE=E RELATIVE4 

0,AS A RULE !N1 WAGES >E NOT DET]M9$ M]ELY BY ! AM\NT ( COMMODITIES = :I* !Y MAY BE EX*ANG$4 ,!Y DEP5D UPON V>I\S RELATIONS4 

0,:AT ! LABOR] IMM$IATELY RECEIVES = HIS LABOR IS A C]TA9 SUM ( MONEY4 ,AX WAGES DET]M9$ M]ELY BY ?IS MONEY PRICE8 

0,9 ! SIXTE5? C5TURY ! GOLD & SILV] 9 CIRCULATION 9 ,EUROPE WAS AUGM5T$ 9 CONSEQU5CE ( ! DISCOV]Y ( ,AM]ICA4 ,! VALUE ( GOLD & SILV] FELL1 !RE=E1 9 PROPORTION TO O!R COMMODITIES4 ,! LABOR]S RECEIV$ = !IR LABOR ! SAME AM\NT ( SILV] CO9 AS BE=E4 ,! MONEY PRICE ( !IR LABOR REMA9$ ! SAME1 & YET !IR -WAGES HAD FALL51 = 9 EX*ANGE = ! SAME SUM ( SILV] !Y OBTA9$ SMALL] QUANTITY ( O!R COMMODITIES4 ,?IS WAS ONE ( ! CIRCUM/ANCES :I* FUR!R$ ! 9CREASE ( CAPITAL & ! RISE ( ! B\RGEOISIE 9 ! SIXTE5? C5TURY4 

0,LET US TAKE ANO!R CASE4 ,9 ! W9T] ( #a#h#d#g1 9 CONSEQU5CE ( A FAILURE 9 ! CROPS1 !RE WAS AN IMPORTANT 9CREASE 9 ! 9DISP5SABLE MEANS ( SUBSI/5CE1 CORN1 MEAT1 BUTT]1 *EESE1 & SO ON4 ,WE WILL SUPPOSE ?AT ! LABOR]S /ILL RECEIV$ ! SAME SUM ( MONEY = !IR LABOR AS BE=E4 ,HAD NOT !IR WAGES FALL5 !N8 ,( C\RSE !Y HAD4 ,= ! SAME AM\NT ( MONEY !Y RECEIV$ 9 EX*ANGE LESS BREAD1 MEAT1 ETC42 & !IR WAGES HAD FALL51 -NOT BECAUSE ! VALUE ( SILV] HAD DIM9I%$1 BUT BECAUSE ! VALUE ( ! MEANS ( SUBSI/5CE HAD 9CREAS$4 

0,LET US F9ALLY SUPPOSE ?AT ! MONEY PRICE ( LABOR REMA9S ! SAME1 :ILE 9 CONSEQU5CE ( ! EMPLOYM5T ( NEW MA*9]Y1 OR ON 2ACC\NT ( A GOOD SEASON1 OR = SOME SIMIL> REASON1 !RE IS A FALL 9 ! PRICE ( ALL AGRICULTURAL & MANUFACTUR$ GOODS4 ,= ! SAME AM\NT ( MONEY ! LABOR]S CAN N[ BUY MORE COMMODITIES ( ALL K9DS4 ,!IR WAGES HAVE !RE=E RIS51 JU/ BECAUSE !IR MONEY PRICE HAS NOT *ANG$4 

0,! MONEY PRICE ( LABOR1 ! NOM9AL AM\NT ( WAGES1 DOES NOT !RE=E FALL TOGE!R ) ! REAL WAGES1 ?AT IS1 ) ! AM\NT ( COMMODITIES ?AT MAY PRACTICALLY BE OBTA9$ 9 EX*ANGE = ! WAGES4 ,!RE=E IF WE SPEAK ( ! RISE & FALL ( WAGES1 ! MONEY PRICE ( LABOR1 OR ! NOM9AL WAGE1 IS NOT ! ONLY ?+ :I* WE MU/ KEEP 9 VIEW4 

0,BUT NEI!R ! NOM9AL WAGES1 ?AT IS1 ! AM\NT ( MONEY = :I* ! LABOR] SELLS HIMSELF TO ! EMPLOY]1 NOR YET ! REAL WAGES1 ?AT IS1 ! AM\NT ( COMMODITIES :I* HE CAN BUY = ?IS MONEY1 EXHAU/ ! RELATIONS :I* >E COMPREH5D$ 9 ! T]M WAGES4 

0,= ! MEAN+ ( ! WORD IS *IEFLY DET]M9$ BY ITS RELATION TO ! GA9 OR PR(IT ( ! EMPLOY]--IT IS A PROPORTIONATE & RELATIVE EXPRESSION4 

0,! REAL WAGE EXPRESSES ! PRICE ( LABOR 9 RELATION TO ! PRICE ( O!R COMMODITIES2 ! RELATIVE WAGE1 ON ! CONTR>Y1 EXPRESSES ! PRICE ( DIRECT LABOR 9 RELATION TO ?AT ( /OR$-UP LABOR1 ! RELATIVE VALUE ( WAGE-LABOR & CAPITAL1 ! PROPORTIONATE VALUE ( CAPITALI/ & LABOR]4 

0,REAL WAGES MAY REMA9 ! SAME1 OR !Y MAY EV5 RISE1 & YET ! RELATIVE WAGES MAY ,DONE ! LESS HAVE FALL54 ,LET US ASSUME1 = EXAMPLE1 ?AT ! PRICE ( ALL ! MEANS ( SUBSI/5CE HAS FALL5 BY TWO ?IRDS1 :ILE A DAY'S WAGES HAVE ONLY FALL5 ONE-?IRD1 AS = 9/ANCE1 FROM ?REE %ILL+S TO TWO4 ,AL?\< ! LABOR] HAS A L>G] AM\NT ( COMMODITIES AT HIS DISPOSAL = TWO %ILL+S ?AN HE HAD BE=E AT ?REE1 ,YET HIS WAGES >E NEV]!LESS DIM9I%$ 9 PROPORTION TO ! CAPITALI/'S GA94 ,! CAPITALI/'S PR(IT-! MANUFACTUR]'S1 = 9/ANCE-HAS BE5 AUGM5T$ BY A %ILL+1 S9CE ! SMALL] SUM ( EX*ANGE-VALUE :I* HE PAYS TO ! LABOR]1 ! LABOR] HAS TO PRODUCE A L>G] SUM ( EX*ANGE-VALUE ?AN HE DID BE=E4 ,! VALUE ( CAPITAL IS RAIS$ 9 PROPORTION TO ! VALUE ( LABOR4 ,! DIVISION ( SOCIAL WEAL? BETWE5 CAPITAL & LABOR HAS BECOME MORE DISPROPORTIONATE4 ,! CAPITALI/ COMM&S A L>G] AM\NT ( LABOR ) ! SAME AM\NT ( CAPITAL4 ,! P[] ( ! CAPITALI/ CLASS OV] ! LABOR+ CLASS IS 9CREAS$2 ! SOCIAL POSITION ( ! LABOR] HAS DET]IORAT$1 & IS DEPRESS$ ANO!R DEGREE BEL[ ?AT ( ! CAPITALI/4 

0,:AT !N IS ! G5]AL LAW :I* DET]M9ES ! RISE & FALL (' WAGES & PR(IT 9 !IR RECIPROCAL RELATION8 

0,!Y /& 9 9V]SE PROPORTION TO ONE ANO!R4 ,CAPITAL'S EX*ANGE-VALUE1 PR(IT1 RISES 9 ! SAME PROPORTION 9 :I* ! EX*ANGEVALUE ( LABOR1 WAGES1 S9KS24 & CONV]SELY4 ,! RISE 9 PR(IT IS1 EXACTLY MEASUR$ BY ! FALL 9 WAGES1 & ! FALL 9 PR(IT BY ! RISE 9 WAGES4 

0,! OBJECTION MAY P]HAPS BE MADE1 ?AT ! CAPITALI/1 MAY HAVE GA9$ A PR(IT BY ADVANTAGE\S EX*ANGE ( HIS PRODUCTS ) O!R CAPITALI/S1 OR BY A RISE 9 ! DEM& = HIS GOODS1 :E!R4 9 CONSEQU5CE ( ! OP5+ ( NEW M>KETS1 OR ( A GREAT] DEM& 9 ! OLD M>KETS2 ?AT ! PR(IT ( -! CAPITALI/ MAY ?US 9CREASE BY MEANS ( OV]-REA*+ ANO!R CAPITALI/1 9DEP5D5TLY ( ! RISE & FALL ( WAGES & ! EX*ANGE-VALUE ( LABOR2 OR ?AT ! PR(IT ( ! CAPITALI/ MAY ALSO RIS] ?R\< AN IMPROVEM5T 9 ! IMPLEM5TS ( LABOR1 A NEW APPLICATION ( NATURAL =CES1 & SO ON4 

0,BUT IT MU/ NEV]!LESS BE ADMITT$ ?AT ! RESULT REMA9S !4 SAME1 AL?\< IT IS BR\<T AB\T 9 A DIFF]5T WAY4 ,! CAPITALI/ HAS ACQUIR$ A L>G] AM\NT ( EX*ANGE-VALUE ) ! SAME AM\NT ( LABOR1 )\T HAV+ HAD TO PAY A HI<] PRICE = ! LABOR ON ?AT ACC\NT2 ?AT IS TO SAY1 A L[] PRICE HAS BE5 PAID = ! LABOR 9 PROPORTIONTO ! NET PR(IT :I* IT YIELDS TO ! CAPITALI/4 

0,BESIDES WE MU/ REMEMB] ?AT 9 SPITE ( ! FLUCTUATIONS 9 ! PRICE ( COMMODITIES1 ! AV]AGE PRICE ( EA* COMMODITY--! PROPORTION 9 :I* IT EX*ANGES = O!R COMMODITIES-IS DET]M9$ BY ITS CO/ ( PRODUCTION4 ,! OV]-REA*+ & TRICKS ?AT GO ON )9 ! CAPITALI/ CLASS !RE=E NECESS>ILY CANCEL ONE ANO!R4 ,IMPROVEM5TS 9 MA*9]Y1 & NEW APPLICATIONS ( NATURAL =CES TO ! S]VICE ( PRODUCTION1 5ABLE !W44 TO TURN \T 9 A GIV5 TIME ) ! SAME AM\NT ( LABOR & CAPITAL A L>G] QUANTITY ( PRODUCTS1 BUT1 BY -NO MEANS A L>G] QUANTITY ( EX*ANGE-VALUE4 ,IF BY ! APPLICATION ( ! SP9N+-J5NY ,I CAN TURN \T TWICE AS MU* ?READ 9 AN H\R AS ,I C\LD BE=E ITS 9V5TION1 = 9/ANCE1 A HUNDR$ P\NDS 9/EAD ( FIFTY1 ?AT IS BECAUSE ! CO/ ( PRODUCTION HAS BE5 HALV$1 OR BECAUSE AT ! SAME CO/ ,I CAN TURN \T D\BLE ! AM\NT ( PRODUCTS4 

0,F9ALLY 9 :ATSOEV] PROPORTION ! CAPITALI/ CLASSES--! B\RGEOISIE --:E!R ( ONE C\NTRY OR ( ! M>KET ( ! :OLE WORLD--%>E AMONG !MSELVES ! NET PR(ITS ( PRODUCTION' ! TOTAL AM\NT ( !SE NET PR(ITS ALWAYS CONSI/S M]ELY ( ! AM\NT BY :I*1 TAK+ ALL 9 ALL1 DIRECT LABOR HAS BE5 9CREAS$ BY MEANS ( /OR$-UP LABOR4 ,?IS SUM TOTAL 9CREASES1 !RE=E1 9 ! PROPORTION 9 :I* LABOR AUGM5TS CAPITAL2 ?AT IS1 9 ! PROPORTION 9 :I* PR(IT RISES AS COMP>$ ) WAGES4 

0,?US WE SEE ?AT EV5 IF WE CONF9E \RSELVES TO ! RELATION BETWE5 CAPITAL & WAGE-LABOR1 ! 9T]E/S ( CAPITAL >E 9 DIRECT ANTAGONISM TO ! 9T]E/ ( WAGE-LABOR4 

0,A RAPID 9CREASE ( CAPITAL IS EQUAL TO A RAPID 9CREASE ( PR(ITS4 ,PR(ITS CAN ONLY MAKE A RAPID 9CREASE1 IF ! EX*ANGE-VALUE ( LABOR--! RELATIVE WAGE-MAKES AN EQUALLY RAPID DECL9E4 ,! RELATIVE WAGE MAY DECL9E1 AL?\< ! ACTUAL WAGE RISES ALONG ) ! NOM9AL WAGE1 OR MONEY PRICE ( LABOR2 IF ONLY IT DOES NOT RISE 9 ! SAME PROPORTION AS PR(IT4 ,= 9/ANCE1 IF :5 TRADE IS GOOD1 WAGES RISE FIVE P] C5T41 & PR(ITS ON ! O!R H& ?IRTY P] C5T41 !N ! PROPORTIONAL OR RELATIVE WAGE HAS NOT 9CREAS$ BUT DECL9$4 

0,?US IF ! RECEIPTS ( ! LABOR] 9CREASE ) ! RAPID ADVANCE ( CAPITAL1 YET AT ! SAME TIME !RE IS A WID5+ ( ! SOCIAL GULF :I* SEP>ATES ! LABOR] FROM ! CAPITALI/1 & ALSO AN 9CREASE 9 ! P[] ( CAPITAL OV] LABOR & 9 ! DEP5D5CE ( LABOR UPON CAPITAL4 

0,! MEAN+ ( ! /ATEM5T ?AT ! LABOR] HAS AN 9T]E/ 9 ! RAPID 9CREASE ( CAPITAL IS M]ELY ?IS2 ! FA/] ! LABOR] 9CREASES HIS MA/]'S DOM9ION 1 ! RI*] WILL BE ! CRUMBS ?AT HE WILL GOT FROM HIS TABLE2 & ! GREAT] ! NUMB] ( LABOR]S ?AT CAN BE EMPLOY$ & CALL$ 9TO EXI/5CE1 ! GREAT] WILL BE ! NUMB] ( SLAVES ( :I* CAPITAL WILL BE ! [N]4 

0,WE HAVE ?US SE5 ?AT EV5 ! MO/ =TUNATE EV5T = ! WORK+1 CLASS1 ! SPE$IE/ POSSIBLE 9CREASE ( CAPITAL1 H[EV] MU* IT MAY IMPROVE ! MAT]IAL CONDITION ( ! LABOR]1 CANNOT ABOLI% ! OPPOSITION BETWE5 HIS 9T]E/S & ?OSE ( ! B\RGEOIS OR CAPITALI/ CLASS4 ,PR(IT & WAGES REMA9 JU/ AS MU* AS EV] 9 9V]SE PROPORTION4 

,:5 CAPITAL IS 9CREAS+ FA/1 WAGES MAY RISE1 BUT ! PR(IT ( CAPITAL WILL RISE MU* FA/]4 ,! ACTUAL POSITION ( ! LABOR] HAS IMPROV$1 BUT IT IS AT ! EXP5SE ( HIS SOCIAL POSITION4 ,! SOCIAL GULF :I* SEP>ATES HIM FROM ! CAPITALI/ HAS WID5$4 

0,F9ALLY1 ! MEAN+ ( =TUNATE CONDITIONS = WAGE-LABOR1 & ( ! QUICKE/ POSSIBLE 9CREASE ( PRODUCTIVE CAPITAL1 IS M]ELY ?IS2 ! FA/] ! WORK+ CLASSES 5L>GE & EXT5D ! HO/ILE P[] ?AT DOMI- NATES OV] !M1 ! BETT] WILL BE ! CONDITIONS UND] :I* !Y WILL BE ALL[$ TO LABOR = ! FUR!R 9CREASE ( B\RGEOIS DOM9ION & = ! WID] EXT5SION ( ! P[] ( CAPITAL1 & ?US CONT5T$LY TO =GE = !MSELVES ! GOLD5 *A9S BY :I* ! B\RGEOIS DRAGS !M 9 ITS TRA94 

0,BUT >E ! 9CREASE ( PRODUCTIVE CAPITAL & ! RISE ( WAGES SO 9DISSOLUBLY CONNECT$ AS ! B\RGEOIS ECONOMI/S ASS]T8 ,WE CAN H>DLY BELIEVE ?AT ! FATT] CAPITAL BECOMES1 ! MORE WILL ITS SLAVE BE PAMP]$4 ,! B\RGEOISIE IS TOO MU* 5LI<T5$1 & KEEPS ITS ACC\NTS MU* TOO C>EFULLY1 TO C>E = ?AT PRIVILEGE ( ! FEUDAL NOBILITY1 ! O/5TATION ( SPL5DOR 9 ITS RET9UE4 ,! V]Y CONDITIONS ( B\RGEOIS EXI/5CE COMPEL IT TO KEEP C>EFUL ACC\NTS4   

0,WE MU/ !RE=E 9QUIRE MORE CLOSELY 9TO ! EFFECT :I* ! 9CREASE ( PRODUCTIVE CAPITAL HAS UPON WAGES4 

0,) ! G5]AL 9CREASE ( ! PRODUCTIVE CAPITAL ( A B\RGEOIS SOCIETY A MANIFOLD ACCUMULATION ( LABOR-=CE TAKES PLACE4 ,! CAPITALI/S 9CREASE 9 NUMB] & 9 P[]4 ,! 9CREASE 9 ! NUMB] ( CAPITALI/S 9CREASES ! COMPETITION BETWE5 CAPITALI/S4 ,!IR 9CREAS$ P[] GIVES !M ! MEANS ( LEAD+ 9TO ! 9DU/RIAL BATTLEFIELD MI<TI] >MIES ( LABOR]S FURNI%$ ) GIGANTIC IMPLEM5TS ( W>4 

0,! ONE CAPITALI/ CAN ONLY SUCCE$ 9 DRIV+ ! O!R (F ! FIELD & TAK+ POSSESSION ( HIS CAPITAL BY SELL+ HIS W>ES AT A *EAP] RATE4 ,9 ORD] TO SELL MORE *EAPLY )\T RU9+ HIMSELF1 HE MU/ PRODUCE MORE *EAPLY1 ?AT IS1 HE MU/ HEI<T5 AS MU* AS POSSIBLE ! PRODUCTIV5ESS ( LABOR4 ,BUT ! MO/ EFFECTIVE WAY ( MAK+ LABOR MORE PRODUCTIVE IS BY MEANS ( A MORE COMPLETE SUBDIVISION ( LABOR1 OR BY ! MORE EXT5D$ USE & CONT9UAL IMPROVEM5T ( MA*9]Y4 ,! MORE NUM]\S ! DEP>TM5TS 9TO :I* LABOR IS DIVID$1 & ! MORE GIGANTIC ! SCALE 9 :I* MA*9]Y IS 9TRODUC$1 9 SO MU* ! GREAT] PROPORTION DOES ! CO/ ( PRODUCTION DECL9E1 & SO MU* ! MORE FRUITFUL IS ! LABOR4 ,?US >ISES A MANIFOLD RIVALRY AMONG CAPITALI/S ) ! OBJECT ( 9CREAS+ ! SUBDIVISION ( LABOR & MA*9]Y1 & KEEP+ UP ! UTMO/ POSSIBLE PROGRESSIVE RATE ( EXPLOITATION4 

0,N[ IF BY MEANS ( A GREAT] SUBDIVISION ( LABOR1 BY ! EMPLOYM5T & IMPROVEM5T ( NEW MA*9ES1 OR BY ! MORE SKILLFUL & PR(ITABLE USE ( ! =CES ( NATURE1 A CAPITALI/ HAS DISCOV]$ ! MEANS 1( PRODUC+ A L>G] AM\NT ( COMMODITIES ?AN HIS COMPETITORS ) -! SAME AM\NT ( LABOR2 :E!R IT BE /OR$-UP LABOR OR DIRECT- IF HE CAN1 = 9/ANCE1 SP9 A COMPLETE Y>D ( COTTON 9 ! TIME ?AT HIS COMPETITORS TAKE TO SP9 HALF-A-Y>D--H[ WILL ?IS CAPITALI/ PROCE$ TO ACT8 

0,HE MI<T GO ON SELL+ HALF -A-Y>D AT ITS =M] M>KET PRICE2 BUT ?AT W\LD NOT HAVE ! EFFECT ( DRIV+ HIS OPPON5TS \T ( ! FIELD & 9CREAS+ HIS [N SALE4 ,BUT ! NE$ ( 9CREAS+ HIS SALE HAS 9CREAS$ 9 ! SAME PROPORTION AS HIS PRODUCTION4 ,! MORE EFFECTIVE & MORE EXP5SIVE MEANS ( PRODUCTION :I* HE HAS CALL$ 9TO EXI/5CE 5ABLE HIM1 ( C\RSE1 TO SELL HIS W>ES *EAP]1 BUT !Y ALSO COMPEL HIM TO SELL MORE W>ES & TO SECURE A MU* L>G] M>KET = !M4 ,\R CAPITALI/ WILL !RE=E PROCE$ TO SELL HIS HALF-A-Y>D ( COTTON *EAP] ?AN HIS COMPETITORS4 

0,! CAPITALI/ WILL NOT1 H[EV]1 SELL HIS COMPLETE Y>D SO *EAPLY AS HIS COMPETITORS SELL ! HALF1 AL?\< ITS 5TIRE PRODUCTION DOES NOT CO/ HIM MORE ?AN ! PRODUCTION ( HALF CO/S ! O!RS4 ,= 9 ?AT CASE HE W\LD GA9 NO?+1 BUT W\LD ONLY GET BACK ! CO/ ( ITS PRODUCTION4 ,! CONT+5T 9CREASE 9 HIS RECEIPTS W\LD RESULT FROM HIS HAV+ SET 9 MOTION A L>G] CAPITAL1 BUT NOT FROM HAV+ MADE HIS CAPITAL MORE1 .>PR(ITABLE ?AN ?AT ( ! O!RS4 ,BESIDES BE GA9S ! 5D HE IS AIM+ AT4 IF HE PRICE-1 HIS GOODS A SLI<T P]C5TAGE L[] ?AN HIS 1COMPETITORS4 ,HE DRIVES !M (F ! FIELD1 & WRE/S FROM !M AT ANY RATE A PORTION ( !IR SALE1 IF ONLY HE UND]SELLS !M4 ,& F9ALLY WE MU/ REMEMB] ?AT ! PRICE CURR5T ALWAYS /&S EI!R ABOVE OR BEL[ ! CO/ ( PRODUCTION1 ACCORD+ AS ! SALE ( A COMMODITY IS TRANSACT$ AT A FAVORABLE OR UNFAVORABLE P]IOD ( BUS9ESS4 ,ACCORD+ AS ! CO/ ( M>KET PRICE ( A Y>D ( CLO? IS ABOVE OR BEL[ ITS =M] CO/ ( PRODUCTION1 ! P]C5TAGE WILL ALT] 9 :I* ! CAPITALI/ :O HAS EMPLOY$ ! NEW & PR(ITABLE MEANS ( PRODUCTION EXCE$S 9 ITS SALE ! ACTUAL CO/ ( ITS PRODUCTION TO HIM4 

0,BUT \R CAPITALI/ DOES NOT F9D HIS PRIVILEGE V]Y LA/+4 ,O!R RIVAL CAPITALI/S 9TRODUCE ) MORE OR LESS RAPIDITY ! SAME MA*9ES & ! SAME SUBDIVISION ( LABOR2 & ?IS 9TRODUCTION BECOMES G5]AL1 UNTIL ! PRICE ( ! Y>D ( CLO? IS R$UC$ NOT ONLY BEL[ ITS OLD1 BUT BEL[ ITS NEW CO/ ( PRODUCTION4 

0,?US ! CAPITALI/S F9D !MSELVES RELATIVELY 9 ! SAME POSITION 9 :I* !Y /OOD BE=E ! 9TRODUCTION ( ! NEW MEANS ( PRODUCTION2 & IF !Y >E BY !SE MEANS 5ABL$ TO (F] TWICE ! PRODUCT1 = ! SAME PRICE1 !Y N[ F9D !MSELVES COMPELL$ TO (F] !1 D\BL$ AM\NT = LESS ?AN ! OLD PRICE4 ,FROM ! /&PO9T ( !SE NEW MEANS ( PRODUCTION ! OLD GAME BEG9S ANEW4 ,!RE IS- GREAT] SUBDIVISION ( LABOR1 MORE MA*9]Y1 & A MORE RAPID PROGRESS 9 ! EXPLOITATION ( BO?4 ,:]EUPON COMPETITION BR+S AB\T ! SAME REACTION AGA9/ ?IS RESULT4 

0,?US WE SEE H[ ! MANN] & MEANS ( PRODUCTION >E CONT9UALLY R5EW$ & REVOLUTIONIZ$2 & H[ ! DIVISION ( LABOR NECESS>ILY BR+S 9 ITS TRA9 A GREAT] DIVISION ( LABOR2 ! 9TRODUCTION ( MA*9]Y1 A /ILL L>G] 9TRODUCTION2 & ! RAPIDITY ( PROGRESS 9 ! EFFICI5CY ( LABOR1 A /ILL GREAT] RAPIDITY ( PROGRESS4 

0,?AT IS ! LAW :I* CONT9UALLY DRIVES B\RGEOIS PRODUCTION \T ( ITS OLD TRACK1 & COMPELS CAPITAL TO 9T5SIFY ! PRODUCTIVE P[]S ( LABOR = ! V]Y REASON ?AT IT HAS ALREADY 9T5SIFI$ !M-! LAW ?AT ALL[S IT NO RE/1 BUT = EV] :ISP]S 9 ITS E> ! WORDS1 ',QUICK ,M>*6' 

0,?IS IS NO O!R LAW ?AN ?AT :I*1 CANCEL+ ! P]IODICAL FLUCTUATIONS ( BUS9ESS1 NECESS>ILY ID5TIFIES ! PRICE ( A COMMODITY ) ITS1 CO/ ( PRODUCTION4 

0,H[EV] P[]FUL >E ! MEANS ( PRODUCTION :I* A P>TICUL> CAPITALI/ MAY BR+ 9TO ! FIELD1 COMPETITION WILL MAKE !IR ADOPTION G5]AL2 & ! MOM5T IT BECOMES G5]AL1 ! SOLE RESULT ( ! GREAT] FRUITFULNESS ( HIS CAPITAL IS ?AT HE MU/ N[ = ! SAME PRICE (F] T51 TW5TY1 A HUNDR$ TIMES AS MU* AS BE=E4 ,BUT AS HE MU/ DISPOSE ( P]HAPS A ?\S& TIMES AS MU*1 9 ORD] TO \TWEI< ! DECREASE 9 ! SELL+ PRICE BY ! L>G] PROPORTION ( PRODUCTS SOLD2 S9CE A L>G] SALE HAS N[ BECOME NECESS>Y1 NOT ONLY TO GA9 A L>G] PR(IT1 BUT ALSO TO1 REPLACE ! CO/ ( PRODUCTION2 & ! IMPLEM5TS ( PRODUCTION1 AS WE HAVE SE51 ALWAYS GET MORE EXP5SIVE2 & S9CE ?IS L>G] SALE HAS BECOME A VITAL QUE/ION1 NOT ONLY = HIM1 BUT ALSO = HIS RIVALS1 ! OLD /RIFE CONT9UES ) ALL ! GREAT] VIOL5CE1 9 PROPORTION AS ! PREVI\SLY DISCOV]$ MEANS ( PRODUCTION >E MORE FRUITFUL4 ,?US ! SUBDIVISION ( LABOR & ! EMPLOYM5T ( ,D[ MA*9]Y TAKE A FRE% />T1 & PROCE$ ) /ILL GREAT] RAPIDITY4 

0,& ?US1 :ATEV] BE ! P[] ( ! MEANS ( PRODUCTION EMPLOY$1 COMPETITION DOES ITS BE/ TO ROB CAPITAL ( ! GOLD5 FRUIT :I* IT PRODUCES1 BY R$UC+ ! PRICE ( COMMODITIES TO !IR CO/ ( PRODUCTION2 &1 AS FA/ AS !IR PRODUCTION IS *EAP5$1 COMPELL+ BY A DESPOTIC LAW ! L>G] SUPPLY ( *EAP] PRODUCTS TO BE (F]$ AT ! =M] PRICE4 ,?US ! CAPITALI/ WILL HAVE WON NO?+ BY HIS EX]TIONS BEYOND ! OBLIGATION TO PRODUCE FA/] ?AN BE=E1 & AN 5HANCEM5T ( ! DIFFICULTY ( EMPLOY+ HIS CAPITAL TO ADVANTAGE4 ,:ILE COMPETITION CONT9TIALLY P]SECUTES HIM ) ITS LAW ( ! CO/ ( PRODUCTION1 & TURNS AGA9/ HIMSELF EV]Y WEAPON :I* HE =GES AGA9/ HIS RIVALS2 ! CAPITALI/ CONT9UALLY TRIES TO *EAT COMPETITION BY 9CESSANTLY 9TRODUC+ FUR!R SUBDIVISION ( LABOR1 & REPLAC+ ! OLD MA*9ES BY NEW ONES1 :I*1 ?\< MORE EXP5SIVE1 PRODUCE MORE *EAPLY2 9/EAD ( WAIT+ TILL COMPETITION HAS R5D]$ !M OBSOLETE4 

0,LET US N[ LOOK AT ?IS FEV]I% AGITATION AS IT AFFECTS ! M>KET ( ! :OLE WORLD1 & WE %ALL UND]/& H[ ! 9CREASE1 ACCUMULATION1 & CONC5TRATION ( CAPITAL BR+ 9 !IR TRA9 AN UN9T]RUPT$ & EXTREME SUBDIVISION ( LABOR1 ALWAYS ADVANC+ ) GIGANTIC /RIDES ( PROGRESS1 & A CON9UAL EMPLOYM5T ( NEW MA*9]Y TOGE!R ) IMPROVEM5T ( ! OLD4 

0,BUT H[ DO !SE CIRCUM/ANCES1 9SEP>ABLE AS !Y >E FROM ! 9CREASE ( PRODUCTIVE CAPITAL1 AFFECT ! DET]M9ATION ( ! AM\NT ( WAGES 8 

0 ,! GREAT] DIVISION ( LABOR 5ABLES ONE LABOR] TO DO ! WORK ( FIVE1 T51 TW5TY2 IT !RE=E MULTIPLIES ! COMPETITION AMONG LABOR]S FIVE1 T5 OR TW5TY TIMES4 ,! LABOR]S DO NOT ONLY COMPETE :5 ONE SELLS HIMSELF *EAP] ?AN ANO!R2 !Y ALSO COMPETE :5 ONE DOES ! WORK ( FIVE1 T5OR TW5TY2 & ! DIVISION ( LABOR :I* CAPITAL 9TRODUCES & CONT9UALLY 9CREASES1 COMPELS ! LABOR]S TO 5T] 9TO ?IS K9D ( COMPETITION ) ONE ANO!R4 

0,FUR!R2 9 ! SAME PROPORTION 9 :I* ! DIVISION ( LABOR IS 9CREAS$1 ! LABOR ITSELF IS SIMPLIFI$4 ,! SPECIAL SKILL ( ! LABOR] BECOMES WOR?LESS4 ,IT IS *ANG$ 9TO A MONOTON\S & UNI=M P[] PRODUCTION1 :I* CAN GIVE PLAY NEI!R TO BODILY NOR TO 9TELLECTUAL ELA/ICITY4 ,ITS LABOR BECOMES ACCESSIBLE TO EV]YBODY4 ,COMPETITORS !RE=E ?RONG 9TO IT FROM ALL SIDES2 & BESIDES WE MU/ REMEMB] ?AT ! MORE SIMPLY & EASILY LE>N$ ! LABOR IS1 & ! LESS IT CO/S A MAN TO MAKE HIMSELF MA/] ( IT1 SO MU* ! L[] MU/ ITS WAGES S9K2 S9CE !Y >E DET]M9$1 LIKE ! PRICE ( EV]Y O!R COMMODITY1 BY ITS CO/ ( PRODUCTION4 

0,!RE=E EXACTLY AS ! LABOR BECOMES MORE UNSATISFACTORY ACTORY & UNPLEASANT1 9 ?AT V]Y PROPORTION COMPETITION 9CREASES & WAGES DECL9E4 ,! LABOR] DOES HIS BE/ TO MA9TA9 ! RATE ( HIS WAGES BY P]=M+ MORE LABOR1 :E!R BY WORK+ = A GREAT] NUMB] ( H\RS1 OR BY WORK+ H>D] 9 ! SAME TIME4 ,?US1 DRIV5 BY NECESSITY1 HE HIMSELF 9CREASES ! EVIL ( ! SUBDIVISION ( LABOR4 ,SO ! RESULT IS ?IS2 ! MORE HE LABORS1 ! LESS REW>D HE RECEIVES = IT2 & ?AT = ?IS SIMPLE REASON-?AT HE COMPETES AGA9/ HIS FELL[-WORKM51 & ?US COMPELS !M TO COMPETE AGA9/ HIM1 & TO (F] !IR LABOR ON AS WRET*$ CONDITIONS AS HE DOES2 & ?AT HE ?US 9 ! LA/ RESULT COMPETES AGA9/ HIMSELF AS A MEMB] ( ! WORK+ CLASS4   

0,MA*9]Y HAS ! SAME EFFECT1 BUT 9 A MU* GREAT] DEGREE4 ,IT SUPPLANTS SKILL$ LABOR]S BY UNSKILL$1 M5 BY WOM51 ADULTS BY *ILDR52 :]E IT IS NEWLY 9TRODUC$1 IT ?R[S ! H&-LABOR]S UPON ! /REETS 9 CR[DS2 & :]E IT IS P]FECT$ OR REPLAC$ BY LATT] IMPROVEM]ITS & MORE 9V5TIONS1 DISC>DS !M BY SLI<TLY SL[] DEGREES4 ,WE SLI<TLY HAVE SKET*$ ABOVE 9 HA/Y \TL9ES ! 9DU/RAL W> ( CAPITALI/S ) ONE ANO!R2 & ! W> HAS ?IS PECULI>TY1 ?AT ITS BATTLES >E WON LESS BY MEANS ( 5LI/+ ?AN ( DIS*>G+ ITS 9DU/RIAL RECRUITS4 ,!1 G5]ALS OR CAPITALI/S VIE ) ONE ANO!R AS TO :O CAN DISP5SE ) ! GREATE/ NUMB] ( HIS SOLDI]S4 

0,! ECONOMI/S REPEAT$LY ASSURE US ?AT ! LABOR]S :O >E R5D]$ SUP]FLU\S BY ! MA*9ES F9D NEW BRAN*ES ( EMPLOYM5T4 

0,!Y HAVE NOT ! H>DIHOOD DIRECTLY TO ASS]T ?AT !1 LABOR]S :O >E DIS*>G$ 5T] UPON ! NEW BRAN*ES ( LABOR4 ,! FACTS CRY \T TOO L\D AGA9/ SU* A LIE AS ?IS4 ,!Y ONLY DECL>E ?AT = O!R DIVISIONS ( ! LABOR+ CLASS1 AS = 9/ANCE1 = ! RIS+ G5]ATION ( LABOR]S :O W]E JU/ READY TO 5T] UPON ! DEFUNCT BRAN* ( 9DU/RY1 NEW MEANS ( EMPLOYM5T WILL OP5 \T4 ,( C\RSE ?AT IS A GREAT SATISFACTION = ! DISMISS$ LABOR]S4 ,! WOR%IPFUL CAPITALI/S WILL NOT F9D !IR FRE% SUPPLY ( EXPLOITABLE FLE% & BLOOD RUN %ORT1 & WILL LEI ! DEAD BURY !IR DEAD4 ,?IS IS 9DE$ A CONSOLATION ) :I* ! B\RGEOIS COM=T !MSELVES RA!R ?AN ! LABOR]S4 ,IF ! :OLE CLASS ( WAGE-LABOR]S W]E ANNIHILAT$ BY ! MA*9ES1 H[ %OCK+ ?AT W\LD BE = CAPITAL1 :I* )\T WAGE-LABOR CEASES TO ACT AS CAPITAL AT ALL4 

0,BUT LET US SUPPOSE ?AT ?OSE :O >E DIRECTLY DRIV5 \T ( !IR EMPLOYM5T BY MA*9]Y1 & ALSO ALL ?OSE ( ! RIS+ G5]ATION :O W]E EXPECT+ EMPLOYM5T 9 ! SAME L9E1 F9D SOME NEW EMPLOYM5T4 ,DOES ANY ONE IMAG9E ?AT ?IS WILL BE AS HI<LY PAID AS ?AT :I* !Y HAVE LO/8 ,SU* AN IDEA W\LD BE 9 DIRECT CONTRADICTION TO ALL ! LAW'S ( ECONOMY4 ,WE HAVE ALREADY SE5 ?AT ! MOD]N =M ( 9DU/RY ALWAYS T5DS TO ! DISPLACEM5T ( ! MORE COMPLEX & ! HI<] K9DS ( EMPLOYM5T1 BY ?OSE :I* >E MORE SIMPLE & SUBORD9ATE4 

0,H[ !N C\LD A CR[D ( LABOR]S1 :O >E ?R[N \T ( ONE BRAN* ( 9DU/RY BY MA*9]Y1 F9D REFUGE 9 ANO!R1 )\T HAV+ TO CONT5T !MSELVES ) A L[] POSITION & WORSE PAY8 

0,! LABOR]S :O >E EMPLOY$ 9 ! MANUFACTURE ( MA*9]Y ITSELF HAVE BE5 9/ANC$ AS AN EXCEPTION4 ,AS SOON AS A DESIRE >ISES & 'A DEM& BEG9S 9 AN 9DU/RY = MORE MA*9]Y1 IT IS SAID ?AT !RE MU/ NECESS>ILY BE AN 9CREASE 9 ! NUMB] ( MA*9ES1 & !RE=E 9 ! MANUFACTURE ( MA*9ES1 & !RE=E 9 ! EMPLOYM5T ( LABOR]S 9 ?IS MANUFACTURE2 & ,! LABOR]S :O >E EMPLOY$ 9 ?IS BRAN* ( 9DU/RY WILL BE SKILL$1 & 9DE$ EV5 $UCAT$ LABOR]S4 

0,EV] S9CE ! YE> #ahd ?IS CONT5TION1 :I* EV5 BE=E ?AT TIME WAS ONLY HALF TRUE1 HAS LO/ ALL ITS SPECI\S COLOR4 ,= ! MA*9E :I* >E EMPLOY$ 9 ! MANUFACTURE ( MA*9]Y HAVE BE5 QUITE AS NUM]\S AS ?OSE US$ 9 ! MANUFACTURE ( COTTON2 & ! LABOR]S :O >E 1EMPLOY$ 9 PRODUC+ MA*9ES1 9/EAD ( BE+ HI<LY $UCAT$1 HAVE 1,ONLY BE5 ABLE TO PLAY ! P>T ( UTT]LY UNSKILL$ MA*9ES !MSELVES4 ,BUT 9 ! PLACE ( ! MAN :O HAS BE5 DISMISS$ BY ! MA*9E P]HAPS ?REE *ILD-,T5 & ONE WOMAN >E EMPLOY$ TO WORK IT4 ,& WAS IT NOT NECESS>Y BE=E ?AT ! MAN'S WAGES %\LD SUFFICE = ! SUPPORT ( HIS WIFE & HIS *ILDR58 ,WAS NOT ! M9IMUM ( WAGES NECESS>ILY SUFFICI5T = ! MA9T5ANCE & PROPAGATION ( ! RACE ( LABOR]S8 ,!RE IS NO DIFF]5CE1 EXCEPT ?AT N[ ! LIVES ( F\R TIMES AS MANY LABOR]S AS BE=E2 >E US$ UP 9 ORD] TO SECURE ! SUPPORT ( ONE LABOR]'S FAMILY4 

0,TO REPEAT \R D$UCTIONS2 ! FA/] PRODUCTIVE CAPITAL 9CREASES1 ! MORE DOES ! DIVISION ( LABOR & ! EMPLOYM5T ( MA*9]Y EXT5D4 ,! MORE ! DIVISION ( LABOR & ! EMPLOYM5T ( MA*9]Y EXT5D1 SO MU* ! MORE DOES COMPETITION 9CREASE AMONG ! LABOR]S1 & SO MU* ! MORE DO !IR AV]AGE WAGES DW9DLE4 

0,& BESIDES1 ! LABOR+ CLASS IS RECRUIT$ FROM ! HI<] /RATA ( SOCIETY2 OR ELSE !RE FALLS HEADLONG 9TO IT A CR[D ( SMALL MANUFACTUR]S & SMALL PROPRIETORS1 :O !NCE=? HAVE NO?+ BETT] TO DO ?AN TO /RET* \T !IR >MS BY ! SIDE ( ?OSE ( ! LABOR]S4 ,& ?US ! =E/ ( >MS \T/RET*$ BY ?OSE :O >E 5TREAT+ = WORK BECOMES EV] D5S] & ! >MS !MSELVES GR[ EV] LEAN]4 

0,?AT ! SMALL MANUFACTUR] CANNOT SURVIVE 9 A CONTE/1 :OSE FIR/ CONDITION IS PRODUCTION ON A CONT9UALLY 9CREAS+ SCALE1 ?AT IS1 ?AT HE CANNOT BE AT ONCE BO? A L>GE & A SMALL MANUFACTUR]1 IS SELF-EVID5T4 

0,?AT ! 9T]E/ ON CAPITAL DECL9ES 9 ! SAME PROPORTION AS ! AM\NT ( CAPITAL 9CREASES & EXT5DS1 & ?AT !RE=E ! SMALL CAPITALI/ CAN NO LONG] LIVE ON HIS 9T]E/1 BUT MU/ JO9 ! RANKS ( ! WORK]S & 9CREASE ! NUMB] ( ! PROLET>IAT1--ALL ?IS REQUIRES NO FUR!R EXEMPLIFICATION4 

0,F9ALLY1 9 ! PROPORTION 9 :I* ! CAPITALI/S >E COMPELL$ BY ! CAUSES H]E SKET*$ \T TO EXPLOIT ON AN EV] 9CREAS+ SCALE YET MORE GIGANTIC MEANS ( PRODUCTION1 & ) ?IS OBJECT TO SET 9 MOTION ALL ! MA9SPR+S ( CR$IT1 9 ?IS SAME PROPORTION IS !RE AN 9CREASE ( ?OSE E>?QUAKES :]E9 ! BUS9ESS WORLD CAN ONLY SECURE ITS [N EXI/5CE BY ! SACRIFICE ( A PORTION ( ITS WEAL?1 ITS PRODUCTS1 & EV5 ITS P[]S ( PRODUCTION TO ! GODS ( ! WORLD BEL[-9 A WORD1 CRISES 9CREASE4 ,!Y BECOME AT ONCE MORE FREQU5T & MORE VIOL5T2 BECAUSE 9 ! SAME PROPORTION 9 :I* ! AM\NT ( PRODUCTION1 & !RE=E ! DEM& = AN EXT5SION ( ! M>KET1 9CREASES1 ! M>KET ( ! WORLD CONT9UALLY CONTRACTS1 & EV] FEW] M>KETS REMA9 TO BE EXPLOIT$2 S9CE EV]Y PREVI\S CRISIS HAS ADD$ TO ! COMM]CE ( ! WORLD A M>KET :I* WAS NOT KN[N BE=E1 OR HAD BE5 ONLY SUP]FICIALLY EXPLOIT$ BY COMM]CE4 ,BUT CAPITAL NOT ONLY LIVES UPON LABOR4 ,LIKE A LORD1 AT ONCE DI/+UI%$ & B>B>\S1 IT DRAGS ) IT TO ! GRAVE ! CORPSES ( ITS SLAVES & :OLE HECATOMBS ( LABOR]S :O P]I% 9 ! CRISIS4 ,?US WE SEE ?AT IF CAPITAL 9CREASES FA/1 COMPETITION AMONG ! LABOR]S 9CREASES /ILL FA/]1 ?AT IS1 ! MEANS ( EMPLOYM5T & SUBSI/5CE DECL9E 9 PROPORTION AT A /ILL MORE RAPID RATE2 & YET1 NONE ! LESS1 ! MO/ =TUNATE CONDITIONS = WAGE-LABOR LIE 9 ! SPE$Y 9CREASE ( CAPITAL40  

,FROM 3 ,AN>*Y ,>*IVES4 

,*RONOLOGY 3 
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