A system of production based on private ownership of capital, wage labour and production for profit.
Politics & Society
Labour-power
The human capacity to work, sold as a commodity within wage-labour relations.
Capitalism
English1 minConcept reference · linked text
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Politics & Society
Surplus value
The portion of new value created by labour above the value of labour-power, appropriated by owners of capital.
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Politics & Society
Exploitation
In Marx’s theory, the appropriation of surplus labour through production relations, rather than only a breach of a wage contract.
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