For now, my attempt to start discussion will revolve around this video, which I will summarize, by the Leninist (read: likes Lenin and dislikes Stalin) ProSocialism:
It starts by first ridiculing the idea that capitalism can be characterized either by market exchange, or by mere commodity production. After all, societies before capitalism had both of these, instead, capitalism is defined by
generalized commodity production, where land, resources, and labor power have all become commodities to be bought and sold, and commodity production has become the typical form of production, yet this does not fully define capitalism. ProSocialism then explains that this creates a new type of capital, industrial capital, which is what transforms a non-capitalist society into a capitalist one, by "penetrating the sphere of production" instead of merely serving as an intermediary.
Thus, the video ascribes capitalism the following characteristics:
- Generalized commodity production (commodification of labor power, means of production, etc.)
- Control of the sphere of production (means of production) by capital
The video then goes on to describe the "circle of capital" as such:
- Money takes the form of capital
- Money is then invested into "productive process"
- The production process occurs and the worker produces a commodity of greater value than the original investment.
- The commodity is sold and additional money is obtained by the capitalist (capital accumulation)
- The process repeats.
ProSocialism goes on to describe wage labor as the ability for a worker's sale of her ability to operate within this cycle, with a wage being a monetary price, which like all prices is governed by laws of market exchange. He then goes on to explain that for this process to work, the value of the wage must be high enough that the worker can subsist and remain decently healthy, and purchase commodities. This does not mean that all workers will be able to do this, but that in general the working class must be able to fulfill these conditions.
The video goes on to discuss the division between "necessary labor time" and "surplus labor time", necessary labor time being the time required for the worker to produce their means of subsistence, which is held withing their wage, while surplus labor time is the remainder of the time that they work, of which the value of their labor goes to the capitalist. Thus, surplus value is created, and ProSocialism explains that thus capitalism is inherently exploitative, as to function it requires the operation of this system.
I found it to be a good summary of some basic Marxist critiques and definitions of capitalism, while still remaining under ten minutes in length. This is no mean feat.
The works and specific chapters he quotes can be found here in the order used:
- Economic Manuscripts: Frederick Engels: Supplement to Capital Volume 3
- Economic Manuscripts: Capital Vol. I - Chapter Twenty-Four
- Ernest Mandel: Intro Marxist Economic (Chap.2)
- Economic Manuscripts: Capital Vol. I - Chapter Eight
- Economic Manuscripts: Capital: Volume Two
- Wage Labour and Capital. Chapter 4
- Economic Manuscripts: Capital Vol. I - Chapter Nine