Labour powerLabour power (Arbeitskraft; force de travail) is the capacity to do work, a key concept used by Karl Marx in his critique of capitalist political economy. Marx distinguished between the capacity to do work, labour power, and the physical act of working, labour. Labour power exists in any kind of society, but on what terms it is traded or combined with means of production to produce goods and services has historically varied greatly. Under capitalism, according to Marx, the productive powers of labour appear as the creative power of capital.
Productive forcesProductive forces, productive powers, or forces of production (German: Produktivkräfte) is a central idea in Marxism and historical materialism. In Karl Marx and Friedrich Engels' own critique of political economy, it refers to the combination of the means of labor (tools, machinery, land, infrastructure, and so on) with human labour power. Marx and Engels probably derived the concept from Adam Smith's reference to the "productive powers of labour" (see e.g.
Primitive accumulation of capitalIn Marxian economics and preceding theories, the problem of primitive accumulation (also called previous accumulation, prior accumulation, or original accumulation) of capital concerns the origin of capital and therefore how class distinctions between possessors and non-possessors came to be. Adam Smith's account of primitive-original accumulation depicted a peaceful process in which some workers laboured more diligently than others and gradually built up wealth, eventually leaving the less diligent workers to accept living wages for their labour.
Rate of profitIn economics and finance, the profit rate is the relative profitability of an investment project, a capitalist enterprise or a whole capitalist economy. It is similar to the concept of rate of return on investment. The rate of profit depends on the definition of capital invested. Two measurements of the value of capital exist: capital at historical cost and capital at market value. Historical cost is the original cost of an asset at the time of purchase or payment.
Reproduction (economics)In Marxian economics, economic reproduction refers to recurrent (or cyclical) processes. Michel Aglietta views economic reproduction as the process whereby the initial conditions necessary for economic activity to occur are constantly re-created. Marx viewed reproduction as the process by which society re-created itself, both materially and socially.
Class conflictIn political science, the term class conflict (also class struggle, class warfare, capital-labour conflict) identifies the political tension and economic antagonism that exist among the social classes of society, because of socioeconomic competition for resources among the social classes, between the rich and the poor. In the political and economic philosophies of Karl Marx and Mikhail Bakunin, class struggle is a central tenet and a practical means for effecting radical sociopolitical changes for the social majority, the working class.
Marx's theory of alienationKarl Marx's theory of alienation describes the experience of human life as meaningless or the human self as worthless in modern capitalist society. It is Marx’s earliest recognizable attempt at a systematic explanatory theory of capitalism. The theoretical basis of alienation is that a worker invariably loses the ability to determine life and destiny when deprived of the right to think (conceive) of themselves as the director of their own actions; to determine the character of said actions; to define relationships with other people; and to own those items of value from goods and services, produced by their own labour.
Surplus labourSurplus labour (German: Mehrarbeit) is a concept used by Karl Marx in his critique of political economy. It means labour performed in excess of the labour necessary to produce the means of livelihood of the worker ("necessary labour"). The "surplus" in this context means the additional labour a worker has to do in their job, beyond earning their keep. According to Marxian economics, surplus labour is usually uncompensated (unpaid) labour.
Tendency of the rate of profit to fallThe tendency of the rate of profit to fall (TRPF) is a theory in the crisis theory of political economy, according to which the rate of profit—the ratio of the profit to the amount of invested capital—decreases over time. This hypothesis gained additional prominence from its discussion by Karl Marx in Chapter 13 of Capital, Volume III, but economists as diverse as Adam Smith, John Stuart Mill, David Ricardo and Stanley Jevons referred explicitly to the TRPF as an empirical phenomenon that demanded further theoretical explanation, although they differed on the reasons why the TRPF should necessarily occur.
Means of productionIn economics, the means of production is a term which describes land, labor, and capital that can be used to produce products (such as goods or services); however, the term can also refer to anything that is used to produce products. It can also be used as an abbreviation of the "means of production and distribution" which additionally includes the logistical distribution and delivery of products, generally through distributors; or as an abbreviation of the "means of production, distribution, and exchange" which further includes the exchange of distributed products, generally to consumers.
