“The essential difference between the various economic forms of society, between, for instance, a society based on slave labour, and one based on wage labour,” explained Marx, “lies only in the mode in which this surplus labour is in each case extracted from the actual producer, the labourer.”
Capitalism had become “accumulation for accumulation’s sake”, explained Marx. “Production for production’s sake.” Those industries where the productivity of labour lags behind the average are driven out of business by those using the most up-to-date methods. In this way, the introduction of machinery increases the productivity of labour, and reduces the necessary labour time (thereby increasing surplus labour time). It allows those who introduce new techniques to sell their products above their individual value (the labour time it costs to produce them) but less than the average cost, thereby gaining super profits.
Capitalism had become “accumulation for accumulation’s sake”, explained Marx. “Production for production’s sake.” Those industries where the productivity of labour lags behind the average are driven out of business by those using the most up-to-date methods. In this way, the introduction of machinery increases the productivity of labour, and reduces the necessary labour time (thereby increasing surplus labour time). It allows those who introduce new techniques to sell their products above their individual value (the labour time it costs to produce them) but less than the average cost, thereby gaining super profits.