Understanding Marxism

by Richard D. Wolff

In modern capitalism, the products of capitalist enterprises take the form of commodities. That means they pass from producer to consumer by means of an intermediate process, namely market exchanges. Capitalist enterprises “buy” their commodity inputs, hire (another word for buy) the labor power of their laborers, and sell the commodity outputs produced by combining inputs and laborers in work. A distinguishing sign of capitalism is that the ability to work – labor power – itself becomes a commodity to be bought and sold. Labor power was not a commodity in the slave and feudal economic systems.

the class of employers will always seek to reduce the wages paid to their hired, productive laborers. Likewise, employers will always seek to lengthen the time and pace of work.