Wage Labour and Capital & Value, Price and Profit

The most significant historical context for Karl Marx’s writing is the social, political, and economic change that was precipitated by the industrial revolution. Increased factory production, in combination with the enclosure of common land, drove more and more people to city centers for work. Meanwhile, technological advancements, such as the steam engine and other mechanized production methods, fundamentally changed the nature of labor.

The quality of life in these densely populated cities was low, and working conditions in the factories were harsh and exploitative. Moreover, despite rises in capital and more production of goods than ever before, the increase in wealth did not often spread to the working class. As a result, inequality rose and Europe experienced waves of political turmoil, marked by revolutions and uprisings of disenfranchised workers and other marginalized groups. These movements sought to challenge oppressive systems of governance, rising inequality, and poor working conditions by demanding greater rights and representation for the working class.

“Wage Labour and Capital” was written and delivered as a series of lectures more than two decades before “Value, Price and Profit,” and the edition used for this guide features terminology that was updated by Engels in 1891 to ensure that it was in line with Marx’s later—and more developed—works.