Das Kapital

Although the term has come to refer to the middle class in general, for Marx, “bourgeoisie” specifically refers to the class of people who own the means of production (i.e., factory owners/capitalists).

Marx uses “capital” specifically to refer to money that is used to generate more money through investments and business activities, not simply to buy commodities. Capital can be either constant capital, which is the expense behind the tools and raw materials used for production, or variable capital, which is the cost of the actual labor power used.

A commodity is any good or service that is created or provided by human labor. This includes raw materials, manufactured products, and even labor itself.

Consumption is the act of using up commodities. Marx distinguishes between individual consumption, where someone uses up a commodity for their own personal wants and needs, and productive consumption, where a commodity is used in the process of producing capital (e.g., manufacturing).

Corvée is specifically a term for the obligation a peasant would have in feudal France to do labor for the king or their local lord. Marx uses the term to refer to the feudal mode of production, where production is carried out by peasants who are obligated to perform work for their aristocratic landowners.

Exchange value is the value that a commodity has on the market, either in terms of other commodities or in terms of money.

The Factory Acts were a series of laws passed in Britain from 1802 to 1874 meant to lower the working hours and improve the working conditions and quality of life of factory workers.

The term “fetishism” derives from the word “fetish,” which is used to describe an object seen as possessing supernatural or religious power. Marx uses the term to refer to the fact that people view some commodities as possessing an inherent importance instead of seeing their value as coming from labor or from society.

Promoted by economists like Adam Smith in the 18th century, free trade is trade between nations where there are few or no taxes and restrictions on imports and exports.

The labor fund is the total amount of capital in a nation available to pay for workers.

Labor power is the sum amount of the effort a worker is able to put into production or providing a service.

In contrast to free trade, mercantilism seeks to regulate trade in such a way that it maximizes profits for a nation by encouraging exports and discouraging imports through taxes and trade quotas. It was the dominant approach to trade in Europe from the end of the Middle Ages until the early 19th century.

One of the ways factory owners got around government regulations on the length of the workday, the relay system had workers instead work alternating shifts throughout the entire workday.

Surplus value is the total sum of all the profits capitalists gain that do not go into capital but are instead used for the capitalist’s own individual consumption. One of Marx’s key arguments is that all capitalists seek to gain as much surplus value as possible through exploiting their workers.

Use value is the value of a commodity based strictly on how it would be used. For example, the use value of a block of cheese would be based on its use as a food or as a cooking ingredient.