SOCB30H3 Chapter Notes - Chapter Week 1: Wage Labour, Labour Power, Class Conflict
Document Summary
Labour power the workers sale of his labour to the capitalist. Capitalist for money is their labour power. Labour power is a commodity for survival, which its possessor, the wageworker, sells to capital. The wage-worker sells in order to live (get by in society) Labour was not always paid, it used to be free labour or also known as slaved labour thus, the slaves did not have labour power, or any power at all. Commodification is the transformation of goods and services, as well as ideas or other entities that normally may not be considered goods, into a commodity (raw materials) Wages rise and fall according to the relation of supply and demand or cost of production. Capital is a social relation of production, and is a bourgeois production relation, a production relation of bourgeois society. Thus, it is the sum of commodities (raw materials), of exchange values, of social magnitudes (overall money, finance, profit, etc. , of production).
