Under capitalism, the workingman being a merchandise, his price (wages) does not depend upon the quantity of good things in existence, but upon the quantity of him in the labor market. The same as, regardless of the quantity of money there may be in the money market, pork chops will fetch a smaller price if the pork chop market is overstocked, so will the merchandise labor fetch a smaller price, however much money there may be, if the labor market is overstocked. And capitalism does that very thing. Privately-owned improved machinery, and concentration of plants, ruthlessly displace labor and overstock the labor market. Daniel DeLeon, 1904
Posted on: Sun, 20 Apr 2014 01:14:33 +0000
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