Excerpt from Karl Marx; The Man and His Work and the Constructive Elements of Socialism: Three Lectures and Two Essays
It is now practically a half century ago that Marx presented the first volume of his immortal work Capital 'to the world: a work which for the first time, since the inception of the capitalist mode of production, laid bare the laws and forces governing this economic structure. Through the analysis of capitalist produc tion, Marx exposed the source of all profits, and showed this to rest in the appropriation of surplus value from the workers. His theory of surplus value is a most valuable addition to classical political economy, and raises itself upon the theories of value evolved by Petty, Ricardo and Adam Smith, however, also sup plemented and perfected by Marx. With the aid of this theory, Marx demonstrated that although the worker under the system of capitalist production receives in the last analysis the full value of his labor-power, he is nevertheless exploited, because he produces in excess of this value, and does not receive the full value of his product.
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