Capitalist Lifeboats Will Come “At Some Point…”

The IMF reports that Greek incomes have dropped by about 10 per cent since 2010, hours worked have dropped by 7 per cent, and unemployment (especially youth unemployment) is skyrocketing.

That isn’t good enough for Greece’s lenders, who are looking to the Greek government to engineer a further direct assault on the country’s minimum wage, labour standards, pensions and collective bargaining with the aim of imposing a substantial further drop in income. Continue reading

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By What Are Wages Determined?: Wage Labour and Capital

by Karl Marx

Now, the same general laws which regulate the price of commodities in general, naturally regulate wages, or the price of labour-power. Wages will now rise, now fall, according to the relation of supply and demand, according as competition shapes itself between the buyers of labour-power, the capitalists, and the sellers of labour-power, the workers. The fluctuations of wages correspond to the fluctuation in the price of commodities in general. But within the limits of these fluctuations the price of labour-power will be determined by the cost of production, by the labour-time necessary for production of this commodity: labour-power.

What, then, is the cost of production of labour-power? Continue reading