Karl Marx In 1867, the first volume of "Das Kapital" was published, a work which analysed the capitalist process of production. Here Marx elaborated his labour theory of value, which had been influenced by Thomas Hodgskin. Marx acknowledged Hodgskin's "admirable work" "Labour Defended against the Claims of Capital" at more than one point in "Capital." Indeed, Marx quoted Hodgskin as recognising the alienation of labour that occurred under modern capitalist production. No longer was there any "natural reward of individual labour. Each labourer produces only some part of a whole, and each part having no value or utility of itself, there is
Theories of Surplus Value 1472) running to some 200 printed sheets in length: it is the first systematically worked out draft – though still only rough and incomplete – of all four volumes of "Capital". "Theories of Surplus Value" forms the longest (about 110 printed sheets) and most fully elaborated part of this huge manuscript, and it is the first and only draft of the fourth, concluding volume of "Capital". Marx called this volume, as distinguished from the three theoretical volumes of "Das Kapital", the historical, historico-critical, or historico-literary part of his work. Marx began to write "Theories of Surplus Value" within the framework