History of economic thought died, Engels completed the second volume of "Das Kapital" from his notes. Marx wrote his magnum opus "Das Kapital" (1867) at the British Museum's library in London. Karl Marx begins with the concept of commodities. Before capitalism, says Marx, production was based on slavery – in ancient Rome for example – then serfdom in the feudal societies of medieval Europe. The current mode of labor exchange has produced an erratic and unstable situation allowing the conditions for revolution. People buy and sell their labor as people buy and sell goods and services. People themselves have become disposable commodities. As Marx
Capitalism and of the wealth owned by the bourgeoisie. This interpretation emphasises that capital ownership, predicated on command over labor, is a social relation: the growth of capital implies the growth of the working class (a "law of accumulation"). In the first volume of "Das Kapital", Marx had illustrated this idea with reference to Edward Gibbon Wakefield's theory of colonisation: In the third volume of "Das Kapital", Marx refers to the "fetishism of capital" reaching its highest point with interest-bearing capital because now capital seems to grow of its own accord without anybody doing anything: Wage labour refers to the sale