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
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