Excerpt from http://snylterstaten.dk/english/chapter-iii-theory-unequal-exchange#onex2:
Capitalist exploitation is not exclusively and in isolation connected to production or to the concrete relationship between capital and labour. Under developed capitalism, the exploitation must be seen in relation to the circulation of capital as a whole â i.e. both in relation to production and to the trade in commodities.
Under developed capitalism, value is transferred from undertakings of low productivity to undertakings of high productivity within one line of industry. Value is transferred from lines of industry with a low organic composition to lines with a high organic composition. Finance and trade capital can appropriate value without even being directly attached to the productive sphere. Value is transferred from countries with a low wage level to countries with a high wage level. All these transfers of value â conditions of exploitation â can only be understood, if the capitalist circulation is considered as a whole and not only on the basis of production. The basis of the surplus-value â the surplus-labour â is created in production, the appropriation and distribution of the surplus-value take place in the trade in commodities.
The fact that, technically, a person takes part in production as a wage-labourer does not necessarily mean that he or she is exploited and that he or she cannot exploit other people. Wage-labour is a sine qua non of capitalist exploitation but it is not enough. The exploitation depends on the actual ratio between the ânecessary labourâ (the wages) and the âsurplus labourâ (the surplus-value). Thus, if you can secure more value for your wages than you have created, you are not being exploited but you are exploiting.
In principle there is nothing new about this. In Grundrisse, pp. 434-43, Marx deals with the fact that through the determination of prices of production and a national average rate of profit, labourers could benefit from other labourersâ products being sold below their value to the extent that these products were part of their consumption. However, when he wrote Grundrisse in 1857-8, Marx did not regard this as something important. He writes:
As regards the other workers, the case is entirely the same; they gain from the depreciated commodity only in relation (1) as they consume it; (2) relative to the size of their wage, which is determined by necessary labour. If the depreciated commodity were, e.g. grain â one of the staffs of life â then first its producer, the farmer, and following him all other capitalists, would make the discovery that the workerâs necessary wage is no longer the necessary wage; but stands above its level; hence it is brought downâŚ.[27]
(Marx, Grundrisse, p. 439.)
Engels did not doubt the possibility of the Britishâ proletariat exploiting the colonial proletariat.
⌠the English proletariat is actually becoming more and more bourgeois, so that this most bourgeois of all nations is apparently aiming ultimately at the possession of a bourgeois aristocracy and a bourgeois proletariat alongside the bourgeoisie. For a nation which exploits the whole world this is of course to a certain extent justifiable.
(Engels to Marx, 7 October 1858, MESC, p. 110.)
And in a letter to Kautsky he wrote:
You ask me what the English workers think about colonial policy. Well, exactly the same as they think about politics in general: the same as the bourgeois think. There is no workersâ party here, you see, there are only Conservatives and Liberal-Radicals, and the workers gaily share the feast of Englandâs monopoly of the world market and the colonies.
(Engels to Kautsky, 12 September 1882, MESW, p. 678.)
Thus the fact that wages of a certain size can contain more value than the labour performed in order to get the wages is not something new. [28]
It is a question of quantity whether it applies in the case of a managing director with an annual salary of $100,000, or in the case of an assistant manager with a salary of $25,000 â or if it already applies to the skilled worker earning $15,000. It is a question of calculations, not of principles.