Marx on Ricardo III.

This bit nicely distinguishes draws out the differences between Marx and Ricardo’s conceptions of labour qua capital:

Instead of labour, Ricardo should have discussed labour capacity. But had he done so, capital would also have been revealed as the material conditions of labour, confronting the labourer as power that had acquired an independent existence. And capital would at once have been revealed as a definite social relationship. Ricardo thus only distinguishes capital as “ACCUMULATED LABOUR” from “IMMEDIATE LABOUR”. And it is something purely physical, only an element in the labour process, from which the relation between the worker and capital, WAGES AND PROFITS, could never be developed.  mecw 32. p 37

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Deep in the adjunct crackhole.
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