“Boom-time”

“Under the conditions of accumulation supposed thus far, which conditions are those most favourable to the labourers, their relation of dependence upon capital takes on a form endurable, or, as Eden says, “ easy and liberal.” Instead of becoming more intensive with the growth of capital, this relation of dependence only becomes more extensive, i.e., the sphere of capital’s exploitation and rule merely extends with its own dimensions and the number of its subjects. A larger part of their own surplus product, always increasing and continually transformed into additional capital, comes back to them in the shape of means of payment, so that they can extend the circle of their enjoyments, can make some addition to their consumption fund of clothes, furniture, etc., and can lay by small reserve funds of money.

But just as little as better clothing, food, and treatment, and larger Peculium,* do away with the exploitation of the slave, so little do they set aside that of the wage-worker.

A rise in the price of labour, as a consequence of accumulation of capital, only means, in fact, that the length and weight of the golden chain the wage-worker has already forged for himself, allow of a relaxation of the tension of it.”

(Karl Marx, Capital, Vol. 1, chapter “The General Law of Capitalist Accumulation.” Page 676. Kerr edition, 1921.)

* Peculium: pocket-money given to slave by master.