Wage labour in the context of "Working class"

Capitalism is an economic system based on the private ownership of the means of production and their use for the purpose of obtaining profit. This socioeconomic system has developed historically through several stages and is defined by a number of basic constituent elements: private property, profit motive, capital accumulation, competitive markets, commodification, wage labor, and an emphasis on innovation and economic growth. Capitalist economies tend to experience business cycles of economic growth followed by recessions.

Economists, historians, political economists, and sociologists have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include laissez-faire or free-market capitalism, state capitalism, and welfare capitalism. Different forms of capitalism feature varying degrees of free markets, public ownership, obstacles to free competition, and state-sanctioned social policies. The degree of competition in markets and the role of intervention and regulation, as well as the scope of state ownership, vary across different models of capitalism. The extent to which different markets are free and the rules defining private property are matters of politics and policy. Most of the existing capitalist economies are mixed economies that combine elements of free markets with state intervention and in some cases economic planning.

Factor income (also called primary income and earned income) is the flow of income that is derived from the factors of production, i.e., the general inputs required to produce goods and services. Factor income on the use of land is called rent, income generated from labor is called wages, and income generated from capital is divided between profit for equity owner and interest for creditor. The total amount of factor income received by the residents of a country is referred to as the national income, while factor income and current transfers together are referred to as disposable income.

In contemporary national accounting, Indirect taxes minus subsidies are treated like factor income despite not meeting the definition. In earlier system like the 1953 SNAdefined to concept of GDP : the sum of all factor income called GDP at factor cost, and the sum of all expenditure called GDP at market price. (GDP at market price = GDP at factor cost + Indirect taxes minus subsidies). Factor cost measured have being abandoned by the SNA.

The Communist Manifesto (German: Das Kommunistische Manifest), originally the Manifesto of the Communist Party (Manifest der Kommunistischen Partei), is a political pamphlet written by Karl Marx and Friedrich Engels. It was commissioned by the Communist League and published in London in 1848. The text represents the first and most systematic attempt by the two founders of scientific socialism to codify for wide consumption the historical materialist idea, namely, that "the history of all hitherto existing society is the history of class struggles", in which social classes are defined by the relationship of people to the means of production. Published amid the Revolutions of 1848 in Europe, the manifesto has become one of the world's most influential political documents.

In the Manifesto, Marx and Engels combine philosophical materialism with the Hegelian dialectical method in order to analyze the development of European society through its modes of production, including primitive communism, antiquity, feudalism, and capitalism, noting the emergence of a new, dominant class at each stage. The text outlines the relationship between the means of production, relations of production, forces of production, and mode of production, and posits that changes in society's economic "base" affect changes in its "superstructure". The authors assert that capitalism is marked by the exploitation of the proletariat (working class of wage labourers) by the ruling bourgeoisie, which is "constantly revolutionising the instruments [and] relations of production, and with them the whole relations of society". They argue that capital's need for a flexible labour force dissolves the old relations, and that its global expansion in search of new markets creates "a world after its own image".

In Karl Marx's critique of political economy and subsequent Marxian analyses, the capitalist mode of production (German: Produktionsweise) refers to the systems of organizing production and distribution within capitalist societies. Private money-making in various forms (renting, banking, merchant trade, production for profit and so on) preceded the development of the capitalist mode of production as such. The capitalist mode of production proper, based on wage-labour and private ownership of the means of production and on industrial technology, began to grow rapidly in Western Europe from the Industrial Revolution, later extending to most of the world.

The capitalist mode of production is characterized by private ownership of the means of production, extraction of surplus value by the owning class for the purpose of capital accumulation, wage-based labour and—at least as far as commodities are concerned—being market-based.

A wage is payment made by an employer to an employee for work done in a specific period of time. Some examples of wage payments include compensatory payments such as minimum wage, prevailing wage, and yearly bonuses, and remunerative payments such as prizes and tip payouts. Wages are part of the expenses that are involved in running a business. It is an obligation to the employee regardless of the profitability of the company.

Payment by wage contrasts with salaried work, in which the employer pays an arranged amount at steady intervals (such as a week or month) regardless of hours worked, with commission which conditions pay on individual performance, and with compensation based on the performance of the company as a whole. Waged employees may also receive tips or gratuity paid directly by clients and employee benefits which are non-monetary forms of compensation. Since wage labour is the predominant form of work, the term "wage" sometimes refers to all forms (or all monetary forms) of employee compensation.

Working time or laboring time is the period of time that a person spends at paid labor. Unpaid labor such as personal housework or caring for children or pets is not considered part of the working week.

Many countries regulate the work week by law, such as stipulating minimum daily rest periods, annual holidays, and a maximum number of working hours per week. Working time may vary from person to person, often depending on economic conditions, location, culture, lifestyle choice, and the profitability of the individual's livelihood. For example, someone who is supporting children and paying a large mortgage might need to work more hours to meet basic costs of living than someone of the same earning power with lower housing costs. In developed countries like the United Kingdom, some workers are part-time because they are unable to find full-time work, but many choose reduced work hours to care for children or other family; some choose it simply to increase leisure time.

Capitalism is an economic system based on the private ownership of the means of production and their use for the purpose of obtaining profit. This socioeconomic system has developed historically through several stages and is defined by a number of basic constituent elements: private property, profit motive, capital accumulation, competitive markets, commodification, wage labor, and an emphasis on innovation and economic growth. Capitalist economies may experience business cycles of economic growth followed by recessions.

Economists, historians, political economists, and sociologists have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include laissez-faire or free-market capitalism, state capitalism, and welfare capitalism. Different forms of capitalism feature varying degrees of free markets, public ownership, obstacles to free competition, and state-sanctioned social policies. The degree of competition in markets and the role of intervention and regulation, as well as the scope of state ownership, vary across different models of capitalism. The extent to which different markets are free and the rules defining private property are matters of politics and policy. Most of the existing capitalist economies are mixed economies that combine elements of free markets with state intervention and in some cases economic planning.