Regarding your announcement--thank you OP for starting up this project, I looked forward to it each week that it went on, and appreciated seeing everyone's reflections on the texts. I also liked the simple format and gradual pace. I hope everything works out well with your IRL needs and commitments. Take care!
My study response--As last week I found myself unable to answer the study questions quickly enough, I am going to go with a bit more of a free-form response this time so I don't end up taking too long to participate. And since I barely participated last thread, I'm just going to make my reply this time be about the text as a whole.
If anyone sees errors in my response, please let me know. I'm not trying to write authoritatively but rather to check my understanding and see whether I can summarize a few of the major points.
Response
I think a quote from early on in this work seems to summarize one of the major points Marx is making throughout the text. He writes: "If the silk-worm's object in spinning were to prolong its existence as caterpillar, it would be a perfect example of a wage-worker." (Ch. 2)
In other words, it's as if a silk-worm is spinning not to become a moth, but to just keep spinning and spinning, generating silk indefinitely to remain a caterpillar indefinitely. I believe Marx is likening this to the process of the wage-worker surrendering their value-creating labor-power to the capitalist class, whose interest it is to make this relationship become only more deeply entrenched and prolonged, and therefore uses the value generated by the worker's surrendered labor-power to deepen and expand the system of wage-labor under bourgeois dictatorship. As the silk-worm metaphor implies, this is not the most sensible way of doing things from a worker's perspective. Normally, the silk worm would spin its silk to then use it to eventually undergo transformation into a moth. Likewise, it's implied that a worker would use their labor-power to create value the worker themself can actually access and benefit from, bringing a transformation in the mode of production, bringing society to a new stage.
In Chapter 8, Marx talks about the implications of the worker's real wages versus the worker's relative wages. Speaking of rises in real wages over time, Marx writes: "the more speedily the worker augments the wealth of the capitalist, the larger will be the crumbs which fall to him"--however, even if real wages are rising with profits, when we look at relative wages, we see "a widening of the social chasm that divides the worker from the capitalist, and increase in the power of capital over labour, a greater dependence of labour upon capital." (Ch. 8) As usual, Marx is calling our attention to the relationships between things. Rather than just look at a line representing real wages go up, we need to pay attention to the growing gap between wages and profits and the implication that this has for the relative social positions of workers and capitalists:
If capital grows rapidly, wages may rise, but the profit of capital rises disproportionately faster. The material position of the worker has improved, but at the cost of his social position. The social chasm that separates him from the capitalist has widened. (Ch. 8)
Toward the end of this work, in the end of Chapter 8 and throughout Chapter 9, Marx turns his attention to explaining the overall effects that the growth of productive capital has on wages, the need for expanded markets, and on causing the competition between workers to intensify:
This war [of capitalists among themselves] has the peculiarity that the battles in it are won less by recruiting than by discharging the army of workers. The generals [the capitalists] vie with one another as to who can discharge the greatest number of industrial soldiers.
[...] The more productive capital grows, the more it extends the division of labour and the application of machinery; the more the division of labour and the application of machinery extend, the more does competition extend among the workers, the more do their wages shrink together. [...] the forest of outstretched arms, begging for work, grows ever thicker, while the arms themselves grow ever leaner.
...I have spent more time on this than I originally meant to, and so I need to end here. As I mentioned above, please point out any errors in my understanding, as this is just me writing to try and see whether I understood the text well or not and whether I could identify (some) of the text's main points.
Thanks again OP, I'm glad you started this study group.
Going to post some things from the ProleWiki article on Nkrumah