This article examines Marx's analysis of the wage labour as a subordination relationship. It points out the nature, determinants and dynamic of this subordination. The point is to show that Marx's analysis is more specific and complex that what is usually comprehended. In particular, this analysis cannot be reduced to the mere exploitation theory. Starting from the study of the characteristics of the subordination, Marx produces a comprehensive reflection on the economical, ideological and institutional determinants, which together allow the reproduction and acceptation of this subordination relation by employees. And it is on this base that Marx investigates the dynamic of the employment relationship and the conditions of its surpassing.