INTRODUCTION (Notebook M) | p81 |
(1) Production in general | p81 |
(2) General relation between production, distribution, exchange and consumption | p88 |
(3) The method of political economy | p100 |
(4) Means (forces) of production and relations of production, relations of production and relations of circulation | p109 |
THE CHAPTER ON MONEY (Notebooks I and II, pp. 1–7) | p113-238 |
Darimon’s theory of crises | p115 |
Gold export and crises | p125 |
Convertibility and note circulation | p130 |
Value and price | p136 |
Transformation of the commodity into exchange value; money | p140 |
Contradictions in the money relation | p147 |
(1) Contradiction between commodity as product and commodity as exchange value | p147 |
(2) Contradiction between purchase and sale | p148 |
(3) Contradiction between exchange for the sake of exchange and exchange for the sake of commodities | p148 |
(Aphorisms) | p149 |
(4) Contradiction between money as particular commodity and money as general commodity | p150 |
(The Economist and the Morning Star on money) | p151 |
Attempts to overcome the contradictions by the issue of time-chits | p153 |
Exchange value as mediation of private interests | p156 |
Exchange value (money) as social bond | p156 |
Social relations which create an undeveloped system of exchange | p163 |
The product becomes a commodity; the commodity becomes exchange value; the exchange value of the commodity becomes money | p165 |
Money as measure | p166 |
Money as objectification of general labour time | p168 |
(Incidental remark on gold and silver) | p169 |
Distinction between particular labour time and general labour time | p171 |
Distinction between planned distribution of labour time and measurement of exchange values by labour time | p172 |
(Strabo on money among the Albanians) | p172 |
The precious metals as subjects of the money relation | p173 |
(a) Gold and silver in relation to the other metals | p174 |
(b) Fluctuations in the value-relations between the different metals | p180 |
(c) and (d) (headings only): Sources of gold and silver; money as coin | p185 |
Circulation of money and opposite circulation of commodities | p186 |
General concept of circulation | p187 |
(a) Circulation circulates exchange values in the form of prices | p187 |
(Distinction between real money and accounting money) | p190 |
(b) Money as the medium of exchange | p193 |
(What determines the quantity of money required for circulation) | p194 |
(Comment on (a)) | p195 |
Commodity circulation requires appropriation through alienation | p196 |
Circulation as an endlessly repeated process | p197 |
The price as external to and independent of the commodity | p198 |
Creation of general medium of exchange | p199 |
Exchange as a special business | p200 |
Double motion of circulation: C–M; M–C, and M–C; C–M | p201 |
Three contradictory functions of money | p203 |
(1) Money as general material of contracts, as measuring unit of exchange values | p203 |
(2) Money as medium of exchange and realizer of prices | p208 |
(Money, as representative of price, allows commodities to be exchanged at equivalent prices) | p211 |
(An example of confusion between the contradictory functions of money) | p213 |
(Money as particular commodity and money as general commodity) | p213 |
(3) Money as money: as material representative of wealth (accumulation of money) | p215 |
(Dissolution of ancient communities through money) | p223 |
(Money, unlike coin, has a universal character) | p226 |
(Money in its third function is the negation (negative unity) of its character as medium of circulation and measure) | p228 |
(Money in its metallic being; accumulation of gold and silver) | p229 |
(Headings on money, to be elaborated later) | p237 |
THE CHAPTER ON CAPITAL (Notebooks II pp. 8–28, III–VII) | p239-250 |
The Chapter on Money as Capital | p239 |
Difficulty in grasping money in its fully developed character as money | p239 |
Simple exchange: relations between the exchangers | p240 |
(Critique of socialists and harmonizers: Bastiat, Proudhon) | p247 |
SECTION ONE: THE PRODUCTION PROCESS OF CAPITAL | p250-401 |
Nothing is expressed when capital is characterized merely as a sum of values | p251 |
Landed property and capital | p252 |
Capital comes from circulation; its content is exchange value; merchant capital, money capital, and money interest | p253 |
Circulation presupposes another process; motion between presupposed extremes | p254 |
Transition from circulation to capitalist production | p256 |
Capital is accumulated labour (etc.) | p257 |
‘Capital is a sum of values used for the production of values’ | p258 |
Circulation, and exchange value deriving from circulation, the presupposition of capital | p259 |
Exchange value emerging from circulation, a presupposition of circulation, preserving and multiplying itself in it by means of labour | p262 |
Product and capital. Value and capital. Proudhon | p264 |
Capital and labour. Exchange value and use value for exchange value | p266 |
Money and its use value (labour) in this relation capital. Self-multiplication of value is its only movement | p269 |
Capital, as regards substance, objectified labour. Its antithesis living, productive labour | p271 |
Productive labour and labour as performance of a service | p272 |
Productive and unproductive labour. A. Smith etc. | p273 |
The two different processes in the exchange of capital with labour | p274 |
Capital and modern landed property | p275 |
The market | p279 |
Exchange between capital and labour. Piecework wages | p281 |
Value of labour power | p282 |
Share of the wage labourer in general wealth determined only quantitatively | p283 |
Money is the worker’s equivalent; he thus confronts capital as an equal | p284 |
But the aim of his exchange is satisfaction of his need. Money for him is only medium of circulation | p284 |
Savings, self-denial as means of the worker’s enrichment | p284 |
Valuelessness and devaluation of the worker a condition of capital | p289 |
(Labour power as capital!) | p293 |
Wages not productive | p294 |
The exchange between capital and labour belongs within simple circulation, does not enrich the worker | p295 |
Separation of labour and property the precondition of this exchange | p295 |
Labour as object absolute poverty, labour as subject general possibility of wealth | p296 |
Labour without particular specificity confronts capital | p296 |
Labour process absorbed into capital | p297 |
(Capital and capitalist) | p303 |
Production process as content of capital | p304 |
The worker relates to his labour as exchange value, the capitalist as use value | p306 |
The worker divests himself of labour as the wealth-producing power; capital appropriates it as such | p307 |
Transformation of labour into capital | p308 |
Realization process | p310 |
(Costs of production) | p315 |
Mere self-preservation, non-multiplication of value contradicts the essence of capital | p316 |
Capital enters the cost of production as capital. Interest-bearing capital | p318 |
(Parentheses on: original accumulation of capital, historic presuppositions of capital, production in general) | p319 |
Surplus value. Surplus labour time | p321 |
Value of labour. How it is determined | p322 |
Conditions for the self-realization of capital | p324 |
Capital is productive as creator of surplus labour | p325 |
But this is only a historical and transitory phenomenon | p325 |
Theories of surplus value (Ricardo; the Physiocrats; Adam Smith; Ricardo again) | p326 |
Surplus value and productive force. Relation when these increase | p333 |
Result: in proportion as necessary labour is already diminished, the realization of capital becomes more difficult | p340 |
Concerning increases in the value of capital | p341 |
Labour does not reproduce the value of material and instrument, but rather preserves it by relating to them in the labour process as to their objective conditions | p354 |
Absolute surplus labour time. Relative | p359 |
It is not the quantity of living labour, but rather its quality as labour which preserves the labour time already contained in the material | p359 |
The change of form and substance in the direct production process | p360 |
It is inherent in the simple production process that the previous stage of production is preserved through the subsequent one | p361 |
Preservation of the old use value by new labour | p362 |
The quantity of objectified labour is preserved because contact with living labour preserves its quality as use value for new labour | p363 |
In the real production process, the separation of labour from its objective moments of existence is suspended. But in this process labour is already incorporated in capital | p364 |
The capitalist obtains surplus labour free of charge together with the maintenance of the value of material and instrument | p365 |
Through the appropriation of present labour, capital already possesses a claim to the appropriation of future labour | p367 |
Confusion of profit and surplus value. Carey’s erroneous calculation | p373 |
The capitalist, who does not pay the worker for the preservation of the old value, then demands remuneration for giving the worker permission to preserve the old capital | p374 |
Surplus Value and Profit | p376-398 |
Difference between consumption of the instrument and of wages. The former consumed in the production process, the latter outside it | p378 |
Increase of surplus value and decrease in rate of profit | p381 |
Multiplication of simultaneous working days | p386 |
Machinery | p389 |
Growth of the constant part of capital in relation to the variable part spent on wages = growth of the productivity of labour | p389 |
Proportion in which capital has to increase in order to employ the same number of workers if productivity rises | p390 |
Percentage of total capital can express very different relations | p395 |
Capital (like property in general) rests on the productivity of labour | p397 |
Increase of surplus labour time. Increase of simultaneous working days. (Population) | p398 |
(Population can increase in proportion as necessary labour time becomes smaller) | p400 |
Transition from the process of the production of capital into the process of circulation | p401 |
SECTION TWO: THE CIRCULATION PROCESS OF CAPITAL | p401-743 |
Devaluation of capital itself owing to increase of productive forces | p402 |
(Competition) | p413 |
Capital as unity and contradiction of the production process and the realization process | p414 |
Capital as limit to production. Overproduction | p415 |
Demand by the workers themselves | p419 |
Barriers to capitalist production | p422 |
Overproduction; Proudhon | p423 |
Price of the commodity and labour time | p424 |
The capitalist does not sell too dear; but still above what the thing costs him | p430 |
Price can fall below value without damage to capital | p432 |
Number and unit (measure) important in the multiplication of prices | p432 |
Specific accumulation of capital. (Transformation of surplus labour into capital) | p433 |
The determination of value and of prices | p433 |
The general rate of profit | p434 |
The capitalist merely sells at his own cost of production, then it is a transfer to another capitalist. The worker gains almost nothing thereby | p436 |
Barrier of capitalist production. Relation of surplus labour to necessary labour. Proportion of the surplus consumed by capital to that transformed into capital | p443 |
Devaluation during crises | p446 |
Capital coming out of the production process becomes money again | p447 |
(Parenthesis on capital in general) | p449 |
Surplus Labour or Surplus Value Becomes Surplus Capital | p450-459 |
All the determinants of capitalist production now appear as the result of (wage) labour itself | p450 |
The realization process of labour at the same time its de-realization process | p452 |
Formation of surplus capital I | p456 |
Surplus capital II | p456 |
Inversion of the law of appropriation | p458 |
Chief result of the production and realization process | p458 |
Original Accumulation of Capital | p459-471 |
Once developed historically, capital itself creates the conditions of its existence | p459 |
(Performance of personal services, as opposed to wage labour) | p465 |
(Parenthesis on inversion of the law of property, real alien relation of the worker to his product, division of labour, machinery) | p469 |
Forms which precede capitalist production. (Concerning the process which precedes the formation of the capital relation or of original accumulation) | p471 |
Exchange of labour for labour rests on the worker’s propertylessness | p514 |
Circulation of capital and circulation of money | p516 |
Production process and circulation process moments of production. The productivity of the different capitals (branches of industry) determines that of the individual capital | p517 |
Circulation period. Velocity of circulation substitutes for volume of capital. Mutual dependence of capitals in the velocity of their circulation | p518 |
The four moments in the turnover of capital | p520 |
Moment II to be considered here: transformation of the product into money; duration of this operation | p521 |
Transport costs | p521 |
Circulation costs | p524 |
Means of communication and transport | p525 |
Division of the branches of labour | p527 |
Concentration of many workers; productive force of this concentration | p528 |
General as distinct from particular conditions of production | p533 |
Transport to market (spatial condition of circulation) belongs in the production process | p533 |
Credit, the temporal moment of circulation | p534 |
Capital is circulating capital | p536 |
Influence of circulation on the determination of value; circulation time = time of devaluation | p537 |
Difference between the capitalist mode of production and all earlier ones (universality, propagandistic nature) | p540 |
(Capital itself is the contradiction) | p543 |
Circulation and creation of value | p544 |
Capital not a source of value-creation | p547 |
Continuity of production presupposes suspension of circulation time | p548 |
Theories of Surplus Value | p549-602 |
Ramsay’s view that capital is its own source of profit | p549 |
No surplus value according to Ricardo’s law | p551 |
Ricardo’s theory of value. Wages and profit | p553 |
Quincey | p557 |
Ricardo | p559 |
Wakefield. Conditions of capitalist production in colonies | p563 |
Surplus value and profit. Example (Malthus) | p564 |
Difference between labour and labour capacity | p576 |
Carey’s theory of the cheapening of capital for the worker | p579 |
Carey’s theory of the decline of the rate of profit | p580 |
Wakefield on the contradiction between Ricardo’s theories of wage labour and of value | p581 |
Bailey on dormant capital and increase of production without previous increase of capital | p582 |
Wade’s explanation of capital. Capital, collective force. Capital, civilization | p584 |
Rossi. What is capital? Is raw material capital? Are wages necessary for it? | p591 |
Malthus. Theory of value and of wages | p595 |
Aim of capitalist production value (money), not commodity, use value etc. Chalmers | p600 |
Difference in return. Interruption of the production process. Total duration of the production process. Unequal periods of production | p602 |
The concept of the free labourer contains the pauper. Population and overpopulation | p604 |
Necessary labour. Surplus labour. Surplus population. Surplus capital | p608 |
Adam Smith: work as sacrifice | p610 |
Adam Smith: the origin of profit | p614 |
Surplus labour. Profit. Wages | p616 |
Immovable capital. Return of capital. Fixed capital. John Stuart Mill | p616 |
Turnover of capital. Circulation process. Production process | p618 |
Circulation costs. Circulation time | p633 |
Capital’s change of form and of substance; different forms of capital; circulating capital as general character of capital | p637 |
Fixed (tied down) capital and circulating capital | p640 |
Constant and variable capital | p649 |
Competition | p649 |
Surplus value. Production time. Circulation time. Turnover time | p650 |
Competition (continued) | p657 |
Part of capital in production time, part in circulation time | p658 |
Surplus value and production phase. Number of reproductions of capital = number of turnovers | p663 |
Change of form and of matter in the circulation of capital C–M–C. M–C–M | p667 |
Difference between production time and labour time | p668 |
Formation of a mercantile estate; credit | p671 |
Small-scale circulation. The process of exchange between capital and labour capacity generally | p673 |
Threefold character, or mode, of circulation | p678 |
Fixed capital and circulating capital | p679 |
Influence of fixed capital on the total turnover time of capital | p684 |
Fixed capital. Means of labour. Machine | p690 |
Transposition of powers of labour into powers of capital both in fixed and in circulating capital | p699 |
To what extent fixed capital (machine) creates value | p701 |
Fixed capital & continuity of the production process. Machinery & living labour | p702 |
Contradiction between the foundation of bourgeois production (value as measure) and its development | p704 |
Significance of the development of fixed capital (for the development of capital generally) | p707 |
The chief role of capital is to create disposable time; contradictory form of this in capital | p708 |
Durability of fixed capital | p710 |
Real saving (economy) = saving of labour time = development of productive force | p711 |
True conception of the process of social production | p712 |
Owen’s historical conception of industrial (capitalist) production | p712 |
Capital and value of natural agencies | p714 |
Scope of fixed capital indicates the level of capitalist production | p715 |
Is money fixed capital or circulating capital? | p716 |
Turnover time of capital consisting of fixed capital and circulating capital. Reproduction time of fixed capital | p717 |
The same commodity sometimes circulating capital, sometimes fixed capital | p723 |
Every moment which is a presupposition of production is at the same time its result, in that it reproduces its own conditions | p726 |
The counter-value of circulating capital must be produced within the year. Not so for fixed capital. It engages the production of subsequent years | p727 |
Maintenance costs of fixed capital | p732 |
Revenue of fixed capital and circulating capital | p732 |
Free labour = latent pauperism. Eden | p735 |
The smaller the value of fixed capital in relation to its product, the more useful | p737 |
Movable and immovable, fixed and circulating | p739 |
Connection of circulation and reproduction | p741 |
SECTION THREE: CAPITAL AS FRUCTIFEROUS. TRANSFORMATION OF SURPLUS VALUE INTO PROFIT | p745-778 |
Rate of profit. Fall of the rate of profit | p745 |
Surplus value as profit always expresses a lesser proportion | p753 |
Wakefield, Carey and Bastiat on the rate of profit | p754 |
Capital and revenue (profit). Production and distribution. Sismondi | p758 |
Transformation of surplus value into profit | p762 |
Laws of this transformation | p762 |
Surplus value = relation of surplus labour to necessary labour | p764 |
Value of fixed capital and its productive power | p765 |
Machinery and surplus labour. Recapitulation of the doctrine of surplus value generally | p767 |
Relation between the objective conditions of production. Change in the proportion of the component parts of capital | p771 |
MISCELLANEOUS | p778-880 |
Money and fixed capital: presupposes a certain amount of wealth. Relation of fixed capital and circulating capital. (Economist) | p778 |
Slavery and wage labour; profit upon alienation (Steuart) | p778 |
Steuart, Montanari and Gouge on money | p781 |
The wool industry in England since Elizabeth; silk-manufacture; iron; cotton | p783 |
Origin of free wage labour. Vagabondage. (Tuckett) | p785 |
Blake on accumulation and rate of profit; dormant capital | p786 |
Domestic agriculture at the beginning of the sixteenth century. (Tuckett) | p788 |
Profit. Interest. Influence of machinery on the wage fund. (Westminster Review) | p789 |
Money as measure of values and yardstick of prices. Critique of theories of the standard measure of money | p789 |
Transformation of the medium of circulation into money. Formation of treasures. Means of payment. Prices of commodities and quantity of circulating money. Value of money | p805 |
Capital, not labour, determines the value of money. (Torrens) | p816 |
The minimum of wages | p817 |
Cotton machinery and working men in 1826. (Hodgskin) | p818 |
How the machine creates raw material. (Economist) | p818 |
Machinery and surplus labour | p819 |
Capital and profit. Relation of the worker to the conditions of labour in capitalist production. All parts of capital bring a profit | p821 |
Tendency of the machine to prolong labour | p825 |
Cotton factories in England. Example for machinery and surplus labour | p826 |
Examples from Glasgow for the rate of profit | p828 |
Alienation of the conditions of labour with the development of capital. Inversion | p831 |
Merivale. Natural dependence of the worker in colonies to be replaced by artificial restrictions | p833 |
How the machine saves material. Bread. D’eau de la Malle | p834 |
Development of money and interest | p836 |
Productive consumption. Newman. Transformations of capital. Economic cycle | p840 |
Dr Price. Innate power of capital | p842 |
Proudhon. Capital and simple exchange. Surplus | p843 |
Necessity of the worker’s propertylessness | p845 |
Galiani | p846 |
Theory of savings. Storch | p848 |
MacCulloch. Surplus. Profit | p849 |
Arnd. Natural interest | p850 |
Interest and profit. Carey | p851 |
How merchant takes the place of master | p855 |
Merchant wealth | p856 |
Commerce with equivalents impossible. Opdyke | p861 |
Principal and interest | p862 |
Double standard | p862 |
On money | p864 |
James Mill’s false theory of prices | p867 |
Ricardo on currency | p870 |
On money | p871 |
Theory of foreign trade. Two nations may exchange according to the law of profit in such a way that both gain, but one is always defrauded | p872 |
Money in its third role, as money | p872 |
(I) VALUE (This section to be brought forward) | p881 |
BASTIAT AND CAREY | p883-893 |
Bastiat’s economic harmonies | p883 |
Bastiat on wages | p889 |