Marx & Engels Collected Works: Volume 37
Volume 37
Karl Marx
Capital, Volume III
Preface (Engels) 5 BOOK III: The Process of Capitalist Production as a Whole
PART I: The Conversion of Surplus Value into Profit and of the Rate of Surplus Value into the Rate of Profit Chapter I Cost Price and Profit 27 Chapter II The Rate of Profit 45 Chapter III The Relation of the Rate of Profit to the Rate of Surplus Value 52 Chapter IV The Effect of the Turnover on the Rate of Profit 73 Chapter V Economy in the Employment of Constant Capital 80 I. In General
80 II. Savings in Labour Conditions at the Expense of the Labourers. Coal Mines. Neglect of Indispensable Outlays
91 III. Economy in the Generation and Transmission of Power, and in Buildings
99 IV. Utilisation of the Excretions of Production
102 V. Economy Through Inventions
105 Chapter VI The Effect of Price Fluctuations 106 I Fluctuations in the Price of Raw Materials, and Their Direct Effects on the Rate of Profit
106 II. Appreciation, Depreciation, Release, and Tie-up of Capital
112 III. General Illustration. The Cotton Crisis of 1861-65
125 Chapter VII Supplementary Remarks 137 Part II: Conversion of Profit into Average Profit Chapter VIII Different Compositions of Capitals in Different Branches of Production and Resulting Differences in Rates of Profit 141 Chapter IX Formation of a General Rate of Profit (Average Rate of Profit) and Transformation of the Values of Commodities into Prices of Production 153 Chapter X Equalisation of the General Rate of Profit Through Competition. Market Prices and Market Values. Surplus Profit 171 Chapter XI Effects of General Wage Fluctuations on Prices of Production 198 Chapter XII Supplementary Remarks 202 I. Causes Implying a Change in the Price of Production
202 II. Price of Production of Commodities of Average Composition
204 III. The Capitalist's Grounds for Compensating
205 Part III: The Law of the Tendency of the Rate of Profit to Fall Chapter XIII The Law as Such 209 Chapter XIV Counteracting Influences 230 I. Increasing Intensity of Exploitation
230 II. Depression of Wages Below the Value of Labour Power
234 III. Cheapening of Elements of Constant Capital
234 IV. Relative Overpopulation
235 V. Foreign Trade
235 VI. The Increase of Stock Capital
238 Chapter XV Exposition of the Internal Contradictions of the Law 239 I. General
239 II. Conflict Between Expansion of Production and Production of Surplus Value
245 III. Excess Capital and Excess Population
249 IV. Supplementary Remarks
258 Part IV: Conversion of Commodity Capital and Money Capital into Commercial Capital and Money-Dealing Capital (Merchant's Capital) Chapter XVI Commercial Capital 266 Chapter XVII Commercial Profit 279 Chapter XVIII The Turnover of Merchant's Capital. Prices 301 Chapter XIX Money-Dealing Capital 313 Chapter XX Historical Facts About Merchant's Capital 321 Part V: Division of Profit into Interest and Profit of Enterprise. Interest-Bearing Capital Chapter XXI Interest-Bearing Capital 336 Chapter XXII Division of Profit. Rate of Interest. "Natural" Rate of Interest 356 Chapter XXIII Interest and Profit of Enterprise 367 Chapter XXIV Externalisation of the Relations of Capital in the Form of Interest-Bearing Capital 388 Chapter XXV Credit and Fictitious Capital 397 Chapter XXVI Accumulation of Money Capital. Its Influence on the Interest Rate 412 Chapter XXVII The Role of Credit in Capitalist Production 432 Chapter XXVIII Medium of Circulation and Capital; Views of Tooke and Fullarton 439 Book III: The Process of Capitalist Production as a Whole
Part V: Division of Profit into Interest and Profit of Enterprise. Interest-Bearing Capital (continued) Chapter XXIX Component Parts of Bank Capital 461 Chapter XXX Money Capital and Real Capital. I 475 Chapter XXXI Money Capital and Real Capital. II (Continued) 493 1. Transformation of Money into Loan Capital
493 2. Transformation of Capital or Revenue into Money that Is Transformed into Loan Capital
500 Chapter XXXII Money Capital and Real Capital. III (Concluded) 502 Chapter XXXIII The Medium of Circulation in the Credit System 517 Chapter XXXIV The Currency Principle and the English Bank Legislation of 1844 542 Chapter XXXV Precious Metal and Rate of Exchange 559 I. Movement of the Gold Reserve
559 II. The Rate of Exchange
569 Rate of Exchange with Asia
571 England's Balance of Trade
585 Chapter XXXVI Precapitalist Relationships 588 Interest in the Middle Ages
605 Advantages Derived by the Church from the Prohibition of Interest
607 Part VI: Transformation of Surplus Profit into Ground Rent Chapter XXXVII Introduction 608 Chapter XXXVIII Differential Rent: General Remarks 633 Chapter XXXIX First Form of Differential Rent (Differential Rent I) 642 Chapter XL Second Form of Differential Rent (Differential Rent II) 666 Chapter XLI Differential Rent II First Case: Constant Price of Production 677 Chapter XLII Differential Rent II, Second Case: Failing Price of Production 684 Chapter XLIII Differential Rent II Third Case: Rising Price of Production 700 Chapter XLIV Differential Rent Also on the Worst Cultivated Soil 726 Chapter XLV Absolute Ground Rent 734 Chapter XLVI Building Site Rent. Rent in Mining. Price of Land 759 Chapter XLVII Genesis of Capitalist Ground Rent 768 I. Introductory Remarks
768 II. Labour Rent
776 III. Rent in Kind
780 IV. Money Rent
783 V. Métayage and Peasant Proprietorship of Land Parcels
789 Part VII: Revenues and their Sources Chapter XLVIII The Trinity Formula 801 Chapter XLIX Concerning the Analysis of the Process of Production 818 Chapter L Illusions Created by Competition 839 Chapter LI Distribution Relations and Production Relations 863 Chapter LII Classes 870 Supplement to Capital, Volume Three (Engels) 873 I. Law of Value and Rate of Profit
876 II. The Stock Exchange
894
Notes and Indexes
Notes
901 Name Index
913 Index of Quoted and Mentioned Literature
919 Index of Periodicals
932 Subject Index
933
Illustrations
Title page of the first German edition of Vol. III, I of Capital
3 First page of Marx's manuscript of the third volume of Capital, marked by Engels as "Ms. I"
29 Facsimile of a page of the manuscript, copied by a secretary, with alterations by Engels
30 Title page of the first German edition of Vol. III, II, of Capital
465 First page of Engels' manuscript "Law of Value and Rate of Profit"
879