|
INTRODUCTION (Notebook M)
|
81 |
| (1) Production in general |
81 |
| (2) General relation between production, distribution, exchange and
consumption |
88 |
| (3) The method of political economy |
100 |
| (4) Means (forces) of production and relations of production,
relations of production and relations of circulation |
109 |
|
THE CHAPTER ON MONEY (Notebooks I and II, pp. 1-7)
|
113 |
| Darimon's theory of crises |
115 |
| Gold export and crises |
125 |
| Convertibility and note circulation |
130 |
| Value and price |
136 |
| Transformation of the commodity into exchange value; money |
140 |
| Contradictions in the money relation |
147 |
| (1) Contradiction between commodity as product and commodity as
exchange value |
147 |
| (2) Contradiction between purchase and sale |
148 |
| (3) Contradiction between exchange for the sake of exchange and
exchange for the sake of commodities |
148 |
| (Aphorisms) |
149 |
| (4) Contradiction between money as particular
commodity and money as general commodity |
150 |
| (The Economist and the Morning Star on money) |
151 |
| Attempts to overcome the contradictions by the issue of time-chits |
153 |
| Exchange value as mediation of private interests |
156 |
| Exchange value (money) as social bond |
156 |
| Social relations which create an undeveloped system of exchange |
163 |
| Product becomes a commodity; the commodity becomes exchange value; the
exchange value of the commodity becomes money |
165 |
| Money as measure |
166 |
| Money as objectification of general labour time |
168 |
| (Incidental remark on gold and silver) |
169 |
| Distinction between particular labour time and general labour time |
171 |
| Distinction between planned distribution of labour time and
measurement of exchange values by labour time |
172 |
| (Strabo on money among the Albanians) |
173 |
| The precious metals as subjects of the money relation |
173 |
| (a) Gold and silver in relation to the other metals |
174 |
| (b) Fluctuations in the value-relations between the different metals |
180 |
| (c) and (d) (headings only): Sources of gold and silver; money as coin |
185 |
| Circulation of money and opposite circulation of commodities |
186 |
| General concept of circulation |
187 |
| (a) Circulation circulates exchange values in the form of prices |
187 |
| (Distinction between real money and accounting money) |
190 |
| (b) Money as the medium of exchange |
193 |
| (What determines the quantity of money required for circulation) |
194 |
| (Comment on (a)) |
195 |
| Commodity circulation requires appropriation through alienation |
196 |
| Circulation as an endlessly repeated process |
197 |
| The price as external to and independent of the commodity |
198 |
| Creation of general medium of exchange |
199 |
| Exchange as a special business |
200 |
| Double motion of circulation: C-M; M-C, and M-C; C-M |
201 |
| Three contradictory functions of money |
201 |
| (1) Money as general material of contracts, as measuring unit of
exchange values |
203 |
| (2) Money as medium of exchange and realizer of prices |
208 |
| (Money, as representative of price, allows commodities to be exchanged
at equivalent prices) |
211 |
| (An example of confusion between the contradictory functions of money) |
| (Money as particular commodity and money as general commodity) |
213 |
| (3) Money as money: as material representative of wealth (accumulation
of money) |
215 |
| (Dissolution of ancient communities through money) |
223 |
| (Money, unlike coin, has a universal character) |
226 |
| (Money in its third function is the negation (negative unity) of its
character as medium of circulation and measure) |
228 |
| (Money in its metallic being; accumulation of gold and silver) |
229 |
| (Headings on money, to be elaborated later) |
237 |
|
THE CHAPTER ON CAPITAL (Notebooks II pp. 8-28, III-VII)
|
239 |
| The Chapter on Money as Capital |
239 |
| Difficulty in grasping money in its fully developed character as money |
239 |
| Simple exchange: relations between the exchangers |
240 |
| (Critique of socialists and harmonizers: Bastiat, Proudhon) |
247 |
|
SECTION ONE: THE PRODUCTION PROCESS OF CAPITAL
|
250 |
| Nothing is expressed when capital is characterized merely as a sum of
values |
251 |
| Landed property and capital |
252 |
| Capital comes from circulation; its content is exchange value;
merchant capital, money capital, and money interest |
253 |
| Circulation presupposes another process; motion between presupposed
extremes |
254 |
| Transition from circulation to capitalist production |
256 |
| Capital is accumulated labour (etc.) |
257 |
| 'Capital is a sum of values used for the production of values' |
258 |
| Circulation, and exchange value deriving from circulation, the
presupposition of capital |
259 |
| Exchange value emerging from circulation, a presupposition of
circulation, preserving and multiplying itself in it by means of labour |
262 |
| Product and capital. Value and capital. Proudhon |
264 |
| Capital and labour. Exchange value and use value for exchange value |
266 |
| Money and its use value (labour) in this relation capital |
| Self-multiplication of value is its only movement |
269 |
| Capital, as regards substance, objectified labour. Its antithesis
living, productive labour |
271 |
| Productive labour and labour as performance of a service |
272 |
| Productive and unproductive labour. A. Smith etc. |
273 |
| The two different processes in the exchange of capital with labour |
274 |
| Capital and modern landed property |
275 |
| The market |
279 |
| Exchange between capital and labour. Piecework wages |
281 |
| Value of labour power |
282 |
| Share of the wage labourer in general wealth determined only
quantitatively |
283 |
| Money is the worker's equivalent; he thus confronts capital as an
equal |
284 |
| But the aim of his exchange is satisfaction of his need. Money for him
is only medium of circulation |
284 |
| Savings, self-denial as means of the worker's enrichment |
284 |
| Valuelessness and devaluation of the worker a condition of capital |
289 |
| (Labour power as capital!) |
293 |
| Wages not productive |
294 |
| The exchange between capital and labour belongs within simple
circulation, does not enrich the worker |
295 |
| Separation of labour and property the precondition of this exchange |
295 |
| Labour as object absolute poverty, labour as subject general
possibility of wealth |
296 |
| Labour without particular specificity confronts capital |
296 |
| Labour process absorbed into capital |
297 |
| (Capital and capitalist) |
303 |
| Production process as content of capital |
304 |
| The worker relates to his labour as exchange value, the capitalist as
use value |
306 |
| The worker divests himself of labour as the wealth-producing power;
capital appropriates it as such |
307 |
| Transformation of labour into capital |
308 |
| Realization process |
310 |
| (Costs of production) |
315 |
| Mere self-preservation, non-multiplication of value contradicts the
essence of capital |
316 |
| Capital enters the cost of production as capital. Interest-bearing
capital |
318 |
| (Parentheses on: original accumulation of capital, historic
presuppositions of capital, production in general) |
319 |
| Surplus value. Surplus labour time |
321 |
| Value of labour. How it is determined |
322 |
| Conditions for the self-realization of capital |
324 |
| Capital is productive as creator of surplus labour |
325 |
| But this is only a historical and transitory phenomenon |
325 |
| Theories of surplus value (Ricardo; the Physiocrats; Adam Smith;
Ricardo again) |
326 |
| Surplus value and productive force. Relation when
these increase |
333 |
| Result: in proportion as necessary labour is already diminished, the
realization of capital becomes more difficult |
340 |
| Concerning increases in the value of capital |
341 |
| 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 |
354 |
| Absolute surplus labour time. Relative |
359 |
| It is not the quantity of living labour, but rather its quality as
labour which preserves the labour time already contained in the material |
359 |
| The change of form and substance in the direct production process |
360 |
| It is inherent in the simple production process that the previous
stage of production is preserved through the subsequent one |
361 |
| Preservation of the old use value by new labour |
362 |
| The quantity of objectified labour is preserved because contact with
living labour preserves its quality as use value for new labour |
363 |
| 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 |
364 |
| The capitalist obtains surplus labour free of charge together with the
maintenance of the value of material and instrument |
365 |
| Through the appropriation of present labour, capital already possesses
a claim to the appropriation of future labour |
367 |
| Confusion of profit and surplus value. Carey's erroneous calculation |
373 |
| 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 |
374 |
| Surplus Value and profit |
376 |
| Difference between consumption of the instrument and of wages. The
former consumed in the production process, the latter outside it |
378 |
| Increase of surplus value and decrease in rate of profit |
381 |
| Multiplication of simultaneous working days |
386 |
| Machinery |
389 |
| Growth of the constant part of capital in relation to the variable
part spent on wages = growth of the productivity of labour |
389 |
| Proportion in which capital has to increase in order to employ the
same number of workers if productivity rises |
390 |
| Percentage of total capital can express very different relations |
395 |
| Capital (like property in general) rests on the productivity of labour |
397 |
| Increase of surplus labour time. Increase of simultaneous working
days. (Population) |
398 |
| (Population can increase in proportion as necessary labour time
becomes smaller) |
400 |
| Transition from the process of the production of capital into the
process of circulation |
401 |
|
SECTION TWO: THE CIRCULATION PROCESS OF CAPITAL
|
401 |
| Devaluation of capital itself owing to increase of productive forces |
402 |
| (Competition) |
413 |
| Capital as unity and contradiction of the
production process and the realization process |
414 |
| Capital as limit to production. Overproduction |
415 |
| Demand by the workers themselves |
419 |
| Barriers to capitalist production |
422 |
| Overproduction; Proudhon |
423 |
| Price of the commodity and labour time |
424 |
| The capitalist does not sell too dear; but still above what the thing
costs him |
430 |
| Price can fall below value without damage to capital |
432 |
| Number and unit (measure) important in the multiplication of prices |
432 |
| Specific accumulation of capital. (Transformation of surplus labour
into capital) |
433 |
| The determination of value and of prices |
433 |
| The general rate of profit |
434 |
| the capitalist merely sells at his own cost of production, then it is
a transfer to another capitalist. The worker gains almost nothing
thereby |
436 |
| Barrier of capitalist production. Relation of surplus labour to
necessary labour. Proportion of the surplus consumed by capital to that
transformed into capital |
443 |
| Devaluation during crises |
446 |
| Capital coming out of the production process becomes money again |
447 |
| (Parenthesis on capital in general) |
449 |
| Surplus Labour or Surplus Value Becomes Surplus
Capital |
450 |
| All the determinants of capitalist production now appear as the result
of (wage) labour itself |
450 |
| The realization process of labour at the same time its de-realization
process |
452 |
| Formation of surplus capital I |
456 |
| Surplus capital II |
456 |
| Inversion of the law of appropriation |
458 |
| Chief result of the production and realization process |
458 |
| Original Accumulation of Capital |
459 |
| Once developed historically, capital itself creates the conditions of
its existence |
459 |
| (Performance of personal services, as opposed to wage labour) |
465 |
| (Parenthesis on inversion of the law of property, real alien relation
of the worker to his product, division of labour, machinery) |
469 |
| Forms which precede capitalist production.
(Concerning the process which precedes the formation of the capital
relation or of original accumulation) |
471 |
| Exchange of labour for labour
rests on the worker's propertylessness |
514 |
| Circulation of capital and circulation of money |
516 |
| Production process and circulation process moments of production. The
productivity of the different capitals (branches of industry) determines
that of the individual capital |
517 |
| Circulation period. Velocity of circulation substitutes for volume of
capital. Mutual dependence of capitals in the velocity of their
circulation |
518 |
| The four moments in the turnover of capital |
520 |
| Moment II to be considered here: transformation of
the product into money; duration of this operation |
521 |
| Transport costs |
521 |
| Circulation costs |
524 |
| Means of communication and transport |
525 |
| Division of the branches of labour |
527 |
| Concentration of many workers; productive force of this concentration |
528 |
| General as distinct from particular conditions of production |
533 |
| Transport to market (spatial condition of circulation) belongs in the
production process |
533 |
| Credit, the temporal moment of circulation |
534 |
| Capital is circulating capital |
536 |
| Influence of circulation on the determination of value; circulation
time = time of devaluation |
537 |
| Difference between the capitalist mode of production and all earlier
ones (universality, propagandistic nature) |
540 |
| (Capital itself is the contradiction) |
543 |
| Circulation and creation of value |
544 |
| Capital not a source of value-creation |
547 |
| Continuity of production presupposes suspension of circulation time |
548 |
|
Theories of Surplus Value
|
549 |
| Ramsay's view that capital is its own source of profit |
549 |
| No surplus value according to Ricardo's law |
551 |
| Ricardo's theory of value. Wages and profit |
553 |
| Quincey |
557 |
| Ricardo |
559 |
| Wakefield. Conditions of capitalist production in colonies |
563 |
| Surplus value and profit. Example (Malthus) |
564 |
| Difference between labour and labour capacity |
576 |
| Carey's theory of the cheapening of capital for the worker |
579 |
| Carey's theory of the decline of the rate of profit |
580 |
| Wakefield on the contradiction between Ricardo's theories of wage
labour and of value |
581 |
| Bailey on dormant capital and increase of production without previous
increase of capital |
582 |
| Wade's explanation of capital. Capital, collective force. Capital,
civilization |
584 |
| Rossi. What is capital? Is raw material capital? Are wages necessary
for it? |
591 |
| Malthus. Theory of value and of wages |
595 |
| Aim of capitalist production value (money), not
commodity, use value etc. Chalmers |
600 |
| Difference in return. Interruption of the production process. Total
duration of the production process. Unequal periods of production |
602 |
| The concept of the free labourer contains the pauper. Population and
overpopulation |
604 |
| Necessary labour. Surplus labour. Surplus population. Surplus capital |
608 |
| Adam Smith: work as sacrifice |
610 |
| Adam Smith: the origin of profit |
614 |
| Surplus labour. Profit. Wages |
616 |
| Immovable capital. Return of capital. Fixed capital. John Stuart Mill |
616 |
| Turnover of capital. Circulation process. Production process |
618 |
| Circulation costs. Circulation time |
633 |
| Capital's change of form and of substance; different forms of capital;
circulating capital as general character of capital |
637 |
| Fixed (tied down) capital and circulating capital |
640 |
| Constant and variable capital |
649 |
| Competition |
649 |
| Surplus value. Production time. Circulation time.
Turnover time |
652 |
| Competition (continued) |
657 |
| Part of capital in production time, part in circulation time |
658 |
| Surplus value and production phase. Number of reproductions of capital
= number of turnovers |
663 |
| Change of form and of matter in the circulation of capital C – M –
C. M – C – M |
667 |
| Difference between production time and labour time |
668 |
| Formation of a mercantile estate; credit |
671 |
| Small-scale circulation. The process of exchange between capital and
labour capacity generally |
673 |
| Threefold character, or mode, of circulation |
678 |
| Fixed capital and circulating capital |
679 |
| Influence of fixed capital on the total turnover time of capital |
684 |
| Fixed capital. Means of labour. Machine |
690 |
| Transposition of powers of labour into powers of capital both in fixed
and in circulating capital |
| To what extent fixed capital (machine) creates value |
701 |
| Fixed capital & continuity of the production
process. Machinery & living labour |
702 |
| Contradiction between the foundation of bourgeois production (value as
measure) and its development |
704 |
| Significance of the development of fixed capital (for the development
of capital generally) |
707 |
| The chief role of capital is to create disposable time; contradictory
form of this in capital |
708 |
| Durability of fixed capital |
710 |
| Real saving (economy) = saving of labour time = development of
productive force |
711 |
| True conception of the process of social production |
712 |
| Owen's historical conception of industrial (capitalist) production |
712 |
| Capital and value of natural agencies |
714 |
| Scope of fixed capital indicates the level of capitalist production |
715 |
| Is money fixed capital or circulating capital? |
716 |
| Turnover time of capital consisting of fixed capital and circulating
capital. Reproduction time of fixed capital |
717 |
| The same commodity sometimes circulating capital, sometimes fixed
capital |
723 |
| Every moment which is a presupposition of production is at the same
time its result, in that it reproduces its own conditions |
726 |
| The counter-value of circulating capital must be produced within the
year. Not so for fixed capital. It engages the production of subsequent
years |
727 |
| Maintenance costs of fixed capital |
732 |
| Revenue of fixed capital and circulating capital |
732 |
| Free labour = latent pauperism. Eden |
735 |
| The smaller the value of fixed capital in relation to its product, the
more useful |
737 |
| Movable and immovable, fixed and circulating |
739 |
| Connection of circulation and reproduction |
741 |
|
SECTION THREE: CAPITAL AS
FRUCTIFEROUS.
Transformation Of Surplus Value into Profit
|
745 |
| Rate of profit. Fall of the rate of profit |
745 |
| Surplus value as profit always expresses a lesser proportion |
753 |
| Wakefield, Carey and Bastiat on the rate of profit |
754 |
| Capital and revenue (profit). Production and distribution. Sismondi |
758 |
| Transformation of surplus value into profit |
762 |
| Laws of this transformation |
762 |
| Surplus value = relation of surplus labour to necessary labour |
764 |
| Value of fixed capital and its productive power |
765 |
| Machinery and surplus labour. Recapitulation of the doctrine of
surplus value generally |
767 |
| Relation between the objective conditions of production. Change in the
proportion of the component parts of capital |
771 |
|
MISCELLANEOUS
|
778 |
| Money and fixed capital: presupposes a certain amount of wealth.
Relation of fixed capital and circulating capital. (Economist) |
778 |
| Slavery and wage labour; profit upon alienation (Steuart) |
778 |
| Steuart, Montanari and Gouge on money |
781 |
| The wool industry in England since Elizabeth; silk- manufacture; iron;
cotton |
783 |
| Origin of free wage labour. Vagabondage. (Tuckett) |
785 |
| Blake on accumulation and rate of profit; dormant capital |
786 |
| Domestic agriculture at the beginning of the sixteenth century. (Tuckett) |
788 |
| Profit. Interest. Influence of machinery on the wage fund. (Westminster
Review ) |
789 |
| Money as measure of values and yardstick of prices. Critique of
theories of the standard measure of money |
789 |
| 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 |
805 |
| Capital, not labour, determines the value of money. (Torrens) |
816 |
| The minimum of wages |
817 |
| Cotton machinery and working men in 1826. (Hodgskin) |
818 |
| How the machine creates raw material. (Economist) |
818 |
| Machinery and surplus labour |
819 |
| Capital and profit. Relation of the worker to the conditions of labour
in capitalist production. All parts of capital bring a profit |
821 |
| Tendency of the machine to prolong labour |
825 |
| Cotton factories in England. Example for machinery and surplus labour |
826 |
| Examples from Glasgow for the rate of profit |
828 |
| Alienation of the conditions of labour with the development of
capital. Inversion |
831 |
| Merivale. Natural dependence of the worker in colonies to be replaced
by artificial restrictions |
833 |
| How the machine saves material. Bread. D'eau de la Malle |
834 |
| Development of money and interest |
836 |
| Productive consumption. Newman. Transformations of capital. Economic
cycle |
840 |
| Dr Price. Innate power of capital |
842 |
| Proudhon. Capital and simple exchange. Surplus |
843 |
| Necessity of the worker's propertylessness |
845 |
| Galiani |
846 |
| Theory of savings. Storch |
848 |
| MacCulloch. Surplus. Profit |
849 |
| Arnd. Natural interest |
850 |
| Interest and profit. Carey |
851 |
| How merchant takes the place of master |
855 |
| Merchant wealth |
856 |
| Commerce with equivalents impossible. Opdyke |
861 |
| Principal and interest |
862 |
| Double standard |
862 |
| On money |
864 |
| James Mill's false theory of prices |
867 |
| Ricardo on currency |
870 |
| On money |
871 |
| 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 |
872 |
| Money in its third role, as money |
872 |
|
(I) VALUE (This section to be
brought forward)
|
881 |
| BASTIAT AND CAREY |
883 |
| Bastiat's economic harmonies |
883 |
| Bastiat on wages |
889 |
