| INTRODUCTION (Notebook M) |
| (1) Production in general |
| (2) General relation between production, distribution, exchange and consumption |
| (3) The method of political economy |
| (4) Means (forces) of production and relations of production, relations of production and relations of circulation |
| THE CHAPTER ON MONEY (Notebooks I and II, pp. 1–7) |
| Darimon’s theory of crises |
| Gold export and crises |
| Convertibility and note circulation |
| Value and price |
| Transformation of the commodity into exchange value; money |
| Contradictions in the money relation |
| (1) Contradiction between commodity as product and commodity as exchange value |
| (2) Contradiction between purchase and sale |
| (3) Contradiction between exchange for the sake of exchange and exchange for the sake of commodities |
| (Aphorisms) |
| (4) Contradiction between money as particular commodity and money as general commodity |
| (The Economist and the Morning Star on money) |
| Attempts to overcome the contradictions by the issue of time-chits |
| Exchange value as mediation of private interests |
| Exchange value (money) as social bond |
| Social relations which create an undeveloped system of exchange |
| The product becomes a commodity; the commodity becomes exchange value; the exchange value of the commodity becomes money |
| Money as measure |
| Money as objectification of general labour time |
| (Incidental remark on gold and silver) |
| Distinction between particular labour time and general labour time |
| Distinction between planned distribution of labour time and measurement of exchange values by labour time |
| (Strabo on money among the Albanians) |
| The precious metals as subjects of the money relation |
| (a) Gold and silver in relation to the other metals |
| (b) Fluctuations in the value-relations between the different metals |
| (c) and (d) (headings only): Sources of gold and silver; money as coin |
| Circulation of money and opposite circulation of commodities |
| General concept of circulation |
| (a) Circulation circulates exchange values in the form of prices |
| (Distinction between real money and accounting money) |
| (b) Money as the medium of exchange |
| (What determines the quantity of money required for circulation) |
| (Comment on (a)) |
| Commodity circulation requires appropriation through alienation |
| Circulation as an endlessly repeated process |
| The price as external to and independent of the commodity |
| Creation of general medium of exchange |
| Exchange as a special business |
| Double motion of circulation: C–M; M–C, and M–C; C–M |
| Three contradictory functions of money |
| (1) Money as general material of contracts, as measuring unit of exchange values |
| (2) Money as medium of exchange and realizer of prices |
| (Money, as representative of price, allows commodities to be exchanged at equivalent prices) |
| (An example of confusion between the contradictory functions of money) |
| (Money as particular commodity and money as general commodity) |
| (3) Money as money: as material representative of wealth (accumulation of money) |
| (Dissolution of ancient communities through money) |
| (Money, unlike coin, has a universal character) |
| (Money in its third function is the negation (negative unity) of its character as medium of circulation and measure) |
| (Money in its metallic being; accumulation of gold and silver) |
| (Headings on money, to be elaborated later) |
| THE CHAPTER ON CAPITAL (Notebooks II pp. 8–28, III–VII) |
| The Chapter on Money as Capital |
| Difficulty in grasping money in its fully developed character as money |
| Simple exchange: relations between the exchangers |
| (Critique of socialists and harmonizers: Bastiat, Proudhon) |
| SECTION ONE: THE PRODUCTION PROCESS OF CAPITAL |
| Nothing is expressed when capital is characterized merely as a sum of values |
| Landed property and capital |
| Capital comes from circulation; its content is exchange value; merchant capital, money capital, and money interest |
| Circulation presupposes another process; motion between presupposed extremes |
| Transition from circulation to capitalist production |
| Capital is accumulated labour (etc.) |
| ‘Capital is a sum of values used for the production of values’ |
| Circulation, and exchange value deriving from circulation, the presupposition of capital |
| Exchange value emerging from circulation, a presupposition of circulation, preserving and multiplying itself in it by means of labour |
| Product and capital. Value and capital. Proudhon |
| Capital and labour. Exchange value and use value for exchange value |
| Money and its use value (labour) in this relation capital. Self-multiplication of value is its only movement |
| Capital, as regards substance, objectified labour. Its antithesis living, productive labour |
| Productive labour and labour as performance of a service |
| Productive and unproductive labour. A. Smith etc. |
| The two different processes in the exchange of capital with labour |
| Capital and modern landed property |
| The market |
| Exchange between capital and labour. Piecework wages |
| Value of labour power |
| Share of the wage labourer in general wealth determined only quantitatively |
| Money is the worker’s equivalent; he thus confronts capital as an equal |
| But the aim of his exchange is satisfaction of his need. Money for him is only medium of circulation |
| Savings, self-denial as means of the worker’s enrichment |
| Valuelessness and devaluation of the worker a condition of capital |
| (Labour power as capital!) |
| Wages not productive |
| The exchange between capital and labour belongs within simple circulation, does not enrich the worker |
| Separation of labour and property the precondition of this exchange |
| Labour as object absolute poverty, labour as subject general possibility of wealth |
| Labour without particular specificity confronts capital |
| Labour process absorbed into capital |
| (Capital and capitalist) |
| Production process as content of capital |
| The worker relates to his labour as exchange value, the capitalist as use value |
| The worker divests himself of labour as the wealth-producing power; capital appropriates it as such |
| Transformation of labour into capital |
| Realization process |
| (Costs of production) |
| Mere self-preservation, non-multiplication of value contradicts the essence of capital |
| Capital enters the cost of production as capital. Interest-bearing capital |
| (Parentheses on: original accumulation of capital, historic presuppositions of capital, production in general) |
| Surplus value. Surplus labour time |
| Value of labour. How it is determined |
| Conditions for the self-realization of capital |
| Capital is productive as creator of surplus labour |
| But this is only a historical and transitory phenomenon |
| Theories of surplus value (Ricardo; the Physiocrats; Adam Smith; Ricardo again) |
| Surplus value and productive force. Relation when these increase |
| Result: in proportion as necessary labour is already diminished, the realization of capital becomes more difficult |
| Concerning increases in the value of capital |
| 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 |
| Absolute surplus labour time. Relative |
| It is not the quantity of living labour, but rather its quality as labour which preserves the labour time already contained in the material |
| The change of form and substance in the direct production process |
| It is inherent in the simple production process that the previous stage of production is preserved through the subsequent one |
| Preservation of the old use value by new labour |
| The quantity of objectified labour is preserved because contact with living labour preserves its quality as use value for new labour |
| 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 |
| The capitalist obtains surplus labour free of charge together with the maintenance of the value of material and instrument |
| Through the appropriation of present labour, capital already possesses a claim to the appropriation of future labour |
| Confusion of profit and surplus value. Carey’s erroneous calculation |
| 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 |
| Surplus Value and Profit |
| Difference between consumption of the instrument and of wages. The former consumed in the production process, the latter outside it |
| Increase of surplus value and decrease in rate of profit |
| Multiplication of simultaneous working days |
| Machinery |
| Growth of the constant part of capital in relation to the variable part spent on wages = growth of the productivity of labour |
| Proportion in which capital has to increase in order to employ the same number of workers if productivity rises |
| Percentage of total capital can express very different relations |
| Capital (like property in general) rests on the productivity of labour |
| Increase of surplus labour time. Increase of simultaneous working days. (Population) |
| (Population can increase in proportion as necessary labour time becomes smaller) |
| Transition from the process of the production of capital into the process of circulation |
| SECTION TWO: THE CIRCULATION PROCESS OF CAPITAL |
| Devaluation of capital itself owing to increase of productive forces |
| (Competition) |
| Capital as unity and contradiction of the production process and the realization process |
| Capital as limit to production. Overproduction |
| Demand by the workers themselves |
| Barriers to capitalist production |
| Overproduction; Proudhon |
| Price of the commodity and labour time |
| The capitalist does not sell too dear; but still above what the thing costs him |
| Price can fall below value without damage to capital |
| Number and unit (measure) important in the multiplication of prices |
| Specific accumulation of capital. (Transformation of surplus labour into capital) |
| The determination of value and of prices |
| The general rate of profit |
| The capitalist merely sells at his own cost of production, then it is a transfer to another capitalist. The worker gains almost nothing thereby |
| Barrier of capitalist production. Relation of surplus labour to necessary labour. Proportion of the surplus consumed by capital to that transformed into capital |
| Devaluation during crises |
| Capital coming out of the production process becomes money again |
| (Parenthesis on capital in general) |
| Surplus Labour or Surplus Value Becomes Surplus Capital |
| All the determinants of capitalist production now appear as the result of (wage) labour itself |
| The realization process of labour at the same time its de-realization process |
| Formation of surplus capital I |
| Surplus capital II |
| Inversion of the law of appropriation |
| Chief result of the production and realization process |
| Original Accumulation of Capital |
| Once developed historically, capital itself creates the conditions of its existence |
| (Performance of personal services, as opposed to wage labour) |
| (Parenthesis on inversion of the law of property, real alien relation of the worker to his product, division of labour, machinery) |
| Forms which precede capitalist production. (Concerning the process which precedes the formation of the capital relation or of original accumulation) |
| Exchange of labour for labour rests on the worker’s propertylessness |
| Circulation of capital and circulation of money |
| Production process and circulation process moments of production. The productivity of the different capitals (branches of industry) determines that of the individual capital |
| Circulation period. Velocity of circulation substitutes for volume of capital. Mutual dependence of capitals in the velocity of their circulation |
| The four moments in the turnover of capital |
| Moment II to be considered here: transformation of the product into money; duration of this operation |
| Transport costs |
| Circulation costs |
| Means of communication and transport |
| Division of the branches of labour |
| Concentration of many workers; productive force of this concentration |
| General as distinct from particular conditions of production |
| Transport to market (spatial condition of circulation) belongs in the production process |
| Credit, the temporal moment of circulation |
| Capital is circulating capital |
| Influence of circulation on the determination of value; circulation time = time of devaluation |
| Difference between the capitalist mode of production and all earlier ones (universality, propagandistic nature) |
| (Capital itself is the contradiction) |
| Circulation and creation of value |
| Capital not a source of value-creation |
| Continuity of production presupposes suspension of circulation time |
| Theories of Surplus Value |
| Ramsay’s view that capital is its own source of profit |
| No surplus value according to Ricardo’s law |
| Ricardo’s theory of value. Wages and profit |
| Quincey |
| Ricardo |
| Wakefield. Conditions of capitalist production in colonies |
| Surplus value and profit. Example (Malthus) |
| Difference between labour and labour capacity |
| Carey’s theory of the cheapening of capital for the worker |
| Carey’s theory of the decline of the rate of profit |
| Wakefield on the contradiction between Ricardo’s theories of wage labour and of value |
| Bailey on dormant capital and increase of production without previous increase of capital |
| Wade’s explanation of capital. Capital, collective force. Capital, civilization |
| Rossi. What is capital? Is raw material capital? Are wages necessary for it? |
| Malthus. Theory of value and of wages |
| Aim of capitalist production value (money), not commodity, use value etc. Chalmers |
| Difference in return. Interruption of the production process. Total duration of the production process. Unequal periods of production |
| The concept of the free labourer contains the pauper. Population and overpopulation |
| Necessary labour. Surplus labour. Surplus population. Surplus capital |
| Adam Smith: work as sacrifice |
| Adam Smith: the origin of profit |
| Surplus labour. Profit. Wages |
| Immovable capital. Return of capital. Fixed capital. John Stuart Mill |
| Turnover of capital. Circulation process. Production process |
| Circulation costs. Circulation time |
| Capital’s change of form and of substance; different forms of capital; circulating capital as general character of capital |
| Fixed (tied down) capital and circulating capital |
| Constant and variable capital |
| Competition |
| Surplus value. Production time. Circulation time. Turnover time |
| Competition (continued) |
| Part of capital in production time, part in circulation time |
| Surplus value and production phase. Number of reproductions of capital = number of turnovers |
| Change of form and of matter in the circulation of capital C–M–C. M–C–M |
| Difference between production time and labour time |
| Formation of a mercantile estate; credit |
| Small-scale circulation. The process of exchange between capital and labour capacity generally |
| Threefold character, or mode, of circulation |
| Fixed capital and circulating capital |
| Influence of fixed capital on the total turnover time of capital |
| Fixed capital. Means of labour. Machine |
| Transposition of powers of labour into powers of capital both in fixed and in circulating capital |
| To what extent fixed capital (machine) creates value |
| Fixed capital & continuity of the production process. Machinery & living labour |
| Contradiction between the foundation of bourgeois production (value as measure) and its development |
| Significance of the development of fixed capital (for the development of capital generally) |
| The chief role of capital is to create disposable time; contradictory form of this in capital |
| Durability of fixed capital |
| Real saving (economy) = saving of labour time = development of productive force |
| True conception of the process of social production |
| Owen’s historical conception of industrial (capitalist) production |
| Capital and value of natural agencies |
| Scope of fixed capital indicates the level of capitalist production |
| Is money fixed capital or circulating capital? |
| Turnover time of capital consisting of fixed capital and circulating capital. Reproduction time of fixed capital |
| The same commodity sometimes circulating capital, sometimes fixed capital |
| Every moment which is a presupposition of production is at the same time its result, in that it reproduces its own conditions |
| The counter-value of circulating capital must be produced within the year. Not so for fixed capital. It engages the production of subsequent years |
| Maintenance costs of fixed capital |
| Revenue of fixed capital and circulating capital |
| Free labour = latent pauperism. Eden |
| The smaller the value of fixed capital in relation to its product, the more useful |
| Movable and immovable, fixed and circulating |
| Connection of circulation and reproduction |
SECTION THREE: CAPITAL AS FRUCTIFEROUS.
TRANSFORMATION OF SURPLUS VALUE INTO PROFIT |
| Rate of profit. Fall of the rate of profit |
| Surplus value as profit always expresses a lesser proportion |
| Wakefield, Carey and Bastiat on the rate of profit |
| Capital and revenue (profit). Production and distribution. Sismondi |
| Transformation of surplus value into profit |
| Laws of this transformation |
| Surplus value = relation of surplus labour to necessary labour |
| Value of fixed capital and its productive power |
| Machinery and surplus labour. Recapitulation of the doctrine of surplus value generally |
| Relation between the objective conditions of production. Change in the proportion of the component parts of capital |
| MISCELLANEOUS |
| Money and fixed capital: presupposes a certain amount of wealth. Relation of fixed capital and circulating capital. (Economist) |
| Slavery and wage labour; profit upon alienation (Steuart) |
| Steuart, Montanari and Gouge on money |
| The wool industry in England since Elizabeth; silk-manufacture; iron; cotton |
| Origin of free wage labour. Vagabondage. (Tuckett) |
| Blake on accumulation and rate of profit; dormant capital |
| Domestic agriculture at the beginning of the sixteenth century. (Tuckett) |
| Profit. Interest. Influence of machinery on the wage fund. (Westminster Review) |
| Money as measure of values and yardstick of prices. Critique of theories of the standard measure of money |
| 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 |
| Capital, not labour, determines the value of money. (Torrens) |
| The minimum of wages |
| Cotton machinery and working men in 1826. (Hodgskin) |
| How the machine creates raw material. (Economist) |
| Machinery and surplus labour |
| Capital and profit. Relation of the worker to the conditions of labour in capitalist production. All parts of capital bring a profit |
| Tendency of the machine to prolong labour |
| Cotton factories in England. Example for machinery and surplus labour |
| Examples from Glasgow for the rate of profit |
| Alienation of the conditions of labour with the development of capital. Inversion |
| Merivale. Natural dependence of the worker in colonies to be replaced by artificial restrictions |
| How the machine saves material. Bread. D’eau de la Malle |
| Development of money and interest |
| Productive consumption. Newman. Transformations of capital. Economic cycle |
| Dr Price. Innate power of capital |
| Proudhon. Capital and simple exchange. Surplus |
| Necessity of the worker’s propertylessness |
| Galiani |
| Theory of savings. Storch |
| MacCulloch. Surplus. Profit |
| Arnd. Natural interest |
| Interest and profit. Carey |
| How merchant takes the place of master |
| Merchant wealth |
| Commerce with equivalents impossible. Opdyke |
| Principal and interest |
| Double standard |
| On money |
| James Mill’s false theory of prices |
| Ricardo on currency |
| On money |
| 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 |
| Money in its third role, as money |
| (I) VALUE (This section to be brought forward) |
| BASTIAT AND CAREY |
| Bastiat’s economic harmonies |
| Bastiat on wages |
