Collected Works, Volume 35: Karl Marx - Capital, Volume 1

The Imperious Austrian: Schumpeter as Bourgeois Marxist
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Book II: The Process of Circulation of Capital

Arthur, Christopher J. Arthur ed. CrossRef Google Scholar. Arthur and Geert Reuten eds : 95— Burns and I. Fraser eds : — Eldred and M. Bellofiore, Riccardo and Roberto Finelli , Capital, labour and time: the Marxian monetary labour theory of value as a theory of exploitation, in Riccardo Bellofiore ed.

Dragstedt, Albert ed. Elson, Diane ed. Fernbach Harmondsworth: Penguin, : — Fineschi, Roberto , Ripartire da Marx. The learned and unlearned spokesmen of the German bourgeoisie tried at first to kill "Das Kapital" by silence, as they had managed to do with my earlier writings. As soon as they found that these tactics no longer fitted in with the conditions of the time, they wrote, under pretence of criticising my book, prescriptions "for the tranquillisation of the bourgeois mind. An excellent Russian translation of "Das Kapital" appeared in the spring of The edition of copies is already nearly exhausted.

As early as , A. Sieber, Professor of Political Economy in the University of Kiev, in his work "David Ricardo's Theory of Value and of Capital," referred to my theory of value, of money and of capital, as in its fundamentals a necessary sequel to the teaching of Smith and Ricardo. That which astonishes the Western European in the reading of this excellent work, is the author's consistent and firm grasp of the purely theoretical position.

That the method employed in "Das Kapital" has been little understood, is shown by the various conceptions, contradictory one to another, that have been formed of it. Thus the Paris Revue Positiviste reproaches me in that, on the one hand, I treat economics metaphysically, and on the other hand—imagine!

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In answer to the reproach in re metaphysics, Professor Sieber has it: "In so far as it deals with actual theory, the method of Marx is the reductive method of the whole English school, a school whose failings and virtues are common to the best theoretic economists. Petersburg, in an article dealing exclusively with the method of "Das Kapital" May number, , pp. It says: "At first sight, if the judgment is based on the external form of the presentation of the subject, Marx is the most ideal of ideal philosophers, always in the German, i.

But in point of fact he is infinitely more realistic than all his fore-runners in the work of economic criticism. He can in no sense be called an idealist. After a quotation from the preface to my "Critique of Political Economy," Berlin, , pp. Of still greater moment to him is the law of their variation, of their development, i. This law once discovered, he investigates in detail the effects in which it manifests itself in social life.

Consequently, Marx only troubles himself about one thing; to show, by rigid scientific Edition: current; Page: [ 23 ] investigation, the necessity of successive determinate orders of social conditions, and to establish, as impartially as possible, the facts that serve him for fundamental starting points. For this it is quite enough, if he proves, at the same time, both the necessity of the present order of things, and the necessity of another order into which the first must inevitably pass over; and this all the same, whether men believe or do not believe it, whether they are conscious or unconscious of it.

Marx treats the social movement as a process of natural history, governed by laws not only independent of human will, consciousness and intelligence, but rather, on the contrary, determining that will, consciousness and intelligence If in the history of civilisation the conscious element plays a part so subordinate, then it is self-evident that a critical inquiry whose subject-matter is civilisation, can, less than anything else, have for its basis any form of, or any result of, consciousness. That is to say, that not the idea, but the material phenomenon alone can serve as its starting-point.

Such an inquiry will confine itself to the confrontation and the comparison of a fact, not with ideas, but with another fact. For this inquiry, the one thing of moment is, that both facts be investigated as accurately as possible, and that they actually form, each with respect to the other, different momenta of an evolution; but most important of all is the rigid analysis of the series of successions, of the sequences and concatenations in which the different stages of such an evolution present themselves.

In this Book

But it will be said, the general laws of economic life are one and the same, no matter whether they are applied to the present or the past. This Marx directly denies. According to him, such abstract laws do not exist. On the contrary, in his opinion every historical period has laws of its own As soon as society has outlived a given period of development, and is passing over from one given Edition: current; Page: [ 24 ] stage to another, it begins to be subject also to other laws.

In a word, economic life offers us a phenomenon analogous to the history of evolution in other branches of biology. The old economists misunderstood the nature of economic laws when they likened them to the laws of physics and chemistry. A more thorough analysis of phenomena shows that social organisms differ among themselves as fundamentally as plants or animals. Nay, one and the same phenomenon falls under quite different laws in consequence of the different structure of those organisms as a whole, of the variations of their individual organs, of the different conditions in which those organs function, 8c.

Marx, e. He asserts, on the contrary, that every stage of development has its own law of population With the varying degree of development of productive power, social conditions and the laws governing them vary too. Whilst Marx sets himself the task of following and explaining from this point of view the economic system established by the sway of capital, he is only formulating, in a strictly scientific manner, the aim that every accurate investigation into economic life must have. The scientific value of such an inquiry lies in the disclosing of the special laws that regulate the origin, existence, development, and death a given social organism and its replacement by another and higher one.

And it is this value that, in point of fact, Marx's book has. Whilst the writer pictures what he takes to be actually my method, in this striking and [as far as concerns my own application of it] generous way, what else is he picturing but the dialectic method? Of course the method of presentation must differ in form from that of inquiry. The latter has to appropriate the material in detail, to analyse its different forms of development, Edition: current; Page: [ 25 ] to trace out their inner connection.

Only after this work is done, can the actual movement be adequately described. If this is done successfully, if the life of the subject-matter is ideally reflected as in a mirror, then it may appear as if we had before us a mere a priori construction. My dialectic method is not only different from the Hegelian, but is its direct opposite. To Hegel, the life-process of the human brain, i.

The mystifying side of Hegelian dialectic I criticised nearly thirty years ago, at a time when it was still the fashion. But just as I was working at the first volume of "Das Kapital," it was the good pleasure of the peevish, arrogant, mediocre who now talk large in cultured Germany, to treat Hegel in the same way as the brave Moses Mendelssohn in Lessing's time treated Spinoza, i.

The mystification which dialectic suffers in Hegel's hands, by no means prevents him from being the first to present its general form of working in a comprehensive and conscious manner. With him it is standing on its head. It must be turned right side up again, if you would discover the rational kernel within the mystical shell. It its mystified form, dialectic became the fashion in Germany, because it seemed to transfigure and to glorify the existing state of things. In its rational form it is a scandal Edition: current; Page: [ 26 ] and abomination to bourgeoisdom and its doctrinaire professors, because it includes in its comprehension and affirmative recognition of the existing state of things, at the same time also, the recognition of the negation of that state, of its inevitable breaking up; because it regards every historically developed social form as in fluid movement, and therefore takes into account its transient nature not less than its momentary existence; because it lets nothing impose upon it, and is in its essence critical and revolutionary.

The contradictions inherent in the movement of capitalist society impress themselves upon the practical bourgeois most strikingly in the changes of the periodic cycle, through which modern industry runs, and whose crowning point is the universal crisis.

That crisis is once again approaching, although as yet but in its preliminary stage; and by the universality of its theatre and the intensity of its action it will drum dialectics even into the heads of the mushroom-upstarts of the new, holy Prusso-German empire. On the contrary, an explanation might be expected why this English version has been delayed until now, seeing that for some years past the theories advocated in this book have been constantly referred to, attacked and defended, interpreted and mis-interpreted, in the periodical press and the current literature of both England and America.

When, soon after the author's death in , it became evident that an English edition of the work was really required, Mr. Samuel Moore, for many years a friend of Marx and of the present writer, and than whom, perhaps, no one is more conversant with the book itself, consented to undertake the translation which the literary executors of Marx were anxious to lay before the public.

It was understood that I should compare the MS. When, by and by, it was found that Mr. Moore's professional occupations prevented him from finishing the translation as quickly as we all desired, we gladly accepted Dr. Aveling's offer to undertake a portion of the work; at the same time Mrs. Aveling, Marx's youngest daughter, offered to check the quotations and to restore the original text of the numerous passages taken from English authors and Bluebooks and translated by Marx into German.

This has been done throughout, with but few unavoidable exceptions. The following portions of the book have been translated by Dr. Aveling: 1 Chapters X. The Working Day , and XI. Wages, comprising Chapters XIX. Chapters XXVI. All the rest of the book has been done by Mr. While, thus, each of the translators is responsible for his share of the work only, I bear a joint responsibility for the whole.

The third German edition, which has been made the basis of our work throughout, was prepared by me, in , with the assistance of notes left by the author, indicating the passages of the second edition to be replaced by designated passages, from the French text published in This MS. Sorge of Hoboken N. It designates some further interpolations from the French edition; but, being so many years older than the final instructions for the third edition, I did not consider myself at liberty to make use of it otherwise than sparingly, and chiefly in cases where it helped us over difficulties.

In the same way, the French text has been referred to in most of the difficult passages, as an indicator of what the author himself was prepared to sacrifice wherever something of the full-import Edition: current; Page: [ 29 ] of the original had to be sacrificed in the rendering. There is, however, one difficulty we could not spare the reader: the use of certain terms in a sense different from what they have, not only in common life, but in ordinary political economy.

Marx & Engels Collected Works Vol 35

But this was unavoidable. Every new aspect of a science involves a revolution in the technical terms of that science. This is best shown by chemistry, where the whole of the terminology is radically changed about once in twenty years, and where you will hardly find a single organic compound that has not gone through a whole series of different names. Political Economy has generally been content to take, just as they were, the terms of commercial and industrial life, and to operate with them, entirely failing to see that by so doing, it confined itself within the narrow circle of ideas expressed by those terms.

Thus, though perfectly aware that both profits and rent are but sub-divisions, fragments of that unpaid part of the product which the laborer has to supply to his employer its first appropriator, though not its ultimate exclusive owner , yet even classical Political Economy never went beyond the received notions of profits and rent, never examined this unpaid part of the product called by Marx surplus-product in its integrity as a whole, and therefore never arrived at a clear comprehension, either of its origin and nature, or of the laws that regulate the subsequent distribution of its value.

Similarly all industry, not agricultural or handicraft, is indiscriminately comprised in the term of manufacture, and thereby the distinction is obliterated between two great and essentially different periods of economic history: the period of manufacture proper, based on the division of manual labor, and the period of modern industry based on machinery. It is, however, self-evident that a theory which views modern capitalist production as a mere passing stage in the economic history of mankind, must make use of terms Edition: current; Page: [ 30 ] different from those habitual to writers who look upon that form of production as imperishable and final.

A word respecting the author's method of quoting may not be out of place. In the majority of cases, the quotations serve, in the usual way, as documentary evidence in support of assertions made in the text. But in many instances, passages from economic writers are quoted in order to indicate when, where, and by whom a certain proposition was for the first time clearly enunciated. This is done in cases where the proposition quoted is of importance as being a more or less adequate expression of the conditions of social production and exchange prevalent at the time, and quite irrespective of Marx's recognition, or otherwise, of its general validity.

These quotations, therefore, supplement the text by a running commentary taken from the history of the science. Our translation comprises the first book of the work only. But this first book is in a great measure a whole in itself, and has for twenty years ranked as an independent work. The second book, edited in German by me, in , is decidedly incomplete without the third, which cannot be published before the end of When Book III.

And in England, too, the theories of Marx, even at this Edition: current; Page: [ 31 ] moment, exercise a powerful influence upon the socialist movement which is spreading in the ranks of "cultured" people no less than in those of the working class. But that is not all.

The time is rapidly approaching when a thorough examination of England's economic position will impose itself as an irresistible national necessity. The working of the industrial system of this country, impossible without a constant and rapid extension of production, and therefore of markets, is coming to a dead stop. Free trade has exhausted its resources; even Manchester doubts this its quondam economic gospel.

While the productive power increases in a geometric, the extension of markets proceeds at best in an arithmetic ratio. The decennial cycle of stagnation, prosperity, overproduction and crisis, ever recurrent from to , seems indeed to have run its course; but only to land us in the slough of despond of a permanent and chronic depression. The sighed-for period of prosperity will not come; as often as we seem to perceive its heralding symptoms, so often do they again vanish into air.

Meanwhile, each succeeding winter brings up afresh the great question, "what to do with the unemployed;" but while the number of the unemployed keeps swelling from year to year, there is nobody to answer that question; and we can almost calculate the moment when the unemployed, losing patience, will take their own fate into Edition: current; Page: [ 32 ] their own hands.

Surely, at such a moment, the voice ought to be heard of a man whose whole theory is the result of a life-long study of the economic history and condition of England, and whom that study led to the conclusion that, at least in Europe, England is the only country where the inevitable social revolution might be effected entirely by peaceful and legal means. He certainly never forgot to add that he hardly expected the English ruling classes to submit, without a "pro-slavery rebellion," to this peaceful and legal revolution.

The fourth edition of this work required of me a revision, which should give to the text and foot notes their final form, so far as possible. The following brief hints will indicate the way in which I performed this task. After referring once more to the French edition and to the manuscript notes of Marx, I transferred a few additional passages from the French to the German text.

Additional information

Samuelson London: Routledge. Section 3. Working Day Constant. Between and there seem to have been no translations apart from a Swedish version, probably published at the end of , and an English one in , significant in the bibliographical history of the Manifesto only because the translator seems to have consulted Marx — or since she lived in Lancashire more probably Engels. The official English translation of , revised by Engels, attenuates the contrast. This is their plain, homely, bodily form.

I have also placed the long foot note concerning the mine workers, on pages , into the text, just as had already been done in the French and English editions. Other small changes are merely of a technical nature. Furthermore I added a few explanatory notes, especially in places where changed historical conditions seemed to require it.

All these additional notes are placed between brackets and marked with my initials. A complete revision of the numerous quotations had become necessary, because the English edition had been published in the mean time. Marx's youngest daughter, Eleanor, had undertaken the tedious task of comparing, for this edition, all the quotations with the original works, so that the quotations from English authors, which are the overwhelming majority, are not retranslated from the German, but taken from the original texts.

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I had to consult the English edition for this fourth German edition. In so doing I found many small inaccuracies. There were references to wrong pages, due either to mistakes in copying, or to accumulated typographical errors of three editions. There were quotation marks, or periods indicating omissions, in wrong places, such as would easily occur in making copious quotations from notes. Now and then I came across a somewhat inappropriate choice of terms made in translating. Some passages were taken from Marx's old manuscripts written in Paris, , when he did not yet understand English and read the works of English economists in French translations.

This twofold translation carried with it a slight change of expression, for instance in the case of Steuart, Ure, and others. Now I used the English text. Such and similar little inaccuracies and inadvertences were corrected. And if this fourth edition is now compared with former editions, it will be found that this whole tedious process of verification did not change in the least any essential statement of this work. There is but one single quotation which could not be located, namely that from Richard Jones, in section 3 of chapter XXIV.

Marx probably made a mistake in the title of the book. All other quotations retain their corroborative power, or even increase it in their present exact form. I have heard of only one case, in which the genuineness of Edition: current; Page: [ 34 ] a quotation by Marx was questioned. Since this case was continued beyond Marx's death, I cannot well afford to ignore it. It was denied that the statement: "This intoxicating augmentation of wealth and power It says just the reverse.

Marx has formally and materially lied in adding that sentence. Marx, who received this issue of the Concordia in May of the same year, replied to the anonymous writer in the Volksstaat of June 1. As he did not remember the particular newspaper from which he had clipped this report, he contented himself with pointing out that the same quotation was contained in two English papers. Then he quoted the report of the Times, according to which Gladstone had said: "That is the state of the case as regards the wealth of this country.

I must say for one, I should look almost with apprehension and with pain upon this intoxicating augmentation of wealth and power, if it were my belief that it was confined to classes who are in easy circumstances. This takes no cognizance at all of the condition of the labouring population. The augmentation I have described and which is founded, I think, Edition: current; Page: [ 35 ] upon accurate terms, is an augmentation entirely confined to classes of property. In other words, Gladstone says here that he would be sorry if things were that way, but they are. This intoxicating augmentation of wealth and power is entirely confined to classes of property.

And so far as the quasi official Hansard is concerned, Marx continues: "In the subsequent manipulation of his speech for publication Mr. Gladstone was wise enough to eliminate a passage, which was so compromising in the mouth of an English Lord of the Exchequer as that one. By the way, this is an established custom in English parliament, and not by any means a discovery made by Lasker to cheat Bebel.

The anonymous writer then became still madder. Pushing aside his second-hand sources in his reply in the Concordia, July 4, he modestly hints, that it is the "custom" to quote parliamentarian speeches from the official reports; that the report of the Times which contained the added lie "was materially identical" with that of Hansard which did not contain it ; that the report of the Times even said "just the reverse of what that notorious passage of the Inaugural Address implied.

Nevertheless he feels that he has been nailed down, and that only a new trick can save him. Hence he decorates his article, full of "insolent mendacity," until it bristles with pretty epithets, such as "bad faith," "dishonesty," "mendacious assertion," "that lying quotation," "insolent mendacity," "a completely spurious quotation," "this falsification," "simply infamous," etc.

This second article is published in the Concordia of July Marx replied once more in the Volksstaat of August 7, quoting also the reports of this passage in the Morning Star and Morning Advertiser of April 17, Both of them agree in quoting Gladstone to the effect that he would look with apprehension, etc. But this augmentation was entirely confined to classes possessed of property.

Both of these papers also contain the "added lie" word for word. Marx furthermore showed, by comparing these three independent, yet identical reports of newspapers, all of them containing the actually spoken words of Gladstone, with Hansard's report, that Gladstone, in keeping with the "established custom," had "subsequently eliminated" this sentence, as Marx had said. And Marx closes with the statement, that he has no time for further controversy with the anonymous writer. It seems that this worthy had gotten all he wanted, for Marx received no more issues of the Concordia.

Thus the matter seemed to be settled.

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Title page of the first German edition of Volume 1 of Capital 2. Marx's letter to Volume 35 of the Collected Works of Marx and Engels contains. Volume I of. The Marx/Engels Collected Works is the largest collection of translations of the complete works of Karl Marx and Frederick Engels covering the.

It is true, people who were in touch with the university at Cambridge once or twice dropped hints as to mysterious rumors about some unspeakable literary crime, which Marx was supposed to have committed in Capital. But nothing definite could be ascertained in spite of all inquiries. Karl Marx, who Gladstone tampered with the report of his speech in the Times of April 17, , before it was published in Hansard, in order to eliminate a passage which was, indeed, compromising for the British Chancellor of the Exchequer.

When Brentano demonstrated by a detailed comparison of the texts, that the reports of the Times and of Hansard agreed to the absolute exclusion of the meaning, impugned to Gladstone's words by a craftily isolated quotation, Marx retreated under the excuse of having no time. This, then, was the kernel of the walnut! Thus he lay, and thus he handled his blade in his "masterly attack," this Saint George of the German Manufacturers' Association, while the fiery dragon Marx quickly expired under his feet "in deadly shifts!

However, this Ariostian description of the struggle serves only to cover up the shifts of our Saint George. There is no longer any mention of "added lies," of "falsification," but merely of "a craftily isolated quotation. Eleanor Marx replied in the monthly magazine To-day, February, , because the Times refused to print her statements. She reduced the discussion to the only point, which was in question, namely: Was that sentence a lie added by Edition: current; Page: [ 38 ] Marx, or not?

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Whereupon Mr. Sedley Taylor retorted: "The question whether a certain sentence had occurred in Mr. Gladstone's speech or not" was, in his opinion, "of a very inferior importance" in the controversy between Marx and Brentano, "compared with the question, whether the quotation had been made with the intention of reproducing the meaning of Mr. Gladstone or distorting it. Gladstone intended to say. To-Day, March, The comic thing about this retort is that our mannikin of Cambridge now insists on not quoting this speech from Hansard, as is the "custom" according to the anonymous Mr.

Brentano, but from the report of the Times, which the same Brentano had designated as "necessarily bungling. It was easy for Eleanor Marx to dissolve this argumentation into thin air in the same number of To-Day. Either Mr. Taylor had read the controversy of In that case he had now "lied," not only "adding," but also "subtracting. Then it was his business to keep his mouth shut. At any rate, it was evident that he did not dare for a moment to maintain the charge of his friend Brentano to the effect that Marx had "added a lie.

But this same sentence is quoted on page 5 of the Inaugural Address, a few lines before the alleged "added lie. Of course, he does not undertake to reconcile Edition: current; Page: [ 39 ] them by liberal hot air, like Sedley Taylor. And the final summing up in Eleanor Marx's reply is this: "On the contrary, Marx has neither suppressed anything essential nor added any lies. He rather has restored and rescued from oblivion a certain sentence of a Gladstonian speech, which had undoubtedly been pronounced, but which somehow found its way out of Hansard.

This was enough for Mr. Sedley Taylor. The result of this whole professorial gossip during ten years and in two great countries was that no one dared henceforth to question Marx's literary conscientiousness. In the future Mr. Sedley Taylor will probably have as little confidence in the literary fighting bulletins of Mr. Brentano, as Mr. Brentano in the papal infallibility of Hansard. THE wealth of those societies in which the capitalist mode of production prevails, presents itself as "an immense accumulation of commodities," 10 its unit being a single commodity.

Our investigation must therefore begin with the analysis of a commodity. A commodity is, in the first place, an object outside us, a thing that by its properties satisfies human wants of some sort or another. The nature of such wants, whether, for instance, they spring from the stomach or from fancy, makes no difference. Edition: current; Page: [ 42 ] 11 Neither are we here concerned to know how the object satisfies these wants, whether directly as means of subsistence, or indirectly as means of production.

Every useful thing, as iron, paper, 8c. It is an assemblage of many properties, and may therefore be of use in various ways. To discover the various use of things is the work of history. The diversity of these measures has its origin partly in the diverse nature of the objects to be measured, partly in convention. The utility of a thing makes it a use-value.

Being limited by the physical properties of the commodity, it has no existence apart from that commodity. A commodity, such as iron, corn, or a diamond, is therefore, so far as it is a material thing, a use-value, something useful. This property of a commodity is independent of the amount of labour required to appropriate its useful qualities.

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When treating of use-value, we always assume to be dealing with definite quantities, such as dozens of watches, yards of linen, or tons of iron. The use-values of commodities furnish the material for a special study, that of the commercial knowledge of commodities.

In the form of society we are about to consider, they are, in addition, the material depositories of exchange value. Exchange value, at first sight, presents itself as a quantitative relation, as the proportion in which values in use of one sort are exchanged for those of another sort, 15 a relation constantly changing with time and place.

Hence exchange value appears to be something accidental and purely relative, and consequently an intrinsic value, i. A given commodity, e. Instead of one exchange value, the wheat has, therefore, a great many. But since x blacking, y silk, or z gold, 8c. Therefore, first: the valid exchange values of a given commodity express something equal; secondly, exchange value, generally, is only the mode of expression, the phenomenal form, of something contained in it, yet distinguishable from it.

Let us take two commodities, e. The proportions in which they are exchangeable, whatever those proportions may be, can always be represented by an equation in which a given quantity of corn is equated to some quantity of iron: e.

Value and Nature

What does this equation tell us? It tells us that in two different things—in 1quarter of corn and x cwt. The two things must therefore Edition: current; Page: [ 44 ] be equal to a third, which in itself is neither the one nor the other. Each of them, so far as it is exchange value, must therefore be reducible to this third. A simple geometrical illustration will make this clear. In order to calculate and compare the areas of rectilinear figures, we decompose them into triangles. But the area of the triangle itself is expressed by something totally different from its visible figure, namely, by half the product of the base into the altitude.

In the same way the exchange values of commodities must be capable of being expressed in terms of something common to them all, of which thing they represent a greater or less quantity. This common "something" cannot be either a geometrical, a chemical, or any other natural property of commodities. Such properties claim our attention only in so far as they affect the utility of those commodities, make them use-values. But the exchange of commodities is evidently an act characterised by a total abstraction from use-value. Then one use-value is just as good as another, provided only it be present in sufficient quantity.

Or, as old Barbon says, "one sort of wares are as good as another, if the values be equal. There is no difference or distinction in things of equal value An hundred pounds' worth of lead or iron, is of as great value as one hundred pounds' worth of silver or gold. If then we leave out of consideration the use-value of commodities, they have only one common property left, that of being products of labour.

But even the product of labour itself has undergone a change in our hands. If we make abstraction from its use-value, we make abstraction at the same time from the material elements and shapes that make the product a use-value; we see in it no longer a table, a house, yarn, or any other useful thing. Its existence as a material thing is put out of sight. Neither can it any longer be regarded as the product of the labour of the joiner, the mason, Edition: current; Page: [ 45 ] the spinner, or of any other definite kind of productive labour.

Supplementary Remarks Preface to the First German Edition Engels. Preface to the Second German Edition Engels. Chapter V The Time of Circulation. The Time of Purchase and Sale. Formation of Supply in General. The Commodity Supply Proper. Cycles of Turnover. The Physiocrats and Adam Smith. Accumulation and Reproduction on an Extended Scale. Chapter XX. Simple Reproduction. Necessities of Life and Articles of Luxury. The Mediation of Exchange by the Circulation of Money. The Constant Capital of Department I.

Replacement of the Fixed Capital. The Reproduction of the Money Material. Chapter XXI.