Karl Marx, Frederick Engels. Volume 37, Karl Marx Capital Volume 3

992 Pages·2010·36.493 MB·English

by  Engels, Friedrich;Marx, Karl

MARX & ENGELS
COLLECTED WORKS
VOLUME 37
Karl Marx - Capital Volume III
KARL MARX
FREDERICK ENGELS
Volume
37
Karl Marx - Capital Volume III
2010
Lawrence & Wishart
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V
Contents
Preface XI
KARL MARX
CAPITAL
A CRITIQUE OF POLITICAL ECONOMY
Volume III
F. Engels. Preface 5
BOOK III
THE PROCESS OF CAPITALIST PRODUCTION
AS A WHOLE
I
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 EfTect of the Turnover on the Rate of Profit . . .. 73
Chapter V. Economy in the Employment of Constant Capital . . .. 80
I. In General 80
VI Contents
II. Savings in Labour Conditions at the Expense of the La
bourers. 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 Com
petition. Market Prices and Market Values. Surplus Profit . . 171
Chapter XI. Effects of General Wage Fluctuations on Prices of Pro
duction 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
Contents VII
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
VIII Contents
BOOK III
THE PROCESS OF CAPITALIST PRODUCTION
AS A WHOLE
II
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. Ill {Concluded) . . 502
Chapter XXXIII. The Medium of Circulation in the Credit System . . 517
Chapter XXXIV. The Currency Principle and the English Bank Leg
islation 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 In
terest 607
PART VI
TRANSFORMATION OF SURPLUS PROFIT
INTO GROUND RENT
Chapter XXXVII. Introduction 608
Chapter XXXVIII. Differential Rent: General Remarks 633
Contents IX
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: Falling 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 XL VI. Building Site Rent. Rent in Mining. Price of Land . . . 759
Chapter XL VII. 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 XLV III. 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 LI I. Classes 870
F. Engels. Supplement to Capital, Volume Three 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
X Contents
ILLUSTRATIONS
Title page of the first German edition of Vol. Ill, 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. Ill, II, of Capital . . .. 465
First page of Engels' manuscript "Law of Value and Rate of Profit" . . 879
Illustrations on p.29 and p.36 with blank
versos were consolidated to pp. 29-30 to
meet U.S. production requirements.
XI
Preface
Volume 37 of the Collected Works of Marx and Engels contains
Volume III of Capital, and Preface and Supplement to Capital, Vol
ume Three, by Engels.
Volume III deals with the process of capitalist production as
a whole.
The present English edition follows the first German edition of
1894 edited by Engels. Errors and misprints found in the first German
edition have been corrected. Figures and other data have been
checked and set right where necessary. Quotations from different
sources have been ascertained; those from English and American
authors were checked with the original publications and given
according to the 1894 German edition. Quotations in French, Latin
and Greek are given in English translation. Bibliographical footnotes
are based on Marx's excerpts and preparatory material.
The author's footnotes are marked by superior numbers with
a round bracket, as distinct from editors' notes marked merely by
numbers and footnotes indicated by index letters. Engels' insertions
and footnotes are, as a rule, marked by his initials and placed into
double oblique lines.
Foreign words and expressions are italicised and retained in the
form used in the original with translation in the footnote where neces
sary. English words and expressions used by Marx and Engels are set
in small caps, longer passages are placed in asterisks.
The volume was compiled and the preface, notes and indexes writ
ten by Tatyana Andrushchenko and Izora Kazmina; Mikhail Ter-