Marx-Engels Collected Works,Volume 36 - Marx: Capital II

552 Pages·1997·9.81 MB·English

by  Karl Marx and Friedrich Engels

KARL
MARX
FREDERICK
ENGELS
Collected
Works
Volume 36
Marx
Contents
Preface IX
KARL MAR X
CAPITAL
A Critique of Political Economy
Volume II
F. Engels. Preface to the First German Edition 5
F. Engels. Preface to the Second German Edition 24
BOOK II
THE PROCESS OF CIRCULATION OF CAPITAL
PART I
THE METAMORPHOSES OF CAPITAL AND THEIR CIRCUITS
Chapter I. The Circuit of Money Capital 31
I. First Stage. M — C 32
II. Second Stage. Function of Productive Capital 40
III. Third Stage. C'—M' 44
IV. The Circuit as a Whole . . . 54
Chapter II. The Circuit of Productive Capital 70
VI Contents
I. Simple Reproduction 71
II. Accumulation and Reproduction on an Extended Scale . . 84
III. Accumulation of Money 89
IV. Reserve Fund 91
Chapter III. The Circuit of Commodity Capital 92
Chapter IV. The Three Formulas of the Circuit 105
Natural, Money and Credit Economy 120
The Meeting of Demand and Supply 122
Chapter V. The Time of Circulation 125
Chapter VI. The Costs of Circulation 133
I. Genuine Costs of Circulation 133
1. The Time of Purchase and Sale 133
2. Bookkeeping 137
3. Money 139
II. Costs of Storage 140
1. Formation of Supply in General 141
2. The Commodity Supply Proper 147
III. Costs of Transportation 152
PART II
THE TURNOVER OF CAPITAL
Chapter VII. The Turnover Time and the Number of Turnovers . . 156
Chapter VIII. Fixed Capital and Circulating Capital 159
I. Distinctions of Form 159
II. Components, Replacement, Repair, and Accumulation of
Fixed Capital 172
Chapter IX. The Aggregate Turnover of Advanced Capital. Cycles of
Turnover 185
Chapter X. Theories of Fixed and Circulating Capital. The Physiocrats
and Adam Smith 190
Chapter XI. Theories of Fixed and Circulating Capital. Ricardo . . 217
Chapter XII. The Working Period 230
Chapter XIII. The Time of Production 239
Chapter XIV. The Time of Circulation 249
Chapter XV. Effect of the Time of Turnover on the Magnitude of Ad-
vanced Capital 257
I. The Working Period Equal to the Circulation Period . . . 266
Contents VII
II. The Working Period Greater Than the Period of Circulation 270
III. The Working Period Smaller Than the Circulation Period 275
IV. Conclusions 279
V. The Effect of a Change of Prices 285
Chapter XVI. The Turnover of Variable Capital 293
I. The Annual Rate of Surplus Value 293
II. The Turnover of the Individual Variable Capital 307
III. The Turnover of the Variable Capital from the Social Point of
View 312
Chapter XVII. The Circulation of Surplus Value 318
I. Simple Reproduction 322
II. Accumulation and Reproduction on an Extended Scale . . 342
PART III
THE REPRODUCTION AND CIRCULATION
OF THE AGGREGATE SOCIAL CAPITAL
Chapter XVIII. Introduction 349
I. The Subject Investigated 349
II. The Role of Money Capital 352
Chapter XIX. Former Presentations of the Subject 357
I. The Physiocrats 357
II. Adam Smith 360
1. Smith's General Points of View 360
2. Adam Smith Resolves Exchange Value into v + s . .. 36 8
3. The Constant Part of Capital 371
4. Capital and Revenue in Adam Smith 376
5. Recapitulation 383
III. Later Economists 388
Chapter XX. Simple Reproduction 390
I. The Formulation of the Question 390
II. The Two Departments of Social Production 394
III. Exchange Between the Two Departments I versus II . 397
(v + I) C
IV. Exchange Within Department II. Necessities of Life and Ar-
ticles of Luxury 401
V. The Mediation of Exchange by the Circulation of Money . 410
VI. The Constant Capital of Department I 420
VII. Variable Capital and Surplus Value in Both Departments. 424
VIII. The Constant Capital in Both Departments 427
VIII Contents
IX. A Retrospect to Adam Smith, Storch, and Ramsay . . . . 432
X. Capital and Revenue: Variable Capital and Wages . . . . 436
XI. Replacement of the Fixed Capital 448
1. Replacement of the Wear and Tear Portion of the Value in
the Form of Money 452
2. Replacement of Fixed Capital in Natura 457
3. Results 466
XII. The Reproduction of the Money Material 469
XIII. Destutt de Tracy's Theory of Reproduction 480
Chapter XXI. Accumulation and Reproduction on an Extended Scale 488
I. Accumulation in Department I 491
1. The Formation of a Hoard 491
2. The Additional Constant Capital 495
3. The Additional Variable Capital 501
II. Accumulation in Department II 501
III. Schematic Presentation of Accumulation 506
1. First Illustration 510
2. Second Illustration 514
3. Replacement of II in Accumulation 520
C
IV. Supplementary Remarks 522
NOTES AND INDEXES
Motes 527
Name Index 535
Index of Quoted and Mentioned Literature 539
Index of Periodicals 546
ILLUSTRATIONS
Title page of the First German Edition of Volume II of Capital . . 3
Title page of the Second German Edition of Volume II of Capital . 26
Facsimile of a page of the manuscript of Capital, Volume II, by Karl
Marx 55
Facsimile of a page of the manuscript of Capital, Volume II, edited
and copied by Frederick Engels 59
Note: Pages 1-5 and 26-31 have been consolidated
to meet U.S. production requirements.
IX
Preface
Volume 36 of the Collected Works of Marx and Engels contains
the second volume of Marx's Capital published by Engels on the basis
of the author's rough manuscripts. It also includes Engels' prefaces to
the first and second German editions, as well as a short compilation of
passages taken by Engels from the author's Manuscripts II-VIII.
Volume II deals with the circulation of individual and social capi-
tal, its metamorphoses and its realisation in the form of value and
material objects.
Marx divides the total social production into two major de-
partments: the production of the means of production and that of the
articles of consumption. He establishes the necessary proportions be-
tween them and between their component parts (constant and vari-
able capital and surplus value) and clarifies the general conditions of
simple and expanded reproduction, that is, reproduction on the
same scale and on an extended scale.
Volume II of Capital is a link between an analysis of the process of
the production of capital made in Volume I and that of its concrete
types and forms in bourgeois society (profit, ground rent, interest) in
Volume III. The subject of Volume III, according to Marx himself,
is the process of capitalist production as a whole.
The present English edition of Volume II follows the second Ger-
man edition published in 1893 under Engels' editorship. It is based
on the English edition published by Progress Publishers, which
X Preface
made extensive use of the English translation of the second vol-
ume of Capital by Ernest Untermann printed by Charles H. Kerr
& Co., Chicago, 1907.
When comparing the first and second German editions with
Marx's manuscripts and with the final version edited by Engels, the
editors discovered a number of misprints and printers' errors in the
1893 edition, checked factual data and calculations and corrected in-
accuracies. Obvious slips of the pen in Marx's text have been correct-
ed without comment.
Marx's and Engels' footnotes are indicated by numbers in superscript
with a bracket, while the editors' footnotes are indicated by index let-
ters, and editorial notes by numbers in superscript. The insertions
made by Engels in Marx's text when preparing it for the press and
in quotations are given in double oblique lines.
Foreign words and expressions are given as used by Marx, with the
translation supplied in footnotes where necessary. English phrases,
expressions and individual words occurring in the original are set in
small capitals. Longer passages and quotations in English are en-
closed within asterisks.
All quotations from English and American authors have been
checked with the original sources.
In all cases the form of quotation used by Marx is respected. The lan-
guage in which Marx quotes is indicated in footnotes unless it is Ger-
man.
In this volume the editors have preserved the terminology used
in the Engels-authorised English translation of Volume I of Capital,
which is published in Volume 35 of the present edition.
The volume was compiled, the preface, notes and indexes written
by Tatyana Vasilyeva (Russian Independent Institute of Social and
National Problems) and edited by Lydia Belyakova, Mzia Pitskhelauri
(Progress Publishing Group Corporation) and Alexander Malysh, scien-
tific editor (Russian Independent Institute of Social and National
Problems).
The volume was prepared for the press by Mzia Pitskhelauri
(Progress Publishing Group Corporation).

J
KARL MAR X
CAPITAL
A CRITIQUE OF POLITICAL ECONOMY '
VOLUME II
BOOK TW O
THE PROCESS OF CIRCULATION OF CAPITAL
Edited by Frederick Engels
First published in Hamburg in 1885 Printed according to the book: K. Marx,
Das Kapital. Kritik der politischen
Oekonomie, Zweiter Band, Zweite Auflage,
Hamburg, 1893