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03 B MARX   CAPITAL VOL II

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GAPITAL -
A CRITIQUE OF POLITICAL ECONOMY
BY KARL MARX
VOLUME 11
THE PROCESS OF CIRCULATION OF CAPITAL
EDITED BY
FREDERICK ENGELS
TRANSLATED FROM THE SECOND GERMAN EDITION
BY ERNEST UNTERMANN
CHICAGO
CHARLES H. KERR & COMPANY
LONDON
SWAN SONNENSCHEIN & CO
1910
Copyright,19o9
BY CHARLES H. KERR & COMPANY
!
V,%
CONTENTS.
Page
PREFACE .............................................................. 7
TRANSLATOR'S NOTE ............................................... 30
TIlE CIRCULATION OF CAPITAL.
PART I.
TH_ METAMORPHOSES OF CAPITAL AND THEIR CYCLES
CHAPTER I.--The Circulation of Money-Capital ........................ 31
Section I.--First Stage M--C ....................................... 32
Section II.--Second Stage, Functions of Productive Capital ............ 41
Section III.--Third Stage, C'--M'. ................................... 46
Section IV.--The Rotation as a Whole ................................ 58
CHAPTER II.--The Rotation of Productive Capital ........................ 72
Section I.--Simple Reproduction .................................... 73
Section II.--Accumulation and Reproduction on an Enlarged Scale ...... 89
Section III.--Accumulation of Money ................................. 93
Section IV.--Reserve Funds ......................................... 96
CHAPTER III._The Circulation of Commodity-Capital ................... 98
CHAPTER IV.--Thc Three Diagrams of the Process of Circulation ......... 114
CHAPTER V.--The Timc of Circulation .................................. 138
CHAPTER VI.--The Expenses of Circulation ............................ 147
Section I.--Gcnuine Expenses of Circulation ........................... 147
1. The Time of Purchase and Sale ........................ 147
2. Bookkeeping ........................................ 151
3. Money .............................................. 1,53
Section II.--Expenses of Storage ..................................... 154
1. General Formation of Supply .......................... 155
2. The Commodity-Supply in Particular ................ 162
Section III.--Expenses of Transportation .............................. 160
PART II.
THE TURN'OVER OF CAPITAL
CHAPTER VII._Thc Period and Number of Turn-Overs .................. 173
CHAPTER VIII.--Fixed Capital and Circulating Capital .................. 178
Section I.--Distinctions of Form ..................................... 178
Section II.--Composition, Reproduction, Repair, and Accumulation of
Fixed Capital ........................................ 192
CHAPTER IX.--The Total Turn-Over of Advanced Capita/, Cycles of
Turn-Over ........................................... 208
CHAPTER X.--TheoHes of Fixed and Circulating Capital, The Physiocrats
and Adam Smith ...................................... 215
CHAPTER XI.--Theories of Fixed and Circulating Capital, Ricardo ........ 245
CHAPTER XII.--The Working Period .................................... 260
CHAPTER XlII.--The Time of Production ............................... 272
CHAPTER XIV.--The Time of Circulation .............................. f'84
CHAPTER XV.--Influence of the Time of Ch'culation on the Magnitude
of an Advance of Capital .............................. ,'294
Section l.--The Working Period Equal to the Period of Circulation .... 30,5
Section II.--The Working Period Greater than the Period of Circulation 310
Section III.--The Working Period Smaller than the Period of Circulation 315
5
6 ContenSs
Page
Section IV.--Conclusions ............................................ 319
Section V.--The Effect of a Change of Prices........................ 32G
CHAPTER XVI.--The Turn-Over of the Variable Capital..................
Section I.--The Annual Rate of Surplus-Value ....................... _15
Section II.--The Turn-Over of the Individual Variable Capital ........
Section III.--The Turn-Over of the Variable Capital Considered from
the Point of View of Society .......................... _i8
CHAPTER XYII._The Circulation of Surplus Value ...................... 867
Section I.--Simple Reproduction ..................................... 873
Section II.--Accumulation and Reproduction on an Enlarged Scale ......
PART III.
THa RaPaOD_C'rION AND ClaCUI.ATION Or THS A6GR_GATE sOClhJ, CAPXTAL
CHAPTER XVI II.--Introduction ........................................ 404
Section I.--The Object of the Analysis .............................. 404
Section II.--The Role of Money-Capital ............................ 407
CHAPTER XIX.--F6rmer Discussions of the Subject .................... 414
Section I.--The Physiocrats ......................................... 414
Section II.--Adam Smith ........................................... 417
1. The General Point of View of Adam Smith .......... 417
2. Smith Resolves Exchange-Value into V-t-S ............ 427
3. The Constant Portion of Capital .................... 430
4. Capital and Revenue in Adam Smith .................. 438
5. Recapitulation ....................................... 444
Section III.--The Economists After Smith .......................... 450
CHAPTER XX.--Simple Reproduction .................................. 45,_
Section I.--The Formulation of the Question ......................... 453
Section II.--The Two Departments of Social Production .............. 457
Section III.--The Transactions Between the Two Departments ........ 460
Section IV.--Transactions Within Department II ; Necessities of Life
and Articles of Luxury ................................. 46,5
Section V.--The Promotion of the Transactions by the Circulation of
Money ................................................. 477
Section VI.--The Constant Capital of Department I .................. 489
Section VII.--Variable Capital and Surplus-Value in Both Departments 493
Section VIII.--The Constant Capital in Both Depaxtments .......... 498
Sect/on IX.--A Retrospect on Adam Smith, Storch and Ramsay ...... 504
Section X.----Capital and Revenue, Variable Capital and Wages ........ 508
Section XI._Reproduction of the Fixed Capital ...................... 522
1. The Reproduction of the Value of the Worn-Out Part
in the Form of Money ............................. 526
2. The Reproduction of Fixed Capital in its Natural Form 532
Section XII.--The Reproduction of the Money-Supply ................ 547
Section XIII.--Destutt De Tracy's Theory of Reproduction .......... 560
CHAPTER XXI.--Accumulation and Reproduction on an Enlarged Scale.. 571
Section I.--Accumulation in Department I ............................ 574
1. The Formation of a Hoard .......................... 574
2. The Additional Constant Capital ...................... 579
3. The Additional Variable Capital ...................... 585
Section II.--Accumulation in Department II .......................... 586
Section III.--Diagramatic Presentation of Accumulation .............. 591
1. First Illustration ................................... 596
2. Second ILlustration .................................. 600
3. Exchange of IIc under Accumulation ................ 607
Section IV.--Concluding Remarks ................................... 610
PREFACE.
It was no easy task to prepare the second volume of "CAP-
ITAL" for the printer in such a way that it should make a
connected and complete work and represent exclusively the
ideas of its author, not of its publisher. The great number of
available manuscripts, and their fragmentary character, ad-
ded to the difficulties of this task. At best one single manu-
script (No._t) had been revised throughout and made ready
for the printer. And while it treated its subject-matter fully,
the greater part had become obsolete through subsequent re-
vision. The bulk of the material was not polished as to lan-
guage, even if the subject-matter was for the greater part
fully worked out. The language was that in which Marx used
to