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make his outlines, that is to say his style was careless, full
of colloquial, often rough and humorous, expressions and
phrases, interspersed with English and French technical
terms, or with whole sentences or pages of English. The
thoughts were jotted down as they developed in the brain of
the author. Some parts of the argument would be fully
treated, others of equal importance only indicated. The
material _o be used for the illustration of facts would be col-
lected, but barely arranged, much less worked out. At the
conclusion of the chapters the_e woul_t be only a few inco-
herent sentences as mile-stones of the incomplete deductions,
showing the haste of the author in passing on to the next
chapter. And finally, there was the well-known handwriting
whioh Marx himself was sometimes unable to decipher.
I have been content to interpret these manuscripts as lit-
erally as possible, changing the _yle only in places where
Marx would have changed it himself and interpolating ex-
planatory sentences or connecting statements only where tb_
was indispensable, and where the meaning was so clear that
there could be no doubt of the ,orrectness of my _terpreta-
8 Prelate.
tion. Sentences which seemed in the least ambiguous were
preferably reprinted literally. The passages which I have re-
modeled or interpolated cover barely ten pages in print, and
concern mainly matters of form.
The mere enumeration of the manuscri_s left by Marx
as a basis for Volume II proves the unparalleled conscien-
tiousness and strict self-criticism which he practiced in his
endeavor to fully elaborate his great economic discoveries
before he published them. This self-criticism rarely permit-
ted him to adapt his presentation of the subject, in content
as well as in form, to his ever widening 'horizon, which he
enlarged by ince_sant study.
The material for this second volume consists of _.he fol-
lowing parts: First, a manuscript entitled "A Contribution
to the Critique of Political Economy," containing 1472
quart_ pages in 23 divisions, written in the time from
August, 1861, to June, 1863. It is a continuation of the
work of the same title, the first volume of which appeared
in Berlin, in 1859. I¢ treats on pages 1-220, and again
pages 1159-1472, of the subject analyzed in Volume I of
"CAPITAL," beginning with the transformation of money
intb capital and continuing to the end of the volume, and
is the first draft for this subject. Pages 973-1158 deal with
capital and profit, rate of profit, merchant's capital and
money capital, that isto say with subjects which have been
farther developed in the manuscript for Volume III. The
questions belonging to Volume II and many of those which
are part of Volume III are not arranged by themselves in
this manuscript. They are merely treated in passing, espe-
cially in the section which makes up the main body of the
manuscript, viz. : pages 220-972, entitled "Theories of Sur-
plus Value." This section contains an exhaustive critical
history of the main point of political economy, _he theory
of surplus value, and develops at the same time, in polemic
. remarks against the position of the predecessors of Marx, most
of the points which, he has later on discussed individually
and in their logical connection in Volume II and III. I re-
Preface. 9
serve for myself the privilege of publishing the critical part
of this manuscript, after the elimination of the numerous
parts covered by Volumes II and III, in the farm of Volume
IV. This manuscrip¢, valuable though it is, could n_)t be
used in the present edition of Volume II.
The manuscript next following in the order of time is that
of Volume III. It was written for the greater part in 1864
and 1865. After this manuscript had been completed in its
essential parts, Marx undertook the elaboration of Volume
I, which was published in 1867. I am now preparing this
manuscript of Volume III for the printer.
The period after the publication of V_lume I, which is
next in order, is represented by a collection of four manu-
scripts for Volume II, marked I-IV by Marx himself. Man-
uscript I (150 pages), presumably written in 1865 or 1867,
is the first independent, but more or less fragmentary, elab-
oration of the questions now contained in Volume II. This
manuscript is likewise unsuited for this edition. Manuscript
II is partly a compilation of quotations and references to the
manuscripts containing Marx's extracts and comments, most
of them relating to the first section of Volume II, partly an
elaboration of special points, particularly a critique of Adam
Smith's statements as to fixed and circulating capital and
the source of profits; furthermore, a discussion of the rela-
tion of the rate of surplus value to the rate of profit, which
belongs in Volume III. The references furnished little that
was new, while the elaborations for Volumes II and III
were rendered valueless through subsequent revisions and
had to be ruled Gut for the greater part.. Manuscript IV is
an elaboration, ready for printing, of the first section and
the first chapters of the second section of Volume II, and
has been used in its proper place. Although it was found
that this manuscript had been written earlier than Manu-
script II, yet it was far more finished in farm and could
be used with advantage for the corresponding part of this
volume. I had to add only a few supplementary parts
of Manuscript II. This last manuscript is the only fairly
10 Preface.
complete elaboration of Volume II and dates from the
year 1870. The notes for the final revision, which I shall
mention immediately, say explicitly: "The second elab-
oration must be used as a basis."
There is another interruption after 1870, due mainly to
ill health. Marx employed this time in ,his customary
way, that is to say he studied agronomics, agricultural
conditions in America and especially Russia, the money
market and banking institutions, and finally natural sci-
ences, such as geology and physiology. Independent
mathematical studies also form a large part of the numer-
ous manuscripts of this period. In ._he beginning of 1877,
Marx had recovered sufficiently to resume once more
chosen life's work. The beginning of 1877 is marked by
references and notes from the above-named four manu-
scripts intended for a new elaboration of Volume II, _he
'beginning of which is represented by Manuscript V (56
pages in folio). It comprises the first four chapters and is
not very fully worked out. Essential points are .treated in
foot notes. The material is rather collected than sifted, but
it is the last complete presenCation of this most important
first section. A preliminary attempt to prepare this part
for the printer was made in Manuscript VI (after October,
1877, and before July, 1878), embracing 17 quarto pages,
the greater part of the first chapter. A second and last at-
tempt was made in Manuscript VII, dated July 2, 1878,
and consisting of 7 pages in folio.
About this time Marx seems to have realized that he would
never be able to complete the second and third volume in
a manner satisfactory to himself, unless a complete revolution
in his health took place. Manuscripts V-VIII show traces
of hard struggles against depressing physical conditions far
too frequently to be ignored. The most difficult part of file
first section had been worked over in Manuscript V. The
remainder of the first, and the entire second section, with the
exception of Chapter 17, presented no great theoretical diffi-
culties. But the Chird section, dealing with the reproduction
Prelate. 11
and circulation of social capital, seemed to be very much in
need of revision. Manuscript II, it must be pointed out, had
first treated of this reproduction without regard to the circu-
lation which is instrumental in effecting it, and then taken
up the same question with regard to circula¢ion.