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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- 7 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.