■
9 : ■
^' ■■
•^..^
^ I ® ^
(n'«--°
^
n \
F X 'R 3 7 lE33i)S
I.NTHOEUCTION,
L
■I, uatflod of the course :
; i
"Capital? 1 . Vol, i. with 'references to Vol, IX and III*
IS;-kSS"! stuS? Sc&ae - Fo3.lt 1«1 Scummy [Int. Publisher,
/■""■" '
B. Laboratory Studies:
1, Marx studied in England as t&# mast advanced country of his-
fca^ihsci^H^s-tfrt^n, Every newspaper is 1
dsy
full of source material ff J P I'arxlan- Economics and Economists,
E. me world has to-day mutuality what Karat could only pro-
phesy t Imperialism, the economy of : Capitalism in its las t t
emu the Saviet^Unlon, the beginning of the
' decaying stages
new economy*
3. The depression:, Capitalist econoriy 1*1 th the sqania laid tare.
These Labarstory Studies will test, c»rich and supplant our
knowledge of the laws of capitalism afi derived from .19th Centu- ,
ry England, giving a knowledge pf capitalism aa revealed in its -
genesis, maturity, decay and disappearance.
tX. What is Economical
■ A Conflict exists even aa to object "of economics*
1. It is nit an analysis of things produced nor ho* produced.
Forms, materials, substances etc*, are technology or aoouoaic
ge-egjja#%v.
B, it is hot automotive, not the relation between men ft things.
Economists who ask h^w much nourishment i* 1 a pi^ce of oread
or wnnt pleasure in a ieck of card* as compared ts a jar of
pickloa are tfescMng iiits individual psychology nr dietetics.
This is essentially the standpoint of the Marginal Utility
3 ehool ,
■5, Vulgar economics takes surface appear anees as the scientific
reality* Exchange value is seen as a "'quality of thinf$s.
Kin fry seems to swell when handed out and ts£:en hack, Since a
worker is paid if .much per hour Chere can b-o no unpaid time,
no surplus value. An Increase of the ousntity of paper dol-
lars is ejected to magically increase the buying flower etc,.
4.
In general all modern boumecia economics suffers from being
concerned pricr.arilyV with -.±p?lo?etics . No science of economics
ts possible under" tVe&e eircuitistarees .
E + VrTia" economics is. i
A Social Science, sfcuty^ng the relations between men and men In
tne proi'iccian pf thtn./s .
i
:i . "^e v e : .opment and Present State 3f ^nur^oois Economics .
'«., rporeouinltea for Us rice as independent seleiitoe,
1. Fpaduetlin for use ^rea exits n-_. /r.-'bleTta r-f n scientific 17a.-
tire, therefore ^»rt can *jc n« "aciencG L^f r.con-j^ics. -v /
Irciustioi fcr we'rw -c bpiiirs ■"*'. ^1r. J r^o r*arkot an^ its
ilXlSu
f *
/i
)
r
i
a
■
mtfiteries ♦ VJealth 13 in form of ■ exchahge valires or c&imCid 1
tiW, - ''
3.* Production .for Profit.-
} Br'Ive for profits. .Mystery of dri^in of increase in value.,
i.e. profit. ■ ■ !
~- ; 4, [Disguise of- Social Relations,
The exploitation of '[the slave or serf is obvious. The sys'tei
of capitalist exploitation is concealed*
» - i .' -■
B. First Stage-Pr^-Capltalist Epoch of Bourgeois Economy.
1. slercantllism, a reflection of the ownership of merchant ca^" 1
tal in England'. - . '
a. Only growth in value: thru foreign trade.
b. Buy cheap, sell dear, increase gold stock. . -_
c -origin of myth of h f svorable' 1 balance of trade.
2. Physiocrats. Arose among liberal, hour geo is e In 'agrarian
France . ■
VJealth is things and goods, not money. ..
Agriculture! sour de of ail valuo and surplus value. Farm
labor produced more than it consumed. This surplus was
seen as* the! source of rent, profit and interest^
c. physiocrats ' level! op od laissezr-ffiire theory. •-' ':/
Classical Schorl reflectinr the rising" industrial bourgeoisie.
1. Scientific character
a. Had the standpoint of productive industry \
b« Pr^gressive-A gainst the l*in:iholdinp feudal Ideology and
supported laissez-faire ldcolb'ry*
C- Examined ^economic reality with confidence.
2,. Class limitations on scientific character* • '
a. 3tatlc-laid. down unchanging laws, ur.3uited to changing
society,
b. Failed to analyse exploitative character 3f bourgeois'
system, especially failing to dist-in^t'.ish between value, of
labor power and value added by labor to products.
a,
b,
3,
.apse o:
classical school.
a. The first crisis In 1825 shewed its hlstsrical limitations
b The struggles sf the rising proletf.r lit , (1830 -IS 48 J
(Adam Smith "wrote health of 'nations" in 1776, Ricard-> died
in 1823,' having written his "Principles" In 1817, } , r
Cm Classical school was choked 'off before it reached "'jits
D.
logical conclusions.
Degeneration of BouTgeoi
Economics",
f
1., Hihiliam-T'denies possibility if snj science of economics
2. "maybe -sometimes -ism" -when we get ^/jre information,
3. Bad conscience and apologetics.
Deliberate confusion of terms, 1* e., "',7ages af thrift",
r "ttfages of abstinence", ''Skiir is. capital", "Rent nf ability"
"Honey in dividend envelopes is merely a wage for saving
<,and thrift "-Babson, ITY Times, 0-2S-34
4. Jincrediblft vapidity and vulgarity.
\]a. Glorified bookkeeping.
b. h Stock market tipstering,
c. Brain Trust Ignorance-faith in ^ the exploded fal^tcy of
'. ■- the quantity theory of" money.
.iU, 111
i;
-)
IV
T
1 - '_.■--.
! E. Marxian Economics. /
1. Critique >f. bourgeois economica*;
2. farther development of beat achieve men t's beyond the elat,-
limitations of the .bourgeoisie. Clarification Jf 1-fcor taebrv
of value .a nd, development of surplus value,
3. Scientific without? reservation. ■ ..
■^livte 1 f R ^ re3 ^ Kethodol Jg yUf Marxia n E conomic a '.
its historic^, dialectical- standpoint, ["*' r~ : "
A#' Historical specificity
j Sachj his toil ical aystcui haa its owS peculiar lawa, '
^SS 8 ? 01 * *? o:iCm * c f de ^ ls ia timeless def initions, laws'
gotfa for all aocieties, abstractions.
-axx neglns "Capital 1 ' withs. ,r The wealth of thase societies
in which -the capitalist mode of production prevails/ pre-
* u~*.<ut* x J* elf as **\ intense an cutnulat ion wf commodities.'
3. Motility Change. Law_s are laws of direction, tendency.
Out of what? How?' Inhere- do ft s\ immanent tendencies lend*
-Jarxj it ia the ultimate aim* #f this wort to reveal the*
laws of motion of capitalist society."
iJocial Standpoint of Earxisnu .
Xi Bourgeois thought is ato;aiatij. Vhc individual is n Vt part or
society, society ia a mere aggregate of individuals,
Jevonsj'Yhe normal form of the laws of c conoid Is" the same
in the ease of individuals ruU hat^-s. 1 ' "
B. Marxian. .
1. Society ia u ,neal producing unil*. The individual- and the
S ««™£ Ll 1 wor f Sbop3 ^ ro organically P«?t of the whole. (?his
is especially true under capitalism where the illusion of
individualism is ncreutost . )
2. Our labor ic social 1; boa?,
5, Eschance is not an arbitrary, subjective, accidental
phenomena. ■ ' *
£, Exchange does not; take place because (1) we get more
pleas-ire out of something else, or (E) we Ivtve a surplus.
rt" ?* SST ia the com^ctor of wen's labor, . nafcing indivi-
dual labor social l&cor.
gjESnfff-TlSfty ^°r° dlt y , P*»* »* i<» a** .avplta llgg, is the aooial
gegjla^or of d i vision of EjE or in society, f ~ —
standpoint of Production"
iU Bpurpe^ie increaaiaely £teDarate,d; -rem production.
Only connection of speculator is * with shares*, of rentier with
coupons, GoKbart-C'vhe Jour geois" ) i M Th©3© were extr^melv
SSi£iJS*!?!,5 D J ta3r °* £° a3 T ?oii origin who,had enriched
thaajelvos as tax Armors br creditors of the nation end no
floated on the surface of the troth as circles of fat cow-
pie „ely removed, however, fpon the economic liftu a -,
Compare the position of \£j£&*s under the RFC.
B. Marginal Utility School approaches ©canonic a frok the stand-
point of consumption. Values givun by ^onsuner 's dejsires, Wrth
of wojfci» 3 du, determined by I aulcUluc of picture and Mta.
C. 'Rings of Fat". Fattfcw proeuss especially uBprrent i5 JJo-
ft? I ^L^ ' *' ? *' "^"^ ° f Con ™» Surplus. Sclignan: i
1
i
:,
a. Seligman has , no connection -with production, only consuiup-
* tion. ,;
b, JJc concept of production as central factor of social exi-
st ence. [r
■. c.'Ho concept of production as being social, i.e,. for excherjc
'd. To reduce* this concept to ice ultimate absurdity try sub-
stituting coffins and castor oiJL for- books and knives .
Producers do not 1) produce. for theuiis elves j 2) produce, things
they wantj 3) want thlncs they produce.
They produce for society- *
Production as'Reor:>ductIom
Production not only .for consumption but for maiiitenanae of socle
$r'- I "■■
must' produce n«t only what It consumes but
must produce Ijreah raeans of production
■ must produce also* workers ahJ^capitaliets . ■
If everything is consumed,
societv perishes-. ■
If workers .receive n eans of product i oil > capital isra la ended,
I - i ■
Even consumption to for the sake bf production. Production ia*
man's activity on. Earth - ijian's way of life, it Is. the produc-
tion and roprcdur-tiori of life.
. >i •
■ i : i ■
Planless Mature ofj Capitalist Production.
. ,. „ . — . .. _
Cnly in the Market is- it possible tn discover - in capitalist e-
conomy - whether or not one's labcz- was socially necessary. -
A. Division of 'labor goes on behind the scenes, unknown.
1. Rewards and punislments ^re post facto.
a, Production, uncontrollable - like laws of nature,
3. Brings results not) according to oartieular viralits . m
B. Objectivism not Fatalism* ■
£.■ The iniividu&l is helpless but not the alaas,
E.'Soci&ty can- discover trends und possibilities, and it car.
then rciinf orce desirable ones,
3. Society makes its own historv - not out if the wholo cloth -
., but 'by' hastening and strengthen! hg tendencies already pre-,
sent. ■*> .
C, Prerequisites for Planned ^cqn^ny, already preajnt iJl Capital-
ism, I
1. iJatei^il forces - possibility of Tbrndince.
- , 2, Ideological force - scijnje nf smlctv - Marxism.
5. Social h%nr.an f or jfi - thu prnletariat * ■
The problem is then: to, link the thegry -,nd the \ieuns,
Las-alle: ■
-■'VSien. Sol,encQ, nn3 thu ■.:r 1 rkjrs J fchnsu tv/a npnosing polaa
of society, ebbra :o thy;.' will crush all ":arriers to cul-
ture- in i&heir ar;. ; s, ,r
fci ii
C K i!>
E
S 0.
So fc is 1' Or iran is at ion and jairi
■ ( '. .
-'Society as a vthole ;
social animal
Type 3
bi ,,-cojuomy i
Him
/
Horde. pr Mi tive.ji^ibe, ancient; medieval:, modern world,
3,
Ls£ or-
to pro-
be dia-
2. "individualism 13 a lute, "one-sided development *
Social life as social! production - society is a -roduci
ganizati^n (eofjpcre tfeehivp, wolf- ;>ack : , a-je -Horde )
1. Han bsgins to differ from the anijjals .ri?eh .he begins
duce lis own tueanaj of existence..
a. Passive adaptation to enyi-roimei-t by anii-ials _uust
tiiiRu iahed--froj.il active adaptation of enyir<>nwent by i^r&n.
b. Tool's .-'an extension of physical powers
: g, 'Speech - Drgran of sooye ration.
2 . Prod.ii ok ion aa pot merely the r'.ai^tenance of life --it is
' essence of iifd;, n] way of living. What ve. arc and what our :
':, life is like 'de;:-e*"]c.'c on. what we produce and how pc produce it,
Lian and Mature
1. Uevelorn-jent .froia af i_art' of nature" to a controlle:
\ of nature
a
1:
Ijiduflti^ . rsfcre septs "'Unity of r^an with. nature*'
-.
understanding
In altering subjective, nature . nan alters hia cvn". subjective
: nature « i
4., In ^ reducing .ran also produces bis knowledge ,
\ [and Ideas , ■■ ' - ' ' .
&an and Hi at or y
1. Hiat sry-iof lijiin is history of.i'clia-i.'-jing social -structurea.
a. Cnanrea in relation to naturje, • '
production,
of --ro duct ion - bet Tit en '.sn and aen
Of
2.
!
ijility to oroduce r.orc than er. rate rice
basic far axtrolus v.*-|Lue„ They pive
living without wbr-d.n7.- t
.sioi Jlf is that' between irateri&l ard intel-
'J
b«, Changes in for ce-s
■ c . Chancre h \ in re lit ion a
d . Change a ; in ideas
'Division of Labor \ "
.1. Division of labor and a
minimum are the ohycic
the ooa Liability 0-S
The fir at re'ul div
lectual labor. , ;■
-"From this oto&eiifr bncoaeciouaness- can really ^erauade
itself tetfct it i s someth.-.r-?i other tlxnn V. e consciousness
of cxietmor i>rkctiee, cm re-,j?iy ijar-^ine sc;,i©lhina --'
without iam^i^in^ something real--frora this raorient on .-"■
. cor.aciousress sis able to eanncipate itself fro;r. the world
(i.e., the rfcajl world, real economic life) and gd over .
to tl*e ^roduat'xen of 'pure theory' , theology, philosophy,
ethics, etc.' j(: arr.) , * '
Division of .labor | i-odv.ee a division between coira.utrid and exe-
cut ion, , product sjon; fend c en sunpt ion , e t e . ( '
Forms -of division pf labor oroduce. foms of uivision ayo" pro
duct. * Production raider t frivoi net oT *"oc,ial conditions. ?e-
T>roduces those aocial conditions t e.- ft* oarnti-lisin i^rqcuces
capitaliata r.nd jlnbcrers is well /j,a couB. i oUit\es. Production
involves reproduction of econonio setup
t ^aJ la s s is no t an f vnc oi je le v^ 1 concept but a role in pi'oduc % ion
■ conee'ot , ■ .
* ■ -'Ihe capitalist is personified .capital", btm Inbor per-
sonified labor. Jtti interttjiange of personal elements doesn't
alter this per so: if i cat ion. j
The- standpoint of ij L xr;:ian economics =is the standpoint of social produc-
tion.
I'l
4.
ii ; .
Main Forma, of social Organization
A J . Prohis t oric , titage; , Hunting^ and* f railing ■ people a
. 1, Oloae to .horde ■ ' ■■■* ■.'
• '■: 2, l7o -TsrivateL-property .' )•
3|i : ?To claas antagonisms
4, Little control of nature:
IK Past oral -pat riarchul ;; - - : , ;
, '. 1'. Domett icati'on 'Of> Plants
2,
and, anirAals ■■'}
2; From, c&nuibaliam -.and, homacide to'.js'lrivery.
3 . P& t r idr cha 1 .d owlinc, 1 1 on t jnr a u gh v £ a|:
4 , : The ' man-hunt, t of; s e cure s la ve a
■iifcuti't £c ' or'vOrien-tall -
Tr^.v Long duration ;. •
3 . Peruetuatioh of
hereditary divila
'sfeiiay-
■--co,'
relationshipa, — -ejlags fee.qoHes. rcaste with
on of labor ." : ;
. 3 r Inseparable bond ^tweehj' industry and agriculture in srr.ali-
— -. half barbaric, half 'civilized c orl'iiune s / e ..".-:.' China, India,
■ 4. ., Almost no. jtrade outside : ponmiune . DwarflikG, isolated^ sel
•; sufficient locsLL economies. Tie . , coHimdne/s have no history,
: . 5;. On oriental despotism. Bynastj
great :irrlgui;xoti schemes", and c
| in political suroers-trueture, ■
:'6 . Japan is"' an exception-' It was
'.' j state being forced to the sea
7 . D i a rupt "ion - of -is i i t x c form' in
. Rome, in-. £,':?■, a'qst only by niode
ane ie nt Qr|be c o -Rori ■ n : world
has origin, rnp role in
pnquest ..i restless change.:
Stagnation in trio ■'.£ oui^atlbri .
iilo re , a f euda 1 . c ohniie r c i a 1
and' to trade".
r liast b;;
rft capital! i
-1. Influence;. Qf
Litar-rLiHoap anc
Br e a k - ub - o f : . r>r;uiit i ve c emu una 1
ivsiat ic ! stage .
1
Growth of commerce a st:o elated
TP
3. Separation" of industry and
{ between | town and- "country . .
4 , Kan-hunt ar ; d sic ve Ty , po rs i at e c
Feudalism !
'1. Two streams
a. Inner "disin'oegratloii-iji mil
throusch the
iicigeah Islands
. tribe s . .Pre vent ibri b f .
with robbery and tribute .
ieulture. division of labor
brought about coll
-no.
t -o reduction
tionj.
b, u uter conquest by hivrburi^rl tribua.
2, Feudall'sn rcoreae^ts v ■JtrbEPGi
i
3,
a .
ive stage in
xhe transition from slavery t"o serfdom
b. Bringing of barbarian tribt.
Feudal ibfii't decline
& . - of" tr*ide
b, tow&d loc-.lisn ■
c. to cpnservutishi— —aloaonta df caste system
Ureeee j.nd
and grew.
apse of Orao co-Rppifln world
itary strenrrt.llj in internal
limit-: t ions of slave produe-
s to feudalism
i
VL
F. Period, of nascent c.i'julisa, prouucod by two currents in
feudalism.
1". i!annf£ , c!ture7-Grt,xs*-,i,G; free p*.
corn: lot.ity product ion .
G.
H.
ou:ct;rco--th l i
Italy and
2. Ore at c;
ci(tip-3 in Italy
"odcrn bapitalisKi
Imveriu'lisjii
..c-rchant ?a*irieoa, the great' truddng
=anso'
p.aenta, begin:iings of simple
tic cities.
I!
.1.
Development' tit Simple Commodity /production into Capitalism
A. -.Characteristics of. simple commodity production:
V
products
own c'on-
not for
si-
^
2.
3.
Self- employing artisan,- owning own: tools. ar.£ own
a. Produced increasingly for others arid less i/pr
sumption/ but", always fori ft dmrnjiite' customer 1 ,
the open, market.,' / r :■
b. Noicapital and hence 'no capitalist ,'■ r.ont-j inte:
surplus value,' ;
c.., Kojlnplus-triali proletariat . .
Self-employing ; peas ant , owning own
a. ' produced largely |f or domestic .consumption,
b. ; >Np capital/ no agricultural proletariat.,
c. ,E-o ranged only surplus; to - sec -Jrc rar? urticles, j g. .
metal tools. . "' '-,. ,. j. ■" ■■ '
Concept's of ;this stage are: th=* source oi GhV 3oligma,i myths
■ and bi
land .and; tools
rter concoction of modern economic relationships.
Bi Eo.veloqSme
3,
ThV sec ohd ! - current ?
mere basic is the 'si
efLt" oi\ L'jhnpie; commodityj production - Into capitalism.
T w oj MajMclurr ih t s j o in .'•/' - . -..
1 . _-Th3 'U; r.chant p..Yinceg: get : pontrbl over manufacture . and pro-
duction of . somj staple crops I Commodity produc-t ion extends,
■ ; .apprentices' and tven some masters become - proletarians, .
'- iTrbauot^ ;: t#4ce- oh a 'Commodity form J assuming a polar nature
"of use , and ■•exchange; values. '
historically often earlier and
separation; of thb pr ;oducor from
moans
a - By
b.
c»
By
By
of: production.
expropriation 1 ! r- enclosures ,
land, overseas ventures.
r iving ' pe asant s
socially
thtg
from .
IV.
economic subjection of- artisan
economic' ruin of ar^r.^an.
What happens wl^en commojiitiGs become miTrer sal?
.1. A .universal* commodity develops - mpney
Everything has a pricb r - land,
thought, lo|re,. atci . ...
When, labor becomes a commoditv-thefa. polarization
. GPmplete ana modern capitalism exists
Marxist Analysis of -.'Commodities
2.
3.
pow
3T to labor, conscience
is
A. Why start
1.
2:
3.
with .commodities?
.They aij-.o th«* -historical starting point for capitalist pro-
duo tioia.
Capitalist
Because
'is- 1 .also
%cn
duct ion is the production of commodities,
lab^r ' : pjvjcr'" is :a coinmodifcy, capitalist production;',
the, production. of surplus value.
. *
. . i
4. Wealth ] in capitalismj-is an ac cumulation , of commodities. -
this i& not' true of earlier systems.'.
B, -polar nature of:tn_= commodity
1,
2
ar
,/
':
For th<i- first time products
Antagonist; of the system.. .
TJSjO value "for. ..whom?" (The purchaser)
Exchange .value for jj/Aom.? "(The "pr-.odue'er:)
For 'thd producer it', is/not a use value (of.
oi -for., both use, and exchange.
turerj'j-and for user it
1
coffin manufac-
is not exchange . ifJipio * ;
i
-t-
!
..... _. -■
;e value-. rivjrt'M.'e
ixch£..nn:a value .
arnse vniue "but not every us v e
In this lies -the h'arm "of' :
-■C;
D.
i . Every, exphan*
j | value ■ is art i
crises . ' •• .
: , production; is lor exchange, fgr ethers' in the abstract ■ —
;.' in, .-.short ; for so c iefcy . ; . In "prev ious" ^ay-at i'emsj "exc;hange)jjieeiiied
an -accident, and use by the -producer the rule .' How use by
the producer iy. ticc'idcntal: and occasional,] arid exchange- :
the rule.- :./';' -, ■ I ' ! ■ j ...
i. Commodity contains the g^rfti of 'all tlic contradictions- ofjr'i
b ap h : all am . , ~Th o exp aris ion,;: 'of j c o r. r. >.o d i t i e a me ans the exp a n-
sion of ^ contradictions^ ' / ':'} ,. \
Polar nature' of;; eoWrio'dity , labor power ;;,! , .
-For
For
laborer -Jifo exchange ;; value' wHicjh" airiat. oe
jisfc-
sold. .
a use value which produces and ■
the capita ljj
cre&tes valug .: in the' form of new commodities^ !-riew exchange '
'■ values. : ,■-'. ' . ■ \ -.-. '- '
P.niar'.imture of Capitalism:
1. -Polarization ■■or ppoducers, ,ihd';iriea-ns bf-' nroduotion- -''
2,' Wealth-, -and .poverty !•'••''. ' .,' " '
7? t 'Xiabiir and f'Qvmer ship \ . \\:-\
j ; (This polarization, received* its t.-at in 1 the new world of :
./as necusaary artificially to 'create
colonial; tlrvj a , '. through 3 and systems., ■ '
; |sl avery , ; "vhi oh was . : Hi s t iric b from . anc i ent
'wedded to" a capitalist .Oyster- of -agri-'-
tela i »# producer
prqiauetionj 1 'now
products 'are. com
value s but,: their
Commo di t ie's^ ar e
but for" .profit.
th$n producing ■
.1-
V. Structure of Marxfa "Capital 1 '
Vcl. J
■i
' America wherW.lt
. Pf vbrty ' iiri ; id'arly
■' .indgnturing' and
-slavery in bo:lng|°
pulbure4|'
Th^p. is _ the doeijsive feature nf capital isr. ' '- the sep
mjw ta^iKjLa borer, from the ^ecns'of
capital . ,;•;; tabor power- is' ;a".cot4iodlty, all
nodities..- Coianoditi'Rs must a till be -use
-" f alue can" 'only- bp realized by exchange,
not for Bse o:r even primarily .for "exchanger.
If' there is , more profit in destroying
then they' destroy, ■ *■ ./)'•'
.
!■ Antagonisms In g-drrr in the .'. eosiir^dity.
change value as onder sii;;pi.ei SOtur-id^t
'£ . C imno di by| bee oins s
money, appears.
Starts" with ex-
ty production v -
universal and a universal adW-Qdlty.,'
.
\
, 3... Labor power becomes a commodity;' .The value -of labor 'power
. j as a commodity i and the production of surplus] value.!
> Transitions frdm Manufacture to ;i machinof aatjure' 1 -:, . and from
commoclity producer to proletarian.
yol. II. Modification of value of somrnodities i'h process of circu-
lation.' t
1. .Cirfulation afj capital - '. " -
2. Series; 1 of cycles. - problems of reproduction and equil-
.
1
.
Vol. Ill
ibr^iutn.'.
*•
• r -
Capitalist oroduction- as a 'whole.' .,'
Division of capital; into (1.) "money ca'pital. (£) merahant
capital (3} entrepreneurs capital,
Ji vision -of iturcatts
value into (1) rent (2) interest fgj
cammorcial profit (4) entrepreneurs prof it .
Modification!, of/ laws of value under developed capital ism
by competition between capitals and by produation for profit
; not merely ;fba? exchange.
i
■
,
i
. -. 1 ■
A.
MI I H D . -HE S 3 O'K _ f; ' :
: i
vijion.of Economics 'into- Pl a nned and' plnm^ .
Plashed, secieties , j / ■. -■ . -^, .
2 -'- Characteristics;. ■' <T- #
a. •Froductis'h" f Q '4-u3e " I " 1,
products ; are direct .use values,^ " '
the indiVidua:., is directly a Dart t
regardle SS : of .tint" askea f?bmhW
Planned- division of .late, &*■ c^tr^^i,:^ of
■»b ,
■<$".■
t as Its is based
3*.
OS?
soTTi;
aty/- maintainaf
on
By
M^L JSP?- efr^ate of heeds . ■ "
sotHtety,
Planless
1. Simple commodity
Ifterl
production sr
J
.
.
-
4-4
r-
f
or
Capitali3|;-praduiiion.
* Characteristics;
■ a, J pro due -k ion for
tha?r^%r?hfccnsu4; XCh Sf f ^ alua3 ^ oh J* : indirectly .
concealed und'ir the £ise of K-SJ-k ™W V 1( *?* is
exchange .(3^;pie ' commodity .society)
d.
the iri>l±vir)i'*7r -F"* i?"" "•;:"* individual-, lkbor,
werk ; I ' H-roauc-cive ectivifcieg are guess-
« Is' wildly iiiJtli P • a in 3 ?el8t7 "s a *.ole •
~1fc . • ■
f«
•
--II,. How, individual T.n h^ -biiaw
-
-
A. labor is not, for one' a :
-^calculable'- society ^ - T-, •
,. 3ccial r.obor.
but ,f-r
B. Products' are: not us
cer' s viewpoint. .
1 .-rystsricua, IndeMnifce,"
•\
raj-utt, but axt^fcuwe vnj.i.es - iw
j. . ■ . -, ' r -
socially ^wJyiX^ 1 ^?In" w ^ M J i** * Was
. onanism of , the market 1 >ehi7ri w ^l ^ ^ an elab °rate me-
v f zni^^.^^i^^^^^svnply^a demand, o-
ci.cn- and waate, failarW eS ?h ■ J i lift f P^ces, destruc-
E
are?; continually ; ;foi|miii l? and dissolving - every ieali'ed'ex
change^makes .one; a member, of, satiety, every faille with
draws the membership:. £;:; - ' . ^ ; wlt& -
.' ' ; \ ■ ■ " '"i'' ■ ■'. .■ ..■■■■-:
Relation of individual to society.
The relationships between men [ effect ed by commodities- ape
«§? ^ ^ S& ' P » l W°H ^ways involves the danger
that commodities, unsold; . will t.iirn on their ■ creator and
stifle him as a part of the social, productive system.
( The commodity exchange
indicates
i* >?° W Ja^ the_ producer *s labor wfes social.
10
2". Hqw far society was
* I
>; .
i
laboring for him in return.
any a-
,5 . Hi s ^ shar e o f t h e ; s o'c i ial ; pro duct ;
'■■'■'"-'.'•'.'. ■' ■'- "■':"■ ■'■■"" '" ■ x : - .".*.■ •-.■
The individual Is. "frei", . ;' %
1. .No-work is assigned 'to hinw " U
■ '■^•■'■H^y-toifce'ailiy taoli, producing any product in .
mount. It is as tho 'society has assigned a quota but
the^producers^had fcrgcitter, i&nd m?st Rediscover it
thru trial and: error. -
5. There la 1 no obligation to "labor - t> u t one's sharp nf
products depends on -one's labor, u - one s s ^ are of
' 4 * Xf??, 0n ° W °^ ks ' on 4 m " a y.f- iri a the product' was not ■
?£« i k n0CQ if fl2 ' y c ' r T f lot ^cesaary t.o the extent of
the labor spent, -
5 " S?XA d(?ve % ed ■es-PiJaliaiii one may not : o ven be per r
mitt ed to- work - unemployment. V
►*>**.T- - -
• 2^™l Ue °* a ^Pf oduct Jis measured in its share of other '
products, which means itp share of social production «?
a whole. This de^nds onjand at tho same time shoSs/in
■ what degree- the producer 's labor - was socially necessary?
L ■ *
- "Tho private labor which has fproduccd a commo'd'itv
■ , acquires validity (value) only insofar as it is
an expenditure of its antithesis, socially nocos^ '
; sary labor" - ,\arx. . * , ■
■ * . - '"
P.: Valuo depends on; average, abstract labor time.
r.efuteir-s of tho Laboij Sheory of value say: "Doos the
££f l ah °™ r > thc fa* ^±n« -ore primitive methoSs or/
poorer tools, create 'more ! value'" ■
' y^h *! S? P ff SOd in SH 13 of accessary labof tiraoi no* -
■ the noxi? -po-culiarities of one produaer ,as against
Marx said: ''in "order to 1 result in exchange value tho labor
m of an individual.- must bo turned into a universal cauiva-
cn5 ■ i- ■ J G ?°r H mc °f an individual muat bo exproa^
sod as universal labor time , P
The lab6r time of tho- individual is thus in fact tho labor
time which society requires" for the prqduction of a cor-
tain_ f Uso value, i.e. for tho satisfaction of a certain
want . _ | _
{ ■ • ' I )
Ultimately money; - as
becomes the connector
and man.
This is the ''Cash" Nexus
the universal commodity equivalent
f men and their labor, and -of men
■
1.
o. m
,The' Mysteries of, Money,
■r li
L- E S S N.
k
M on e y
%
T^te -quint cs-s enc c oif the je emmo flit y r ci ationsh ip- I s the c a ah - nex-
us .
B
Money l appear 3 ■ to br ec
The barter formula, (emir
3 impl p ■ exchange f ornal a,
•-C ' .;".).-, ax 1 6 . dear ji hut the
'Money* { M - C 4. U 1 ' ) ,
imohey. lending ferrule
"Iculousy
<P :J£ ^ fully developed commodity system every thing. has a price,
S . . Tne.- : ni'ghos t form, c fuW fetishism of ■commodities is the f c-
tishism of money--, all . relationships arc reduced- to : a- limp of
-yellow metal ; =;•■';? ' , J , '•;'■■■
d rronoy.
rv
odity.f^r Coirinodity:;C.C.- :Gl: ), and the -
1 Commodity - Konoy - Commodity ( .C'"~ :M "-
fqrmula f or trading,. Money :-■ Commodity -
apj|ours isGhselcss at first sight, ■ while the
/■Jitaney ifor/Moncy. M -; .Mj' ■ ). ' appears mira- ^
All the labor /atho" -prpJ3x.ci ivu fbrcefsi which. II
mulacTar o effectively^ cdnc-caldd : by jtli'c cash n
the. satisfied of all
sake as-' compared- with-' pi
.a behind .those -f or-
icxus . ■ ]
Contradictions jo$! KojrdJng, '.. ■ ■' ' ■ ' ' ^ L
Indefinite accumulations of any Mother commodity would appear to
be senseless. But to pillo up gold indcfihltclv: -seems sensible -
Desirous of having his commodities -in tho form which is most :
1. capable, of entering circulation,- the hoarder withdraws It from
circulation. ...%
in 'the case of [the miser! -this "ove
r powering desire to have money,
. sodlal w.hts, leads -to .a :situ^tion "where he
oarply satisfies natural
wants. The production, f or-pi-oductio-i ' s
oduction for consumption 1 s, sake may see*
, senseless, It is rationalism personified coranarcd tb:hoarding :
money for man&y. s sal;o. ' ' •
Accumulation of, all other commodities has physical limits; but
the ^efeuiaticn pf jenlM. in the money form has no limits .
•II. " Bourgeois Theories .of Money, - -' ,
■ ■
'dt
A. Quantity theory of n
1 . Explains' price 3
bJF 'quanjblVy'of mo J
Grows cut of obso
.(lire deniable- pap
der3tood.
&
by
or
B; Convention, "theory.
j ■
1 ■
it
1.* Belicivo tha;t nonet'
concept of most ©1
schemers ,^0.
2,„ In reality -money
chy o|f' production
oney. ./•*":
quantity of, money] in circulation instead
cy in circulation by prices.
sion,of certain-laws 6T closed paper money
currency) and' even these laws wore misun-
i ' {
is only a social qonvention - the bas/Lc
the currency rof owners, social credit
is the* only cossible regulator ' of thc/anar-
ndcr capitalism. Tho currency reformers
arc trying to loop;) one end of the prico-oroduction atrcf-saw
.. J
.still While qovinfc the ofch-^r end up and down. (Money Is no ro-
?{j a symbol than "ho commodity aspect of use 'vVlm
bol. (' j
h:
ie is a syhm'
V^
G . ■ Genetic . theory. -' j.
Thfs- theory - based on iana
i.
_C
12
dotes of other commodities- that
i
(! .
.) II
i
D>
' : S.
; 'have served as money, i'athfer than onya'ny analysis i savss
"MQnoy made trade possible J 1 . .. /
The exact opposite is realty true. .
Vulgar economists.
Smarting from the appearanbes. of already developed money, they
' never leave the surface and when they examine ian earlier peri-
od, they -'dp so with tSeir presuppositions and apDoarances still
with them. - ■* ■ ,
• ""' ' i ' I ' • • ■
Gide's theory of money - typical of bourgeois economics ..
"1. In analyzing barter, Gijio finds three difficulties with It, ■■
J'Pirst^ f ind someone ' willing to acquire dbject barte'rer pos-
sesses. CJecohd, someonei able and willing to give exact ob-
. : jeot .wanted. Third, even supposing this" happy encounter
takes, place, the two objects must be of' equal value-,.- that ia
must correspond to two equal and opposite desires. These- are
three improbabilities". Therefore Gide concludes; "The in--
•. | tar-vent Ion of an Interm
inconveniences",
2. This viewpoint is defee
a. Gide criticizes hart
developed trade and
represents not the t*
ney {as- Gide thinks)
tiGn of use value:, i
sdiate commodity does away with these
;,*
bive froif the following angles:
er from the standpoint -qf an 'already,
comr odity production. Direct 'barter
cans ferriat ion of commodities into/mo-
but the beginning of tine trans fopma-
iito eorrjodlties.
b. Only when the commodity form is universal does the .need
for afa^nlvcrssl cominpdity (money) become necessary .and
possibae. i • ■
e. The contradictions Gide sueaks of are really inherent in
the commodity. As a ^use value it +s noc abstract, not ge-
neralized, not ^di vis
it assume- tho^e ,.fy>-<sl
d» &idej; treats borirer a
ring onl7/ fror, cart
solution of which c
ibl'e. Only as an exchange value does
i rs .
a. natural forir of exchange, suffe-
i-i t eehiii cal dif f i cul ties, f or th e '
oney is a "cunningly devised expedi**
ent' 1 ; Barter is, however, „iot a natural form. When It ex-
ists in a society, engaged primarily in producing use va-
lue, it is only a fringe phenomenon. When it appears ^n a
ieiy - as barter has recenly appeared
onal transections - it Is still only..-
representing the breakdown' of normal
highly developed soc
in certain Internati
a fringe phenomenon
P.
exchange reihods .
Gide believes that tincowferaura&l.llty of use values trans-
forms floods into ...orev or, cm.veracly, that none y makes
it it is really the cotimensu:
ability of commodities as , incorporated labor time that
turns gold into ;rtoney*
K.ow does money develop.
' 1« In proportion as -all other products develop into commodi-
ties, gold develops ir.tc Money.
■2, Money becomes ( thc; universal ecuivrlenb because all commodl-
.ties are universe! in their need for an equivalent.
3* As the universal' character of labor time- in commodities is
revealed, the labor time in thejtfniversal commodity {gold)
! '
.
^
_ iT- 3S&**9g£— ■
.
13
;te
appears as- universal labor time.
4. 4s the universal alienation of products* developed, a me- v -
dlum of universal alienation 'becomes necessary.
5. Thus ijioney is polar to commodities. "it is impossible to
have- commodities; without money or to have money without
-commodities." it jis Similarly impassible to have .planned
planned production, i.e. the end of
jy. :
money I without havin]
conmoditles and monl
6. Honey and Crises,
1. For Glde money is
e end of difficulties.
2. For Jiarx- ( and in reality) money is the beginning "of ■ dif*.
ficulties.
Gide;
"It Has the indivisibility of the two operations
(purchase- and s'ale). which made them- difficult.
Once the knot that binds them is cut, each se-
parated becomes fairly simple,"
Marx :
>* i
The roparaticbn of purchase and- sale in. the pro-
cess of exchange destroys all local, primitive/
patriarchal and naively, genial barriers to int-
erchange of matter Iij society, it is, moreover,
the general form of tho- separation ...... which
carries within it the possibility of commercial
crises .....I Crises oar not Occur without money
circulation. V •
HI- Marx's Method Of Analysing i-roney'.-
f k. Penetrates into essence of money by ptudyinr its evolution
from the commodity,
B. Distinguishes clearly the various for-s of mone" - as vari-
ous as-bourireols relations, bourse all bourgeois relation-
snips take the fori. -;f 'money roiationz.
C. Development of v.ioney is a reflex of development rf cot-modi- ■
ties . " ■
Use value develops thru, barter into exchange value
As exchange value jievulops. the form of value also develops
i.e. money* '
■ /' ■
■. (
. !■,
U
i.
I
.-
I*
-
J r 14-;-
$j E S S ft' F I V E
&OICEY •--,:( ■ "."
REVIEW; il. Development qf money Ife reflex of development of pi^K
. -■ ijnto. commodities . ■ :
- 2, |s universal alienation of commodities develops, a mediui
^«f universal alienation: is needed.
3 f*-'p?° penetrate into essence- of money we must study: •
P^.Its evolution as opposite pole, of the .evolution of
^.■-.commodities.-. J , . .,
t ,'\* The development of a form of value as. the opposite &
J pole : of, the development of exchange value of ! commodlt
M|rx approaches study of mcjney through study of the forms- 7
of value, ■ - J .-.
Firs.t^the elementary, isolated and' accidentals-form 'of vsW. In
this stage the exchange formula is ono cow equals one ton of ■ ;
iron, ,*etc. This is the barter stage.
A. Bourgeois estimate calls .barter a "natural form of erpMn/e" "
v "an instinct". • ,; ■ . v ; ; j- ^ '
B.'""WlJa>t -,"is Bnrter? .' ., ' ' ■ /, : - .
lJ It is distinctly "a peripheral phenomenon..
*>. -Lt is the beginning of the -development of use values into
., - commodities rather than of commodities- into morioy;
* ' 3 * f^ter ± g ]n th0 accidental conversion of us 6 value to commc^
clitics. When commodity. s are produced regularly for oxch- -'
- ange, barter i's impossible, . except again; as An accident '" "■"
as at the present time, as a dcclinis* and rnccdine acc'ironf
D. Even in Barker polarity berins to show itself/ g
1. The product to be bartered ceases to be a/use value for"
. the producer, t. becomes an elementary embodiment of social
labor, to bo measured or at least to express itself rola- f
. ■■' tively in the use value opsone othur commodity. That ia ,V
the commodity bartered requires an equivalent but not a
specialized equivalent (money) but an /isolated, accidental
equivalent. ■ ,;: .
E. How Barter becomes Eacfcongo by process /df repetition,
1. Certain commodities -arc produced increasingly for exchange .
2. Commodity equivalents, tend to become fixodi -
3. Some one commodity ,^ cither the most frequently produced,
ttio most frequently exchanged, or' the most universally
needed, tends to be sinsLod out and become increasingly
the equivalent. Through this process is generated (p)
money in the total or extended form and, <b) money 'in
the generalized form. '
' liVt 1 ** wrt^^pj f orn of nonoy. Each specialized producer in
effect equates -his product with all ot^crjs.
For oxemplo - One " p;-.ir of shoe's equals -Sigtft bushels wheat
■ . Forty .loaves broad
| '; 1/5 ouncu of §oL
. Etcetera. -> /
hirher degree of individual labor ind/divi-
II
A. This reflects
sion of labor,
B, Still there is
i no gtneralized qquiv^lont until:
1* Some commodity is sidled out' with the function of
equivalent, expressing- all other commodities; but his
itself no .equivalent form.
2. Some commodity acquires wider, universal vliditv ■ nA
.repeatedly r ,e-.aur.. 5 «. valuo'in oti£r S , ana ? '**
3. JTho others arc at the opposite pole Wohluring their
■*
•»•* T t* *■»,
JL
V:
1
k
•Thia. generalizes /the value polarity and gives us the- generalized
value farm. '/ v ■'•(■
- III.y: Generalized value forci.
/,
■ I
A. When the extended form "{cattle p or gold for example) "becomes
■-- generalized so that all aise, cattle or -gold as equivalent mea-
sure of ; . value and -mean 9 of purchase, then: : ■'
1. to the cattle' producer or gold producer the equivalent is
still an extended; form J
' 2. to' all others it "is a- generalized form of value.
B. -Tho^ producer of ygoldJ or cattle with generalized form.
1.-. still engages-, in "barter; ,'■ . * -
2.. his commodity, which 'is direct wealth, 'commands .all others-
3. his vcommodity r expresses itself in extended form with all q:j
there; i| . ;
i4-. all others express .themselves in his commodity in their ge-
, I neralized form; '■'.'.•
.5, other commodities- seem :to'possess value only insofar as the
, generalised form is procurable .for
IV
Metallic Money - The Precious Metals, j ' ! - r
A. Social dot or rai riant, - ■. I ■
-. The growing physical importance of j the notal in arts and the
crafts.
!
B. Physical determinant, . ■/ - (■
Uniformity, divisibility, durability, rocogni'zaoility and fa-
culty of to ins; minted. J
1-
C. All commodities moLsurc their value in E;cld. %C(W then docs
gold measure itself? As an- equivalent to ell other commodities
i.e. thru tfco price level. Tills is a polar a of>-s aw character,.
Rise in general price - level signifies ft.ll in- purchasing power
of gold r.iid vice vorsa,
One ounce of gold equals:' ". !•
one suit, %
forty bushels of wheat,
five pairs of.shcos
etc, . t'
B. Distinction between eli-nontary barter and generalised gold ex-
change . . . . .
1. Exchange, under i generalized form is not isolated, not acci-
dental. . ... •- I j
2. All cprrinoditios V-rc expressed in thr; p-old equivalent.
3. Gold has no. general measure of v^.luc ^ v onc commodity me;
suros itself in all othjrs ,
4. The ooiablnafion of the elementary -md extended fcrms, e/ich
permanently 5 polarized,- gives higlysr aen.jfsalized value form
of moxjey for:.i',
. ■ 5, The use value of ; gold a3 rtonoy is purely fdrmal. It is not
consumed but; is -purely the bearer of exchange value, the
. incarnation of universal labor ti^ie.- ■
-/ . - . i"
11
*>, ■*
IF'
' s
V
"F.
-
.| . 'I - ■ : ■ 1.5
-11 nfw^SJZ' ^ in ; lly S° ld "nd-sUvcr displaced practical v
art., trad value to So i«rt?^^JS^ ^? g la now p - llRDSt a doad
naflJto, canno? .ona^o ^1^^ b^cnn?, 1CES ^? ^ Mort-
ized Tom of ofittlo ■ J-SiSL^ ?S ld nonc ? r ln fc hc .general-
cial nature of X u," *? Incjnsito. This evidences so-
conplcto? «<**>8° value - the polar separation is now
G, How all other ernnnrtlUA* «„„ „
direct relation to o"h oi*££ w "f-f* 6 ™ lucs . "«h „o
«>,„„:; ' J v - J - uu > pricu, i,o. to cannand Eionov
, Hcnco rrioncy now functions *-"u nonuy.
> li as. medium cf exchange, s
_ 3. as i.iG/iSTirc of valued
i 3. as :.ioney of account,
4. as. noans of paynont,
5, as ri-.ana of hoarding.
Thence two polar illusions-
1. Koncy alone has v^luo (mercantilist school),
W^i™"? 7 is ,°2£"POlo- of which* the eoinodiiy is tho o-
out realizing it. ^...oauics, can havo a pnec with-
. , "All the" steals which threaten con-oditius T ln Mi, ™ 'i
tuai process of circulation center . bout it ^^^. "
H. Standard cf prico - "Legal Sband-rd"
-' locate Sc^" 5 ^ f5 C:m ! ^ £urc v ^ u ^.
it can" sor.v
str.ndr-.r'd.
to nass, v/cifTht and fineness ("lcc-l" nintnS ZZl t'
'« .'s *C i-nit i-^> .... *1 x^g lr x Minted, coml
- .s . inlt to nunsuro itself and hoconcs a price'
■"
. . ■ m
I
.t *
w w
\ ■ ■■■.:
■ :-■
•u
If
J
1 I : ■ '-.' ■■'."■■■ " ;
"X.. Confusion resulting from "legalf i
^ 9 «u 30 iT C ?°i lca? ±S ?lwa7?s Y^ttiirty-fifth of ah ounce ofh.f
.^^^ ldno V c supposed thatVld has always the- same raiuof
Its value varies as the labor tW 'incorporator! in it vrrics
the Klondike gold sfcrxkc each recited in the lowering of the vr-
luc of gold, expressed by a rise in prices. CJ fa '
The purchasing power of gold varle\ u other commodities rise :anr
■ S 11 ,, 1 ?,^!^. As an example of. a JWlc commodity change in v^V--
the Hfill.Aluainran Process may boloi&d. Alumina then repreacntna
Ics^incpcratod labor tin,, heice \t f ppleo in terns of™l!|
The sane general effect appears In. the soread of modern r-chin.-v
tending j» make all commodities cheaper, ij rol.itiori! to gold. > t
As a. standard of prfocf gold never varies, joxcept'by, legislation
As ' a neasuro of .^aluo it "varies ccnsfntly
| ' " - ' " ■".■■■
J. World Kpney. ^ j i
The laws fixing tho^'lcgal standard" prevail" onl-y' within nation-
- boundaries, on the world nhrkcfc gold has value only £ SoiSht
that is: It obeys, only the laws of valuo. * ^ ' ' '
:
i
.i\
v
(
'.
ue p so-s ■'■s-.-j:
' M" o n 'e y.
1 ^
1G
1G - -|
1-gokeh and subsidiary coins ' ■ ■' ' \ '
; A. Coinage l^ government certification 'of 'we^&t s^dl fine- '*s
. , i tove^cn* took, oyerf.ihe ^unctiom from, ^i-ite coiner*.''
1.. As the ex|>re33ion of the dapltfalist diss as' a' whol-
As a mcjpopoly source of prof it. thro ugh' ■ . \
-a.. Se^gnorage--the frieinopMiy coinage charge, {For examo
ver purchTdtid at about sn £«&+.« =.* „„„„.. -^ .-;._,_?£"
!?■
;...P. Debasement
•■■?^ sin S °£ ^^age and changing the- standard of valued
. lane, recent change in the value of tfifa dollar netted tb^
government ^two billion dollars.}
through' circulation— 'the we;
■
i i
c
J
■ , : -*■•"'■ -v— vwj, m^xu, uuj.n is lasfLiized bv Dr°ctice
:| body?» I y tran 3 form,d into ; a more phantom , of its golaen ■
S ^ !?&*«% J"? a ^r ^S 1 «? r tok -^^f itself. (Therefor^ so
iJ? ? *1* circulates as full coin" it is wc-rth -mcU In" circu- ? .
latlon than out J It has ■ formal value greater than] its^ctndl
value because-.it peculates wlureaa formerly *old could .emu-
late as money oecause it had definite vtd.\e. ~\. -
0. This dibinution,ibhrough circulation is oftsn recognized legally
. by cutting the standard" amount of sold content by lavi. %n-c1 in-:
SlwSJt?- S2 dS '/»S na ^ 3 Qt non , eG at - and fc * constantly" ajjni-
■nismng weights,;- ('"Pound sterling " for exnr.ple.)
4.. On the other hand, gold coin becoming a symbol of- itself facili-
tates d%clopaerirof other" a-hola. This leads to oldor metallic-/
monies jolf lesser value bertcmL^ rJero^ynbola of fractional !
amofant^ pf gold— subsidiary coins. . ■
Do silver and copper -subsidiary coins involve bimetallism* *' (
1. They aija prevented fro:.] displacing ^ cld h y V
a. Redeemability in gold,
b, Legal tender limitations,
. c.Law of v-slue. ■ ,
2. Subsidi'ar.r coin circulates not as expression of its own ^(Lue '■
but as symbol of ;>:old, ^ ■ - ' • . n
Z \ m S'retail^df 1 ^ 10 TOl ? 6 ?^"; a > * ct ^ gold requirements
in retail trade. If i-.opb is issued (as in England in 1798) it
lies idle and finally *as i be sold *3 Sena metal.
T T. Paper Money
A, Stages in Development ■ >
1. Worn ''coin
2, Subsidiary coin ■
; *3* Paper — a mere sign of value J
OrJilt is illusory to thin}< chat paper money is. nut representative
■ is a Lvri U " f °! S ld ^ Ut ^c-c], of cor^odities'. P 4ctuany i?
|s a tokvn of -old and only through ihat a token of valast It
^J™° 110 ° nly in50far * 5 it represents -old to all coi^bdity
3. Function of state is to -ive guarantee as ex ■ ■
aoquiesftnoe of every, pimmodity own-u-.
_
r
ion qt ^cn/eral
.
. I
i
Z^r'r—
.■:-■ .
D; Howjijiuch pLiper tan .Gii i cu'lata'? U ' J 1 '" ' '
| cj— — — . tr^^J 1VJJXM
Pointed on them oac'h will:
'/;■'■
01.
i
be regarded as I ian. -aliquot part
o f that tnt.n 7^; ■ ^T : u ^garden astan aliquot p;
r
that that state carl fix value of
tj of any deno
f t
5.
It is illusory' to ^ol'iovo
paper.
a, It can throw infco .circulation any 'quafe
; ■ mlMtion but its powar: stops there? W
1 Ss oTsUtrin^ 011 P ^ r mo ^y oboya^y'statuatory =
ajacrt themselves from within oy |a rise op lail W tW
Pjb-QHasing.powiur of paper-. ' f X1 in thc
This is nrunifcstod by a rffci-sc rise or fail in the-
gojowrm price level i. , ,:■: - i^i.m ,tho
Bourgeois .theories on fapnfgj deduced front; this negative
or inverse reaction. .Therefore the quantity thSJ S
money school are the reverse of nor-1 la"w1 of aoLal^
mcjncy us jasainst^rcprescn^ive paper money.
Lon ■ 'j'
A
B.
-*£'
.
t
it;
■r
Money as a Mediu m of. Circulati
A- C-M-0 | — ~^ . ■ ' -
eoSditics ^ 6lvCn aS iS - thc '' c " se w "h other
<3. Division: hupidity of circulation? ' " . '" \
' l^sen C t^° n: ^n d i r * Qr ' S&± l 5 * StQm th - c ^okkocpin^ offsets
n 6uki?JSS J . uCtuiil ^aaat of money required.; ^JL
* a^c^n"^ ■"* """"^ * C '}^ le ° f contract
HSceaaft^n^ ^S ^ " n j ' JUt ° f reservoirs . Holding i/ a
necessity of a developed capitalism. Banks today art oLkcd
I : oortedTn y « In tft ? WintCr ° f 1952 ^ ***u.tlc rise lalvo-
SithdJ.-iS 5SH f ciP S u ^ tl0n " when actually money was
circSrr?n?/ m F^V™* «****°d. Therefore it waa not in
. circulation (as- reported but out of circulation.
Contrast of Gold i±th Fipor *
A. Gold circulates boatmso it bus vluo P-ir^r fa*, a w . i„ r k*
it circulates 1 £ v.j.uc. p.ip^r has value because
. : ■ ' 1
•I •
• . and gold «i», U% P i£S? P S UP ° n * uu "«> i* oirdalall/n
. ' ■'S£SrtKi"i. i ?S,S oHStTJ 3 /"? fal * *"* «•«
qu&tity of .paper in circula^onf We " S'&SVk"* f * 21 ""»
prices do not. . - K ay 'Gem* because gold
their heads, looms aiTSB on paper ere standing en
sro™ out Qt its -aiS^^SJySJt "nl^/Lficnt. ".
V» M>n«y of Account
* # ~^ en t^ic money relation fi r« n ™«i ** j
the; quality of Ztlvioot am ^SH t uL U Custora ^y to oi.tlnato
' pr "net ivdrth" of a n Q nti??wm? ? or flUm of ^wnoditlos-
where tb&*e is a short*,.*.. «£ ™i iai ' flJ «* ihus 1" colonies*
J» Whwft t)iB3tr.llian la attempted ; '■ ' ':
1. Only ene metal will circulate. ■
*=• Only enr: irotqi [upiit-ltv tt-r. n ft „ „* , ■
■■ t^MVtfiSW £#."-* lts VBl - *« n-t«.t. ln
-. E. Monoy may 'function as a mezeurc of imi»« a
in the case of e given coiwdlt,/? 1 ^ atld aon ^ of pc count
of the tno DBloanfthf meolura ftTti change Moans separation
ssSrt^B jjr chas ■ < « > ■ stir a;* tj* stj sf .^ -
B. Money as a means e f payment Credit.
1. Hare sale is medo without oash "«+ + 1
■ • 2. Money thus enters circulation bu? ™?T nt -J e be **** lat °*.
of circulation (modium f ^h^? > V^ lat63 * n3 meens
payment. l or exc nr.n £ e) but later as moans of .
Ghcisei otl CPidit "' ? r l 8 ^ tl . fcfflcrit , <** the commodity p5r-
paid for. • raBy ctlan £ e in v ^luc before it is som^
5. Further compile at ions-- W^
rf>P still later scttl»"ant. "" (slnulta "«»>« )
'■ -d. StSSSS s B s a L B 22 * B " T< *" » l beginning. .
■ m seen .. Wrt^fSt^jM^ ."J S&«-«-
'it
: .C«. Creiit and, Crises- v -£?■
' ■ ' :r ** , i f ^l« C % betWee ^ ni0,iey as means of oipouiatiw ant wenoy '
'*■■"' o SL? e8 S- ° f F ay ^ nt raakes itS:elf ^lt In orisis. ' r
'•! /iiit^t?* 18 Stfpvl J , a e as rao>°y of account the illusion
SE**^ ? T ney U a mci ^ ooaventlon. Many conditio*
" b ™ *«■!? ha — " ith llttle actuaa movement *f Snay,
iiciai system of settling them is aeve-loped. no hoy suddehlv
- - in^KJ/K J lsi0 ^? nebulous shape as K value? turn-
"■ J™?,? ♦ ? violent interruption erf (the flow of payments ana dis-
turbs the mechanics of their s ett'loment . ■ ' ^^"^ En * ais
i««i«j' ? b f p , |U f lth suddenly appears uoel^ss and use values-
?Sti™SJ B h 8a J* en Vu OP8lon frera a systGm of *'•*"• to a
1 ■ eanlc? InA h tf ! S eS ? h °^ J^eticai flight on to* .f practical >
fSSlSln-^ f l0 , & ?' aler ^ Bho Se *£™cy circulation is offecte*
shudders boforfe tea imponetrablo mystery \n which his own -
economic relations- ars involved."
%5*025-?£2Si.t dp not cause crises but in money and credit'' ''
VI* Money as Capital
A. Jj^iij gives the money fetish new end more terrible forms but
the highest form of fetishism oemos with money capital™
fTinfttS? 1 Caplt£:Ll * ad its . contradictions.
1^ L -w-C still seome expression for simple exchanc» of con-
, meiitios. C« is different fromC, aach has changed from '
production far exchange ia opporont.
The Jr?S l£ m ? 1?cl y' mon ^ ~^t out to come back as ramoy.
The difforonce is merely quantitative— a formula for S-
■ ""£ but'^^n 5 - ^ feC f M f2 lS not fo * consumption'^ '
'7. U fDr &n incppest in tho quantity of money.
With t ™ n6 f as a mc-diun of exchange the money D a n «r has sold
XS&i tTJel"* ra ° aay ' KS Capital ^ »^ •««* h-
3« Merchant's Capital (M-c-H ' }
Interest berr-.rihg capital fM-M') '
rS U ffl nWi,S Pi i a i?" C, '^ ^^ i0n "* C '- M, > Commodities,
'inL^i '' i^? 1 : ^"^ ctc " withdrawn from, circulation
lStion^nS n^S UCt J 0n ' Th ° n a &OT c °™dity enters circ"
±etion ^nd returns to uionyy form.
KS^-inaSS?^ ^^ 1 ^f^ 81100 ^ i"cr,asc in onount of . '
=■ TxtA sum^omr^omf". 31, ^^ 7ClUC * Wh °^' d ^ S tWs
■1.. Bourse is solutions
. ; Ftorn agriculture— .the Physiocrats
R?otn oxohang -— tho Mercantilist-
™,? n? 4 f han-3 of ^"^Utiea-doctrliia
surplus T ^onnHMHioa— doctrine of consumer
S ' tCg-it;"P 0t "^^ a ° CS U C3mf: f ^" ^t; "why .h./l*
a '-r s b,r"- nbSti H enCC * Y£t Lh ^ s 2ro thD ^ «* tell much
Ltetau! " «**»•■- «ho toil not neither B o they
b. SuD-srior bruins — ^, t ,, Clo-i- Vandcrbilt, H.-rr" ThPw.
gfJcen surplus «ta* l 3H o from the sp^o of oiraSiitS"
. J-f things) rxr.-.-nc'.d vt th.ii- v«luc
's
-
too cheap. (This merely p».
b. jlf some too d^ur, others taa cheap. (This merely ro- ,
jdistributes surplus value that mysteriously eora&a from ■
■ '" ■ .felaowliOre.) j
'"[. 4. sffheft commodity puroiOsed In the- sphere of circulation at its
value, Can, ,whun unod; beget value and a v:-.luo Erector than
', - it costs I
^^ ."« How i3 the differ^nc^ bctv/een pbe value it creates- and the
■p value it coat e.s a commodity determined?
-^* . 4 To answer this, quest ion wo must leave the idyllic sphere of
^ ■ circulation and enter the sphere of production*
: i , L 3 3 S H S S V E-N , ■ ■ •
Labor power as a Commodity . j
: i
, : I» How is it possible that labor povfer should be co uQ a commodity? *
A* : Labor power is not a commodity under simple commodity production,,
: 1. The artisan" qvms his own tools*
*t- 2. The artisan employs himself . '
3. He controls his cvm product and if. it is ox changed he con-
trols the full product received for [it",
S* But simple commodity production- —
1. Kakes it possible to obtain means ofj subsistence on market • '
■. a* For other products- •
b. Or by bringing one's self—one's power of labor — to market.
. 2. Money system puts pvice and ooninodity stsiqp on things not
produced for c-EcLi-n~u. . *
e. The possibility is not enough — th^re ?.?ust bo r, neoe'esity of
. soiling -labot povjer,
1. Producer must b<^ fr<x,
'-, Tc leave land fre.^ fro-, s erf don. „
b. To go to- labor mark-jt,
c, Free frqm j'guild rustr int ions,
. d. From pv/n^rsLip of means of ru-ocbictioni
e. Then salejof labor power net onl-'- -ossicle hut n,-c-- nr,uvr %
B,. Capital :Y/Hgi« Labor X polar relation.
1. oimplt: commodity production becomes a-yv: .11 it ^reduction
a. Whun prbduobr is separated from nt-ans of production,
b.. Jthei'j produc-i? i& not ovmed outri^it, as in chattel
slavery, but i" purchased pi--cume«l»
■ o. VJhen a monopcly of the means of promotion a a capital "is
■jxtrcised by on-j class
-d. ".Tnen a class of producers tjxiats pesajssin*; only i^bcr
^powtr a.nd oblipat-. d to sell it to livo. ■
E. How did means of production become capital and proau^r a w^" -
worker?
This ia a- historic „1 process. The relation o_ capital tvriH ,/W.g~
labor is not u mtv.ral but a historical relation* Capital is
, not non-jy, nor mt _r.s " cf production, nor ooiaxodlfclas, but :/
I social relation.
II ■ How labor power "^ v ..-.^ u o cr^odity and the pr oduce r p. wapo rrcrl. r
A. ■Japit'.li^t society i z . \\\ t- c. fr o;l: Feu da l ~
1. By liberation of producers from serf dor., and guilds. This ia
tnevonly tin pjot sj.-n by .capitalist upoloi'ists*
2 t By forcible expr.^ri^'uion of posjantry — a history written
"iivl^tt-i-a oi blood and fire."
4 .
I
I
,
23 ■ 1^
a. -Driven offi land— "f rood 11 .'
b. Enclosures— >" the shodp atfu the men".*
o» Confiscation oi oooloslaa'tica-l lands.
d. Disposal of cr.dwn lands, c.g„ America',
c. Seizure of clan lands, o,g. 'fire land,
f Vagrahny laws / <-■
g. Competition driving handicrafts out. of oxiatcnco or
subdrdinftting them to tho merchants.
h. &ftqr completing the separation of the producer from the
nouns of production force* was no longer needed, Tho
economic- 'compulsion was sufficient,
Marxj'^h
I
now frcednon beeana sellers of thonsolvca only
alter gnoy had boon robbed of all their own moans of
prDducj|ion and all tho guarantees of ox iatence nf fordo d
by tho feudal relations." ;•
E * SISiSnU^TJ" ° f U 3° dcv ^opn^nt of capitalism (Primitive'
accumulation) m imiorior, # ' ■ .
1, Dovol-opnwnt of v/orking class by kidnapping, shanghaing,
debt colonist, Indentured servants.
freeing" f r on means of production- Land grant system,
,2.
?^!° Qi '..^ ri ? SSfe 1 *^*?™ ^ys'Bons, Scooping colonists on the
creation of poverty
coast, jWa^o fixlir laws, thu artificial ere:
Tho opposite polo— the rise of the prcat 7auarican fortunos.
<£>eu Lrustavus Meyers and Josophsonis "Robbor Bcrons)
a. England is cottaorcia 1 wars (letters of marquo, ot c ;>
■b t| Royal nonopdliis - ■*.■*.-*
c
d.
o.
f,
S-
h.
i.-
J.
Piracy
Pillaging, uXt^ruinating and enslaving the Indians,
iho land steals- -froLi the Ohio associates to Teapot Done)
tiovcrnnont contracts and municipal conntruotion
Tho public debt.
Foreign invost...j;it in /loerica. "4 great deal of the V
°'~f-'t '' 1C \ •- ' k ^ its ..ppoar-ncc in ill -United States
lv; U v -; :n ?- \- h oc * tifi '°" to w ^' yast.rdc.y in England
thu ■fea^italiEpd blood of children."
•■fixation' as u lover of accumulation (-.'."hisko^ tax. taflffl
Industrial bucne.ering. * *j-".i
III
• Surra
Uiroc
17
ry of thy
'•1 proousa.,
tion of sl-.-vos and serf 3 into m>$: '-'/orkcrs
iu form of the exploit -it Ion.
of pe: sent a and art la ana nark 3 tho end
: on the labor of It.is owner a i-.nd tho
r private property,
opposite polo.
e. r i'rue private property) tho trans- .
nd scattered means of production
a.'-js of production, the transfor-
of the many into the titan
jropriation of the groat masses
4.
ran s J? or:. i
is a mere- c"i..n,;>
Forcible expropri^t Ion
of private property ba
doyc-3.opr.icnt 'of non-yroduo
Accumulation of wealth b-t
::arx: w ifea,duatruoticn (i.
formation; of ^hc inci
into socially po:iy -f-\.t„d
nation off: tho pi.riy property
property of the i\u/, th* oxpropniatian of
SfilSy'JSJS f *°7 ^ ^ nd ' ^ 'once the. moans of subsistence
ana'tno injtrm- n'^ of la*or~thi S torriblo and gricvious-
expropnetin;. of tho populace— comprises th
history of capit.,1."
The polarity inyolvea
Jf P*§uuptipn in conflict v/ith ownership
vidu-.l
prelude to the/
b
c
Poverty at one pole, soultfc at the other,
Separation of production fro^ ; enjoyment.
Separate personification nf ownership.
!
■%■
I
■
5".
■6.
°A
a
It is a self- reproducing, ijihd- self extending -polarity.
a . Reproduce, s ':, workup s. as/-' wp rkors j ! c'a pit al is" t s a s . a ap it al is 1 3 j
b. Critique of Jaaz Economists. • '
'$f all wor Ice rj s b tc ora p c a pi va 1 i a t s f ;, c ap it al would ceaae to
■be capital. v " : . .. / -. ; -
Production £ or use havinc b^ome production for exchange,-
production- fcr exchange now becomes production for self -
expansion- of capital, production for profit.-.
LESSON- ; E I F T
!l :
Labor Pow^r as s
Commodity
■]
1. mhat Polarity forms the basic characteristic of the commodity?
Use value and Exchange value, Vihat; further form does this as-
-\vsurtej when money is devalaped? Commodities and Mc-n&y. : 0f what
social polarity is thel polarity in the commodity ■ 'a .-reflect ijni
Qf production for exchange, of thp fact that individual labor
must by .■" .so dial labor.
■o'J
e .(
• II.Mhat is the basic 1 ' characteristic fof capitalism? That labor power
itself becomes .a- commodity. What- is the basic polarity .of- capi-
. talism? Separation. 1 of laborer from the means of production.;
[ . '■•.
Ul.lJSiat is the basic -contradiction Underlying fche eapltalifi"t
system in its developed form? ir.e contradiction bet'.; eon tho
social 1 character of production abd the c.p it&list form of
•■ appropriation. f£hia express, s itself:
.1. In -nta^onismj betveen proletariat and hour f?oo isle,
. ,g. In antagonism! beti een organization of labor in *}>c individual;
factory and the ararcby of production as a /./hole,
!*" " ''■--.--
IV, Labor Po'./er as aj Cori^odity "
1, .nomT.''Ocllty-?unity of use vr.luc and exchange value.,.
2. Labor embodied' in the cori,r>odity is concrc-te, useful la^or
and abstract ..'social labor*
. 'j. u nder capitalist system the labor process a unity of concrete
labor process and value creatine Drocess .
' %.
4. Peculiarities of Co'i;: -.edit?' labor power,
a. Inseparable from seller n bw.an bein.L'.
b, I'cr is: -able nature.
. c. i.ornl element in its value,
d. ; U3-t be rene-.;ed .m£ resold daily -and piecemeal,
c». Value must include reproduction.
f , Permanent tendency, tq ovcroroduction.
5, .hat determines the valiie of labor pover?
a.i Labor time necessary to produce and reproduce It, ,\ defi-
nite quantity of the labor of society i|i 'incorporated in
;c#cc
ind
the production of iabor power. (1) I.onas of subsist
necessary, to maintain laborer, (2) To renew, energies
restore wasted matter. (5) i'o train and educate. (4
maintain the general supply of laborers.
tfe ft- •
. ■
I-
.
.-■U
b.Maral element. = Natural wants vary from count™ +#
m$* *° mm ^>mm Lf S^n ^ilSSfSj
concept
■. . ' ■
^kWJJ ; J ^ ;: v v" lJ -' uABLunuai. ana moral determ-
■ ^^J 11 * '?»*-use value of labor power v ■ •*']
V. Wages ;■■ ,| . -
l. Form versus' essence. -liarx; "'ThaiJ in i-v,<iw „ • -
often represent thTO^^i^eite??^?^^^^ 1 ?^
expression of tnT ElXo?*!^^/"' "^^^price
2.' Slave lafor apneara Si? *2«i! ?? Priee cf U1 h! labor. )
Karx- n *im.n M« eif un P a i d_ -^ a Se -labor appears paid.
,' laoor S ?ho C sLve Xr^SU^' *?? 1 * r2latl ™ *&&&■ the
*elat*Lm -conoeairtbfunSnn^I/r; (ln Wa ^ lab i%tLe money
■•' " "Tho wage ? or^ thus 'LS^«?? * lab ° P ° f " the wa ge- labor dr." ?
of the 5ork-££ ™%f^ in ^ ls *^' every traccfof the division .
paid and uSa?dl?boS S^SlS^Z *** SV * plu3 labor > lnt °'
■ S.Surplus valnfin- overv'houi Pwi P S°^ S a3 paid ^a*-"- ■
■ produces more SanTitfisT^ Ev ° ry boup ^ f ? r * ut e *<* hour :
Summary:Wage s arc not merely the p*le tf of labor power in generar
i-
\
VI. Forms of- ftaags '*
- 1. Time Wages.,
Case i. Working* expectancy of 30 years.
nc day sould pay 1 -, or
565 X 30
i
I
^^ o Si 7 *?? 10 * Valuo of la ° J P J Power. * n
J 2. Iftho working day la Prolonged.
ir tto workers labor power is U3 od un in li -bim >w.
sould bo paid three times the tSSX£ Even S
every oxtra hour is paid toT at gj J^" houSy r.to
M-.rx.says: - if ip the fraction Daily yolue rf t!t»^
the denominator increases, the number ^creLes
/ ; lts SnSEJRS J"'! increases with the duration/of
. SrfSf s "Sg t a dt Sirs r * pid «■**- *■*«»
Case 3. Shortonin| of tho working 'day without* Increase per hour
fir?? ttl her ° ls no chan §o in price less waVes
SS vfluc W ° r w r k AC v tU ^ ly ' ^' l2b ° r P ™° r 1S -lUnS £l«
it^3 vauc. v/ork sharing is. such a scheme.
I
I !
fe'SSC ? Ut P e ™"t u d to work lonX dar — '"
aftimuluJ .to the extend/ P «J ? 2* lQbor acts ' Q s a
W unemployment and S2tS J? X *? ls *«*«-
of labor s tlrfmnlatea rtt* u XtJ Fner&fcre, the low price ■
qf the ^rice ,f i a f or ; S e re?ore g tho m ?, ra ^" a . QredlIci ^
•T- 3*^ y iv " concealed. Pin C <= i> m v 5 T , "^^ worn li
of existing time work » 2 2 k: ls es *ablished oh the
valuejof. the pi ece by'the ^ork?^ ; ? t ^ estlo . n of meas5*£g
Piece work iq -p 11T ,Jv,l r the. number of Dlerw** t«,„j ^
ffifnlft&.« a " Pl0yro *"»> »«£! fP T- 0n /- thlr t° » half o/Sb
™e. objections to piece „ or k are: j '.
' i. tfS^SJffSSTpSJSS:'" 1 ? °--tion with Wage*.
j Q-* New hourly nt-n wi'*i, *
?
.
. L E"S.;S N H/.I K E
Marxian Critique of Classical
"•! ■■ ' -J ■
corrections and extensions, of Qlas
1. Distinction between labor and labor power ,
I. Some basic
2.
3.
4.
^*
■6.
:
value and
value ,
Exchange value of ■ labor power, is the amcuht
it
quenltly
cess
When
-to.
Use
.user
Distinc
volvos
created
a
b.
is
. : .
I -
exchange value af labor fcawer
ndt labor but labor pawer.
Wh
o.f labor power.
labor to/preduce, maintain and
sells, for less iV sells below- it
due to unfavorable conditions 6
value of labor power. Having' paid
f capitalist) employ's it in the
for
and
bcr
labejr tfe (l) Preserves ■ value of -peans of
transfers these values to new pro
social labor, i. e. creates, .new valuo,
of production us.ed up. " J
valuo in tho moans of production, o
upj in making cloth was created by
By tho very act of adding new value
preserves old- value,
tioh between necessary value and s
distinction betv/oon the value- of
by labor.
Daily cost of maintaining labor power
turc *in: work:, in tho creation off value,
f orcnt jthinga . ;
The fact thajb two *»r thro'u hours of la
'proc.ucc the value *f labor p^ver, i.e.
. alive for 24'- hours and restore his pov/ci
his working -JB or 12 hours-,
c. "The process of creating surplus 'value
•f creating. value prolonged" (Marx) I
the J amount necessary to producolthc v^ne
Distinction botwacn variable and constant c
a* The dead 'things, i>aw materials, machinci
aro means of production for living iaboi
h. Their use value is: necessary toi concrete
use) in orcder to maku now use values,
c. They contain ox-dtcjigj value b. . -ausc they
Q-icUilly necessary labor.
d. The value'- of tht- de«id - Ihinpu is incarpoi
duct bbcauad t.h.> ia^or in the rar ns of
needs sary to bjg..t th..- cew product.
The valuo ef the capital invested in thosu
pisses unchanged in quantity ir to xhe new
Marx calls it ocnuttaJb, i.e. unchanging,
also buys living labor power which, when us
creating moro value than it cost, This, part
purchase grr/s in value, th^r^forc called
All surplus v-lva is cu- uted by livjng lab«
Distinction botKoen surplus . valur And rev<-
divided, i.o. rent, th - monopoly of land,
money capital, profit, go entrepreneur, moi
oiroor ef merchant capital. This distinctic
■all rov-jauos clear, r^ardloss of how tho
(surplus value) is divide.
The diff.jrecno between rate -ef exploitation
a* Rate of surplus value or rate of oxploi.1
surplus villus to vari'-blo cpit il qr r-
. to aeeossary vclue, ■
lab^r power the
labojr process i As[ useful
production used up
chicr.) and (S)- is itself
dds value to means
g. yarn, spindle, ^tc.
dther' workers a
labor also transfers and
. ■ ■
urplus ' value which in-
labor power and the valuo
-
; U
Economy
ical Economy , by Harx
i.e. between the uke
at is sold has excimntf'
of socially neh-
eproduce labor power.*
s value. This, is jfre-
competition of owners
. its daily expcndl-
are two totally dif- ; ;
is necessary to
o keep the" laborer
s doesn't provent j
s merely the process
e. prolonged beyond
■jf labtr powers !
apital. [
y, auxiliary materials
labor [labor power in
pjr o du c 1 3 .A. *y ._ ,
are product"! of past
it^d in tt.j now pro-
oduction is socially.
pr
"i-;-ins -jf production
droduct, Thoroforc •
IJut the capitalist
ed, is capable of
of the capitalists
r»riubl.d capital,
r.
rjuc into which it ""is 7
Interest, *o owner jnf
chart'-* profit, tj
n makes source of
iginal sourei
or
and rate of profit,
ation Is r"tio ■ of
tinn of surplus araJiLe
\ J
b. Rata,
do*'
Capital-, .SVi cquais rate- jof exploitation
g v -• equals - rate of profit.
C plus v •
SEAISE/A Pr ° fit ma7 **P becails Q ° f change #f composition
fflSi S ( » m °r c ° nstflnt j^<V loasLv ^i^lo in total) out
at samp time' rate «f exploital/ion may rise more intense "
expl.itati.n «f loss ^praportionato labor, .r Tollrlnl Ti noc
II* What is
■ i ■ ■ ■
"l? a caSiSnT P08lti0n ° f cnp ^ al? Propo^.i 9n of constant
te variable capital, ,
Is tendoricy of development? ' Toward 4 higher compts it ion
rn.ro constant' in relation t. Variable.. c:)m P«"lon,
fnll.
necessary timo,
Cheaper
1. -What
2.. Effocfc upon rate of "prof it?' Tondoncy~ti
3. H«w c>cs capitalism try t« offset this*
a. B3 , increase* oxplaltntUn. Spaed lessens
ir creases surplus time. Lengthening wcrking day!
value »f labor power. " Paying labor bclo* value
fjti nCr ° a3lrg 3iZ ° ° f onter P riao with neater muffs" of 'pra-
°" ,cLntrios?v Jnt in ' SCr ° t0 and QX - rLt \ tlon ••* backward
d.' Thus falling rate of profit: j.,uds t#«
IJtcnsifiod exploitation {^) Crises — -
tngs l.wcr valuo of --instant capital
III
(1) K»n«poly"(3)
which amtng «ther
(4) Impcrialsim
> t Absolute and Relative Surplus v'li-j
U-.^lways. ,f increasing surely" value and rate of exploitation
* k? f b ^lYt<=-"lengthcning * f working day. ^ « "
*" °il u ^ lnt * vd awtuning Af necessary wlrking time.
' ££2*2 ^d relative surplus value exiined?
. a, fey djes lntrftdsAtiir. *-f machinery strengthen tendency ;
T» , extract absolute surplus value? K) Weakens rdsiat- :
*«o of workers. (2) Fight f.r time Lainst dSpr^i^Ion
• machinery by physical and social opiilosoncc! '
-'?? J 00 ! int *o<iuction »f machinery ihcreaso rclativo SV>
:J2 ^increasing production (2) Shortening necessary i'
Imu (3) Lowering necessary value.
Bhar. i.r-limlts «f absolute Surplus Value'
Physical endurance -of the worker.
3.
IV..-F#w^is working day detcrri,- d?
, : I. Thro igh class struggle.
engihoning of working day by overtime
ao,-i2c -if first cutting hourly rate,
energy u.,od up" makes the wage bel.w va
Incr^.sin^ Intensity. Mckbs mora v-.lu
-tu.isr.^on in s-'t^ tim -. Shrtor w.'rki
IXC--.ti*'i.
4. Shortening working life. u S ing onl/ uh
•niy tho fresh fours — ,-. 3 i n WcrV: . .,har
5«^} a cc ^^ j -sts say sh»rtcring of
Th. limit of
lul
t
rgj
°ftjr. couylod with
Evpn if n»t tho added"
more use value, mtre
day adds to intensi-.
of capitalist chare of work day,'
V, vVhy lid
Sj
o lyoung years. Using
in|g plans,
neoosaary time hoq^
t moans Inngthcning/
^l'.3.Hie,«l ;c*nony f-il to sc- tb'-so
distinctions?
■•A-
■ i
fm
$
V . 1
■
4^
- - -
h
11
■,'■
i
1. -is bourgeois, economists, their horizon was limited by cUpital-
i.sm. Ihese; distinctions reveal:
«._ Historical and social Jnature off oi.pit'al. Not a think but
5, a relation. ' '■ "I ;', ... _" y£
hi Exploit ktive nature of capitalism;. ■ t , "'; ' .
0. "Contradictions — antagonistic nature of capitalism.
20-
2.
Polarity
valufe rtic
r-ises , monopoly, law of va^tfe. as^
cannot truly become -a :
T>
§. falling rate "of profit, cr-is:
lejw of. motion. \\
'6. Historical limits of capitalist system
^ithdhit these, distinctions economics
£c'ieiii|:ce.. j - 1 '
L.E S 5 H7 T !E H
Dialectics of the Development jof thA 'Capitalist Systeii
or ffnity of Opposites— already exsm:.ned under polarityiof us
value; ; o* 1 sxiv tt rrr-j ; -, _,_ —
capital and wage "labor; noney and commodities.
Laws , of Motion— examined under -deveolpment'. oj" simple commodity i>rod-
uction iijito capitalist production. < t T
Concept of Quant i t at ifreL Changes at certain, stages into "Qualitative
¥
B.
il. ''Productive Power of" Capital"
A. Bo1; every sum of money or commodities Is capital
minimum i3 necessary^ a minimum sum of
number of workers on the -same field of
At first primarily quantitative except
separation from Jeans of production. W
dilution are used but with many individual laborers together
surplus, value rises from mere .multiplication.
Already here there is:
1. Saving on ifixed capital, use of ' ute:isils, etc.
Value of constant,- or rather fixed,
as rapidly as number of laborers or .
Value transmitted to individual product diminished, cheapen-
ing product and enlarging relative .surplus -value.
Increased productivity entirely annexed by capital. .
a-., As> relative ' surplus value.
b'. As increased use value, for capitalist revenue,
c. As increased rate of profit.
Coj-operation is Qualitatively a -new process.-
Su^I J V- 3t aa the offensive power of i soua'dron of cavalry or
■tflu defensive power of a regiment of iifantry is very different
**&»! : ?' 5Ua _? f the F° w ?* s for offence or defence whifch ifche in-
develop in isolation, so
2.
3.
4.
D.
fv ~^- " J. 'J* UllOJUiC
dividual cavalryman or Infantryman can
is the sum of the mechanical energies
2.
3.-
mmam^^
'A certain
wealth or a minimum
labor;.
for surplus value .and
IPhe same means of pro-
capital does 'not grow
as usefulness
~'gies ■ which unassociated workers
cai develop vory different from the social potential which comes
m.o being when many hands are simultaneously engaged upon the
satoe individual' operation, such as raising a heavy weight, turn-
ing a winch, or removing an obstacle."
1. Jases where effects achieved by associated labor could not bv
ac.iic.ved by ^associated at all, or onLy on a pygmy scale, \
..aarx; ..hat „s operative here is not norely an Increase of In-
di/iual productive power by co-operati r
of new productive power, tho productiv
Emulation and animal stimulation.
Simultaneously similar, yot all partial, operations such as
passing buckets to cut out a fire, passing brinks-', etc.
-J \\ -
:m but; also the creation
e power of masses. H
mm
«
■
■
i
i-
'Combined worker .or ■ aggregate w|orker
front and behind end is., in :a. sens
^^—^^
I i ; . 30
has eybs- ■ and hahda both
omnirireaerit,' 1 "
B.
J).
« +vwiiy «m* uuiixiia ena.ia., m ^a sense, omnipreaentv"
... If process Is .complicated, allot various-! operations to
various hands. ■ . * '.;;■■ • ' ; "'
Industries with critical' iatjor peiiod--c J .gi , har vest ■'■
lTho^Jioi|tnejB'of.thp timeykvailahlD-for the work is made good
by-the.:magnitudc of the. maaa .of labor which can: be applied to"
the field -of production within the 1 specified' period »
- 2? t frr- i ; ni P I ^??' e ? ;b<:,1 * L s Patial; extension and contraction'
.relative tp.-sealo of production, ur:d<Er one' roof, eg,, auto ■
making fender one r t oof , ■-railways^ cc vering the country .
Smnnsry " .- - :
A. Comblnecl iorkijig day produces larger quantities of usV values
lor t^ZiZ r °?^* GS ^ duration oi the labor time SqSaite
for. the production of, the desired useful result. ■■■.;-
X2?£,fc?Sff ^Pital, which import of constant/ therefore
rise in [relative- surplus valuo^ - ■ .
Reduction in. vdua of variable eapitrl, .therefore riso'in:
relative surplus value.. ; • <■■ , , . •.. -
Greater I productivity may arise: .' ^
a. Became combined working: day increases mechanical, potentcyi,
c* ??^. 1 ^ ge? ' mo ^ t3 ^ ,f 2flbQ1 ' to'w3*k, at critical moment. ' !
ulty MS SSSSoSJt?* ^ r0Us .jb 3 - s &**% of contin-
d " laboT ° n individual labor character of average social
■
e.
Enabjes^hew form? of division of
trs.nscun&s
i'tj.es that
labor.
wSfcla alt IfejL sp ? c:Lf± * Productivity of tho combined
32«tf*5 J> 1 ? n ? C i Ql - P roduc *ivity of labor or the pro -
Wh n a tlMM X 1 t h0V ' Jt i3 a ^'oct outcome of cooperating
ffiuna worker, cooperates systematically with other workers ho
transcends his: individual limitation* ™* a£,£w£ SJ ™J?
III.
w4 i j jjir: — "j«»™« UJ .oiuv niwi.uuii'jr workers- no
his: individual limitation* r.nd develops the capabil- ' !
oeiong to him as a momber oJ' tho species."
1- A certain quantity of workers must be brought Wether.
c S VwM^!^ 1 ^' depondb pri^arMyupon the amount of -
capital which individual capitalist Is in a position to -expend : ,
upon purchase, of labor power. " ■ expena. .
G.Enterpriae^muat bo a crertain size before the employer is freet
from manual labor, it must be a further size" before a number"
or scattered and mutually independent individual aabor -pro-
ceeds- can be assembled into a socl|l! labor process. ■
Sifejuctioa and Direction in Capitalist Production.
1 sei! a ^tr^ J ? pt f m I* mCVQ Cnimg * of form— from: working for
of W * Z ola ' t0 wor * in £ *»■ employer with' same kind
of tools owned by him. -
B ^rk W ^^r;S PC ^ ti0 ^-^ VCl0ps " l^omba essential that they
work under .the direction and orders of capital. "
hns X b- C n^ *™ a ™l J' tho capitalist in tho field of production
-i £°sz tt^Tiri^iit:^ 10 than the °™- d ° f f ■— I
Direction nacuslsary for social labor under any sysW-
L.bor that is kiroctly social, conmui>ity labor on afiarge
Itllll ^Z n L X*" 6 * m0VQ or Icss :Ln need of -guidanc/e, of a
management which can establish hanfony among the individual-
.activities rind fulfill the general [function i that belong to
-u_
i ...
ii
s
-•'* ■ ' I .
li-
-V
m*^
I
[
/
H.
.■ ■ .^.-,'."ij : ^
51
lial forma.
' capital, creation"
;anco and more
:ibor.
y
tho movement of the unified productive organism as contrasted
with tho movements" of the independent organs out of which the
organism, is mado up* n - "" , •
D.'But under capita] p im -direction assumes spo
1. Aim, 3 is surplus value, .self 'expansion o
w \ , of maximum arafplus value.-
-2. Grewth of numbers- means growth of res is-
tyranny,- |»
■ 3. Aim to exploit and appropriate social 1
, 4, Coo Deration itself Geases to appear coosorative and volun-
tary and becomes coercive. • ,
E. lfaq^ol 1 Jnaturo of capitalist guidance due to twof mid, nature
of capitalist production, .'-..■' I
l* Creation of" use values,
2. Prondtion, of self -expansion of capital, . . "
T. Finally : the. capitalist is emancipated, not only from working
himself; but even from supervising and deljcgatosi authority;
The wail of the engineors and technocrats: '"The capitalist is
not a cpaitalist bocauso he is a commnndor] of industry; ho
becomes* a commander of Industry because ho is a capitalist:,
•smmand in industry' is an attribute© of capital; ' just as, in'
the days of feudalism, command in war and a seafc on the judges
bench wore attributes of landed property."
G, What the capitalist pays for is the valuo of tho separate; labor-
powers; of a hundred- individuals. What ho gets is their com-
" labor power. They .enter into relations- with the some
list, not with each othor. Their cooperation does not
till after they havo sold their labor power, till they
cased to belong to thorns olvc* and are incorporated into
1, Therefore tho productivity of associated) labor seems
the productivity of capital. "
Similarly capital appropriates? productivity made possible -by
moderrj. science without cost, f
dnco it has teen discovorod, the law that the magnetic
is deviated in the field of an electric current, or tho
law iii virtue of which a piece of iron round which an electric
current is , circulating becomes magnetised, costs* never a penny. 1
binod*
capita
begin
have
jftpitc
to be
i 1
EN
Some -Tren|l S , : inj the Evolution of Capitalism ! .
I . e to lu t i 01 1 . of Moder k - ; I ndu s tr y .
-
■ : ■
B J iManuf icture *
'1. Formation,
•a
/
\M\. SJ^''-' £1 > handicraft, ( (g) Mamfi^yr, ^
■ ■ ; divi a :,on,6f lab 3 r, ( 3 ) "Machinufictarc""
2.
ChtJL^u
a.
b.
J'Horizont
.thing, gr
ba 3 ac ^n a c i o; ;r & hi on and ;
number doing the same
-fimpltf "-qbopei-ation. A
>, iSri7-Ti »; ' iaiial l-7 broken into' pirts.-
b ' l-tioal^-asaombly of .diffj,£nt orafts ^ikal.to, eac h
■'O'lstios or both.
iji - li".jj02 And **■<
; i v o
d.
.b;
Eaeh wor.kbv converts body into
single : op4>3.fi6n^
Beginning
; «.. Beginning p.- division, skil
... J. Finish^: article my be' either
division, skilled and unskilled.
u^-^An:.i:n
store c ion i
tylics'a
P o. ; :. aliped, instrument of
f.
5,
e.
Serial,. ihtordcpcAidont operations oA same o'bioet
«., El. oot on working cld'ss, ;■:
Reduction in post of craft- training
Cheapening value of labor power . '
a. in simple eSii25l$ prouC lo^a SSfc?^ ^"ft?**^ ■
moditiea. y . P '' jlon e * ch worker produces com-
SiSS^St""*?. thtrs " a blind Propirt locality
3. fflfiat is i auchin<>? '
oiher t^/w^ '1t° 0l l ° r -" 1 iQ01 t0 which! some power -
All machines consist of- i r^tlT* llko . a P-£Ugh.
ting Melanism ?3) Jc^n ^'Z t ^! mUOfline i .( fe > ****»«-
Motor mafe dor?v^i4 ^?r f-l^ 001 ! ^ "***« machine.
*. ^* -g-- ,ool or working fe'il'i:
b
start pfi the industrial revolutions
spindle
u
•ten
f^om 'the-
re suit
fjircjcis for
■needles, knives, drills,! etc.
U nn+- j-u- . > »*"■«» j arij,i Bj ! etc.- But th
SoS thJ o,- V ° P °r Cr J 11 * thc ^ mancipation o
essenco
the tool
or 6 unic restrictions of man.
^- ff " - the- meShani^S tSi.f th ^; nCCd f ° r "^-tiv
Lvc
- c
..;
■; :
I
. I ■■ ™
!
/
33
i
. 5. The machine reproduces tjwo; tendencies. , *
a. Thd -cooperation 1 of many' machines of the same' kind iwith
/'one prime mover is analogous toj simple Cooperation*
<bi Marly different 'types- of ; tools run by one. machine or. in
actios' analaeoris to cooperation^ by division oflab'or*
6.Undorjwha£ circumstances .do : es capitalism introduce improved
•machinery? -\Vhenj it will. save socially necessary labor? No,
only when yc increases profits. Thus if a machine ddea not
savo enaugfi to Replace all' the surplus ' value . of the workers--
it will riot be introduced; 'Thus pop italia'm puts limit* on
labor saving machinery, ^ l \
D. Machinery and the 1 Working ;Clas 3.. - ? . ' *. . . [
l«j In manufacture the -tool is adapted to thi worker.
.2. In machinofacture the worker is adapted to the machine,
a * § pQOdl of machine determine si speed of worker,
b. Tool is emancipated from t&B \yorker.
C. Worker is only a doer of prbcess- not yet mechanized be-
cause it is still cheaper to use human labor.
d. Cooperation is now dictated by the machine.
e;. Prolongation of working day, speed-up, etc.
f * Bprnoval and cheapening of skill. .
i *. g. Endangers life and nerves through accidents and monotony,
h. The machine is a. ; competitor and strike-breaker.
I., Brings complete enslavement -to capital. I
3.. Theory of automatic s reemployment of workers displaced by
machines, ■ , ?
a. At making other machines, But this takes less la Dor than
is displaced otherwiso the machine would not bo made.
b. Liberation of a sufficient amount of capital for tfto
• employment o£ an equal number of workers. Part of the
product, however is reconverted not into 'value but to
capital, ■
c. The lessened demands for the means of subsistence by tfte
displaced workers leads to unemployment' even in the other
* branches.-
d. The displaced workers must dio, or, with thoir skill des-
troyed, find work in lower grade, overcrowded industries'
4. Summary.
a. Machinery in itself shortens wbrking day.' Under capital-
ism it lengthens the working day.
b. Machinery in itself lightens toil, under capitalism inten-
sifies it.
c. Machinery in itself is a victory of man over things . under
capitalism it subordinates man to things. ' -. •
Machinery in itself increases wealth and plenty. Under /
capitalism it impoverishes. /
o. In italcf machinery produces leisure, under capitalism'
this becomos ^employment.
The modern machine smashers call for a moratorium on science. They
are not agaitiat machinery and science but only against the iry they
arc used under capitalism. But they dare- not attack capitalism and
thus capitalism becomes tho oney of culture and advancement.
d.
.
■
i
A. On his
motion
Social
as an[
~b..
D.. Social
'£* a»,
rolati
siocial
tilings
e.g.
i
i
7
L E S' S M .'T I 1 S L V 13
"I
Summary
34
V
Marxian Eponomjcs , bas es itself
or leal -dialectical me thod-r seeks to; discover "law of
of ' capitalist society 1 ", ./
standpoint— society aa a. real producing, unit, economios '
objective jsoeial science-. »ihere nark treats the individual'
capitalist or laborer it is only 'as a persbnif Ration of capltai
or,lab3r, *< ,;
C. Standpoint of production.
.— product ive.^r el ations examijied In their real essjnce,
stripned |of ' f otishistic surface appearances e Apparent
>n between things examined as surface reflection' of '■> .
relations "between men in their social production of
Commodity; has exchange value because it was produced ■
undek- certain jsoeial' conditions, namely those of production
for narket (or exchange) which is blind regulator of a plan-
less but real-division of labor.
E. Production invclvos reproduction.
Production o£ things Is also reproduction of producing capacity
of production and- labor power) and of social relations--'
(means
capitalist reproduced as capitalist, laborer as laborer, [
II. So fa r tWse lectijr-.a have traced the dev elopment of capitalism
' A. Outojt' simple qommodlthr -production — T ~ — ■ ' —
1. By development of labor power as a I commodity.
S. And of nxeansj of pro due tie/ into capital. : - . . [" ■
B. Technically. Development of /manufacture into machine fidture.
tp. Through the siiiglb worker and the single capitalist, 1 not as
the vulgar economists do but as a personified, fractional type,
D., Through the single cycle- of capital or single process of pro-
- duct ion r ' )
, E. To the industrial capitalist as the solo -appropriator of sur- i
plus value, - ' I
1., WaB this justified? We abstracted. from the differences in
• | the capitalist class to clarify basic social relation, that
'. . between capital and labor. ' We were treating the individual -
capitalist as the symbol of the entire class and as dlrec*
•_ apiprrpr la/tor although he does not retain full surplus value,
2. Are differences within capitalist class of same- order as
capital-labor relation? Not exploitative relations. Based on
commbn J/ntorest— tcj make surplus value as large as possible,
BourlgG<ri3 economics obscures this with its treatment of-
labor as one of thd squabblers, along with landowner, money-
lender, industrialist, each fighting for a. share of social
<3,
product.
III.- In its further compliant
» A* "In plact or a single
as a whclu. Entire s
ions Marxian
workers -md I
working cI.lss, ontirc
B. In place r.f. 3 single
as a continuous one 6
C. Differentiations withl
tals and conflict
surplus value into iridi
interest, speculator 1
!
e conomics tal£es up
a ingle capitaTis t , society
peial, entire capitalist class, vntiro:
; social- product,
process or cycle of capital, the proc/ess
f production and reproduction
capitalist class, conpetition of capi-
rate of profit p.nd ever division of
trial profit, commercial profit, rent,
s profit.
- ■
D
I
L
E.
35
Surplus value Ma sofijp.ken analyzed as absolute and relative/
and its rate as rate of exploitation, i.o.,ai. rate of rol.-tion"
to variable capital.; flow we analyze one of its portions
(industrial profit) in its roaltion to totalW Indus trial capital
to get rate- of irofitj thus raising. the problem of average rat-j
of profit and-^f Ailing rate of -profit and their significance.
So-far only two I classes. We now' examine not on] y divisions in "
these two classes but rlso intermediate classjs/ precapitalist
regions, "impuritios" cf capitalism and uneven developments
-economic basis ^rff class colaborat,ibn, reformism and splits in
the' wclrking clas|, \ • /
F. 3o faij capitalism, onec develop^,: has been oxaminbd largely as ■
□ Astatic st^ucture #r New we tako up the laws of a'c cumulation,
the expansion of contradictions, deepening of crises, decay of ' '■
capitalism, economics- iJ proletarian revolution and. transition. :
Process oi
of social
Marx: "It i
each other
self that
vendor uf
duct into
social reproduction (capitalist prediction 'as roproductior
capital, and laboif power)-" 1 '•'• v ■ y ,t- tU c
s nc longer, a mere^cceidbnt that capital and" labor confront
narkot ai buyer and .seller/' It is the process Jit-'
incessantly hurl
his labor -power
a means by which
"Gaplftajlist reproduce
only surplus value /but it
1st , relation;
labsrer," '
Sismondi:
year a now .title ti
a permanent title to- it by
A. Source
1.
as a
own pro-
B.
back the laborer onto the market
nd that incessantly converts- hi 3
another man can purchase him,"
on produces not only commodities, not
also produce^ and reproduces 1 - the capital-
on the one sj.de the capitalist, on the other the wage
^^.these who \ hare the national revenuo some acquire eac
it by new laborj others have previously acquired
■ it by primary labor,"
of Wages «■
4 class the proletariat constantly produces sum* total of
subsistence (as well cf thrae of capitlai.nt class
to .it. The bourgeoisie allots- to the .
of its product in 'the form of wages, /a
its very existence. '
the intervention- of meney van-
instead of taking a single capitalist
we, take the capitalist class as a whole*
constantly. giving to the laboring cla3£
money,, on a portion of. the ' commed-
apprcpriated by the former. The
<|>rdor notes back just as constantly to the
in this way get their share of their cwn
productions. The transaction is veiled) by the commodity form
I money form of the commodity,"
■.
As
its .
but not as belonging
proletariat a portion
portion necessary to " i„
2, Marj:: "The 'Illusion bigot ten by
ishes immediately if
and a single laborer
The capitalist class
order n<_te'k in tho form of
itios produced by them and
lr.b6rers give those,
■ capitalist class and
Source [of Ca pltal.
As production expands
Not a division of produ
"allotting to the
J;
ence, from product crea
by the bourgeoisie."
Siz-e cf capital and mas
year or In any extended
1. Effect ; ch working £1
b, the
c. tfew
Jipiltal,
all capitaa is capitalized surplus value.
^.u;t between proletariat and bourgeoisie, but
proletariat a portion, necessary for its -^arfiat-
:ed by
lrowjth ( in r-clativb
tho proletariat and apprcpriatetS
of surplus value grows from year to
production porsiod.
iss .
power of capital,
more acc-pnulabicn thj inop-j it is possible to accumulate.
tendency t u wa|rd change in the organic composition of
■ ■■:[
■
1 ■
. ■■-
m
a, - # <
d, MP chine.?.
hd at
c cumulation
ML) Displaced /from
(E): . difficulty of
(p-)'. cycIIcU^ iuriemriloyfflenb
From the first
the. movements^
unite
industry e ,
new .wbrkenfe
: .36.
in; producing reserve army'
in, enter lag Industry-
4 } S eas phjali, ; migrjator-y a,nd prematurely aged' worker a-,
5) Deelaa|s'fcd', and hereditary !, pi'iipera *
industrial'' reserve
Exist on cc bf
(1), tcnd3 to deprejss wages "below value
(2) ' Breaks ;reis tar. ce of: XHemployqd, '■
(chapter p'f -Volume threb of jlapitai
We -ar e J nt e^-es t ecpj.i'n lo ct .t ing "the c o per et e . ' f orjns growing out . of:
cdoil'skeaff! of the human i
■ .
I'
of capitalist production aa a.-, whole and sotting them for
The' conformation*- of thji capitc.lSi' ['involved" Ihvtbi's [third 1 volume : -<v$W<
achj3tepv;Dy step £he : fo:im;Whic3fi' theyas^ume on, the surface of society
In tijheir mutual Intcracr;ierisB, "In competition and In the ordinary cons-
ul;
igcncioji In this process., lt ;
I.
! •
; '
:
:.
*
.
■
*
Li
-■i
.if
,. . V _.!.:...'. :
_. 1
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