Capital: A Critique of Political Economy. Volume II: The Economist
Nov 2016 · The Economist Book 28 · VM eBooks
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THE CIRCULATION OF MONEY-CAPITAL.
The circulation process4 of capital takes place in three stages, which, according to the presentation of the matter in Volume I, form the following series:
First stage: The capitalist appears as a buyer on the commodity and labor market; his money is transformed into commodities, or it goes through the circulation process M-C.
Second stage: Productive consumption of the purchased commodities by the capitalist. He acts in the capacity of a capitalist producer of commodities; his capital passes through the process of production. The result is a commodity of more value than that of the elements composing it.
Third stage: The capitalist returns to the market as a seller; his commodities are exchanged for money, or they pass through the circulation process C-M.
Hence the formula for the circulation process of money capital is: M-C...P...C'-M', the dots indicating the points where the process of circulation was interrupted, and C' and M' designating C and M increased by surplus value.
The circulation process4 of capital takes place in three stages, which, according to the presentation of the matter in Volume I, form the following series:
First stage: The capitalist appears as a buyer on the commodity and labor market; his money is transformed into commodities, or it goes through the circulation process M-C.
Second stage: Productive consumption of the purchased commodities by the capitalist. He acts in the capacity of a capitalist producer of commodities; his capital passes through the process of production. The result is a commodity of more value than that of the elements composing it.
Third stage: The capitalist returns to the market as a seller; his commodities are exchanged for money, or they pass through the circulation process C-M.
Hence the formula for the circulation process of money capital is: M-C...P...C'-M', the dots indicating the points where the process of circulation was interrupted, and C' and M' designating C and M increased by surplus value.
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About the author
Karl Marx (5 May 1818 – 14 March 1883) was a German philosopher, economist, sociologist, journalist, and revolutionary socialist. Born in Trier to a middle-class family, he later studied political economy and Hegelian philosophy. As an adult, Marx became stateless and spent much of his life in London, England, where he continued to develop his thought in collaboration with German thinker Friedrich Engels and published various works, the most well-known being the 1848 pamphlet The Communist Manifesto. His work has since influenced subsequent intellectual, economic, and political history.
Marx's theories about society, economics and politics—collectively understood as Marxism—hold that human societies develop through class struggle: a conflict between ruling classes (known as the bourgeoisie) that control the means of production and working classes (known as the proletariat) that work on these means by selling their labour for wages. Through his theories of alienation, value, commodity fetishism, and surplus value, Marx argued that capitalism facilitated social relations and ideology through commodification, inequality, and the exploitation of labour.
Marx's theories about society, economics and politics—collectively understood as Marxism—hold that human societies develop through class struggle: a conflict between ruling classes (known as the bourgeoisie) that control the means of production and working classes (known as the proletariat) that work on these means by selling their labour for wages. Through his theories of alienation, value, commodity fetishism, and surplus value, Marx argued that capitalism facilitated social relations and ideology through commodification, inequality, and the exploitation of labour.
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