Description: Introduction (Notebook M)1. Production in general 2. General relation between production, distribution, exchange and consumption 3. The method of political economy 4. Means (forces) of production and relations of production, relations of production and relations of circulation The Chapter on Money (Notebooks I and II, pp. 1-7)Darimon''s theory of crises Gold export and crises Convertibility and note circulation Value and price Transformation of the commodity into exchange value; money Contradictions in the money relation: (1) Contradiction between commodity as product and commodity as exchange value (2) Contradiction between purchase and sale (3) Contradiction between exchange for the sake of exchange and exchange for the sake of commodities (4) Contradiction between money as particular commodity and money as general commodity ( The Economist and the Morning Star on money) Attempts to overcome the contradictions by the issue of time-chits Exchange value as mediation of private interests Exchange value (money) as social bond Social relations which create an undeveloped system of exchange The product becomes a commodity; the commodity becomes exchange value; the exchange value of the commodity becomes money Money as measure Money as objectification of general labour time (Incidental remark on gold and silver) Distinction between particular labor time and general labour time Distinction between planned distribution of labour time and measurement of exchange values by labour time (Strabo on money among the Albanians) The precious metals as subjects of the money relation: (a) Gold and silver in relation to the other metals (b) Fluctuations in the value-relations between the different metals (c) and (d) (headings only): Sources of gold and silver; money as coin Circulation of money and opposite circulation of commodities General concept of circulation: (a) Circulation circulates exchange values in the form of prices (Distinction between real money and accounting money) (b) Money as the medium of exchange (What determines the quantity of money required for circulation) (Comment on (a)) Commodity circulation requires appropriation through alienation Circulation as an endlessly repeated process The price as external to and independent of the commodity: Creation of general medium of exchange; exchange as a special business Double motion of circulation: C-M; M-C, and M-C; C-M Three contradictory functions of money: (1) Money as general material of contracts, as measuring unit of exchange values (2) Money as medium of exchange and realizer of prices (Money, as representative of price, allows commodities to be exchanged at equivalent prices) (An example of confusion between the contradictory functions of money) (Money as particular commodity and money as general commodity) (3) Money as money: as material representative of wealth (accumulation of money) (Dissolution of ancient communities through money) (Money, unlike coin, has a universal character) (Money in its third function is the negation #negative unity# of its character as medium of circulation and measure) (Money in its metallic being; accumulation of gold and silver) (Headings on money, to be elaborated later) The Chapter on Capital (Notebooks II pp. 8-28, III, IV, V, VI and VII)The Chapter on Money as Capital: Difficulty in grasping money in its fully developed character as money Simple exchange: relations between the exchangers (Critique of socialists and harmonizers: Bastiat, Proudhon) Section One: The Production Process of Capital Nothing is expressed when capital is characterized merely as a sum of values Landed property and capital Capital comes from circulation; its content is exchange value; merchant capital, money capital, and money interest Circulation presupposes another process; motion between presupposed extremes Transition from circulation to capitalist production "Capital is accumulated labour (etc.)" "Capital is a sum of values used for the production of values" Circulation, and exchange value deriving from circulation, the presupposition of capital Exchange value emerging from circulation, a presupposition of ciruclation, preserving and multiplying itself in it by means of labour Product and capital. Value and capital. Proudhon Capital and labour. Exchange value and use value for exchange value Money and its use value (labour) in this relation capital: Self-multiplication of value is its only movement Capital, as regards substance, objectified labour. Its antithesis, living, productive labour Productive labour and labour as performance of a service Productive and unproductive labour. A. Smith etc. The two different processes in the exchange of capital with labour Capital and modern landed property The market Exchange between capital and labour. Piecework wages Value of labour power Share of the wage labourer in general wealth determined only quantitatively Money is the worker''s equivalent; he thus confronts capital as an equal But the aim of his exchange is satisfaction of his need. Money for him is only medium of circulation Savings, self-denial as means of the worker''s enrichment Valuelessness and devaluation of the worker a condition of capital (Labour power as capital!) Wages not productive The exchange between capital and labour belongs within simple circulation, does not enrich the worker Separation of labour and property the precondition of this exchange Labour as object absolute poverty, labour as subject general possibility of wealth Labour without particular specificity confronts capital Labour process absorbed into capital (Capital and capitalist) Production process as content of capital The worker relates to his labour as exchange value, the capitalist as use value The worker divests himself of labour as the wealth-producing power; capital appropriates it as such Tranformation of labour into capital Realization process (Costs of production) Mere self-preservation, non-multiplication of value contradicts the essence of capital Capital enters the cost of production as capital. Interest bearing capital (Parentheses on: original accumulation of capital, historic presuppositions of capital, production in general) Surplus value. Surplus labour time Value of labour. How it is determined Conditions for the self-realization of capital Capital is productive as creator of surplus labour But this is only a historical and transitory phenomenon Theories of surplus value (Ricardo; the Physiocrats; Adam Smith; Ricardo again) Surplus value and productive force. Relation when these increase Result: in proportion as necessary labour is already diminished, the realization of capital becomes more difficult Concerning increases in the value of capital Labour does not reproduce the value of material and instrument, but rather preserves it by relating to them in the labour process as to their objective conditions Absolute surplus labour time. Relative It is not the quantity of living labour, but rather its quality as labour which preserves the labour time already contained in the material The change of form and substance in the direct production process It is inherent in the simple production process that the previous stage of production is preserved through the subsequent one Preservation of the old use value by new labour The quantity of objectified labour is preserved because contact with living labour preserves its quality as use value for new labour In the real production process, the separation of labour from its objective moments of existence is suspended. But in this process labour is already incorporated in capital The capitalist obtains surplus labour free of charge together with the maintenance of the value of material and instrument Through the appropriation of present labour, capital already possesses a claim to the appropriation of future labour Confusion of profit and surplus value. Carey''s erroneous calculation The capitalist, who does not pay the worker for the preservation of the old value, then demands remuneration for giving the worker permission to preserve the old capital Surplus Value and Profit Difference between consumption of the instrument and of wages. The former consumed in the production process, the latter outside it Increase of surplus value and decrease in rate of profit Multiplication of simultaneous working days Machinery Growth of the constant part of capital in relation to the variable part spent on wages=growth of the productivity of labour Proportion in which capital has to increase in order to employ the same number of workers if productivity rises Percentage of total capital can express very different relations Capital (like property in general) rests on the productivity of labour Increase of surplus labour time. Increase of simultaneous working days. (Population) (Population can increase in proportion as necessary labour time becomes smaller) Transition from the process of the production of capital into the process of circulation Section Two: The Circulation Process of Capital Devaluation of capital itself owing to increase of productive forces (Competition) Capital as unity and contradiction of the production process and t

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