Das Kapital Kritik der politischen Ökonomie Zweiter Band Buch II: Der Zirkulationsprozeß des Kapitals. It is an involuntary formation of a hoard.

Transcribed for the Internet: by proletarian revolutionaries in the Philippines; So long as it remains in the garb of money, it does not function as capital and its value does not therefore expand. ", Berlin 1859, bereits gegebne Auseinandersetzung, nachlässig behandelt war. M' appears as a converted form of C', which is itself a product of a previous function of P, the process of production.

But we need not revert more fully to what was previously expounded. The £500 advanced as money-capital, £78 which formerly existed as surplus-value, do not play any other role than would some other £500 with which another capitalist inaugurates his first circuit. This would only have become necessary if we had followed up further the first circuit in its renewed course. But the elements of value of each individual portion of the 10,000 lbs. As soon as this second circuit is begun, we once more have P as the starting-point; only this P is a larger productive capital than the first P was. It is rather a part of capital in a preliminary stage of its accumulation, of surplus-value not yet transformed into active capital. The expanded form of P ... C' — M' — C ... P is therefore: The transformation of money-capital into productive capital is the purchase of commodities for the production of commodities. We have assumed that the total advanced capital always passes wholly from one of its phases to the other; and so here too we assume that the commodities produced by P represent the total value of the productive capital P, or £422 plus £78 of surplus-value created in the process of production. A portion of C' may (in certain cases, in various branches of industrial capital) re-enter directly as means of production into the same labour-process out of which it came in the shape of a commodity. Akkumulation und erweiterte Reproduktion, Neunzehntes Kapitel. �Kt�$��shG��j(#Aj �"��Y*��Z�ʬ�J�^*�ҋgt�� vU�c�C5��̋$�2]ʗ`������C��T/�`�(W�2)�uL��t@gU�澻e���cWP�N��Yr�9^�_��y�*J_�,�^����@��8�����b���I����.����Ry(|N�r�R}^�m0�{����w��t���g���i��UZ���ؿ�Ǒ�]�B��SǢ���x�>�w����. Money-accumulation fund implies the existence of latent money-capital, hence the transformation of money into money-capital. %PDF-1.3 %���� This intertwining, conceived as a movement of commodities and of money, enabled Marx to work out at least the essential elements, if not the definitive form of a coherent theory of the trade cycle, based upon the inevitability of periodic disequilibrium between supply and demand under the capitalist mode of production (Ernest Mandel, Intro to Volume II of Capital, 1978). [1] The formation of a hoard thus appears here as a factor included in the process of capitalist accumulation, accompanying it but nevertheless essentially differing from it; for the process of reproduction itself is not expanded by the formation of latent money-capital. As soon as the transformation of the commodity-capital C' into money has taken place, that part of the money which represents the capital-value continues to circulate in the circuit of industrial capital; the other part, which is surplus-value changed into money, enters into the general circulation of commodities, constitutes a circulation of money emanating from the capitalist but taking place outside of the circulation of his individual capital. Mass production can have no other direct buyer, apart from other industrial capitalists, than the wholesaler. Proofread: and corrected by Chris Clayton 2007. The entire sum of money M' is therefore a money-expression of past labour. Therefore that part of M — C which is at the same time M — L appears now no longer as a mere advance of money by the purchase of labour-power, but as an advance by means of which the same 1,000 lbs. Written: by Marx 1863 - 1878 and edited for publication by Engels in 1885; Here it forms the second phase of the circuit but the first phase of the circulation. Jump to navigation Jump to search. It does not cease to be money, if it does not perform the functions of money-capital; but it does cease to be a commodity, or a use-value in general, if it is delayed too long in the exercise of its function of commodity-capital. In so far as m figures as an accumulation of money, is not spent as revenue, it may stand for cotton which will not be produced until the following year. '��c�1 Surplus-value thus congeals into a hoard and in this form constitutes latent money-capital — latent because it cannot act as capital so long as it persists in the money-form. Hence the size it must acquire before it can take part in the process is determined in each case by the value constitution of the productive capital. ←Das Kapital Volume One Das Kapital Volume Two: The Process of Circulation of Capital (1885) by Karl Marx and Fredrick Engels , translated by I. Lasker Hence it follows: First, while the commodity-capital is realised by C' — M' = C' — (M + m), the movement of capital-value and surplus-value, which in C' — M' is still united and carried on by the same quantity of commodities, becomes separable, both of them henceforth possessing independent forms as separate sums of money. The process of the self-expansion of capital and the realisation of the commodities representing the expanded capital-value are therefore completed in C' — M'. �v���LF<>Yr=���ce���� i�I�Yr7�`$+�������=�_�vFtx-:�Ţ\����L�M[h� Y��. The circulation of C and c, of capital-value and surplus-value, splits after the transformation of C' into M'. https://creativecommons.org/publicdomain/mark/1.0/PDMCreative Commons Public Domain Mark 1.0falsefalse. Bookkeeping 137 3. Hence all that has taken place is a different distribution of the national gold or silver hoard. The first circuit ends with M', and since M' as well as the original M can again open the second circuit as money-capital, it was not necessary at first to see whether M and m (surplus-value) contained in M' continue in their course together or whether each of them pursues its own course. Arbeitspeiriode größer als Zirkulationsperiode, III.

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