Capital: Critique of Political Economy v. 2 (Penguin Classics)
CAPITAL
VOLUME 2
KARL MARX was born at Trier in 1818 of a German-Jewish family converted to Christianity. As a student in Bonn and Berlin he was influenced by Hegel’s dialectic, but he later reacted against idealist philosophy and began to develop his theory of historical materialism. He related the state of society to its economic foundations and mode of production, and recommended armed revolution on the part of the proletariat. In Paris in 1844 Marx met Friedrich Engels, with whom he formed a life-long partnership. Together they prepared the Manifesto of the Communist Party (1848) as a statement of the Communist League’s policy. In 1848 Marx returned to Germany and took an active part in the unsuccessful democratic revolution. The following year he arrived in England as a refugee and lived in London until his death in 1883. Helped financially by Engels, Marx and his family nevertheless lived in great poverty. After years of research (mostly carried out in the British Museum), he published in 1867 the first volume of his great work, Capital. From 1864 to 1872 Marx played a leading role in the International Working Men’s Association, and his last years saw the development of the first mass workers’ parties founded on avowedly Marxist principles. Besides the two posthumous volumes of Capital compiled by Engels, Karl Marx’s other writings include The German Ideology, The Poverty of Philosophy, The 18th Brumaire of Louis Bonaparte, The Civil War in France, A Contribution to the Critique of Political Economy, Grundrisse: Foundations of the Critique of Political Economy and Theories of Surplus-Value.
ERNEST MANDEL was born in 1923. He was educated at the Free University of Brussels, where he was later Professor for many years, and the École Pratique des Hautes Études in Paris. He gained his PhD from the Free University of Berlin. He was a Member of the Economic Studies Commission of FGTB (Belgian TUC) from 1954 to 1963 and was chosen for the annual Alfred Marshall Lectures by Cambridge University in 1978. His many books include The Formation of the Economic Thought of Karl Marx, Late Capitalism, The Long Waves of Capitalist Development, The Second Slump and The Marxist Theory of Bureaucracy. His influential pamphlet, An Introduction to Marxist Economics, sold over half a million copies and was translated into thirty languages. Ernest Mandel died in July 1995. In its obituary the Guardian described him as ‘one of the most creative and independent-minded revolutionary Marxist thinkers of the post-war world’.
KARL MARX
Capital
A Critique of
Political Economy
Volume Two
Introduced by
Ernest Mandel
Translated by
David Fernbach
Penguin Books
in association with New Left Review
BookishMall.com
Published by the Penguin Group
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This edition first published in Pelican Books 1978
Reprinted in Penguin Classics 1992
17
Edition and notes copyright © New Left Review, 1978
Introduction copyright © Ernest Mandel, 1978
Translation copyright © David Fernbach, 1978
All rights reserved
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Contents
Introduction by Ernest Mandel
Translator’s Preface
Preface (Frederick Engels)
Preface to the Second Edition (Frederick Engels)
Book II: The Process of Circulation of Capital
Part One: The Metamorphoses of Capital and their Circuit
Chapter 1 : The Circuit of Money Capital
1. First Stage. M–C
2. Second Stage. The Function of Productive Capital
3. Third Stage. C′–M′
4. The Circuit as a Whole
Chapter 2: The Circuit of Productive Capital
1. Simple Reproduction
2. Accumulation and Reproduction on an Expanded Scale
3. Accumulation of Money
4. The Reserve Fund
Chapter 3: The Circuit of Commodity Capital
Chapter 4: The Three Figures of the Circuit
(Natural Economy, Money Economy and Credit Economy)
(The Matching of Demand and Supply)
Chapter 5: Circulation Time
Chapter 6: The Costs of Circulation
1. Pure Circulation Costs
(a) Buying and Selling Time
(b) Book-keeping
(c) Money
2. Costs of Storage
(a) Stock Formation in General
(b) The Commodity Stock Proper
3. Transport Costs
Part Two: The Turnover of Capital
Chapter 7: Turnover Time and Number of Turnovers
Chapter 8: Fixed Capital and Circulating Capital
1. The Formal Distinctions
2. Components, Replacement, Repairs and Accumulation of the Fixed Capital
Chapter 9: The Overall Turnover of the Capital Advanced. Turnover Cycles
Chapter 10: Theories of Fixed and Circulating Capital. The Physiocrats and Adam Smith
Chapter 11: Theories of Fixed and Circulating Capital. Ricardo
Chapter 12: The Working Period
Chapter 13: Production Time
Chapter 14: Circulation Time
Chapter 15: Effect of Circulation Time on the Magnitude of the Capital Advanced
1. Working Period and Circulation Period Equal
2. Working Period Longer than Circulation Period
3. Working Period Shorter than Circulation Period
4. Results
5. Effect of Changes in Price
Chapter 16: The Turnover of Variable Capital
1. The Annual Rate of Surplus-Value
2. The Turnover of an Individual Variable Capital
3. The Turnover of Variable Capital Considered from the Social Point of View
Chapter 17: The Circulation of Surplus-Value
1. Simple Reproduction
2. Accumulation and Expanded Reproduction
Part Three: The Reproduction and Circulation of the Total Social Capital
Chapter 18: Introduction
1. The Object of the Inquiry
2. The Role of Money Capital
Chapter 19: Former Presentations of the Subject
1. The Physiocrats
2. Adam Smith
(a) Smith’s General Perspectives
(b) Smith’s Resolution of Exchange-Value into v+s
(c) The Constant Capital Component
(d) Capital and Revenue in Adam Smith
(e) Summary
3. Later Writers
Chapter 20: Simple Reproduction
1. Formulation of the Problem
2. The Two Departments of Social Production
3. Exchange Between the Two Departments: I(v+s) against IIc
4. Exchange Within Department II. Necessary Means of Subsistence and Luxury Items
5. The Mediation of the Exchanges by Monetary Circulation
6. The Constant Capital in Department I
7. Variable Capital and Surplus-Value in the Two Departments
8. The Constant Capital in Both Departments
9. A Look Back at Adam Smith, Storch and Ramsay
10. Capital and Revenue: Variable Capital and Wages
11. Replacement of the Fixed Capital
(a) Replacement of the Depreciation Component in the Money Form
(b) Replacement of the Fixed Capital in Kind
(c) Results
12. The Reproduction of the Money Material
13. Destutt de Tracy’s Theory of Reproduction
Chapter 21: Accumulation and Reproduction on an Expanded Scale
1. Accumulation in Department I
(a) Hoard Formation
(b) The Additional Constant Capital
(c) The Additional Variable Capital
2. Accumulation in Department II
3. Schematic Presentation of Accumulation
(a) First Example
(b) Second Example
(c) The Exchange of II, in the Case of Accumulation
4. Supplementary Remarks
Quotations in Languages Other than English and German
Index of Authorities Quoted
General Index
Note on Previous Editions of the Works of Marx and Engels
Chronology of Works by Marx and Engels
Introduction
1. THE PLACE OF VOLUME 2 IN MARX’S GENERAL ANALYSIS OF CAPITALISM
‘The second volume is purely scientific, only dealing with questions from one bourgeois to another,’ wrote Frederick Engels to the Russian populist, Lavrov, on 5 February 1884.
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