V Contents Preface IX KARL MARX ECONOMIC WORKS 1861-1863 ECONOMIC MANUSCRIPT OF 1861-63 A CONTRIBUTION TO THE CRITIQUE OF POLITICAL ECONOMY Third Chapter Capital in General I. The Production Process of Capital 9 1) Transformation of Money into Capital 9 a) M—C—M. The Most General Form of Capital 9 b) Difficulties Arising from the Nature of Value, etc 20 7) Exchange with Labour. Labour Process. Valorisation Proc ess 33 Value of Labour Capacity. Minimum Salary or Average Wage of Labour 42 Exchange of Money with Labour Capacity 50 The Labour Process 54 The Valorisation Process 66 Unity of the Labour Process and the Valorisation Process. (The Capitalist Production Process) 92 The 2 Components into Which the Transformation of Money into Capital Is Divided 103 Additions 137 .
VI Contents 2) Absolute Surplus Value 172 a) Surplus Value Is to Be Conceived as a Simple Relation to a Definite Portion of Capital, Namely That Laid Out in Wages i 172 b) Ratio of Surplus Labour to Necessary Labour. Measure of Surplus Labour 180 c) Advantage of Overwork 185 d) Simultaneous Working Days 185 e) Character of Surplus Labour 190 Additions 193 Rate of Surplus Value 229 3) Relative Surplus Value 233 a) Cooperation 255 b) Division of Labour 264 //Digression: (on Productive Labour)// 306 y) Machinery. Utilisation of the Forces of Nature and of Science (steam, electricity, mechanical and chemical agen cies) 318 5) Theories of Surplus Value 348 a) [Sir James Steuart] 348 b) The Physiocrats 352 c) Adam Smith 376 [Inquiry into How It Is Possible for the Annual Profit and Wages to Buy the Annual Commodities, Which Besides Profit and Wages Also Contain Constant Capital] 411 NOTES AND INDEXES Notes 455 Name Index 482 Index of Quoted and Mentioned Literature 490 Index of Periodicals 501 ILLUSTRATIONS Cover page of Notebook I of the Economic Manuscript of 1861-63 7 Inside cover page of Notebook I of the Economic Manuscript of 1861-63 8 Page 113 of Notebook III of the Economic Manuscript of 1861-63 207 Page 182 of Notebook V of the Economic Manuscript of 1861-63 . 307 Page 220 of Notebook VI of the Economic Manuscript of 1861-63 349 .
IX Preface Volumes 30 to 34 of the Collected Works of Marx and Engels contain Marx's manuscript, A Contribution to the Critique of Political Economy, written between August 1861 and July 1863. Consisting of 23 notebooks with on-going pagination (overall volume: about 1,472 large pages), the manuscript represents an important stage in the development of Marx's economic theory. It investigates the economic laws governing the movement of capitalist production and brings out the content of the converted forms in which this movement is manifested on the surface of bourgeois society. It was through the critique of bourgeois political economy that Marx arrived at his discoveries, and this critique is presented in detail in the central section, Theories of Surplus Value. In view of its great bulk the manuscript is published in five volumes. Volume 30 includes notebooks I to VII, comprising three sections of the chapter on the production process of capital and the beginning of the Theories of Surplus Value (pp. 1-210 and 220-99 of the manuscript). Published in Volume 31 are notebooks VII to XII, which contain the continuation of the Theories of Surplus Value (pp. 300- 636 of the manuscript). Volume 32, corresponding to notebooks XII-XV, contains the conclusion of the Theories of Surplus Value (pp. 636-944 of the manuscript). Volume 33 includes notebooks XV to XVIII, V (the closing part), XIX and XX (pp. 944-1157, 211-19, 1159-1251). Volume 34 contains notebooks XX-XXIII (pp. 1251-1472 of the manuscript) and also the draft of the concluding part of Book I of Capital (Chapter Six. The Results of the Direct Process of Production). .
X Preface The fundamentals of proletarian political economy were formu lated in the late 1850s. In his economic manuscript of 1857-58 (see present edition, vols 28 and 29), which represents the first version of Capital, Marx revealed the inner mechanism of bourgeois society and showed that the development of capitalism's contradic tions was inevitably leading to its replacement by a more highly organised social system. This conclusion followed from Marx's theory of surplus value. By working out his economic doctrine he had turned the materialist conception of history, first formulated by him and Engels as early as the 1840s, from a hypothesis into "a scientifically proven proposition" (V. I. Lenin, Collected Works, Vol. 1, Progress Publishers, Moscow, 1986, p. 142). In 1859, Marx began to publish the results of his research in a work entitled A Contribution to the Critique of Political Economy. Part One, which contained an exposition of his theory of value and theory of money. In this work, as Marx put it, "the specifically social, by no means absolute, character of bourgeois production is analysed straight away in its simplest form, that of the commodity" (present edition, Vol. 40, p. 473). Marx originally intended to follow this first part with a second instalment, devoted to the analysis of capital, the dominant relation of production in bourgeois society. He characterised the second instalment as being "of crucial importance. It does, in fact, contain the pith of all the bourgeois stuff" (present edition, Vol. 40, p. 523). Initially, the manuscript of 1861-63 was written as the direct continuation of Part One, under the same overall title, A Con tribution to the Critique of Political Economy, with the subtitle "Third Chapter. Capital in General". Since it was, in effect, the second version of Capital, the manuscript of 1861-63 covered practically all the problems which Marx intended to deal with in his principal work. About half of it is taken up by the "Theories of Surplus Value", described by Engels as a detailed critical history of the pith and marrow of political economy. The manuscript also works out the theory of productive and unproductive labour, and of the formal and real subsumption of labour under capital, and also many questions of the theory of crises which he never specifically discussed elsewhere. In the final version of Capital Marx confined himself to general conclusions, summing up the research into these problems which he had conducted in the present manuscript. .
Preface XI In the manuscript of 1861-63 Marx used the key propositions of his theory of value and surplus value, evolved in the 1850s, to continue his analysis of the relations between labour and capital, investigating a broad range of questions relating to the antagonis tic contradictions of the capitalist mode of production, and the condition and struggle of the working class in bourgeois society. In his study of the genesis of surplus value Marx demonstrated the correspondence between the process of capitalist exploita tion—the production and appropriation of surplus value—and the law of value, of the exchange of equivalents. This constitutes one of his major theoretical achievements. "The economists have never been able to reconcile surplus value with the law of equivalence they themselves have postulated. The socialists have always held onto this contradiction and harped on it, instead of understanding the specific nature of this commodity, labour capacity, whose use value is itself the activity which creates exchange value" (Notebook I, p. 47). In the manuscript of 1857-58 Marx began the analysis of the commodity "labour power" (or, in his terminology of the 1850s and early 1860s, "labour capacity"). In the manuscript of 1861-63 he examines this specific commodity in a more detailed, indeed comprehensive manner. To begin with, he reveals its distinctive feature—the capacity to create surplus value. Bourgeois economists treated the capitalist relations merely as relations of simple commodity owners con fronting each other on the market, and regarded surplus value as deriving, in effect, from commercial fraud, from the violation of the principle of equal exchange between seller and buyer. Marx, in contrast, shows that the capitalist relation of production, far from being reducible to simple commodity-money relations, is their more developed form. ".The formation of the capital- relation demonstrates from the outset that it can only enter the picture at a definite historical stage of the economic development of society—of the social relations of production and the produc tive forces. The capital-relation appears straight away as a historically determined economic relation, a relation that belongs to a definite historical period of economic development, of social production" (1-19). It is only at a definite stage of the economic development of society that the money owner finds on the market the worker deprived of all means of labour and possessing only one commodity for sale—his labour power. It was impossible to find out the source of surplus value without making a distinction between labour capacity and the labour process proper. Marx .