Capital Volume 2,
Part 2
Turnover of
Capital
In the fourth paragraph of Chapter 7, which is the first
chapter of Part 2 of Capital Volume 2
(“The Turnover of Capital”),
Karl Marx quotes Chapter 23 of “Capital”, Volume 1 as follows: ‘We have seen
previously: “If production be
capitalistic in form, so, too, will be reproduction. Just as in the former the
labour-process figures but as a means towards the self-expansion of capital, so
in the latter it figures but as a means of reproducing as capital — i.e., as
self-expanding value — the value advanced.”
Capital Volume 2 is an elaboration, and not a contradiction
or a supersession, of Capital Volume 1. Far from the latter being the case, the
concepts of “accumulation” and of “reproduction” are rather strongly confirmed
and reinforced in the same sense as they were introduced in Volume 1.
Part 2 proceeds to cover variations from the simple, typical
cases, so as to prove the validity of the general theory advanced in Volume 1.
For the purpose of stimulating discussion on Part 2, we
offer for reading its final chapter, Chapter 17 (linked below as a downloadable
file).
Note that Marx continues to reference back to “Buch I” (i.e. Capital, Volume 1).
Here is a typical paragraph from the early part of this
chapter:
“The simplest form in
which the additional latent money-capital may be represented is that of a
hoard. It may be that this hoard is additional gold or silver secured directly
or indirectly in exchange with countries producing precious metals. And only in
this manner does the hoarded money in a country grow absolutely. On the other
hand it may be — and is so in the majority of cases — that this hoard is
nothing but money which has been withdrawn from circulation at home and has
assumed the form of a hoard in the hands of individual capitalists. It is
furthermore possibly that this latent money-capital consists only of tokens of
value — we still ignore credit-money at this point — or of mere claims of
capitalists (titles) against third persons conferred by legal documents. In all
such cases, whatever may be the form of existence of this additional
money-capital, it represents, so far as it is capital in spe, nothing but
additional and reserved legal titles of capitalists to future annual additional
social production.”
This is followed by a very lengthy quotation from William
Thompson in an 1850 book, and then this summary of Marx’s:
“For reproduction only
two normal cases are possible, apart from disturbances, which interfere with
reproduction even on a fixed scale.
“There is either
reproduction on a simple scale.
“Or there is
capitalisation of surplus-value, accumulation.”
This is what Capital Volume 2 is about: Reproduction,
Accumulation, and the relation between these two.
Later on, Marx writes directly:
“None of the laws
established with reference to the quantity of the circulating money in the
circulation of commodities (Buch I, Kap. III), [English edition: Ch. III. —
Ed.] are changed in any way by the capitalist character of the process of
production.”
Yet then he develops a question in various ways, expressed
most simply as follows:
“The capitalist class
remains consequently the sole point of departure of the circulation of money.
If they need £400 for the payment of means of production and £100 for the
payment of labour-power, they throw £500 into circulation. But the
surplus-value incorporated in the product, with a rate of surplus-value
incorporated in the product, with a rate of surplus-value of 100%, is equal in
value to £100. How can they continually draw £600 out of circulation, when they
continually throw only £500 into it? Nothing comes from nothing. The capitalist
class as a whole cannot draw out of circulation what was not previously thrown
into it.”
Marx continues to problematise this question until the end
of the chapter, and leaves some of his questions unanswered.
For example, on the question of the substitution of credit
for gold in the process of circulation, Marx writes:
“…so far as the
expediencies developing with the credit system have this effect, they increase
capitalist wealth directly, either by performing a large portion of the social
production and labour-power without any intervention of real money, or by
raising the functional capacity of the quantity of money really functioning.
“This disposes also of
the absurd question whether capitalist production in its present volume would
be possible without the credit system (even if regarded only from this point of
view), that is, with the circulation of metallic coin alone. Evidently this is
not the case. It would rather have encountered barriers in the volume of
production of precious metals. On the other hand one must not entertain any
fantastic illusions on the productive power of the credit system, so far as it
supplies or sets in motion money-capital. A further analysis of this question
is out of place here.”
We must look for those answers in Capital Volume 3, which we
will come to immediately after dealing with the third and final Part of Capital
Volume 2.
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