,SECTION #a1 ,*APT] #h 
,! ,PROBLEM ( ,REPRODUCTION3 ,M>X'S ,ATTEMPT TO ,RESOLVE ! ,DIFFICULTY 

,PEOPLE 3 

,AU?OR 3 ,ROSA ,LUXEMBURG 

,TEXT 3 

,C,O,M,P,L,E,T,E AB/RACTION FROM ! CIRCULATION ( MONEY1 ?\< MAK+ ! PROCESS ( ACCUMULATION SO SMOO? & SIMPLE 9 ! DIAGRAM ( 5L>G$ REPRODUCTION1 HAS GREAT DISADVANTAGES ( ITS [N1 WE SEE4 ,!RE WAS MU* TO BE SAID = ?IS ME?OD 9 ! ANALYSIS ( SIMPLE REPRODUCTION1 :]E CONSUMPTION IS ! BE-ALL & 5D-ALL ( PRODUCTION4 ,MONEY !RE HAD AN EPHEM]AL P>T1 M$IAT+ ! DI/RIBUTION ( ! SOCIAL PRODUCT AMONG ! V>I\S GR\PS ( CONSUM]S - ! AG5T = ! R5EWAL ( CAPITAL4 ,9 ! PROCESS ( ACCUMULATION1 H[EV]1 ! MONEY =M HAS AN ESS5TIAL FUNCTION3 IT NO LONG] S]VES AS A M]E AG5T 9 ! CIRCULATION ( COMMODITIES - H]E IT HAS COME TO BE A FEATURE ( CAPITAL ITSELF1 AN ELEM5T 9 ! CIRCULATION ( CAPITAL4 ,EV5 IF ! TRANS=MATION ( ! SURPLUS VALUE IS NOT ESS5TIAL TO REAL REPRODUCTION1 IT IS ! ECONOMIC S9E QUA NON ( CAPITALI/ ACCUMULATION4 ,9 ! TRANSITION FROM PRODUCTION TO REPRODUCTION1 ! SURPLUS PRODUCT IS ?US SUBJECT$ TO TWO METAMORPHOSES3 FIR/ IT CA/S (F ITS USE-=M & !N IT ASSUMES A NATURAL =M :I* IS FIT = ! PURPOSE ( ACCUMULATION4 ,! PO9T H]E IS NOT ?AT ! DIFF]5T CYCLES ( PRODUCTION >E C\NT$ (F 9 UNITS ( YE>S4 ,IT W\LD BE JU/ AS WELL TO TAKE ! MON?2 = ?AT MATT]1 ! SUCCESSIVE TRANS=MATION ( 9DIVIDUAL PORTIONS ( ! SURPLUS VALUE 9 ,DEP>TM5TS ,I & ,I,I MAY EV5 9T]SECT 9 TIME4 ,S]IES ( YE>S H]E DO NOT MEAN UNITS ( TIME BUT REALLY 9T5D ! SEQU5CE ( ECONOMIC TRANS=MATIONS4 ,:AT MATT]S IS ?AT ?IS SEQU5CE MU/ BE OBS]V$ IF ACCUMULATION IS TO KEEP ITS CAPITALI/ *>ACT]1 :E!R IT EXT5DS OV] A LONG] OR A %ORT] P]IOD ( TIME4 ,?IS BR+S US BACK TO ! OLD QUE/ION3 ,H[1 & BY :OM1 IS ! ACCUMULAT$ SURPLUS VALUE TO BE REALIZ$8 

,M>X WAS WELL AW>E ?AT HIS SEEM+LY WAT]-TI<T S*EME ( ACCUMULATION DID NOT COV] ?IS PO9T ADEQUATELY1 & HE HIMSELF KEPT REVIEW+ ! PROBLEM FROM V>I\S ANGLES4 ,:AT HE SAYS IS ?IS3 

',IT HAS BE5 %[N 9 VOLUME I1 H[ ACCUMULATION WORKS 9 ! CASE ( ! 9DIVIDUAL CAPITALI/4 ,BY ! CONV]SION ( ! COMMODITY-CAPITAL 9TO MONEY1 ! SURPLUS-PRODUCT1 9 :I* ! SURPLUS-VALUE IS 9CORPORAT$1 IS ALSO MONETIZ$4 ,! CAPITALI/ RECONV]TS ! SURPLUS-VALUE ?US MONETIZ$ 9TO ADDITIONAL NATURAL ELEM5TS ( HIS PRODUCTIVE CAPITAL4 ,9 ! NEXT CYCLE ( PRODUCTION ! 9CREAS$ CAPITAL FURNI%ES AN 9CREAS$ PRODUCT4 ,BUT :AT HAPP5S 9 ! CASE ( TILE 9DIVIDUAL CAPITAL1 MU/ ALSO %[1 9 ! ANNUAL REPRODUCTION ( SOCIETY AS A :OLE1 JU/ AS WE HAVE SE5 IT DOES 9 ! CASE ( REPRODUCTION ON A SIMPLE SCALE1 :]E ! SUCCESSIVE PRECIPITATION ( ! DEPRECIAT$ ELEM5TS ( FIX$ CAPITAL 9 ! =M ( MONEY1 ACCUMULAT$1 AS A HO>D1 ALSO MAKES ITSELF FELT 9 ! ANNUAL REPRODUCTION ( SOCIETY4'7#a7 

,HE EXAM9ES ! ME*ANISM ( ACCUMULATION FUR!R FROM ?IS V]Y PO9T ( VIEW1 FOCUS+ ON ! FACT ?AT SURPLUS VALUE MU/ PASS ?R\< ! MONEY /AGE BE=E IT IS ACCUMULAT$4 

',= 9/ANCE1 CAPITALI/ ,A1 :O SELLS DUR+ ONE YE>1 OR DUR+ A NUMB] ( SUCCESSIVE YE>S1 C]TA9 QUANTITIES ( COMMODITIES PRODUC$ BY HIM1 !REBY CONV]TS ?AT PORTION ( ! COMMODITIES1 :I* BE>S SURPLUS-VALUE1 ! SURPLUS-PRODUCT1 OR1 9 O!R WORDS1 ! SURPLUS VALUE PRODUC$ BY HIMSELF2 SUCCESSIVELY 9TO MONEY1 ACCUMULATES IT GRADUALLY1 & ?US MAKES = HIMSELF A NEW POT5TIAL MONEY-CAPITAL4 ,IT IS POT5TIAL MONEY-CAPITAL ON ACC\NT ( ITS CAPACITY & DE/9ATION1 ( BE+ CONV]T$ 9TO ! ELEM5TS ( PRODUCTIVE CAPITAL4 ,BUT PRACTICALLY HE M]ELY1 ACCUMULATES A SIMPLE HO>D1 :I* IS NOT AN ELEM5T ( ACTUAL PRODUCTION4 ,HIS ACTIVITY = ! TIME BE+ CONSI/S ONLY 9 )DRAW+ CIRCULAT+ MONEY \T ( CIRCULATION4 ,( C\RSE1 IT IS NOT IMPOSSIBLE ?AT ! CIRCULAT+ MONEY ?US LAID AWAY BY HIM1 WAS ITSELF2 BE=E IT 5T]$ 9TO CIRCULATION1 A PORTION ( SOME O!R HO>D4'7#b7 ',MONEY IS )DRAWN FROM CIRCULATION & ACCUMULAT$ AS A HO>D BY ! SALE ( COMMODITIES1 )\T A SUBSEQU5T PUR*ASE3 ,IF ?IS OP]ATION IS CONCEIV$ AS ONE TAK+ PLACE UNIV]SALLY1 !N IT SEEMS 9EXPLICABLE :]E ! BUY]S >E TO COME FROM1 S9CE 9 ?AT CASE EV]YBODY W\LD WANT TO SELL 9 ORD] TO HO>D1 & NO ONE W\LD WANT TO BUY4 ,& IT MU/ BE SO CONCEIV$1 S9CE EV]Y 9DIVIDUAL CAPITAL MAY BE 9 PROCESS ( ACCUMULATION4 

',IF WE W]E TO CONCEIVE ( ! PROCESS ( CIRCULATION AS ONE TAK+ PLACE 9 A /RAI<T L9E BETWE5 ! V>I\S DIVISIONS ( ANNUAL REPRODUCTION - :I* W\LD BE 9CORRECT AS IT CONSI/S ) A FEW EXCEPTIONS ( MUTUALLY RETROACTIVE MOVEM5TS - !N WE %\LD HAVE TO />T \T FROM ! PRODUC] ( GOLD 7OR SILV]7 :O BUYS )\T SELL+1 & TO ASSUME ?AT ALL O!RS SELL TO HIM4 ,9 ?AT CASE1 ! 5TIRE SOCIAL SURPLUS-PRODUCT ( ! CURR5T YE> W\LD PASS 9TO HIS H&S1 REPRES5T+ ! 5TIRE SURPLUS-VALUE ( ! YE>1 & ALL ! O!R CAPITALI/S W\LD DI/RIBUTE AMONG !MSELVES !IR RELATIVE %>ES 9 HIS SURPLUS PRODUCT1 :I* CONSI/S NATURALLY ( MONEY1 GOLD BE+ ! NATURAL =M ( HIS SURPLUS-VALUE4 ,= ?AT PORTION ( ! PRODUCT ( ! GOLD PRODUC]1 :I* HAS TO MAKE GOOD HIS ACTIVE CAPITAL1 IS ALREADY TI$ UP & DISPOS$ (4 ,! SURPLUS-VALUE ( ! GOLD PRODUC]1 9 ! =M ( GOLD1 W\LD !N BE ! ONLY FUND FROM :I* ALL O!R CAPITALI/S W\LD HAVE TO D]IVE ! MAT]IAL = ! CONV]SION ( !IR ANNUAL SURPLUS-PRODUCT 9TO GOLD4 ,! MAGNITUDE ( ITS VALUE W\LD !N HAVE TO BE EQUAL TO ! 5TIRE ANNUAL SURPLUS-VALUE ( SOCIETY1 :I* MU/ FIR/ ASSUME ! GUISE ( A HO>D4 ,ABSURD AS ?IS ASSUMPTION W\LD BE1 IT W\LD ACCOMPLI% NO?+ MORE ?AN TO EXPLA9 ! POSSIBILITY ( A UNIV]SAL =MATION ( A HO>D AT ! SAME P]IOD4 ,IT W\LD NOT FUR!R REPRODUCTION ITSELF1 EXCEPT ON ! P>T ( ! GOLD PRODUC]1 ONE S+LE /EP4 

',BE=E WE SOLVE ?IS SEEM+ DIFFICULTY1 WE MU/ DI/+UI% 444'7#c7 

,! OB/ACLE 9 ! WAY ( REALIZ+ ! SURPLUS VALUE :I* ,M>X H]E CALLS A 'SEEM+ DIFFICULTY' NEV]!LESS IS IMPORTANT 5\< = ! :OLE FUR!R DISCUSSION 9 ,CAPITAL1 VOLUME II1 TO BE CONC5TRAT$ ON OV]COM+ IT4 ,AS A FIR/ ATTEMPT1 ,M>X PR(F]S ! SOLUTION ( A HO>D :I*1 [+ TO ! SEP>ATION ( ! DIFF]5T 9DIVIDUAL CON/ANT CAPITALS 9 ! PROCESS ( CIRCULATION1 WILL 9EVITABLY BE =M$ 9 A CAPITALI/ SY/EM ( PRODUCTION4 ,9ASMU* AS DIFF]5T CAPITAL 9VE/M5TS HAVE DIFF]5T SPANS ( LIFE1 & !RE IS ALWAYS AN 9T]VAL BE=E ! P>TS ( A PLANT >E DUE = R5EWAL1 AT ANY GIV5 MOM5T WE MAY F9D ?AT ONE 9DIVIDUAL CAPITALI/ IS ALREADY BUSY R5EW+ HIS PLANT1 :ILE ANO!R IS /ILL BUILD+ UP RES]VES FROM ! PROCE$S YIELD$ BY ! SALE ( HIS COMMODITIES AGA9/ ! DAY :5 HE WILL HAVE 5\< TO R5EW HIS FIX$ CAPITAL4 

',= 9/ANCE1 LET ,A SELL #f1 REPRES5T+ #dC "4 #aV "4 #aS TO ,B1 :O MAY REPRES5T MORE ?AN ONE BUY]4 ,A SELLS #f 9 COMMODITIES = #f 9 MONEY1 ( :I* #a >E SURPLUS-VALUE :I* HE )DRAWS FROM CIRCULATION & HO>DS 9 ! =M ( MONEY4 ,BUT !SE #a 9 MONEY >E BUT ! MONEY-=M ( ! SURPLUS-PRODUCT 9 :I* A VALUE ( #a WAS 9CORPORAT$4'7#d7 

,9 ORD] TO COMPREH5D ! PROBLEM 9 COMPLETE PURITY1 ,M>X H]E ASSUMES ! :OLE ( ! SURPLUS VALUE TO BE CAPITALIZ$1 = :I* REASON HE IGNORES ALTOGE!R ?AT P>T ( ! SURPLUS VALUE IS US$ = ! CAPITALI/S' P]SONAL CONSUMPTION2 9 ADDITION1 ,A'1 ,A'' & ,A''' AS WELL AS ,B'1 ,B'' & ,B''' H]E BELONG TO ,DEP>TM5T ,I4 

',! =MATION ( A HO>D1 !N1 IS NOT A PRODUCTION1 NOR IS IT AN 9CREM5T ( PRODUCTION4 ,! ACTION ( ! CAPITALI/ CONSI/S M]ELY 9 )DRAW+ FROM CIRCULATION #a OBTA9$ BY ! SALE ( HIS SURPLUS-PRODUCT1 9 HOLD+ & HO>D+ ?IS AM\NT4 ,?IS OP]ATION IS C>RI$ ON1 NOT ALONE ON ! P>T ( ,A1 BUT AT NUM]\S PO9TS ( ! P]IPH]Y ( CIRCULATION BY O!R CAPITALI/S NAM$ ,A'1 ,A''1 ,A''' 444 ,H[EV]1 ,A ACCOMPLI%ES ! =MATION ( A HO>D ONLY TO ! EXT5T ?AT HE ACTS AS A SELL]1 SO F> AS HIS SURPLUS-PRODUCT IS CONC]N$1 NOT AS A BUY]4 ,HIS SUCCESSIVE PRODUCTION ( SURPLUS-PRODUCTS1 ! BE>]S ( HIS SURPLUS-VALUE CONV]TIBLE 9TO MONEY1 IS !RE=E A PREMISE = ! =MATION ( HIS HO>D4 ,9 ! PRES5T CASE1 :]E WE >E DEAL+ ONLY ) ! CIRCULATION )9 ,DEP>TM5T ,I1 ! NATURAL =M ( ! SURPLUS-PRODUCT1 & ( ! TOTAL PRODUCT ( :I* IT IS A P>T1 IS ?AT ( AN ELEM5T ( CON/ANT CAPITAL ( ,I1 ?AT IS TO SAY IT BELONGS TO ! CATEGORY ( A MEANS ( PRODUCTION CREAT+ MEANS ( PRODUCTION4 ,WE %ALL SEE PRES5TLY1 :AT BECOMES ( IT1 :AT FUNCTION IT P]=MS1 9 ! H&S ( ! BUY]S SU* AS ,B1 ,B'1 ,B''1 ETC4 

',IT MU/ P>TICUL>LY BE NOT$ AT ?IS PO9T ?AT ,A1 :ILE )DRAW+ MONEY FROM CIRCULATION & HO>D+ IT1 ON ! O!R H& ?R[S COMMODITIES 9TO IT )\T )DRAW+ O!R COMMODITIES 9 RETURN4 ,! CAPITALI/S1 ,B1 ,B'1 ,B''1 ETC41 >E !REBY 5ABL$ TO ?R[ ONLY MONEY 9TO IT & )DRAW ONLY COMMODITIES FROM IT4 ,9 ! PRES5T CASE1 !SE COMMODITIES1 ACCORD+ TO !IR NATURAL =M & DE/9ATION1 BECOME A FIX$ OR CIRCULAT+ ELEM5T ( ! CON/ANT CAPITAL ( ,B1 ,B'1 ETC4'7#e7 

,!RE IS NO?+ NEW AB\T ?IS :OLE PROCESS4 ,M>X HAD ALREADY DESCRIB$ IT EXT5SIVELY 9 CONNECTION ) SIMPLE REPRODUCTION1 S9CE IT ALONE CAN EXPLA9 H[ A SOCIETY IS ABLE TO R5EW CON/ANT CAPITAL UND] CONDITIONS ( CAPITALI/ REPRODUCTION4 ,H[ ?IS PROCESS CAN LAY ! BESETT+ PROBLEM ( \R ANALYSIS ( 5L>G$ REPRODUCTION IS F> FROM SELF-EVID5T4 ,! DIFFICULTY HAD BE5 ?AT = ! PURPOSE ( ACCUMULATION1 P>T ( ! SURPLUS VALUE IS NOT CONSUM$ BY ! CAPITALI/S BUT ADD$ TO CAPITAL 9 ORD] TO EXP& PRODUCTION1 GIV+ RISE TO ! QUE/ION ( BUY]S = ?IS ADDITIONAL PRODUCT4 ,! CAPITALI/S DO NOT WANT TO CONSUME IT & ! WORK]S >E NOT ABLE TO DO SO1 !IR 5TIRE CONSUMPTION BE+ COV]$ 9 EV]Y CASE BY ! AVAILABLE V>IABLE CAPITAL4 ,:5CE ! DEM& = ! ACCUMULAT$ SURPLUS VALUE8 OR1 AS ,M>X W\LD HAVE IT3 ,:5CE ! MONEY TO PAY = ! ACCUMULAT$ SURPLUS VALUE8 

,IF1 BY WAY ( ANSW]1 WE >E REF]R$ TO ! PROCESS ( HO>D+ ATT5DANT UPON ! GRADUAL R5EWAL ( ! CON/ANT CAPITAL BY ! 9DIVIDUAL CAPITALI/S AT V>I\S TIMES1 ! CONNECTION BETWE5 !SE TWO PO9TS REMA9S OBSCURE4 ,AS LONG AS ,B1 ,B' & ,B''1 ETC41 BUY PRODUC] GOODS FROM !IR COLLEAGUES ,A1 ,A' & ,A'' 9 ORD] TO R5EW !IR CON/ANT CAPITAL ?AT HAS 9 FACT BE5 US$ UP1 ! LIMITS ( SIMPLE REPRODUCTION >E NOT TRANSC5D$1 & ! :OLE ?+ HAS NO?+ TO DO ) \R PROBLEM4 ,! MOM5T ! PRODUC] GOODS PUR*AS$ BY ,B1 ,B'1 ,B''1 ETC41 S]VE TO 9CREASE !IR CON/ANT CAPITAL1 H[EV]1 = PURPOSES ( ACCUMULATION1 A NUMB] ( NEW QUE/IONS CLAMOR = ATT5TION4 ,FIR/ & =EMO/ :]E DO ! ,B'S GET ! CA% TO BUY AN ADDITIONAL PRODUCT FROM ! ,A'S8 ,! ONLY WAY !Y C\LD HAVE MADE !IR MONEY IS BY SALE ( !IR [N SURPLUS PRODUCT4 ,BE=E !Y CAN ACQUIRE NEW MEANS ( PRODUCTION = EXP&+ !IR 5T]PRISES1 BE=E !Y APPE> AS BUY]S1 ?AT IS TO SAY1 ( ! SURPLUS PRODUCT ?AT IS TO BE ACCUMULAT$1 !Y MU/ FIR/ HAVE DISPOS$ ( !IR [N SURPLUS PRODUCT - 9 A WORD1 ,B1 ,B'1 ,B''1 ETC41 MU/ HAVE BE5 V5DORS !MSELVES4 ,BUT :O C\LD HAVE B\<T !IR SURPLUS PRODUCT8 ,IT IS OBVI\S ?AT ! DIFFICULTY IS SIMPLY %IFT$ FROM ! ,A'S TO ! ,B'S )\T HAV+ BE5 MA/]$4 

,AT ONE /AGE ( ! ANALYSIS IT REALLY DOES SEEM = A TIME AS IF A SOLUTION W]E F\ND AT LA/4 ,AFT] A %ORT DIGRESSION1 ,M>X RETURNS TO ! MA9 L9E ( HIS 9VE/IGATION 9 ! FOLL[+ WORDS3 

',9 ! PRES5T CASE1 ?IS SURPLUS-PRODUCT CONSI/S AT ! \TSET ( MEANS ( PRODUCTION US$ 9 ! CREATION ( MEANS ( PRODUCTION4 ,IT IS NOT UNTIL IT REA*ES ! H&S ( ,B1 ,B'1 ,B''1 ETC42 7,I7 ?AT ?IS SURPLUS-PRODUCT S]VES AS AN ADDITIONAL CON/ANT CAPITAL4 ,BUT IT IS VIRTUALLY ?AT EV5 9 ! H&S ( ! ACCUMULATORS ( HO>DS1 ! CAPITALI/S ,A1 ,A'1 ,A''1 7,I71 BE=E IT IS SOLD4 ,IF WE CONSID] M]ELY ! VOLUME ( VALUES ( ! REPRODUCTION ON ! P>T ( ,I1 !N WE >E /ILL MOV+ )9 ! LIMITS ( SIMPLE REPRODUCTION1 = NO ADDITIONAL CAPITAL HAS BE5 SET 9 MOTION = ! PURPOSE ( CREAT+ ?IS VIRTUAL ADDITIONAL CAPITAL 7! SURPLUS-PRODUCT71 NOR HAS ANY GREAT] AM\NT ( SURPLUS-LABOR BE5 P]=M$ ?AN ?AT DONE ON ! BASIS ( SIMPLE REPRODUCTION4 ,! DIFF]5CE IS H]E ONLY ONE ( ! =M ( ! SURPLUS-LABOR P]=M$1 ( ! CONCRETE NATURE ( ITS P>TICUL>LY USEFUL S]VICE4 ,IT IS EXP5D$ 9 MEANS ( PRODUCTION = ,DEP>TM5T ,IC 9/EAD ( ,I,IC1 9 MEANS ( PRODUCTION ( MEANS ( PRODUCTION 9/EAD ( MEANS ( PRODUCTION ( >TICLES ( CONSUMPTION4 ,9 ! CASE ( SIMPLE REPRODUCTION IT HAD BE5 ASSUM$ ?AT ! 5TIRE SURPLUS-VALUE WAS SP5T AS REV5UE 9 ! COMMODITIES ( ,I,I4 ,H5CE IT CONSI/$ ONLY ( SU* MEANS ( PRODUCTION AS RE/ORE ! CON/ANT CAPITAL ( ,I,IC 9 ITS NATURAL =M4 ,9 ORD] ?AT ! TRANSITION FROM SIMPLE TO EXP&$ REPRODUCTION MAY TAKE PLACE1 ! PRODUCTION 9 ,DEP>TM5T ,I MU/ BE 5ABL$ TO CREATE FEW] ELEM5TS = ! CON/ANT CAPITAL ( ,I,I & MORE = ?AT ( ,I 444 ,CONSID]+ ! MATT] M]ELY FROM ! PO9T ( VIEW ( ! VOLUME ( VALUES1 IT FOLL[S1 !N1 ?AT ! MAT]IAL REQUIREM5TS ( EXP&$ REPRODUCTION >E PRODUC$ )9 SIMPLE REPRODUCTION4 ,IT IS SIMPLY A QUE/ION ( ! EXP5DITURE ( ! SURPLUS-LABOR ( ! WORK+ CLASS ( ,I = ! PRODUCTION ( MEANS ( PRODUCTION1 ! CREATION ( VIRTUAL ADDITIONAL CAPITAL ( ,I4 ,! VIRTUAL ADDITIONAL MONEY CAPITAL1 CREAT$ ON ! P>T ( ,A1 ,A'1 ,A''1 BY ! SUCCESSIVE SALE ( !IR SURPLUS-PRODUCT1 :I* WAS =M$ )\T ANY CAPITALI/ EXP5DITURE ( MONEY1 IS 9 ?IS CASE SIMPLY ! MONEY-=M ( ! ADDITIONAL MEANS ( PRODUCTION MADE BY ,I4'7#f7 

,ON ?IS 9T]PRETATION1 ! DIFFICULTY SEEMS TO DISSOLVE 9TO ?9 AIR AT \R T\*4 ,ACCUMULATION REQUIRES NO NEW S\RCES ( MONEY AT ALL4 ,BE=E1 :5 ! CAPITALI/S !MSELVES CONSUM$ !IR SURPLUS VALUE1 !Y HAD TO HAVE A CORRESPOND+ MONEY RES]VE 9 H&1 ! ANALYSIS ( SIMPLE REPRODUCTION ALREADY HAV+ PROV$ ?AT ! CAPITALI/ CLASS MU/ ITSELF PUT 9TO CIRCULATION ! MONEY NE$$ = ! REALIZATION ( !IR SURPLUS VALUE4 ,N[1 9/EAD ( CONSUM] GOODS1 ! CAPITALI/ CLASS1 OR RA!R ,B1 ,B'1 & ,B''1 BUY AN EQUIVAL5T AM\NT ( MEANS ( PRODUCTION 9 ORD] TO EXP& !IR PRODUCTION4 ,9 ?IS WAY1 MONEY TO ! SAME VALUE IS ACCUMULAT$ 9 ! H&S ( ! O!R CAPITALI/ GR\P1 VIZ4 ,A1 ,A'1 ,A''1 ETC4 

',?IS HO>D+ 444 DOES NOT 9 ANY WAY IMPLY AN ADDITION TO ! WEAL? 9 PRECI\S METALS1 BUT ONLY A *ANGE ( FUNCTION ON ! P>T ( MONEY PREVI\SLY CIRCULAT+4 ,A :ILE AGO IT S]V$ AS A M$IUM ( CIRCULATION1 N[ IT S]VES AS A HO>D1 AS A VIRTUAL ADDITIONAL MONEY-CAPITAL 9 PROCESS ( =MATION4'7#g7 

,& ?AT IS ?AT6 ,YET ?IS WAY \T ( ! DIFFICULTY IS OP5 TO US ONLY ON ONE CONDITION1 & ?AT IS NOT F> TO SEEK3 ,M>X H]E TAKES ACCUMULATION 9 ITS FIR/ RUDIM5TS1 9 /ATU NASC5DI1 AS IT BEG9S TO EVOLVE FROM SIMPLE REPRODUCTION4 ,9 RESPECT ( ! AM\NT ( VALUE1 PRODUCTION IS NOT YET 5L>G$1 IT HAS ONLY BE5 RE>RANG$ SO ?AT ITS MAT]IAL ELEM5TS >E GR\P$ 9 A DIFF]5T WAY4 ,?AT ! S\RCES ( MONEY ALSO SEEM ADEQUATE IS !RE=E NOT SURPRIS+4 ,?IS SOLUTION1 H[EV]1 IS ONLY TRUE = ONE SPECIFIC MOM5T1 ! P]IOD ( TRANSITION FROM SIMPLE REPRODUCTION TO 5L>G$ REPRODUCTION - 9 %ORT1 A MOM5T ?AT HAS NO REF]5CE TO REALITY & CAN ONLY BE CONCEIV$ SPECULATIVELY4 ,ONCE ACCUMULATION HAS BE5 E/ABLI%$ = SOME TIME1 :5 9CREAS+ AM\NTS ( VALUE >E ?R[N UPON ! M>KET 9 EV]Y P]IOD ( PRODUCTION1 BUY]S = !SE ADDITIONAL VALUES CANNOT FAIL TO BECOME A PROBLEM4 ,& ON ?IS PO9T ! PR(F]$ SOLUTION BREAKS D[N4 ,= ?AT MATT]1 IT WAS NEV] MORE ?AN A SEEM+ SOLUTION1 NOT A REAL ONE4 ,ON CLOS] SCRUT9Y1 IT FAILS US EV5 AT ! PRECISE 9/ANT IT APPE>S TO HAVE SMOO!D ! WAY = US4 ,= IF WE TAKE ACCUMULATION JU/ AT ! V]Y MOM5T ( ITS EM]G5CE FROM SIMPLE REPRODUCTION1 ! PRIME CONDITION IT DEM&S IS A DECREASE 9 ! CONSUMPTION ( ! CAPITALI/ CLASS4 ,NO SOON] HAVE WE DISCOV]$ A WAY TO EXP& REPRODUCTION ) ! MEANS ( CIRCULATION ALREADY AT H&1 ?AN WE F9D PREVI\S CONSUM]S TRICKL+ AWAY AT ! SAME RATE4 ,:AT1 !N1 IS ! GOOD ( EXP&+ PRODUCTION2 :O IS !RE ABLE TO BUY FROM ,B1 ,B' & ,B'' ?IS 9CREAS$ AM\NT ( PRODUCTS :I* !Y C\LD TURN \T ONLY BY D5Y+ !MSELVES ! MONEY !Y NE$ = BUY+ NEW MEANS ( PRODUCTION FROM ,A1 ,A' & ,A''8 

,?AT SOLUTION1 WE SEE1 WAS A M]E ILLUSION - ! DIFFICULTY /ILL P]SI/S4 ,M>X HIMSELF AT ONCE RE-OP5S ! QUE/ION :]E ,B1 ,B' & ,B'' GET ! MONEY TO BUY ! SURPLUS PRODUCT ( ,A1 ,A' & ,A''4 

',TO ! EXT5T ?AT ! PRODUCTS CREAT$ BY ,B1 ,B'1 ,B''1 ETC41 7,I7 RE5T] 9 !IR NATURAL =M 9TO !IR [N PROCESS1 IT GOES )\T SAY+ ?AT A CORRESPOND+ PORTION ( !IR [N SURPLUS-PRODUCT IS TRANSF]R$ DIRECTLY 7)\T ANY 9T]V5TION ( CIRCULATION7 TO !IR PRODUCTIVE CAPITAL & BECOMES AN ELEM5T ( ADDITIONAL CON/ANT CAPITAL4 ,TO ! SAME EXT5T !Y DO NOT HELP TO CONV]T ANY SURPLUS-PRODUCT ( ,A1 ,A'1 ,A''1 ETC41 7,I7 9TO MONEY4 ,ASIDE FROM ?IS1 :]E DOES ! MONEY COME FROM8 ,WE KN[ ?AT !Y HAVE =M$ !IR HO>D 9 ! SAME WAY AS ,A1 ,A'1 ETC41 BY ! SALE ( !IR RESPECTIVE SURPLUS PRODUCTS4 ,N[ !Y HAVE >RIV$ AT ! PO9T :]E !IR ACCUMULAT$ HO>D ( VIRTUAL MONEY-CAPITAL IS TO 5T] EFFECTUALLY UPON ITS FUNCTION AS ADDITIONAL MONEY-CAPITAL4 ,BUT ?IS IS M]ELY TURN+ >\ND 9 A CIRCLE4 ,! QUE/ION /ILL REMA9S3 ,:]E DOES ! MONEY COME FROM1 :I* ! V>I\S ,B'S 7,I7 )DREW FROM ! CIRCULATION & ACCUMULAT$8'7#h7 

,HIS PROMPT REPLY AGA9 SEEMS SURPRIS+LY SIMPLE3 

',N[ WE KN[ FROM ! ANALYSIS ( SIMPLE REPRODUCTION1 ?AT ! CAPITALI/S ( ,I & ,I,I MU/ HAVE A C]TA9 AM\NT ( READY MONEY 9 !IR H&S1 9 ORD] TO BE ABLE TO DISPOSE ( !IR SURPLUS PRODUCTS4 ,9 ?AT CASE1 ! MONEY :I* S]V$ ONLY = ! SP5D+ ( REV5UE 9 >TICLES ( CONSUMPTION RETURN$ TO ! CAPITALI/S 9 ! SAME MEASURE 9 :I* ! ADVANC$ IT = ! PURPOSE ( DISPOS+ ( !IR COMMODITIES4 ,H]E ! SAME MONEY REAPPE>S1 BUT 9 A DIFF]5T FUNCTION4 ,! ,A'S & ,B'S SUPPLY ONE ANO!R ALT]NATELY ) ! MONEY = CONV]T+ !IR SURPLUS-PRODUCT 9TO VIRTUAL ADDITIONAL CAPITAL1 & ?R[ ! NEWLY =M$ MONEY-CAPITAL ALT]NATELY 9TO CIRCULATION AS A M$IUM ( PUR*ASE4'7#i7 

,?AT IS H>K+ BACK TO SIMPLE REPRODUCTION ALL OV] AGA94 ,IT IS QUITE TRUE1 ( C\RSE1 ?AT ! CAPITALI/S ,A & ! CAPITALI/S ,B >E CON/ANTLY ACCUMULAT+ A HO>D ( MONEY BIT BY BIT SO AS TO BE ABLE TO R5EW !IR CON/ANT 7FIX$7 CAPITAL FROM TIME TO TIME1 & 9 ?IS WAY !Y REALLY >E ASSI/+ ONE ANO!R 9 REALIZ+ !IR PRODUCTS4 ,YET ?IS ACCUMULAT+ HO>D DOES NOT DROP FROM ! CL\DS - IT IS SIMPLY A NATURAL PRECIPITATION ( ! FIX$ CAPITAL ?AT IS 79 T]MS ( VALUE7 CONT9UALLY BE+ TRANSF]R$ 9 9/ALLM5TS TO ! PRODUCTS :I* >E !N ONE BY ONE REALIZ$ 9 ! PROCESS ( SALE4 ,[+ TO ITS V]Y NATURE1 ! ACCUMULAT$ HO>D CAN ONLY COV] ! R5EWAL ( ! OLD CAPITAL2 !RE CANNOT POSSIBLY BE 5\< TO S]VE FUR!R = PUR*AS+ ADDITIONAL CON/ANT CAPITAL4 ,?AT MEANS ?AT WE >E /ILL )9 ! LIMITS ( SIMPLE REPRODUCTION4 ,P]HAPS1 ?\<1 ?AT P>T ( ! M$IUM ( CIRCULATION :I* HI!RTO S]V$ ! CAPITALI/S = !IR P]SONAL CONSUMPTION1 & IS N[ TO BE CAPITALIZ$1 BECOMES A NEW S\RCE ( ADDITIONAL MONEY8 ,= ?AT TO BE TRUE1 H[EV]1 WE %\LD HAVE TO BE BACK AT ! UNIQUE & FLEET+ MOM5T ?AT HAS NO MORE ?AN !ORETICAL EXI/5CE - ! P]IOD ( TRANSITION FROM SIMPLE TO 5L>G$ REPRODUCTION4 ,BEYOND ?IS GAP ACCUMULATION CANNOT PROCE$ - WE >E 9 TRU? GO+ R\ND 9 CIRCLES4 

,SO ! CAPITALI/ HO>D+ WILL NOT DO AS A WAY \T ( \R DIFFICULTIES4 ,?IS CONCLUSION %\LD NOT COME AS A SURPRISE1 S9CE ! V]Y EXPOSITION ( ! DIFFICULTY WAS MISLEAD+4 ,IT IS NOT ! S\RCE ( MONEY ?AT CON/ITUTES ! PROBLEM ( ACCUMULATION1 BUT ! S\RCE ( ! DEM& = ! ADDITIONAL GOODS PRODUC$ BY ! CAPITALIZ$ SURPLUS VALUE2 NOT A TE*NICAL HIT* 9 ! CIRCULATION ( MONEY BUT AN ECONOMIC PROBLEM P]TA9+ TO ! REPRODUCTION ( ! TOTAL SOCIAL CAPITAL4 ,QUITE AP>T FROM ! QUE/ION :I* HAD CLAIM$ ,M>X'S 5TIRE ATT5TION SO F>1 NAMELY :]E ,B1 ,B'1 ETC41 7,I71 GET ! MONEY TO BUY ADDITIONAL MEANS ( PRODUCTION FROM ,A1 ,A'1 ETC41 7,I71 SUCCESSFUL ACCUMULATION WILL 9EVITABLY HAVE TO FACE A F> MORE S]I\S PROBLEM3 TO :OM CAN ,B1 ,B'1 ETC41 N[ SELL !IR 9CREAS$ SURPLUS PRODUCT8 ,M>X F9ALLY MAKES !M SELL !IR PRODUCTS TO ONE ANO!R3 

',IT MAY BE ?AT ! DIFF]5T ,B1 ,B'1 ,B''1 ETC41 7,I71 :OSE VIRTUAL NEW CAPITAL 5T]S UPON ITS ACTIVE FUNCTION1 >E COMPELL$ TO BUY FROM ONE ANO!R !IR PRODUCT 7PORTIONS ( !IR SURPLUS PRODUCT7 OR TO SELL IT TO ONE ANO!R4 ,9 ?AT CASE1 ! MONEY ADVANC$ BY !M = ! CIRCULATION ( !IR SURPLUS-PRODUCT FL[S BACK UND] NORMAL CONDITIONS TO ! DIFF]5T ,B'S 9 ! SAME PROPORTION 9 :I* !Y ADVANC$ IT = ! CIRCULATION ( !IR RESPECTIVE COMMODITIES4'7#a7 

',9 ?AT CASE' - ! PROBLEM SIMPLY HAS NOT BE5 SOLV$1 = AFT] ALL ,B1 ,B'1 & ,B'' HAVE NOT CUT D[N ON !IR CONSUMPTION & EXP&$ !IR PRODUCTION JU/ SO AS TO BUY EA* O!R'S 9CREAS$ PRODUCT1 I4E4 MEANS ( PRODUCTION4 ,EV5 ?AT1 9CID5TALLY1 W\LD ONLY BE POSSIBLE TO A V]Y LIMIT$ EXT5T ,M>X ASSUMES A C]TA9 DIVISION ( LABOR 9 ,DEP>TM5T ,I ITSELF3 ! ,A'S TURN \T MEANS ( PRODUCTION = MAK+ PRODUC] GOODS & ! ,B'S MEANS ( PRODUCTION = MAK+ CONSUM] GOODS1 :I* IS AS MU* AS TO SAY ?AT1 ?\< ! PRODUCT ( ,A1 ,A'1 ETC41 NE$ NEV] LEAVE ,DEP>TM5T ,I1 ! PRODUCT ( ,B1 ,B'1 ETC41 IS BY ITS NATURAL =M PR$E/9$ FROM ! FIR/ = ,DEP>TM5T ,I,I4 ,ALREADY ! ACCUMULATION ( ,B1 ,B'1 ETC41 IT FOLL[S1 MU/ LEAD US TO CIRCULATION BETWE5 ,DEP>TM5TS ,I & ,I,I4 ,?US ,M>X'S ANALYSIS ITSELF CONFIRMS ?AT1 IF ,DEP>TM5T ,I IS TO ACCUMULATE1 ! DEP>TM5T = MEANS ( CONSUMPTION MU/1 9 ! LA/ RESORT1 9CREASE ITS IMM$IATE OR M$IATE DEM& = MEANS ( PRODUCTION1 & SO IT IS TO ,DEP>TM5T ,I,I & ITS CAPITALI/S ?AT WE MU/ LOOK = BUY]S = ! ADDITIONAL PRODUCT TURN$ \T BY ,DEP>TM5T ,I4 

,SURE 5\<1 ,M>X'S SECOND ATTACK ON ! PROBLEM TAKES UP FROM !RE3 ! DEM& ( CAPITALI/S 9 ,DEP>TM5T ,I,I = ADDITIONAL MEANS ( PRODUCTION4 ,SU* A DEM& 9EVITABLY IMPLIES ?AT ! CON/ANT CAPITAL ,I,IC IS 9 PROCESS ( EXP&+4 ,?IS IS :]E ! DIFFICULTY BECOMES TRULY =MIDABLE3 

',TAKE IT N[ ?AT ,A7,I7 CONV]TS HIS SURPLUS-PRODUCT 9TO GOLD BY SELL+ IT TO A CAPITALI/ ,B 9 ,DEP>TM5T ,I,I4 ,?IS CAN BE DONE ONLY BY ! SALE ( MEANS ( PRODUCTION ON ! P>T ( ,A7,I7 TO ,B7,I,I7 )\T A SUBSEQU5T PUR*ASE ( >TICLES ( CONSUMPTION1 9 O!R WORDS1 ONLY BY A ONE-SID$ SALE ON ,A'S P>T4 ,N[ WE HAVE SE5 ?AT ,I,IC CANNOT BE CONV]T$ 9TO ! NATURAL =M ( PRODUCTIVE CON/ANT CAPITAL UNLESS NOT ONLY ,IV BUT ALSO AT LEA/ A PORTION ( ,IS1 IS EX*ANG$ = A PORTION ( ,I,IC1 :I* ,I,IC EXI/S 9 ! =M ( >TICLES ( CONSUMPTION4 ,BUT N[ ?AT ,A HAS CONV]T$ HIS ,IS 9TO GOLD BY MAK+ ?IS EX*ANGE IMPOSSIBLE & )DRAW+ ! MONEY OBTA9$ FROM ,I,IC \T ( CIRCULATION1 9/EAD ( SP5D+ IT = >TICLES ( CONSUMPTION ( ,I,IC1 !RE IS 9DE$ ON ! P>T ( ,A7,I7 A =MATION ( ADDITIONAL VIRTUAL MONEY-CAPITAL1 BUT ON ! O!R H& !RE IS A CORRESPOND+ PORTION ( ! VALUE ( ! CON/ANT CAPITAL ,B7,I,I7 HELD 9 ! =M ( COMMODITY-CAPITAL1 UNABLE TO TRANS=M ITSELF 9TO NATURAL PRODUCTIVE CON/ANT CAPITAL4 ,9 O!R WORDS1 A PORTION ( ! COMMODITIES ( ,B7,I,I71 & AT ?AT A PORTION :I* MU/ BE SOLD IF HE WI%ES TO RECONV]T HIS 5TIRE CON/ANT CAPITAL 9TO ITS PRODUCTIVE =M1 HAS BECOME UNSALEABLE4 ,TO ?AT EXT5T1 !RE IS AN OV]PRODUCTION :I* CLOGS REPRODUCTION1 EV5 ON ! SAME SCALE4'7#a#a7 

,DEP>TM5T ,I'S EF=TS TO ACCUMULATE BY SELL+ ITS ADDITIONAL PRODUCT TO ,DEP>TM5T ,I,I HAVE MET ) AN UNLOOK$-= RESULT3 A DEFICIT = ! CAPITALI/S ( ,DEP>TM5T ,I,I S]I\S 5\< TO PREV5T EV5 SIMPLE REPRODUCTION ON ! OLD SCALE4 

,HAV+ GOT TO ?IS CRUCIAL PO9T1 ,M>X SEEKS TO LAY B>E ! ROOT ( ! PROBLEM BY C>EFUL & DETAIL$ EXPOSITION3 

',LET US N[ TAKE A CLOS] LOOK AT ! ACCUMULATION 9 ,DEP>TM5T ,I,I4 ,! FIR/ DIFFICULTY ) REF]5CE TO ,I,IC1 ?AT IS TO SAY ! CONV]SION ( AN ELEM5T ( ! COMMODITY-CAPITAL ( ,I,I 9TO ! NATURAL =M ( CON/ANT CAPITAL ( ,I,I1 CONC]NS SIMPLE REPRODUCTION4 ,LET US TAKE ! =MULA PREVI\SLY US$4 7#a1V "4 #a1S7 ,I >E EX*ANG$ = #b1 ,I,IC4 ,N[1 IF ONE HALF ( ! SURPLUS-PRODUCT ( ,I1 OR #eS1 IS RE9CORPORAT$ 9 ,DEP>TM5T ,I AS CON/ANT CAPITAL1 !N ?IS PORTION1 BE+ DETA9$ 9 ,DEP>TM5T ,I1 CANNOT TAKE ! PLACE ( ANY PORTION ( ,I,IC4 ,9/EAD ( BE+ CONV]T$ 9TO >TICLES ( CONSUMPTION1 IT IS MADE TO S]VE AS AN ADDITIONAL MEANS ( PRODUCTION 9 ,DEP>TM5T ,I ITSELF 444 ,IT CANNOT P]=M ?IS FUNCTION SIMULTANE\SLY 9 ,I & ,I,I4 ,! CAPITALI/ CANNOT SP5D ! VALUE ( HIS SURPLUS PRODUCT = >TICLES ( CONSUMPTION1 & AT ! SAME TIME CONSUME ! SURPLUS-PRODUCT ITSELF PRODUCTIVELY1 BY 9CORPORAT+ IT 9 HIS PRODUCTIVE CAPITAL4 ,9/EAD ( #b1 ,I7V "4 S71 ONLY #a1#e >E EX*ANGEABLE = #b1 ,I,IC1 NAMELY #a1V "4 #eS ( ,I4 ,BUT #e ,IC CANNOT BE RECONV]T$ FROM ! =M ( COMMODITIES 9TO PRODUCTIVE CON/ANT CAPITAL ( ,I,I4'7#a#b7 

,BY N[1 H>DLY ANYBODY C\LD FAIL TO BE CONV9C$ ?AT ! DIFFICULTY IS REAL1 BUT WE HAVE NOT TAK5 A S+LE /EP NE>] A SOLUTION4 ,?IS1 9CID5TALLY1 IS :]E ,M>X HAS TO DO P5ANCE = HIS ILL-ADVIS$ CONT9UAL REC\RSE 9 AN E>LI] OV]-SIMPLIFICATION1 TO A FICTITI\S MOM5T ( TRANSITION - 9 ORD] TO ELUCIDATE ! PROBLEM ( ACCUMULATION - FROM SIMPLE REPRODUCTION TO 5L>G$ REPRODUCTION1 MAK+ HIS MAJOR PREMISE ACCUMULATION AT ITS V]Y 9CEPTION1 9 ITS FEEBLE 9FANCY 9/EAD ( ITS VIGOR\S /RIDE4 ,!RE WAS SOME?+ TO BE SAID1 AT LEA/1 = ?IS FICTION1 SO LONG AS IT WAS JU/ A QUE/ION ( ACCUMULATION )9 ,DEP>TM5T ,I4 ,! CAPITALI/S ( ,DEP>TM5T ,I1 :O D5I$ !MSELVES P>T ( :AT !Y HAD BE5 WONT TO CONSUME1 AT ONCE HAD A NEW HO>D ( MONEY 9 H& ) :I* !Y C\LD />T CAPITALIZATION4 ,BUT :5 IT COMES TO ,DEP>TM5T ,I,I1 ! SAME FICTION ONLY PILES ON ! DIFFICULTIES4 ,! 'AB/95CE' ( ! CAPITALI/S 9 ,DEP>TM5T ,I H]E F9DS EXPRESSION 9 A PA9FUL LOSS ( CONSUM]S = :OSE EXPECT$ DEM& PRODUCTION HAD L>GELY BE5 CALCULAT$4 ,S9CE ! CAPITALI/S ( ,DEP>TM5T ,I,I1 ON :OM WE TRI$ ! EXP]IM5T :E!R !Y MI<T NOT POSSIBLY BE ! LONG-S\<T BUY]S ( ! ADDITIONAL PRODUCT ( ACCUMULATION 9 ,DEP>TM5T ,I1 >E !MSELVES 9 SORE /RAITS - NOT KN[+ AS YET :]E TO GO ) !IR [N UNSOLD PRODUCT - !Y >E EV5 LESS LIKELY TO BE ( ANY HELP TO US4 ,!RE IS NO %UTT+ \R EYES TO ! FACT ?AT AN ATTEMPT TO MAKE ONE GR\P ( CAPITALI/S ACCUMULATE AT ! EXP5SE ( ! O!R IS B\ND TO GET 9VOLV$ 9 GL>+ 9CONSI/5CIES4 

,YET ANO!R ATTEMPT TO GET R\ND ! DIFFICULTY IS SUBSEQU5TLY M5TION$ BY ,M>X :O AT ONCE REJECTS IT AS A SUBT]FUGE4 ,! UNM>KETABLE SURPLUS VALUE 9 ,DEP>TM5T ,I,I1 ?AT IS ! RESULT ( ACCUMULATION 9 ,DEP>TM5T ,I MI<T BE CONSID]$ A RES]VE ( COMMODITIES ! SOCIETY IS GO+ TO NE$ 9 ! C\RSE ( ! FOLL[+ YE>4 ,?IS 9T]PRETATION ,M>X C\NT]S ) HIS USUAL ?OR\<NESS3 

'7#a7 444 ! =M+ ( SU* SUPPLIES & ! NECESSITY = IT APPLIES TO ALL CAPITALI/S1 ?OSE ( ,I AS WELL AS ( ,I,I4 ,CONSID]+ !M 9 !IR CAPACITY AS SELL]S ( COMMODITIES1 !Y DIFF] ONLY BY ! FACT ?AT !Y SELL DIFF]5T K9DS ( COMMODITIES4 ,A SUPPLY ( COMMODITIES ( ,I,I IMPLIES A PREVI\S SUPPLY ( COMMODITIES ( ,I4 ,IF WE NEGLECT ?IS SUPPLY ON ! ONE SIDE1 WE MU/ ALSO DO SO ON ! O!R4 ,BUT IF WE C\NT !M 9 ON BO? SIDES1 ! PROBLEM IS NOT ALT]$ 9 ANY WAY4 7#b7 ,JU/ AS ?IS YE> CLOSES ON ! SIDE ( ,I,I ) A SUPPLY ( COMMODITIES = ! NEXT YE>1 SO IT WAS OP5$ BY A SUPPLY ( COMMODITIES ON ! SAME SIDE1 TAK5 OV] FROM LA/ YE>4 ,9 ! ANALYSIS ( ANNUAL REPRODUCTION1 R$UC$ TO ITS AB/RACT =M1 WE MU/ !RE=E /RIKE IT \T AT BO? 5DS4 ,BY LEAV+ ?IS YE> 9 POSSESSION ( ITS 5TIRE PRODUCTION1 9CLUD+ ! SUPPLY HELD = NEXT YE>1 WE TAKE FROM IT ! SUPPLY ( COMMODITIES TRANSF]R$ FROM LA/ YE>1 & ?US WE HAVE ACTUALLY TO DEAL ) ! AGGREGATE PRODUCT ( AN AV]AGE YE> AS ! OBJECT ( \R ANALYSIS4 7#c7 ,! SIMPLE CIRCUM/ANCE ?AT ! DIFFICULTY :I* MU/ BE OV]COME DID NOT %[ ITSELF 9 ! ANALYSIS ( SIMPLE REPRODUCTION PROVES ?AT IT IS A SPECIFIC PH5OM5ON DUE M]ELY TO ! DIFF]5T >RANGEM5T ( ! ELEM5TS ( ,DEP>TM5T ,I ) A VIEW TO REPRODUCTION1 AN >RANGEM5T )\T :I* REPRODUCTION ON AN EXP&$ SCALE CANNOT TAKE PLACE AT ALL4'7#a#c7 

,! LA/ REM>K1 BE IT NOT$1 IS EQUALLY DAMAG+ TO HIS [N E>LI] ATTEMPT AT RESOLV+ ! SPECIFIC DIFFICULTIES ( ACCUMULATION BY MOM5TS P]TA9+ TO SIMPLE REPRODUCTION1 VIZ4 ! =MATION ( A HO>D CONSEQU5T UPON ! GRADUAL TURNOV] ( ! FIX$ CAPITAL 9 ! H&S ( ! CAPITALI/S :I* WAS PREVI\SLY ADDUC$ AS ! EXPLANATION ( ACCUMULATION 9 ,DEP>TM5T ,I4 

,M>X !N PROCE$S TO SET \T 5L>G$ REPRODUCTION 9 ! =M ( DIAGRAMS4 ,BUT NO SOON] DOES HE BEG9 TO ANALYZE HIS DIAGRAM1 ?AN ! SAME DIFFICULTY CROPS UP ANEW 9 A SLI<TLY DIFF]5T GUISE4 ,ASSUM+ ?AT ! CAPITALI/S ( ,DEP>TM5T ,I,I MU/ = !IR P>T CONV]T #a#dS 9TO CON/ANT CAPITAL SO AS TO MAKE ACCUMULATION POSSIBLE = ! O!RS1 HE ASKS3 

',!RE=E ,DEP>TM5T ,I,I MU/ BUY #a#dS = CA% )\T RECOV]+ ?IS MONEY BY A SUBSEQU5T SALE ( ITS COMMODITIES TO ,I4 ,& ?IS IS A PROCESS :I* IS CONT9UALLY REPEAT$ 9 EV]Y NEW ANNUAL PRODUCTION1 SO F> AS IT IS REPRODUCTION ON AN 5L>G$ SCALE4 ,:]E DOES ,I,I GET ! MONEY = ?IS8'7#a#d7 

,9 ! FOLL[+1 ,M>X TRIES \T V>I\S APPROA*ES 9 ORD] TO DISCOV] ?IS S\RCE4 ,FIR/ ! EXP5DITURE ON V>IABLE CAPITAL BY ! CAPITALI/S 9 ,DEP>TM5T ,I,I IS CLOSELY SCRUT9IZ$4 ,TRUE1 IT EXI/S 9 ! =M ( MONEY2 BUT ITS PROP] FUNCTION IS ! PUR*ASE ( LABOR P[]1 & IT CANNOT POSSIBLY BE )DRAWN & MADE TO S]VE1 MAYBE1 = PUR*AS+ ADDITIONAL MEANS ( PRODUCTION4 

',?IS CONT9UALLY REPEAT$ DEP>TURE FROM & RETURN TO ! />T+ PO9T1 ! POCKET ( ! CAPITALI/1 DOES NOT ADD 9 ANY WAY TO ! MONEY MOV+ 9 ?IS CYCLE4 ,?IS1 !N1 IS NOT A S\RCE ( ! ACCUMULATION ( MONEY4'7#a#e7 

,M>X !N CONSID]S ALL CONCEIVABLE DODGES1 ONLY TO %[ !M UP AS EVAD+ ! ISSUE4 

',BUT /OP6' HE CLAIMS4 ',ISN'T !RE A *ANCE TO MAKE A3 LITTLE PR(IT8'7#a#e7 

,HE CONSID]S :E!R ! CAPITALI/S C\LD NOT MANAGE TO SAVE A LITTLE ( ! V>IABLE CAPITAL BY DEPRESS+ ! WAGES ( ! WORK]S BEL[ ! NORMAL AV]AGE & ?US TO TAP A NEW S\RCE ( MONEY = ACCUMULATION4 ,A M]E FLICK ( HIS F+]S1 ( C\RSE1 DISPOSES ( ?IS NOTION3 

',BUT IT MU/ NOT BE =GOTT5 ?AT ! WAGES ACTUALLY PAID 7:I* DET]M9E ! MAGNITUDE ( ! V>IABLE CAPITAL UND] NORMAL CONDITIONS7 DO NOT DEP5D ON ! B5EVOL5CE ( ! CAPITALI/S1 BUT MU/ BE PAID UND] C]TA9 CONDITIONS4 ,?IS DOES AWAY ) ?IS EXP$I5T AS A S\RCE ( ADDITIONAL MONEY4'7#a#e7 

,HE EV5 EXPLORES :AT HIDD5 ME?ODS !RE MAY BE ( 'SAV+' ON ! V>IABLE CAPITAL1 SU* AS ! TRUCK SY/EM1 FRAUDS1 ETC41 ONLY TO COMM5T F9ALLY3 ',?IS IS ! SAME OP]ATION AS UND] 7#a71 ONLY DISGUIS$ & C>RI$ \T BY A DET\R4 ,!RE=E IT MU/ LIKEWISE BE REJECT$ AS AN EXPLANATION ( ! PRES5T PROBLEM4'7#a#f7 

,ALL EF=TS TO MAKE ! V>IABLE CAPITAL YIELD A NEW S\RCE ( MONEY = ! PURPOSE ( ACCUMULATION >E ?US UNREW>D$3 ',9 %ORT1 WE CANNOT ACCOMPLI% ANY?+ ) #cgf ,I,IV = ! SOLUTION ( ?IS QUE/ION4'7#a#f7 

,M>X NEXT TURNS TO ! CA% RES]VES :I* ! CAPITALI/S 9 ,DEP>TM5T ,I,I KEEP = ! CIRCULATION ( !IR [N CONSUMPTION & 9VE/IGATES :E!R NONE ( ?IS MONEY1 CAN BE DIV]T$ TO ! PURPOSES ( CAPITALIZATION4 ,YET ?IS1 HE ALL[S1 IS '/ILL MORE IMPOSSIBLE'4 

',H]E ! CAPITALI/S ( ! SAME DEP>TM5T >E /&+ FACE TO FACE1 HEAVILY BUY+ & SELL+ !IR >TICLES ( CONSUMPTION4 ,! MONEY REQUIR$ = !SE TRANSACTIONS S]VES ONLY AS A M$IUM ( CIRCULATION & MU/ FL[ BACK TO ! 9T]E/$3 P>TIES 9 ! NORMAL C\RSE ( ?+S1 TO ! EXT5T ?AT !Y HAVE ADVANC$ IT TO ! CIRCULATION1 9 ORD] TO PASS AGA9 & AGA9 OV] ! SAME C\RSE4'7#a#g7 

,! NEXT ATTEMPT TO FOLL[ BELONGS1 AS WAS TO HAVE BE5 EXPECT$1 TO ! CATEGORY ( ?OSE 'SUBT]FUGES' :I* ,M>X RU?LESSLY REFUTES3 ! ATTEMPT TO EXPLA9 ?AT MONEY-CAPITAL CAN BE =M$ 9 ! H&S ( ONE CAPITALI/ GR\P 9 ,DEP>TM5T ,I,I BY DEFRAUD+ ! O!R CAPITALI/S )9 ! SAME DEP>TM5T - VIZ4 9 ! PROCESS ( ! MUTUAL SELL+ ( CONSUM] GOODS4 ,NO TIME NE$ BE WA/$ ON ?IS LITTLE EF=T4 

,!N COMES A MORE SOB] PROPOSITION3 ',OR1 A C]TA9 PORTION ( ,I,IS1 REPRES5T$ BY NECESSITIES ( LIFE1 MI<T BE DIRECTLY CONV]T$ 9TO NEW V>IABLE CAPITAL ( ,DEP>TM5T ,I,I4'7#a#h7 

,IT IS NOT QUITE CLE> H[ ?IS CAN HELP US OV] ! HURDLE1 HELP TO GET ACCUMULATION GO+4 ,= ONE ?+1 ! =MATION ( ADDITIONAL V>IABLE CAPITAL 9 ,DEP>TM5T ,I,I IS NOT MU* USE IF WE HAVE NO ADDITIONAL CON/ANT CAPITAL = ?IS DEP>TM5T1 BE+ 9 FACT 5GAG$ ON ! TASK ( F9D+ IT4 ,= ANO!R ?+1 \R PRES5T CONC]N IS TO SEE IF WE CAN F9D 9 ,DEP>TM5T ,I,I A S\RCE ( MONEY = ! PUR*ASE ( ADDITIONAL MEANS ( PRODUCTION FROM ,I1 & ,DEP>TM5T ,I,I'S PROBLEM H[ TO PLACE ITS [N ADDITIONAL PRODUCT 9 SOME WAY OR O!R 9 ! PROCESS ( PRODUCTION IS BESIDE ! PO9T4 ,FUR!R1 IS ! IMPLICATION ?AT ! RESPECTIVE CONSUM] GOODS %\LD BE US$ 'DIRECT'1 I4E4 )\T ! M$IATION ( MONEY1 9 ! PRODUCTION ( ,DEP>TM5T ,I,I1 SO ?AT ! CORRESPOND+ AM\NT ( MONEY CAN BE DIV]T$ FROM V>IABLE CAPITAL TO ! PURPOSE ( ACCUMULATION8 ,IF SO1 WE C\LD NOT ACCEPT ! SOLUTION4 ,UND] NORMAL CONDITIONS ( CAPITALI/ PRODUCTION1 ! REMUN]ATION ( ! WORK]S BY CONSUM] GOODS DIRECT IS PRECLUD$1 ONE ( ! CORN]-/ONES ( CAPITALI/ ECONOMY BE+ ! MONEY-=M ( ! V>IABLE CAPITAL1 ! 9DEP5D5T TRANSACTION BETWE5 ! WORK] AS BUY] ( COMMODITIES & PRODUC] ( CONSUM] GOODS4 ,M>X HIMSELF /RESSES ?IS PO9T 9 ANO!R CONTEXT3 

',WE KN[ ?AT ! ACTUAL V>IABLE CAPITAL CONSI/S ( LABOR P[]1 & !RE=E ! ADDITIONAL MU/ CONSI/ ( ! SAME ?+4 ,IT IS NOT ! CAPITALI/ ( ,I :O AMONG O!R ?+S BUYS FROM ,I,I A SUPPLY ( NECESSITIES ( LIFE = HIS LABOR]S1 OR ACCUMULATES !M = ?IS PURPOSE1 AS ! SLAVE HOLD] HAD TO DO4 ,IT IS ! LABOR]S !MSELVES :O TRADE ) ,I,I4'7#a#i7 

,& ?AT GOES = ! CAPITALI/S ( ,DEP>TM5T ,I,I JU/ AS MU* AS = ?OSE ( ,DEP>TM5T ,I1 ?US DISPOS+ ( ,M>X'S LA/ EF=T4 

,M>X 5DS UP BY REF]R+ US TO ! LA/ P>T ( ,CAPITAL1 VOLUME II1 *APT] #b#a1 ! ',CONCLUD+ ,REM>KS SUB IV1 AS ,5GELS HAS CALL$ !M4 ,H]E WE F9D ! CURT EXPLANATION3 

',! ORIG9AL S\RCE = ! MONEY ( ,I,I IS V "4 S ( ! GOLD PRODUC]S 9 ,DEP>TM5T ,I1 EX*ANG$ = A PORTION ( ,I,IC4 ,ONLY TO ! EXT5T ?AT ! GOLD PRODUC] ACCUMULATES SURPLUS VALUE OR CONV]TS IT 9TO MEANS ( PRODUCTION ( ,I1 9 O!R WORDS1 TO ! EXT5T ?AT HE EXP&S HIS PRODUCTION1 DOES HIS V "4 S /AY \T ( ,DEP>TM5T ,I,I4 ,ON ! O!R H&1 TO ! EXT5T ?AT ! ACCUMULATION ( GOLD ON ! P>T ( ! GOLD PRODUC] HIMSELF LEADS ULTIMATELY TO AN EXPANSION ( PRODUCTION1 A PORTION ( ! SURPLUS-VALUE ( GOLD PRODUCTION NOT SP5T AS REV5UE PASSES 9TO ,DEP>TM5T ,I,I AS ADDITIONAL V>IABLE CAPITAL ( ! GOLD PRODUC]S1 PROMOTES1 ! ACCUMULATION ( NEW HO>DS 9 ,I,I & SUPPLIES IT ) MEANS BY :I* TO BUY FROM ,I )\T HAV+ TO SELL TO IT IMM$IATELY4'7#b7 

,AFT] ! BREAKD[N ( ALL CONCEIVABLE ATTEMPTS AT EXPLA9+ ACCUMULATION1 !RE=E1 AFT] *AS+ FROM PILL> TO PO/1 FROM ,A ,I TO ,B ,I1 & FROM ,B ,I TO ,A ,I,I1 WE >E MADE TO FALL BACK 9 ! 5D ON ! V]Y GOLD PRODUC]1 REC\RSE TO :OM ,M>X HAD AT ! \TSET ( HIS ANALYSIS BR&$ AS 'ABSURD'4 ,! ANALYSIS ( ! REPRODUCTIVE PROCESS1 & ! SECOND VOLUME ( ,CAPITAL F9ALLY COMES TO A CLOSE )\T HAV+ PROVID$ ! LONG S\<T-= SOLUTION TO \R DIFFICULTY4 

,FOOTNOTES 

7#a7,CAPITAL1 VOL4II1 P4#e#g#a4 

7#b7,IBID41 P4#e#g#f4 

7#c7,IBID41 PP4#e#g#c-#d4 

7#d7,IBID41 P4#c#g#e4 

7#e7,IBID41 PP4#e#g#e-#f4 

7#f7,IBID41 PP4#e#g#i-#h#a4 

7#g7,IBID41 P4#e#h#a4 

7#h7,IBID41 PP4#e#h#c-#d4 

7#i7,IBID41 P4#e#h#d4 

7#a7,IBID41 P4#e#h#e4 

7#a#a7,IBID41 PP4#e#h#f-#g4 

7#a#b7,IBID41 PP4#e#h#h-#i4 

7#a#c7,IBID41 PP4#e#i-#a4 

7#a#d7,IBID41 P4#e#i#c4 

7#a#e7,IBID41 P4#e#i#d4 

7#a#f7,IBID41 P4#e#i#e4 

7#a#g7,IBID4 

7#a#h7,IBID41 P4#e#i#f4 

7#a#i7,IBID41 P4#f#a4 

7#b7,IBID41 P4#f#a4 

,FROM 3 ,M>XI/S4ORG4 

,*RONOLOGY 3 
,M>* #f1 #bba 3 ,SECTION #a1 ,*APT] #h -- ,ADD$4 

 FILE G5]AT$ FROM 3  
HTTP3_/_/REVOLTLIB4COM_/