,SECTION #a1 ,*APT] #i ,! ,PROBLEM ( ,REPRODUCTION3 ,! ,DIFFICULTY ,VIEW$ ,FROM ! ,ANGLE ( ! ,PROCESS ( ,CIRCULATION ,PEOPLE 3 ,AU?OR 3 ,ROSA ,LUXEMBURG ,TEXT 3 ,! FLAW 9 ,M>X'S ANALYSIS IS1 9 \R OP9ION1 ! MISGUID$ =MULATION ( ! PROBLEM AS A M]E QUE/ION ( '! S\RCES ( MONEY'1 :]EAS ! REAL ISSUE IS ! EFFECTIVE DEM&1 ! USE MADE ( GOODS1 NOT ! S\RCE ( ! MONEY :I* IS PAID = !M4 ,AS TO MONEY AS A MEANS ( CIRCULATION3 :5 CONSID]+ ! REPRODUCTIVE PROCESS AS A :OLE1 WE MU/ ASSUME ?AT CAPITALI/ SOCIETY MU/ ALWAYS DISPOSE ( MONEY1 OR A SUB/ITUTE1 9 JU/ ?AT QUANTITY ?AT IS NE$$ = ITS PROCESS ( CIRCULATION4 ,:AT HAS TO BE EXPLA9$ IS ! GREAT SOCIAL TRANSACTION ( EX*ANGE1 CAUS$ BY REAL ECONOMIC NE$S4 ,:ILE IT IS IMPORTANT TO REMEMB] ?AT CAPITALI/ SURPLUS VALUE MU/ 9V>IABLY PASS ?R\< ! MONEY /AGE BE=E IT CAN BE ACCUMULAT$1 WE MU/ NEV]!LESS TRY TO TRACK D[N ! ECONOMIC DEM& = ! SURPLUS PRODUCT1 QUITE AP>T FROM ! PUZZLE :]E ! MONEY COMES FROM4 ,AS ,M>X HIMSELF SAYS 9 ANO!R PASSAGE3 ',! MONEY ON ONE SIDE 9 ?AT CASE CALLS =? EXP&$ REPRODUCTION ON ! O!R1 BECAUSE ! POSSIBILITY = IT EXI/S )\T ! MONEY4 ,= MONEY 9 ITSELF IS NOT AN ELEM5T ( ACTUAL REPRODUCTION4'7#a7 ,& 9 A DIFF]5T CONTEXT1 ,M>X ACTUALLY %[S ! QUE/ION AB\T ! 'S\RCES ( MONEY' TO BE A COMPLETELY B>R5 =MULATION ( ! PROBLEM ( ACCUMULATION4 ,9 FACT1 HE HAD COME UP AGA9/ ?IS DIFFICULTY ONCE BE=E :5 EXAM9+ ! PROCESS ( CIRCULATION4 ,/ILL DEAL+ ) SIMPLE REPRODUCTION1 HE HAD ASK$1 9 CONNECTION ) ! CIRCULATION ( ! SURPLUS VALUE3 ',BUT ! COMMODITY CAPITAL MU/ BE MONETIZ$ BE=E ITS CONV]SION 9TO PRODUCTIVE CAPITAL1 OR BE=E ! SURPLUS-VALUE CONTA9$ 9 IT CAN BE SP5T4 ,:]E DOES ! MONEY = ?IS PURPOSE COME FROM8 ,?IS QUE/ION SEEMS DIFFICULT AT ! FIR/ GLANCE1 & NEI!R ,TOOKE NOR ANYONE ELSE HAS ANSW]$ IT SO F>4'7#b7 ,& HE WAS !N QUITE UNCOMPROMIS+ AB\T GETT+ TO ! ROOT ( ! MATT]3 ',! CIRCULAT+ CAPITAL ( #e P4/4 ADVANC$ 9 ! =M ECONOMY-CAPITAL1 :ATEV] MAY BE ITS P]IOD ( TURN-OV]1 MAY N[ /& = ! TOTAL CAPITAL ( SOCIETY1 ?AT IS TO SAY1 ( ! CAPITALI/ CLASS4 ,LET ! SURPLUS VALUE BE #a P4/4 ,H[ CAN ! 5TIRE CAPITALI/ CLASS MANAGE TO DRAW CONT9UALLY #f P4/ \T ( ! CIRCULATION1 :5 !Y CONT9UALLY ?R[ ONLY #e P4/4 9TO IT8'7#c7 ,ALL ?AT1 M9D Y\1 REF]S TO SIMPLE REPRODUCTION1 :]E ! 5TIRE SURPLUS VALUE IS US$ = ! P]SONAL CONSUMPTION ( ! CAPITALI/ CLASS4 ,! QUE/ION %\LD !RE=E FROM ! \TSET HAVE BE5 PUT MORE PRECISELY 9 ?IS =M3 H[ CAN ! CAPITALI/S SECURE = !MSELVES1 CONSUM] GOODS TO ! AM\NT ( ,G,B,P#a SURPLUS VALUE ON TOP ( PUTT+ ,G,B,P#e 9TO CIRCULATION = CON/ANT & V>IABLE CAPITAL8 ,IT IS IMM$IATELY OBVI\S ?AT ?OSE ,G,B,P#e :I*1 9 =M CAPITAL1 ALWAYS S]VE TO BUY MEANS ( PRODUCTION & TO PAY ! WORK]S1 CANNOT SIMULTANE\SLY DEFRAY ! EXP5SE ( ! CAPITALI/S' P]SONAL CONSUMPTION4 ,:]E1 !N1 DOES ! ADDITIONAL MONEY COME FROM8 - ! ,G,B,P#a ! CAPITALI/S NE$ TO REALIZE !IR [N SURPLUS VALUE8 ,?US ALL !ORETICAL DODGES ONE MIE SUMM>ILY DISPOS$ ( BY ,M>X RI AS ! CON/ANT CIRCULAT+ CAPITAL IS CONC]N$1 IT IS OBVI\S ?AT NOT ALL 9VE/ IT SIMULTANE\SLY4 ,:ILE ! CAPITALI/ ,A SELLS HIS COMMODITIES SO ?AT HIS ADVANC$ CAPITAL ASSUMES ! =M ( MONEY1 !RE IS ON ! O!R H&1 ! AVAILABLE MONEY-CAPITAL ( ! BUY] ,B :I* ASSUMES ! =M ( HIS MEANS ( PRODUCTION :I* ,A IS JU/ PRODUC+4 ,! SAME TRANSACTION1 :I* RE/ORES ?AT ( ,B TO ITS PRODUCTIVE =M1 TRANS=MS IT FROM MONEY 9TO MAT]IALS ( PRODUCTION & LABOR-P[]2 ! SAME AM\NT ( MONEY S]VES 9 ! TWO-SID$ PROCESS AS 9 EV]Y SIMPLE PUR*ASE ,C-,M4 ,ON ! O!R H&1 :5 ,A RECONV]TS HIS MONEY 9TO MEANS ( PRODUCTION1 HE BUYS FROM ,C1 & ?IS MAN PAYS ,B ) IT1 ETC41 & ?US ! TRANSACTION W\LD BE EXPLA9$4 ',BUT NONE ( ! LAWS REF]R+ TO ! QUANTITY ( ! CIRCULAT+ MONEY1 :I* HAVE BE5 ANALYZ$ 9 ! CIRCULATION ( COMMODITIES 7VOL4I1 *AP4III71 >E 9 ANY WAY *ANG$ BY ! CAPITALI/ *>ACT] ( ! PROCESS ( PRODUCTION4 ',H5CE1 :5 WE HAVE SAID ?AT ! CIRCULAT+ CAPITAL ( SOCIETY1 TO BE ADVANC$ 9 ! =M ( MONEY1 AM\NTS TO #e P4/41 WE HAVE ALREADY ACC\NT$ = ! FACT ?AT ?IS IS ON ! ONE H& ! SUM SIMULTANE\SLY ADVANC$1 & ?AT1 ON ! O!R H&1 IT SETS 9 MOTION MORE PRODUCTIVE CAPITAL ?AN #e P4/41 BECAUSE IT S]VES ALT]NATELY AS ! MONEY FUND ( DIFF]5T PRODUCTIVE CAPITALS4 ,?IS MODE ( EXPLANATION1 !N1 ASSUMES ?AT MONEY AS EXI/+ :OSE EXI/5CE IT IS CALL$ UPON TO EXPLA94 ',IT MAY BE FUR!RMORE SAID3 ,CAPITALI/ ,A PRODUCES >TICLES :I* CAPITALI/ ,B CONSUMES UNPRODUCTIVELY1 9DIVIDUALLY4 ,! MONEY ( ,B !RE=E MONETIZES ! COMMODITY-CAPITAL ( ,A1 & ?US ! SAME AM\NT S]VES = ! MONETIZATION ( ! SURPLUS-VALUE ( ,B & ! CIRCULAT+ CON/ANT CAPITAL ( ,A4 ,BUT 9 ?AT CASE1 ! SOLUTION ( ! QUE/ION TO BE SOLV$ IS /ILL MORE DIRECTLY ASSUM$1 ! QUE/ION3 ,:5CE DOES ,B GET ! MONEY = ! PAYM5T ( HIS REV5UE8 ,H[ DOES HE HIMSELF MONETIZE ?IS SURPLUS-PORTION ( HIS PRODUCT8 ',IT MIIABLE CAPITAL1 :I* ,A CONT9UALLY ADVANCES TO HIS LABOR]S1 FL[S BACK TO HIM CONT9UALLY FROM ! CIRCULATION1 & ONLY AN ALT]NAT+ P>T /AYS CONT9UALLY TI$ UP = ! PAYM5T ( WAGES4 ,BUT A C]TA9 TIME ELAPSES BETWE5 ! EXP5DITURE & ! REFLUX1 & MEAN:ILE ! MONEY PAID \T = WAGES MIGE AM\NT ( MONEY IS CONT9UALLY ?R[N 9TO CIRCULATION :5 FIX$ CAPITAL IS FIR/ 9VE/$1 & IT IS NOT RECOV]$ FROM ! CIRCULATION UNTIL AFT] ! LAPSE ( YE>S1 BY HIM :O ?REW IT 9TO CIRCULATION4 ,MAY NOT ?IS SUM SUFFICE TO MONETIZE ! SURPLUS-VALUE8 ,! ANSW] TO ?IS IS ?AT ! EMPLOYM5T AS FIX$ CAPITAL1 IF NOT BY HIM :O ?REW IT 9TO CIRCULATION1 !N BY SOME ONE ELSE1 IS PROBABLY IMPLI$ 9 ! SUM ( #e P4/4 7:I* 9CLUDES ! =MATION ( A HO>D = NE$$ RES]VE FUNDS74 ,BESIDES1 IT IS ALREADY ASSUM$ 9 ! AM\NT EXP5D$ = ! PUR*ASE ( PRODUCTS S]V+ AS FIX$ CAPITAL1 ?AT ! SURPLUS-VALUE CONTA9$ 9 !M IS ALSO PAID1 & ! QUE/ION IS PRECISELY1 :]E ! MONEY = ?IS PURPOSE CAME FROM4'7#d7 ,?IS P>T+ %OT1 BY ! WAY1 IS P>TICUL>LY NOTEWOR?Y 9 ?AT ,M>X H]E EXPRESSLY REPUDIATES ! ATTEMPT TO EXPLA9 REALIZATION ( ! SURPLUS VALUE1 EV5 9 ! CASE ( SIMPLE REPRODUCTION1 BY MEANS ( A HO>D1 =M$ = ! P]IODICAL R5EWAL ( FIX$ CAPITAL4 ,LAT] ON1 ) A VIEW TO REALIZ+ ! SURPLUS VALUE UND] ! MU* MORE DIFFICULT CONDITIONS ( ACCUMULATION HE MAKES MORE ?AN ONE T5TATIVE EF=T TO SUB/ANTIATE AN EXPLANATION ( ?IS TYPE :I* HE HIMSELF DISMISS$ AS A 'PLAUSIBLE SUBT]FUGE'4 ,!N FOLL[S A SOLUTION :I* HAS A SOME:AT DISCONC]T+ R+3 ',! G5]AL REPLY HAS ALREADY BE5 GIV53 ,:5 A MASS ( COMMODITIES VALU$ AT X TIMES #a1 P4/4 HAS TO CIRCULATE1 IT *ANGES ABSOLUTELY NO?+ 9 ! QUANTITY ( ! MONEY REQUIR$ = ?IS CIRCULATION1 :E!R ?IS MASS ( COMMODITIES CONTA9S ANY SURPLUS-VALUE OR NOT1 & :E!R ?IS MASS ( COMMODITIES HAS BE5 PRODUC$ CAPITALI/ICALLY OR NOT4 ,9 O!R WORDS1 ! PROBLEM ITSELF DOES NOT EXI/4 ,ALL O!R CONDITIONS BE+ GIV51 SU* AS VELOCITY ( CIRCULATION ( MONEY1 ETC41 A DEF9ITE SUM ( MONEY IS REQUIR$ 9 ORD] TO CIRCULATE ! VALUE ( COMMODITIES WOR? X TIMES #a1 P4/41 QUITE 9DEP5D5TLY ( ! FACT H[ MU* OR H[ LITTLE ( ?IS VALUE FALLS TO ! %>E ( !1 DIRECT PRODUC]S ( !SE COMMODITIES4 ,SO F> AS ANY PROBLEM EXI/S H]E1 IT CO9CIDES ) ! G5]AL PROBLEM3 ,:]E DOES ALL ! MONEY REQUIR$ = ! CIRCULATION ( ! COMMODITIES ( A C]TA9 C\NTRY COME FROM8'7#e7 ,! >GUM5T IS QUITE S\ND4 ,! ANSW] TO ! G5]AL QUE/ION AB\T ! ORIG9 ( ! MONEY = PUTT+ A C]TA9 QUANTITY ( COMMODITIES 9TO CIRCULATION )9 A C\NTRY WILL ALSO TELL US :]E ! MONEY = CIRCULAT+ ! SURPLUS VALUE COMES FROM4 ,! DIVISION ( ! BULK ( VALUE CONTA9$ 9 !SE COMMODITIES 9TO CON/ANT & V>IABLE CAPITAL1 & SURPLUS VALUE1 DOES NOT EXI/ FROM ! ANGLE ( ! CIRCULATION ( MONEY - 9 ?IS CONNECTION1 IT IS QUITE MEAN+LESS4 ,BUT IT IS ONLY FROM ! ANGLE ( ! CIRCULATION ( MONEY1 OR ( A SIMPLE COMMODITY CIRCULATION1 ?AT ! PROBLEM HAS NO EXI/5CE4 ,UND] ! ASPECT ( SOCIAL REPRODUCTION AS A :OLE1 IT IS V]Y REAL 9DE$2 BUT IT %\LD NOT1 ( C\RSE1 BE PUT 9 ?AT MISLEAD+ =M ?AT BR+S US BACK TO SIMPLE COMMODITY CIRCULATION1 :]E IT HAS NO MEAN+4 ,WE %\LD NOT ASK1 ACCORD+LY3 ,:]E DOES ! MONEY REQUIR$ = REALIZ+ ! SURPLUS VALUE COME FROM8 BUT3 ,:]E >E ! CONSUM]S = ?IS SURPLUS VALUE8 ,IT IS !Y1 = SURE1 :O MU/ HAVE ?IS MONEY 9 H& 9 ORD] TO ?R[ IT 9TO CIRCULATION4 ,?US1 ,M>X HIMSELF2 AL?\< HE JU/ N[ D5I$ ! PROBLEM TO EXI/1 KEEPS COM+ BACK TO IT TIME & AGA93 ',N[1 !RE >E ONLY TWO PO9TS ( DEP>TURE3 ,! CAPITALI/ & ! LABOR]4 ,ALL ?IRD CLASSES ( P]SONS MU/ EI!R RECEIVE MONEY = !IR S]VICES FROM !SE TWO CLASSES1 OR1 TO ! EXT5T ?AT !Y RECEIVE IT )\T ANY EQUIVAL5T S]VICES1 !Y >E JO9T [N]S ( ! SURPLUS-VALUE 9 ! =M ( R5T1 9T]E/1 ETC4 ,! FACT ?AT ! SURPLUS-VALUE DOES NOT ALL /AY 9 ! POCKET ( ! 9DU/RIAL CAPITALI/1 BUT MU/ BE %>$ BY HIM ) O!R P]SONS1 HAS NO?+ TO DO ) ! PRES5T QUE/ION4 ,! QUE/ION IS3 ,H[ DOES HE MA9TA9 HIS SURPLUS-VALUE1 NOT1 H[ DOES HE DIVIDE ! MONEY LAT] AFT] HE HAS SECUR$ IT8 ,= ! PRES5T CASE1 ! CAPITALI/ MAY AS WELL BE REG>D$ AS ! SOLE [N] ( HIS SURPLUS-VALUE4 ,AS = ! LABOR] IT HAS ALREADY BE5 SAID ?AT HE IS BUT ! SECOND>Y PO9T ( DEP>TURE1 :ILE ! CAPITALI/ IS ! PRIM>Y />T+ PO9T ( ! MONEY ?R[N BY ! LABOR] 9TO CIRCULATION4 ,! MONEY FIR/ ADVANC$ AS V>IABLE CAPITAL IS GO+ ?R\< ITS SECOND CIRCULATION1 :5 ! LABOR] SP5DS IT = ! PAYM5T ( MEANS ( SUBSI/5CE4 ',! CAPITALI/ CLASS1 !N1 REMA9S ! SOLE PO9T ( DEP>TURE ( ! CIRCULATION ( MONEY4 ,IF !Y NE$ #d P4/4 = ! PAYM5T ( MEANS ( PRODUCTION1 & #a P4/4 = ! PAYM5T ( LABOR-P[]1 !Y ?R[ #e P4/4 9TO CIRCULATION4 ,BUT ! SURPLUS-VALUE 9CORPORAT$ 9 ! PRODUCT ) A RATE ( SURPLUS VALUE ( #a P] C5T1 IS EQUAL TO ! VALUE ( #a P4/4 ,H[ CAN !Y CONT9UALLY DRAW #f P4/4 \T ( CIRCULATION1 :5 !Y CONT9UALLY1 ?R[ ONLY #a P4/4 9TO IT8 ,FROM NO?+ COMES NO?+4 ,! CAPITALI/ CLASS AS A :OLE CANNOT DRAW \T ( CIRCULATION :AT WAS NOT PREVI\SLY 9 IT4'7#f7 ,M>X FUR!R EXPLODES ANO!R DEVICE :I* NIG] AM\NT ( VALUE TO CIRCULATE BY MEANS ( A SMALL] AM\NT ( MONEY4 ,! DODGE WILL NOT WORK1 ( C\RSE1 S9CE ! VELOCITY ( MONEY 9 CIRCULATION IS ALREADY TAK5 9TO ACC\NT BY EQUAT+ ! AGGREGATE BULK ( COMMODITIES ) A C]TA9 NUMB] ( P\NDS /]L+4 ,BUT1 !N AT LA/ WE SEEM 9 SIADOXICAL AS IT MAY APPE> AT FIR/ SIK WELL1 IT IS NOT ?R[N 9TO CIRCULATION AS ADVANC$ MONEY1 NOT AS CAPITAL4 ,! CAPITALI/ CLASS SP5DS IT = !IR 9DIVIDUAL CONSUMPTION4 ,! MONEY IS NOT ADVANC$ BY !M1 AL?\< !Y >E ! PO9T ( DEP>TURE ( ITS CIRCULATION4'7#g7 ,?IS LUCID & COMPREH5SIVE ACC\NT IS ! BE/ EVID5CE ?AT ! PROBLEM IS NOT JU/ IMAG9>Y BUT V]Y REAL4 ,IT PROVIDES A SOLUTION1 NOT BY DISCLOS+ A NEW 'S\RCE ( MONEY' = ! REALIZATION ( ! SURPLUS VALUE1 BUT BY PO9T+ \T AT LA/ ! CONSUM]S ( ?IS SURPLUS VALUE4 ,WE >E /ILL1 ON ,M>X'S ASSUMPTION1 )9 ! B\NDS ( SIMPLE REPRODUCTION2 ! CAPITALI/ CLASS1 ?AT IS TO SAY1 USE ! :OLE ( !IR SURPLUS VALUE = P]SONAL CONSUMPTION4 ,S9CE ! CAPITALI/S >E ! CONSUM]S ( SURPLUS VALUE1 IT IS NOT SO MU* A P>ADOX AS A TRUISM ?AT !Y MU/1 9 ! NATURE ( ?+ POSSESS ! MONEY = APPROPRIAT+ ! OBJECTS ( CONSUMPTION1 ! NATURAL =M ( ?IS SURPLUS VALUE4 ,! CIRCULATORY TRANSACTION ( EX*ANGE IS ! NECESS>Y CONSEQU5CE ( ! FACT ?AT ! 9DIVIDUAL CAPITALI/ CANNOT IMM$IATELY CONSUME HIS 9DIVIDUAL SURPLUS VALUE1 & ACCORD+LY ! 9DIVIDUAL SURPLUS PRODUCT1 AS C\LD1 = 9/ANCE1 ! EMPLOY] ( SLAVE LABOR4 ,AS A RULE ! NATURAL MAT]IAL =M ( ! SURPLUS PRODUCT T5DS TO PRECLUDE SU* USE4 ,! AGGREGATE SURPLUS VALUE ( ! CAPITALI/S 9 G5]AL IS1 H[EV]1 CONTA9$ 9 ! TOTAL SOCIAL PRODUCT - AS LONG AS !RE IS SIMPLE REPRODUCTION - AS EXPRESS$ BY A CORRESPOND+ QUANTITY ( CONSUM] GOODS = ! CAPITALI/ CLASS1 JU/ AS ! SUM TOTAL ( V>IABLE CAPITAL HAS ITS CORRESPOND+ EQUIVAL5T 9 ! QUANTITY ( CONSUM] GOODS = ! WORK+ CLASS1 & AS ! CON/ANT CAPITAL ( ALL 9DIVIDUAL CAPITALI/S TAK5 TOGE!R IS REPRES5T$ BY MAT]IAL MEANS ( PRODUCTION 9 AN EQUIVAL5T QUANTITY4 ,9 ORD] TO EX*ANGE ! UNCONSUMABLE 9DIVIDUAL SURPLUS VALUES = A CORRESPOND+ AM\NT ( CONSUM] GOODS1 A D\BLE TRANSACTION ( COMMODITY EX*ANGE IS NE$$3 FIR/1 ! SALE ( ONE'S [N SURPLUS PRODUCT & !N ! PUR*ASE ( CONSUM] GOODS \T ( ! SURPLUS PRODUCT ( SOCIETY4 ,!SE TWO TRANSACTIONS CAN ONLY TAKE PLACE AMONG MEMB]S ( ! CAPITALI/ CLASS1 AMONG 9DIVIDUAL CAPITALI/S1 :I* MEANS ?AT !IR AG5T1 ! MONEY1 !REBY M]ELY *ANGES H&S AS BETWE5 ONE CAPITALI/ & ANO!R )\T EV] BE+ ALI5AT$ FROM ! CAPITALI/ CLASS 9 G5]AL4 ,S9CE SIMPLE REPRODUCTION 9EVITABLY IMPLIES ! EX*ANGE ( EQUIVAL5TS1 ONE & ! SAME AM\NT ( MONEY CAN S]VE YE> BY YE> = ! CIRCULATION ( ! SURPLUS VALUE1 & ONLY AN EXCESS ( ZEAL WILL 9SPIRE ! FUR!R QU]Y3 :]E DOES ! MONEY :I* M$IATES ! CAPITALI/S' [N CONSUMPTION COME FROM 9 ! FIR/ PLACE8 ,?IS QUE/ION1 H[EV]1 R$UCES TO A MORE G5]AL ONE3 H[ DID MONEY CAPITAL 9ITIALLY COME 9TO ! H&S ( ! CAPITALI/S1 ?AT MONEY CAPITAL ( :I* !Y ALWAYS RETA9 A C]TA9 P>T = !IR P]SONAL CONSUMPTION1 AP>T FROM :AT !Y USE = PRODUCTIVE 9VE/M5T8 ,PUT 9 ?IS WAY1 H[EV]1 ! QUE/ION BELONGS 9 ! *APT] ( SO-CALL$ 'PRIMITIVE ACCUMULATION'1 I4E4 ! HI/ORICAL G5ESIS ( CAPITAL1 GO+ BEYOND ! FRAMEWORK ( AN ANALYSIS ( ! PROCESS ( CIRCULATION AS WELL AS ( REPRODUCTION4 ,?US ! FACT IS CLE> & UNEQUIVOCAL - SO LONG AS WE REMA9 )9 ! B\NDS ( SIMPLE REPRODUCTION4 ,H]E ! PROBLEM IS SOLV$ BY ! PREMISES !MSELVES2 9 FACT1 ! SOLUTION IS ALREADY ANTICIPAT$ BY ! V]Y CONCEPT ( SIMPLE REPRODUCTION :I* 9DE$ IS BAS$ ON ! 5TIRE SURPLUS VALUE BE+ CONSUM$ BY ! CAPITALI/ CLASS4 ,?IS IMPLIES ?AT IT MU/ ALSO BE ! LATT] :O BUY IT1 ?AT IS TO SAY1 9DIVIDUAL CAPITALI/S MU/ BUY IT FROM EA* O!R4 ',9 ! PRES5T CASE'1 ,M>X SAYS HIMSELF2 'WE HAD ASSUM$1 ?AT ! SUM ( MONEY :I* ! CAPITALI/ ?R[S 9TO CIRCULATION UNTIL ! FIR/ SURPLUS-VALUE FL[S BACK TO HIM1 IS EXACTLY EQUAL TO ! SURPLUS-VALUE :I* HE IS GO+ TO PRODUCE & MONETIZE4 ,?IS IS OBVI\SLY AN >BITR>Y ASSUMPTION1 SO F> AS ! 9DIVIDUAL CAPITALI/ IS CONC]N$4 ,BUT IT MU/ BE CORRECT :5 APPLI$ TO ! 5TIRE CAPITALI/ CLASS1 :5 SIMPLE REPRODUCTION IS ASSUM$4 ,IT EXPRESSES ! SAME ?+ ?AT ?IS ASSUMPTION DOES1 NAMELY1 ?AT ! 5TIRE SURPLUS-VALUE IS CONSUM$ UNPRODUCTIVELY1 BUT IT ONLY1 NOT ANY PORTION ( ! ORIG9AL CAPITAL /OCK4'7#h7 ,BUT SIMPLE REPRODUCTION ON A CAPITALI/ BASIS IS AFT] ALL AN IMAG9>Y QUANTITY 9 ECONOMIC !ORY3 NO MORE & NO LESS LEGITIMATE1 & QUITE AS UNAVOIDABLE AS 8-#a 9 MA!MATICS4 ,:AT IS WORSE1 IT CANNOT (F] ANY HELP AT ALL ) ! PROBLEM ( REALIZ+ ! SURPLUS VALUE 9 REAL LIFE1 I4E4 ) REG>D TO 5L>G$ REPRODUCTION OR ACCUMULATION4 ,M>X HIMSELF SAYS SO = A SECOND TIME 9 ! FUR!R DEVELOPM5T ( HIS ANALYSIS4 ,:]E DOES ! MONEY = REALIZ+ ! SURPLUS VALUE COME FROM IF !RE IS ACCUMULATION1 I4E4 NOT CONSUMPTION BUT CAPITALIZATION ( P>T ( ! SURPLUS VALUE8 ,M>X'S FIR/ ANSW] IS AS FOLL[S3 ',9 ! FIR/ PLACE1 ! ADDITIONAL MONEY-CAPITAL REQUIR$ = ! FUNCTION ( ! 9CREAS+ PRODUCTIVE CAPITAL IS SUPPLI$ BY ?AT PORTION ( ! REALIZ$ SURPLUS-VALUE :I* IS ?R[N 9TO CIRCULATION BY ! CAPITALI/S AS MONEY-CAPITAL1 NOT AS ! MONEY =M ( !IR REV5UE4 ,! MONEY IS ALREADY PRES5T 9 ! H&S ( ! CAPITALI/S4 ,ONLY ITS EMPLOYM5T IS DIFF]5T4'7#i7 ,\R 9VE/IGATION ( ! REPRODUCTIVE PROCESS HAS ALREADY MADE US FAMILI> ) ?IS EXPLANATION1 & WE >E EQUALLY FAMILI> ) ITS DEFECTS2 = ONE ?+1 ! ANSW] RE/S ON ! MOM5T ( ! FIR/ TRANSITION FROM SIMPLE REPRODUCTION TO ACCUMULATION4 ,! CAPITALI/S ONLY YE/]DAY CONSUM$ !IR 5TIRE SURPLUS VALUE1 & ?US HAD 9 H& AN APPROPRIATE AM\NT ( MONEY = !IR CIRCULATION4 ,TO-DAY !Y DECIDE TO 'SAVE' P>T ( ! SURPLUS VALUE & TO 9VE/ IT PRODUCTIVELY 9/EAD ( SQU&]+ IT4 ,PROVID$ ?AT MAT]IAL MEANS ( PRODUCTION W]E MANUFACTUR$ 9/EAD ( LUXURY GOODS1 !Y NE$ ONLY PUT P>T ( !IR P]SONAL MONEY FUND TO A DIFF]5T USE4 ,BUT ! TRANSITION FROM SIMPLE REPRODUCTION TO EXP&$ REPRODUCTION IS NO LESS A !ORETICAL FICTION ?AN SIMPLE REPRODUCTION ( CAPITAL ITSELF1 = :I* REASON ,M>X IMM$IATELY GOES ON TO SAY3 ',N[1 BY MEANS ( ! ADDITIONAL PRODUCTIVE CAPITAL1 ITS PRODUCT1 AN ADDITIONAL QUANTITY ( COMMODITIES1 IS ?R[N 9TO CIRCULATION4 ,TOGE!R ) ?IS ADDITIONAL QUANTITY ( COMMODITIES1 A PORTION ( ! ADDITIONAL MONEY REQUIR$ = ITS CIRCULATION IS ?R[N 9TO CIRCULATION1 SO F> AS ! VALUE ( ?IS MASS ( COMMODITIES IS EQUAL TO ?AT ( ! PRODUCTIVE CAPITAL CONSUM$ 9 !IR PRODUCTION4 ,?IS ADDITIONAL QUANTITY ( MONEY HAS PRECISELY BE5 ADVANC$ AS AN ADDITIONAL MONEY CAPITAL1 & !RE=E IT FL[S BACK TO ! CAPITALI/ ?R\< ! TURN-OV] ( HIS CAPITAL4 ,H]E ! SAME QUE/ION REAPPE>S1 :I* WE MET PREVI\SLY4 ,:]E DOES ! ADDITIONAL MONEY COME FROM1 BY :I* ! ADDITIONAL SURPLUS-VALUE N[ CONTA9$ 9 ! =M ( COMMODITIES IS TO BE REALIZ$8'7#a7 ,! PROBLEM C\LD NOT BE PUT MORE PRECISELY4 ,BUT 9/EAD ( A SOLUTION1 !RE FOLL[S ! SURPRIS+ CONCLUSION3 ',! G5]AL REPLY IS AGA9 ! SAME4 ,! SUM TOTAL ( ! PRICES ( ! COMMODITIES HAS BE5 9CREAS$1 NOT BECAUSE ! PRICES ( A GIV5 QUANTITY ( COMMODITIES HAVE RIS51 BUT BECAUSE ! MASS ( ! COMMODITIES N[ CIRCULAT+ IS GREAT] ?AN ?AT ( ! PREVI\SLY CIRCULAT+ COMMODITIES1 & BECAUSE ?IS 9CREASE HAS NOT BE5 (FSET BY A FALL 9 PRICES4 ,! ADDITIONAL MONEY REQUIR$ = ! CIRCULATION ( ?IS GREAT] QUANTITY ( COMMODITIES ( GREAT] VALUE MU/ BE SECUR$1 EI!R BY GREAT] ECONOMY 9 ! CIRCULAT+ QUANTITY ( MONEY - :E!R BY MEANS ( BALANC+ PAYM5TS1 ETC41 OR BY SOME MEASURE :I* ACCEL]ATES ! CIRCULATION ( ! SAME CO9S1 - OR BY ! TRANS=MATION ( MONEY FROM ! =M ( A HO>D 9TO ?AT ( A CIRCULAT+ M$IUM4'7#a#a7 ,ALL ?IS AM\NTS TO AN EXPOSITION ALONG !SE L9ES3 UND] CONDITIONS ( DEVELOP+ & GR[+ ACCUMULATION1 CAPITALI/ REPRODUCTION DUMPS EV] L>G] MASSES ( COMMODITY VALUES ON ! M>KET4 ,TO PUT ?IS COMMODITY MASS ( A CONT9UALLY 9CREAS+ VALUE 9TO CIRCULATION REQUIRES AN EV] L>G] AM\NT ( MONEY4 ,?IS 9CREAS+ AM\NT ( MONEY MU/ BE F\ND SOMEH[ OR O!R4 ,ALL ?IS IS1 NO D\BT1 PLAUSIBLE & CORRECT AS F> AS IT GOES2 BUT \R PROBLEM IS NOT SOLV$1 IT3 IS M]ELY WI%$ AWAY4 ,ONE ?+ OR ! O!R6 ,EI!R WE REG>D ! AGGREGATE SOCIAL PRODUCT 9 A CAPITALI/ ECONOMY SIMPLY AS A MASS1 A CONGLOM]ATION ( COMMODITIES ( A C]TA9 VALUE1 SEE+ UND] CONDITIONS ( ACCUMULATION1 A M]E 9CREASE 9 ?IS UNDIFF]5TIAT$ MASS ( COMMODITIES & 9 ! BULK ( ITS VALUE4 ,!N ALL WE NE$ SAY IS ?AT A CORRESPOND+ QUANTITY ( MONEY IS REQUIR$ = CIRCULAT+ ?IS BULK ( VALUE1 ?AT ) AN 9CREAS+ BULK ( VALUE ! QUANTITY ( MONEY MU/ ALSO 9CREASE1 UNLESS ?IS GR[? ( VALUE IS (FSET BY ACCEL]ATION (2 & ECONOMY 91 ! TRAFFIC4 ,& ! F9AL QUE/ION1 :]E DOES ALL MONEY ORIG9ALLY COME FROM1 C\LD !N BE ANSW]$ ON ,M>X'S RECIPE3 FROM ! GOLD M9ES4 ,?IS1 ( C\RSE1 IS ONE WAY ( LOOK+ AT ?+S1 ?AT ( SIMPLE COMMODITY CIRCULATION4 ,BUT 9 ?AT CASE !RE IS NO NE$ TO DRAG 9 CONCEPTS SU* AS CON/ANT & V>IABLE CAPITAL1 OR SURPLUS VALUE1 :I* HAVE NO PLACE 9 SIMPLE COMMODITY CIRCULATION1 BELONG+ ESS5TIALLY TO ! CIRCULATION ( CAPITALS & TO SOCIAL REPRODUCTION2 NOR IS !RE NE$ TO 9QUIRE = S\RCES ( MONEY = ! REALIZATION ( ! SOCIAL SURPLUS VALUE UND] CONDITIONS ( FIR/ SIMPLE1 & !N 5L>G$1 REPRODUCTION4 ,UND] ! ASPECT ( SIMPLE COMMODITY CIRCULATION PUZZLES ( ?IS K9D >E )\T MEAN+ OR CONT5T4 ,BUT ONCE !SE QUE/IONS HAVE BE5 RAIS$1 ONCE ! C\RSE HAS BE5 SET = AN 9VE/IGATION 9TO ! CIRCULATION ( CAPITALS & SOCIAL REPRODUCTION1 !RE CAN BE NO APPEAL+ TO ! SPH]E ( SIMPLE COMMODITY CIRCULATION1 :]E !RE IS NO SU* PROBLEM AT ALL2 & CONSEQU5TLY NO SOLUTION TO IT4 ,!RE CAN BE NO LOOK+ = ! ANSW] !RE1 & !N SAY+ TRIUMPHANTLY ?AT ! PROBLEM HAS LONG BE5 SOLV$ & 9 FACT NEV] REALLY EXI/$4 ,ALL ?IS TIME1 IT APPE>S1 ,M>X HAS BE5 TACKL+ ! PROBLEM FROM A WRONG APPROA*4 ,NO 9TELLIG5T PURPOSE CAN BE S]V$ BY ASK+ = ! S\RCE ( ! MONEY NE$$ TO REALIZE ! SURPLUS VALUE4 ,! QUE/ION IS RA!R :]E ! DEM& CAN >ISE - TO F9D AN EFFECTIVE DEM& = ! SURPLUS VALUE4 ,IF ! PROBLEM HAD BE5 PUT 9 ?IS WAY AT ! />T1 NO SU* LONG-W9D$ DET\RS W\LD HAVE BE5 NE$$ TO %[ :E!R IT CAN BE SOLV$ OR NOT4 ,ON ! BASIS ( SIMPLE REPRODUCTION1 ! MATT] IS EASY 5\<3 S9CE ALL SURPLUS VALUE IS CONSUM$ BY ! CAPITALI/S1 !Y !MSELVES >E ! BUY]S & PROVIDE ! FULL DEM& = ! SOCIAL SURPLUS VALUE1 & BY ! SAME TOK5 !Y MU/ ALSO HAVE ! REQUISITE CA% 9 H& = CIRCULATION ( ! SURPLUS VALUE4 ,BUT ON ?IS %[+ IT IS QUITE EVID5T ?AT UND] CONDITIONS ( ACCUMULATION1 I4E4 ( CAPITALIZATION ( P>T ( ! SURPLUS VALUE1 IT CANNOT1 EX HYPO!SI1 BE ! CAPITALI/S !MSELVES :O BUY ! 5TIRE SURPLUS VALUE1 ?AT !Y CANNOT POSSIBLY REALIZE IT4 ,TRUE1 IF ! CAPITALIZ$ SURPLUS VALUE IS TO BE REALIZ$ AT ALL1 MONEY MU/ BE =?COM+ 9 ADEQUATE QUANTIFIES = ITS REALIZATION4 ,BUT IT IS QUITE IMPOSSIBLE ?AT ?IS MONEY %\LD COME FROM ! PURSE ( ! CAPITALI/ CLASS ITSELF4 ,JU/ BECAUSE ACCUMULATION IS PO/ULAT$1 ! CAPITALI/S CANNOT BUY !IR SURPLUS VALUE !MSELVES1 EV5 ?\< !Y MIT FROM ?IS CLASS 7! CAPITALI/S71 !RE IS1 ACCORD+ TO \R ASSUMPTION - ! G5]AL & EXCLUSIVE DOM9ATION ( CAPITALI/ PRODUCTION - NO O!R CLASS BUT ! WORK+ CLASS4 ,ALL ?AT ! WORK+ CLASS BUYS IS EQUAL TO ! SUM TOTAL ( ITS WAGES1 EQUAL TO ! SUM TOTAL ( ! V>IABLE CAPITAL ADVANC$ BY ! 5TIRE CAPITALI/ CLASS4'7#a#b7 ,! WORK]S1 !N1 >E EV5 LESS ABLE ?AN ! CAPITALI/ CLASS TO REALIZE ! CAPITALIZ$ SURPLUS VALUE4 ,SOMEBODY MU/ BUY IT1 IF ! CAPITALI/S >E /ILL TO BE ABLE TO RECOV] ! CAPITAL !Y HAVE ACCUMULAT$ & ADVANC$2 & YET - WE CANNOT ?9K ( ANY BUY]S O!R ?AN CAPITALI/S & WORK]S4 ',H[ CAN ! 5TIRE CAPITALI/ CLASS ACCUMULATE MONEY UND] SU* CIRCUM/ANCES8'7#a#b7 ,REALIZATION ( ! SURPLUS VALUE \TSIDE ! ONLY TWO EXI/+ CLASSES ( SOCIETY APPE>S AS 9DISP5SABLE AS IT LOOKS IMPOSSIBLE4 ,! ACCUMULATION ( CAPITAL HAS BE5 CAUX'S ,CAPITAL AF=DS NO SOLUTION TO ?IS IMPORTANT PROBLEM ( ! ACCUMULATION ( CAPITAL1 WE MU/ BE> 9 M9D ABOVE ALL ?AT ?IS SECOND VOLUME IS NOT A F9I%$ :OLE BUT A MANUSCRIPT ?AT /OPS %ORT HALF WAY ?R\<4 ,! EXT]NAL =M ( ITS LA/ *APT]S 9 P>TICUL> PROVES !M TO BE 9 ! NATURE ( NOTES1 9T5D$ TO CLE> ! AU?OR'S [N M9D1 RA!R ?AN F9AL CONCLUSIONS READY = ! READ]'S 5LIY /UDIES & ! MANUSCRIPTS ,M>X HAD LEFT1 :I* W]E TO =M ! BASIS ( ?IS VOLUME3 ',! M]E 5UM]ATION ( ! MANUSCRIPTS LEFT BY ,M>X AS A BASIS = ,VOLUME ,I,I PROVES ! UNP>ALLEL$ CONSCI5TI\SNESS & /RICT SELF-CRITICISM :I* HE PRACTIC$ 9 HIS 5DEAVOR TO FULLY ELABORATE HIS GREAT ECONOMIC DISCOV]IES BE=E HE PUBLI%$ !M4 ,?IS SELF-CRITICISM R>ELY P]MITT$ HIM TO ADAPT HIS PRES5TATION ( ! SUBJECT1 9 CONT5T AS WELL AS 9 =M1 TO HIS EV] WID5+ HORIZON1 :I* HE 5L>G$ BY 9CESSANT /UDY4 ',! MAT]IAL 444 CONSI/S ( ! FOLL[+ P>TS3 ,FIR/1 A MANUSCRIPT 5TITL$ ,A CONTRIBUTION TO ! ,CRITIQUE ( ,POLITICAL ,ECONOMY1 CONTA9+ #a1#d#g#b QU>TO PAGES 9 #bc DIVISIONS1 WRITT5 9 ! TIME FROM ,AUGU/ #ahfa TO ,JUNE #a#h#f#c4 ,IT IS A CONT9UATION ( ! WORK ( ! SAME TITLE1 ! FIR/ VOLUME ( :I* APPE>$ 9 ,B]L91 9 #ahei 444 ,?IS MANUSCRIPT1 VALUABLE ?\< IT IS1 C\LD NOT BE US$ 9 ! PRES5T $ITION ( ,VOLUME ,I,I4 ',! MANUSCRIPT NEXT FOLL[+ 9 ! ORD] ( TIME IS ?AT ( ,VOLUME ,I,I,I 444 ',! P]IOD AFT] ! PUBLICATION ( ,VOLUME ,I1 :I* IS NEXT 9 ORD]1 IS REPRES5T$ BY A COLLECTION ( F\R MANUSCRIPTS = ,VOLUME ,I,I1 M>K$ ,I-,I,V BY ,M>X HIMSELF4 ,MANUSCRIPT ,I 7#a#e PAGES7 PRESUMABLY WRITT5 9 #ahfe OR #a#h#f#g1 IS ! FIR/ 9DEP5D5T1 BUT MORE OR LESS FRAGM5T>Y1 ELABORATION ( ! QUE/IONS N[ CONTA9$ 9 ,VOLUME ,I,I4 ,?IS MANUSCRIPT IS LIKEWISE UNSUIT$ = ?IS $ITION4 ,MANUSCRIPT ,I,I,I IS P>TLY A COMPILATION ( QUOTATIONS & REF]5CES TO ! MANUSCRIPTS CONTA9+ ,M>X'S EXTRACTS & COMM5TS1 MO/ ( !M RELAT+ TO ! FIR/ SECTION ( VOLUME ,I,I1 P>TLY AN ELABORATION ( SPECIAL PO9TS1 P>TICUL>LY A CRITIQUE ( ,ADAM ,SMI?'S /ATEM5TS AS TO FIX$ & CIRCULAT+ CAPITAL & ! S\RCE ( PR(ITS2 FUR!RMORE1 9 A DISCUSSION ( ! RELATIONS ( ! RATE ( SURPLUS-VALUE TO ! RATE ( PR(IT1 :I* BELONGS 9 ,VOLUME ,I,I,I4 ,! REF]5CES FURNI%$ LITTLE ?AT WAS NEW1 :ILE ! ELABORATIONS = ,VOLUMES ,I,I & ,I,I,I W]E R5D]$ VALUELESS ?R\< SUBSEQU5T REVISIONS & HAD TO BE RUL$ \T = ! GREAT] P>T4 ,MANUSCRIPT ,I,V IS AN ELABORATION1 READY = PR9T+1 ( ! FIR/ SECTION & ! FIR/ *APT]S ( ! SECOND SECTION ( ,VOLUME ,I,I1 & HAS BE5 US$ 9 ITS PROP] PLACE4 ,AL?\< IT WAS F\ND ?AT ?IS MANUSCRIPT HAD BE5 WRITT5 E>LI] ?AN ,MANUSCRIPT ,I,I1 YET IT WAS F> MORE F9I%$ 9 =M & C\LD BE US$ ) ADVANTAGE = ! CORRESPOND+ P>T ( ?IS VOLUME4 ,I HAD TO ADD ONLY A FEW SUPPLEM5T>Y P>TS ( ,MANUSCRIPT ,I,I4 ,?IS LA/ MANUSCRIPT IS ! ONLY FAIRLY COMPLET$ ELABORATION ( ,VOLUME ,I,I & DATES FROM ! YE> #a#h#g4 ,! NOTES = ! F9AL REVISION1 :I* ,I %ALL M5TION IMM$IATELY1 SAY EXPLICITLY3 0,! SECOND ELABORATION MU/ BE US$ AS A BASIS40 ',!RE IS ANO!R 9T]RUPTION AFT] #a#h#g1 DUE MA9LY TO ILL HEAL?4 ,M>X EMPLOY$ ?IS TIME 9 HIS CU/OM>Y WAY1 ?AT IS TO SAY HE /UDI$ AGRONOMICS1 AGRICULTURAL CONDITIONS 9 ,AM]ICA & ESPECIALLY ,RUSSIA1 ! MONEY M>KET & BANK+ 9/ITUTIONS1 & F9ALLY NATURAL SCI5CES1 SU* AS GEOLOGY & PHYSIOLOGY4 ,9DEP5D5T MA!MATICAL /UDIES ALSO =M A L>GE P>T ( ! NUM]\S MANUSCRIPTS ( ?IS P]IOD4 ,9 ! BEG9N+ ( #a#h#g#g1 ,M>X HAD RECOV]$ SUFFICI5TLY TO RESUME ONCE MORE HIS *OS5 LIFE'S WORK4 ,! BEG9N+ ( #ahgg IS M>K$ BY REF]5CES & NOTES FROM ! ABOVE NAM$ F\R MANUSCRIPTS 9T5D$ = A NEW ELABORATION ( ,VOLUME ,I,I1 ! BEG9N+ ( :I* IS REPRES5T$ BY ,MANUSCRIPT ,V 7#e#f PAGES 9 FOLIO74 ,IT COMPRISES ! FIR/ F\R *APT]S & IS NOT V]Y FULLY WORK$ \T4 ,ESS5TIAL PO9TS >E TREAT$ 9 FOOTNOTES4 ,! MAT]IAL IS RA!R COLLECT$ ?AN SIFT$1 BUT IT IS ! LA/ COMPLETE PRES5TATION ( ?IS MO/ IMPORTANT FIR/ SECTION4 ,A PRELIM9>Y ATTEMPT TO PREP>E ?IS P>T = ! PR9T] WAS MADE 9 ,MANUSCRIPT ,V,I 7AFT] ,OCTOB] #ahgg & BE=E ,JULY #a#h#g#h71 EMBRAC+ #ag QU>TO PAGES1 ! GREAT] P>T ( ! FIR/ *APT]4 ,A SECOND & LA/ ATTEMPT WAS MADE 9 ,MANUSCRIPT ,V,I,I1 DAT$ ,JULY #b1 #a#h#g#h1 & CONSI/+ ( #g PAGES 9 FOLIO4 ',AB\T ?IS TIME ,M>X SEEMS TO HAVE REALIZ$ ?AT HE W\LD NEV] BE ABLE TO COMPLETE ! SECOND & ?IRD VOLUME 9 A MANN] SATISFACTORY TO HIMSELF1 UNLESS A COMPLETE REVOLUTION 9 HIS HEAL? TOOK PLACE4 ,MANUSCRIPTS ,V-,V,I,I,I %[ TRACES ( H>D /RUGGLES AGA9/ DEPRESS+ PHYSICAL CONDITIONS F> TOO FREQU5TLY TO BE IGNOR$4 ,! MO/ DIFFICULT P>T ( ! FIR/ SECTION HAD BE5 WORK$ OV] 9 ,MANUSCRIPT ,V4 ,! REMA9D] ( ! FIR/1 & ! 5TIRE SECOND SECTION1 ) ! EXCEPTION ( ,*APT] #a#g1 PRES5T$ NO GREAT !ORETICAL DIFFICULTIES4 ,BUT ! ?IRD SECTION1 DEAL+ ) ! REPRODUCTION & CIRCULATION ( SOCIAL CAPITAL1 SEEM$ TO BE V]Y MU* 9 NE$ ( REVISION4 ,MANUSCRIPT ,I,I1 IT MU/ BE PO9T$ \T1 HAD FIR/ TREAT$ ( ?IS REPRODUCTION )\T REG>D TO ! CIRCULATION :I* IS 9/RUM5TAL 9 EFFECT+ IT1 & !N TAK5 UP ! SAME QUE/ION ) REG>D TO CIRCULATION4 ,IT WAS ! 9T5TION ( ,M>X TO ELIM9ATE ?IS SECTION & TO RECON/RUCT IT 9 SU* A WAY ?AT IT W\LD CON=M TO HIS WID] GRASP ( ! SUBJECT4 ,?IS GAVE RISE TO ,MANUSCRIPT ,V,I,I,I1 CONTA9+ ONLY #g PAGES 9 QU>TO4 ,A COMP>ISON ) ,SECTION ,I,I,I1 AS PR9T$ AFT] D$UCT+ ! P>AGRAPHS 9S]T$ \T1 ( ,MANUSCRIPT ,I,I1 %[S ! AM\NT ( MATT] COMPRESS$ BY ,M>X 9TO ?IS SPACE4 ',MANUSCRIPT ,V,I,I,I IS LIKEWISE M]ELY A PRELIM9>Y PRES5TATION ( ! SUBJECT1 & ITS MA9 OBJECT WAS TO ASC]TA9 & DEVELOP ! NEW PO9TS ( VIEW NOT SET =? 9 ,MANUSCRIPT #b1 :ILE ?OSE PO9TS W]E IGNOR$ AB\T :I* !RE WAS NO?+ NEW TO SAY4 ,AN ESS5TIAL P>T ( ,*APT] #a#g1 ,SECTION #b1 :I* IS MORE OR LESS RELEVANT TO ,SECTION ,I,I,I1 WAS AT ! SAME TIME DRAWN 9TO ?IS DISCUSSION & EXP&$4 ,! LOGICAL SEQU5CE WAS FREQU5TLY 9T]RUPT$1 ! TREATM5T ( ! SUBJECT WAS 9COMPLETE 9 V>I\S PLACES1 & ESPECIALLY ! CONCLUSION WAS V]Y FRAGM5T>Y4 ,BUT ,M>X EXPRESS$ AS NE>LY AS POSSIBLE :AT HE 9T5D$ TO SAY ON ! SUBJECT2 ',?IS IS ! MAT]IAL = ,VOLUME ,I,I1 \T ( :I* ,I WAS SUPPOS$ 0TO MAKE SOME?+01 AS ,M>X SAID TO HIS DAU AS \R PRES5T PROBLEM IS CONC]N$1 H[EV]1 ?IS DETAIL$ REPORT MAKES IT CLE> ?AT NO MORE ?AN ! FIR/ TWO ( ! ?REE SECTIONS ?AT MAKE UP VOLUME #b W]E ANY?+ LIKE READY = PR9T 9 ! MANUSCRIPTS ,M>X LEFT3 ! SECTION ,ON ! ,CIRCULATION ( ,MONEY & ,COMMODITY ,CAPITAL & ON ,! ,CAUSES ( ,CIRCULATION & ! ,TURNOV] ( ,CAPITAL4 ,! ?IRD SECTION :I* TREATS ( ! REPRODUCTION ( TOTAL CAPITAL IS M]ELY A COLLECTION ( FRAGM5TS :I* ,M>X HIMSELF CONSID]$ TO BE 'V]Y MU* 9 NE$ ( REVISION'4 ,YET IT IS ! LA/ P>T ( ?IS SECTION1 I4E4 *APT] #b#a1 ,ON ,ACCUMULATION & ,5L>G$ ,REPRODUCTION1 :I* IS ( PRIM>Y IMPORTANCE 9 ! PRES5T CONTEXT1 & ( ! :OLE BOOK ?IS IS ! MO/ 9COMPLETE4 ,IT COMPRISES ?IRTY FIVE PAGES ( PR9T 9 ALL & BREAKS (F RIX'S 9VE/IGATION ( ! SOCIAL REPRODUCTIVE PROCESS />TS (F1 AS WE HAVE SE51 FROM ! ANALYSIS ( ,ADAM ,SMI? :I* CAME TO GRIEF1 AMONG O!R REASONS1 BECAUSE ( ! ]RONE\S DOCTR9E ?AT ! PRICE ( ALL COMMODITIES IS COMPOS$ ( V "4 S4 ,POLEMICS AGA9/ ?IS DOGMA DOM9AT$ ,M>X'S 5TIRE ANALYSIS ( ! REPRODUCTIVE PROCESS4 ,HE DEVOT$ ALL HIS ATT5TION TO PROV+ ?AT ! TOTAL CAPITAL ( SOCIETY MU/ S]VE1 NOT ONLY = CONSUMPTION TO ! FULL AM\NT ( ! V>I\S S\RCES ( REV5UE1 BUT ALSO = R5EWAL ( ! CON/ANT CAPITAL4 ,& 9ASMU* AS ! PURE/ !ORETICAL =M = ?IS L9E ( REASON+ IS GIV51 NOT BY 5L>G$ REPRODUCTION1 BUT BY SIMPLE REPRODUCTION1 ,M>X T5DS TO CONSID] REPRODUCTION MA9LY FROM A PO9T ( VIEW ?AT IS ! V]Y OPPOSITE ( ACCUMULATION1 FROM ! ASSUMPTION ?AT ! 5TIRE SURPLUS VALUE IS CONSUM$ BY ! CAPITALI/S4 ,H[ GREATLY !SE POLEMICS 9FLU5C$ HIS ANALYSIS IS PROV$ BY HIS RETURN+ TIME & AGA9 9 ! C\RSE ( HIS WORK TO ! ATTACK ON ,ADAM ,SMI? FROM ! MO/ V>I\S ANGLES4 ,SO ALREADY 9 VOLUME I1 ! FOLL[+ PAGES >E DEVOT$ TO IT3 VOL4I1 SECT4#g1 *AP4#b#d1 7#b71 PP4#e#h#h-#f#b1 & 9 VOL4 II1 PP4#d#a#g-#e#f1 P4#d#g#c1 PP4#e#d-#h1 & PP4#e#e#dF4 ,M>X AGA9 TAKES UP ! QUE/ION ( TOTAL REPRODUCTION 9 VOLUME #c BUT FROM ! />T BECOMES ONCE MORE 9VOLV$ ) ! PROBLEM SET BY ,SMI? TO :I* HE DEVOTES ! :OLE ( HIS #d#i? *APT] & MO/ ( *APT] #e 7PP4 #i#f#h-#i#b & #i#i#b#a#b#b74 ,F9ALLY1 9 ,!ORI5 UB] D5 ,MEHRW]T1 WE AGA9 F9D DETAIL$ POLEMICS AGA9/ ,SMI?'S DOGMA3 PP4#b#f#d-#b#e#c 9 VOL4I1 & PP4#i#b1 #i#e1 #a#b#f1 #b#c#c1 & #bfb 9 VOL4II1 P>T #b4 ,M>X REPEAT$LY /RESS$ & EMPHASIZ$ ! FACT ?AT HE CONSID]$ REPLACEM5T ( ! CON/ANT CAPITAL FROM ! AGGREGATE SOCIAL PRODUCT ! MO/ DIFFICULT & IMPORTANT PROBLEM ( REPRODUCTION47#a#d7 ,! O!R PROBLEM1 ?AT ( ACCUMULATION1 I4E4 REALIZATION ( ! SURPLUS VALUE = ! PURPOSE ( CAPITALIZATION1 WAS ?US PU%$ 9TO ! BACKGR\ND1 SO ?AT 9 ! 5D ,M>X H>DLY T\*$ UPON IT4 ,?IS PROBLEM BE+ ( SU* P>AM\NT IMPORTANCE = CAPITALI/ ECONOMY1 IT IS NOT SURPRIS+ ?AT B\RGEOIS ECONOMI/S HAVE DEALT ) IT AGA9 & AGA94 ,ATTEMPTS TO GRAPPLE ) ?IS VITAL QUE/ION = CAPITALI/ ECONOMY1 ) ! QUE/ION :E!R CAPITAL ACCUMULATION IS POSSIBLE 9 PRACTICE1 COME UP TIME & AGA9 9 ! HI/ORY ( ECONOMIC !ORY4 ,TO !SE HI/ORICAL ATTEMPTS1 BE=E & AFT] ,M>X1 AT SOLV+ ?IS PROBLEM WE %ALL N[ TURN4 @> ,FOOTNOTES 7#a7,CAPITAL1 VOL4II1 P4#e#g#b4 7#b7,IBID41 PP4#c#h-#a4 7#c7,IBID41 P4#c#h#a4 7#d7,IBID41 PP4#c#h#a-#c4 7#e7,IBID41 P4#c#h#c4 7#f7,IBID41 PP4#c#h#d-#e4 7#g7,IBID41 P4#c#h#e4 7#h7,IBID41 P4#c#h#g4 7#i7,IBID41 P4#c#i#g4 7#a7,IBID4 7#a#a7,IBID41 PP4#c#i#g-#h4 7#a#b7,IBID41 P4#d#a4 7#a#c7,IBID41 P4#hFF4 7#a#d7 ,CF4 E4G4 ,CAPITAL1 VOL4II1 PP4#d#c1 #e#b#b1 & #e#b#i4 ,FROM 3 ,M>XI/S4ORG4 ,*RONOLOGY 3 ,M>* #f1 #bba 3 ,SECTION #a1 ,*APT] #i -- ,ADD$4 FILE G5]AT$ FROM 3 HTTP3_/_/REVOLTLIB4COM_/