KARL MARX, CAPITAL: A CRITIQUE OF POLITICAL ECONOMY ...

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KARL MARX, CAPITAL: A CRITIQUE OF POLITICAL ECONOMY. VOLUME III: THE PROCESS OF CAPITALIST PRODUCTION AS A

WHOLE (1894)

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ABOUT THE AUTHOR

The leading 19thC theorist of socialism. Marx prided himself on having discovered the "laws" which governed

the operation of the capitalist system, laws which would inevitably lead to its collapse. His form of socialism,

in which the socialist party leaders would guide the working class in a "dictatorship of the proletariat" in order

to destroy the capitalist system by means of a revolution, should be distinguished from the "utopian

socialists", who wanted to create small, voluntary communities where socialism could be put into practise, and

the "social democrats" or "labour parties", which planned to work peacefully within the parliamentary system

in order to bring about piecemeal socialist reform. He was born in Trier in Germany and studied philosophy at

the universities of Bonn and Berlin. He first worked as a journalist in the early 1840s but was forced to flee to

Paris and then to London in order to escape the censors. It was only in the liberal political environment of

London that Marx was able to write his most famous critique of the capitalist system.

ABOUT THE BOOK

Vol. III of the major work of criticism of the capitalist system by one of the leading theorists of 19th century

socialism. Only vol. 1 appeared in Marx¡¯s lifetime; the other two vols. were published postumously by Engels.

Marx prided himself on having discovered the "laws" which governed the operation of the capitalist system,

laws which would inevitably lead to its collapse.

THE EDITION USED

Capital: A Critique of Political Economy. 3 Vols, by Karl Marx. Ed. Federick Engels. Trans. from the 1st German

edition by Ernest Untermann (Chicago: Charles H. Kerr and Co. Cooperative, 1909, 1910).

COPYRIGHT INFORMATION

The text of this edition is in the public domain.

FAIR USE STATEMENT

This material is put online to further the educational goals of Liberty Fund, Inc. Unless otherwise stated in the

Copyright Information section above, this material may be used freely for educational and academic purposes.

It may not be used in any way for profit.

_______________________________________________________

TABLE OF CONTENTS

PREFACE.

PART I. THE CONVERSION OF SURPLUS-VALUE INTO PROFIT AND OF THE RATE OF SURPLUS-VALUE INTO THE RATE OF PROFIT.

CHAPTER I. COST PRICE AND PROFIT.

FOOTNOTES FOR PART I, CHAPTER I.

CHAPTER II. THE RATE OF PROFIT.

CHAPTER III. THE RELATION OF THE RATE OF PROFIT TO THE RATE OF SURPLUS-VALUE.

FOOTNOTES FOR PART I, CHAPTER III.

CHAPTER IV. THE EFFECT OF THE TURN-OVER ON THE RATE OF PROFIT.

CHAPTER V. ECONOMIES IN THE EMPLOYMENT OF CONSTANT CAPITAL.

I. GENERAL ECONOMIES.

II. ECONOMIES IN THE CONDITIONS OF LABOR AT THE EXPENSE OF THE LABORERS.

COAL MINES. NEGLECT OF THE MOST INDISPENSABLE EXPENDITURES.

III. ECONOMIES IN THE GENERATION OF POWER, TRANSMISSION OF POWER, AND BUILDINGS.

IV. UTILISATION OF THE EXCREMENTS OF PRODUCTION.

V. ECONOMIES DUE TO INVENTIONS.

FOOTNOTES FOR PART I, CHAPTER V.

CHAPTER VI. THE EFFECT OF FLUCTUATIONS IN PRICE.

I. FLUCTUATIONS IN THE PRICE OF RAW MATERIALS, AND THEIR DIRECT EFFECTS ON THE RATE OF PROFIT.

II. APPRECIATION, DEPRECIATION, RELEASE, AND TIE-UP OF CAPITAL.



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III. GENERAL ILLUSTRATION. THE COTTON CRISIS OF 1861¨C1865. PRELIMINARY HISTORY, 1845¨C1860

TRYING IT ON THE DOG

FOOTNOTES FOR PART I, CHAPTER VI.

CHAPTER VII ADDITIONAL REMARKS

PART II CONVERSION OF PROFIT INTO AVERAGE PROFIT

CHAPTER VIII DIFFERENT COMPOSITION OF CAPITALS IN DIFFERENT LINES OF PRODUCTION AND RESULTING DIFFERENCES IN THE RATES OF PROFIT

FOOTNOTES FOR PART II, CHAPTER VIII.

CHAPTER IX. FORMATION OF A GENERAL RATE OF PROFIT (AVERAGE RATE OF PROFIT) AND TRANSFORMATION OF THE VALUES OF COMMODITIES INTO

PRICES OF PRODUCTION

FOOTNOTES FOR PART II, CHAPTER IX.

CHAPTER X. COMPENSATION OF THE AVERAGE RATE OF PROFIT BY COMPETITION. MARKET PRICES AND MARKET VALUES. SURPLUS-PROFIT.

FOOTNOTES FOR PART II, CHAPTER X.

CHAPTER XI. EFFECTS OF GENERAL FLUCTUATIONS OF WAGES ON PRICES OF PRODUCTION.

FOOTNOTES FOR PART II, CHAPTER XI.

CHAPTER XII. SOME AFTER REMARKS.

I. CAUSES IMPLYING A VARIATION OF THE PRICE OF PRODUCTION.

II. PRICE OF PRODUCTION OF COMMODITIES OF AVERAGE COMPOSITION.

III. FLUCTUATIONS FOR WHICH THE CAPITALIST MAKES ALLOWANCE.

PART III. THE LAW OF THE FALLING TENDENCY OF THE RATE OF PROFIT.

CHAPTER XIII. THE THEORY OF THE LAW.

FOOTNOTES FOR PART III, CHAPTER XIII.

CHAPTER XIV. COUNTERACTING CAUSES.

I. RAISING THE INTENSITY OF EXPLOITATION.

II. DEPRESSION OF WAGES BELOW THEIR VALUE.

III. CHEAPENING OF THE ELEMENTS OF CONSTANT CAPITAL.

IV. RELATIVE OVERPOPULATION.

V. FOREIGN TRADE.

VI. THE INCREASE OF STOCK CAPITAL.

FOOTNOTES FOR PART III, CHAPTER XIV.

CHAPTER XV. UNRAVELING THE INTERNAL CONTRADICTIONS OF THE LAW.

I. GENERAL REMARKS.

II. CONFLICT BETWEEN THE EXPANSION OF PRODUCTION AND THE CREATION OF VALUES.

III. SURPLUS OF CAPITAL AND SURPLUS OF POPULATION.

IV. SUPPLEMENTARY REMARKS.

FOOTNOTES FOR PART III, CHAPTER XV.

PART IV. TRANSFORMATION OF COMMODITY-CAPITAL AND MONEY-CAPITAL INTO COMMERCIAL CAPITAL AND FINANCIAL CAPITAL (MERCHANT'S CAPITAL).

CHAPTER XVI. COMMERCIAL CAPITAL.

FOOTNOTES FOR PART IV, CHAPTER XVI.

CHAPTER XVII. COMMERCIAL PROFIT.

FOOTNOTES FOR PART IV, CHAPTER XVII.

CHAPTER XVIII. THE TURN-OVER OF MERCHANT'S CAPITAL. THE PRICES.

FOOTNOTES FOR PART IV, CHAPTER XVIII.

CHAPTER XIX. FINANCIAL CAPITAL.

FOOTNOTES FOR PART IV, CHAPTER XIX.

CHAPTER XX. HISTORICAL DATA CONCERNING MERCHANTS' CAPITAL.

FOOTNOTES FOR PART IV, CHAPTER XX.

PART V. DIVISION OF PROFIT INTO INTEREST AND PROFITS OF ENTERPRISE. THE INTEREST-BEARING CAPITAL.

CHAPTER XXI. THE INTEREST-BEARING CAPITAL.

FOOTNOTES FOR PART V, CHAPTER XXI.

CHAPTER XXII. DIVISION OF PROFIT. RATE OF INTEREST. NATURAL RATE OF INTEREST.

FOOTNOTES FOR PART V, CHAPTER XXII.

CHAPTER XXIII. INTEREST AND PROFIT OF ENTERPRISE.

FOOTNOTES FOR PART V, CHAPTER XXIII.

CHAPTER XXIV. EXTERNALISATION OF THE RELATIONS OF CAPITAL IN THE FORM OF INTEREST-BEARING CAPITAL.

FOOTNOTES FOR PART V, CHAPTER XXIV.

CHAPTER XXV. CREDIT AND FICTITIOUS CAPITAL.

CHAPTER XXVI. ACCUMULATION OF MONEY-CAPITAL. ITS INFLUENCE ON THE RATE OF INTEREST.

FOOTNOTES FOR PART V, CHAPTER XXVI.

CHAPTER XXVII. THE ROLE OF CREDIT IN CAPITALIST PRODUCTION.

FOOTNOTES FOR PART V, CHAPTER XXVII.

CHAPTER XXVIII. THE MEDIUM OF CIRCULATION (CURRENCY) AND CAPITAL. TOOKE'S AND FULLARTON'S CONCEPTION.

I. CONFOUNDING THE DEFINITE DISTINCTIONS.

II. INTRODUCING THE QUESTION OF THE QUANTITY OF MONEY CIRCULATING TOGETHER IN BOTH FUNCTIONS.



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III. INTRODUCTION OF THE QUESTION OF THE RELATIVE PROPORTIONS OF THE QUANTITIES OF CURRENCY CIRCULATING IN BOTH FUNCTIONS AND

THUS IN BOTH SPHERES OF THE PROCESS OF REPRODUCTION.

FOOTNOTES FOR PART V, CHAPTER XXVIII.

CHAPTER XXIX. THE COMPOSITION OF BANKING CAPITAL.

FOOTNOTES FOR PART V, CHAPTER XXIX.

CHAPTER XXX. MONEY-CAPITAL AND ACTUAL CAPITAL, I.

FOOTNOTES FOR PART V, CHAPTER XXX.

CHAPTER XXXI. MONEY-CAPITAL AND ACTUAL CAPITAL. II.

1. CONVERSION OF MONEY INTO LOAN CAPITAL.

CONVERSION OF CAPITAL OR REVENUE INTO MONEY THAT IS TRANSFORMED INTO LOAN CAPITAL.

CHAPTER XXXII. MONEY-CAPITAL AND ACTUAL CAPITAL. III.

FOOTNOTES FOR PART V, CHAPTER XXXII.

THE CURRENCY UNDER THE CREDIT SYSTEM.

FOOTNOTES FOR PART V, CHAPTER XXXIII.

CHAPTER XXXIV. THE CURRENCY PRINCIPLE AND THE ENGLISH BANK LAWS OF 1844.

CHAPTER XXXV. PRECIOUS METALS AND RATES OF EXCHANGE.

I. THE MOVEMENTS OF THE GOLD RESERVE.

II. THE RATE OF EXCHANGE.

III. RATE OF EXCHANGE WITH ASIA.

IV. ENGLAND'S BALANCE OF TRADE.

FOOTNOTES FOR PART V, CHAPTER XXXV.

CHAPTER XXXVI. PRECAPITALIST CONDITIONS.

FOOTNOTES FOR PART V, CHAPTER XXXVI.

PART VI. TRANSFORMATION OF SURPLUS PROFIT INTO GROUND-RENT.

CHAPTER XXXVII. PRELIMINARIES.

FOOTNOTES FOR PART VI, CHAPTER XXXVII.

CHAPTER XXXVIII. DIFFERENTIAL RENT. GENERAL REMARKS.

FOOTNOTES FOR PART VI, CHAPTER XXXVIII.

CHAPTER XXXIX. THE FIRST FORM OF DIFFERENTIAL RENT.

FOOTNOTES FOR PART VI, CHAPTER XXXIX.

CHAPTER XL. THE SECOND FORM OF DIFFERENTIAL RENT.

CHAPTER XLI. DIFFERENTIAL RENT II.¡ªFIRST CASE: CONSTANT PRICE OF PRODUCTION.

CHAPTER XLII. DIFFERENTIAL RENT II.¡ªSECONS CASE: FALLING PRICE OF PRODUCTION.

I. THE PRODUCTIVITY OF THE ADDITIONAL INVESTMENT OF CAPITAL REMAINS THE SAME.

II. THE RATE OF PRODUCTIVITY OF THE ADDITIONAL CAPITALS DECREASES.

III. THE RATE OF PRODUCTIVITY OF THE ADDITIONAL CAPITALS INCREASES.

FOOTNOTES FOR PART VII, CHAPTER XLII.

CHAPTER XLIII. DIFFERNTIAL RENT NO. II.¡ªTHIRD CASE: RISING PRICE OF PRODUCTION.

CHAPTER XLIV. DIFFERENTIAL RENT EVEN UPON THE WORST SOIL UNDER CULTIVATION.

CHAPTER XLV. ABSOLUTE GROUND-RENT.

FOOTNOTES FOR PART VI, CHAPTER XLV.

CHAPTER XLVI. BUILDING LOT RENT. MINING RENT. PRICE OF LAND.

FOOTNOTES FOR PART VI, CHAPTER XLVI.

CHAPTER XLVII. GENESIS OF CAPITALIST GROUND-RENT.

I. INTRODUCTORY REMARKS.

II. LABOR RENT.

III. RENT IN KIND.

IV. MONEY RENT.

V. SHARE FARMING (METAIRIE SYSTEM) AND SMALL PEASANTS' PROPERTY.

FOOTNOTES FOR PART VI, CHAPTER XLVII.

PART VII. THE REVENUES AND THEIR SOURCES.

CHAPTER XLVIII. THE TRINITARIAN FORMULA.

I.

II.

III.

FOOTNOTES FOR PART VII, CHAPTER XLVIII.

CHAPTER XLIX. A CONTRIBUTION TO THE ANALYSIS OF THE PROCESS OF PRODUCTION.

FOOTNOTES FOR PART VII, CHAPTER XLIX.

CHAPTER L. THE SEMBLANCE OF COMPETITION.

FOOTNOTES FOR PART VII, CHAPTER L.

CHAPTER LI. CONDITIONS OF DISTRIBUTION AND PRODUCTION

FOOTNOTES FOR PART VII, CHAPTER LI.

CHAPTER LII THE CLASSES

FOOTNOTES FOR PART VII, CHAPTER LII.



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KARL MARX, CAPITAL: A CRITIQUE OF POLITICAL ECONOMY. VOLUME III: THE PROCESS OF CAPITALIST PRODUCTION AS A

WHOLE (1894)

CAPITAL

A CRITIQUE OF POLITICAL ECONOMY

BY KARL MARX

VOLUME III

THE PROCESS OF CAPITALIST PRODUCTION AS A WHOLE

EDITED BY

FREDERICK ENGELS

T RANSLATED FROM THE F IRST G ERMAN E DITION BY E RNEST U NTERMANN

CHICAGO

CHARLES H. KERR & COMPANY

CO-OPERATIVE

Copyright, 1909

BY CHARLES H. KERR & COMPANY

PREFACE.

AT last I have the pleasure of making public this third volume of the main work of Marx, the closing part of his economic theories. When I published the second

volume, in 1885, I thought that the third would probably offer only technical difficulties, with the exception of a few very important sections. This turned out to

be so. But that these exceptional sections, which represent the most valuable parts of the entire work, would give me as much trouble as they did, I could not

foresee at that time any more than I anticipated the other obstacles, which retarded the completion of the work to such an extent.

In the first place it was a weakness of my eyes which restricted my time of writing to a minimum for years, and which permits me even now only exceptionally

to do any writing by artificial light. There were furthermore other labors which I could not refuse, such as new editions and translations of earlier works of Marx

and myself, revisions, prefaces, supplements, which frequently required special study, etc. There was above all the English edition of the first volume of this

work, for whose text I am ultimately responsible and which absorbed much of my time. Whoever has followed the colossal growth of international socialist

literature during the last ten years, especially the great number of translations of earlier works of Marx and myself, will agree with me in congratulating myself

that there is but a limited number of languages in which I am able to assist a translator and which compel me to accede to the request for a revision. This

growth of literature, however, was but an evidence of a corresponding growth of the international working class movement itself. And this imposed new

obligations on me. From the very first days of our public activity, a good deal of the work of negotiation between the national movements of socialists and

working people in the various countries had fallen on the shoulders of Marx and myself. This work increased to the extent that the movement as a whole

gained in strength. Up to the time of his death, Marx had borne the brunt of this burden. But after that the ever swelling amount of work had to be done by

myself alone. Meanwhile the direct intercourse between the various national labor parties has become the rule, and fortunately it is becoming more and more

so. Nevertheless my assistance is still in demand a good deal more than is agreeable to me in view of my theoretical studies. But if a man has been active in

the movement for more than fifty years, as I have, he regards the work connected with it as a duty, which must not be shirked, but immediately fulfilled. In

our stirring times, as in the 16th century, mere theorizers on public affairs are found only on the side of the reactionaries, and for this reason these gentlemen

are not even theoretical scientists, but simply apologists of reaction.

The fact that I live in London implies that my intercourse with the party is limited in winter to correspondence, while in summer time it largely takes place by

personal interviews. This fact, and the necessity of following the course of the movement in a steadily growing number of countries and a still more rapidly

increasing number of party organs, compelled me to reserve matters which brooked no interruption for the winter months, preferably the first three months of

the year. When a man is past seventy, his brain's fibers of association work with a certain disagreeable slowness. He does not overcome interruptions of difficult

theoretical problems as easily and quickly as formerly. Thus it came about that the work of one winter, if it was not completed, had to be largely done over the

following winter. And this took place particularly in the case of the most difficult section, the fifth.

The reader will observe by the following statements that the work of editing the third was essentially different from that of the second volume. Nothing was

available for the third volume but a first draft, and it was very incomplete. The beginnings of the various sections were, as a rule, pretty carefully elaborated, or

even polished as to style. But the farther one proceeded, the more sketchy and incomplete was the analysis, the more excursions it contained into side issues

whose proper place in the argument was left for later decision, the longer and more complex became the sentences, in which the rising thoughts were

deposited as they came. In several places, the handwriting and the treatment of the matter clearly revealed the approach and gradual progress of those attacks

of ill health, due to overwork, which at first rendered original work more and more difficult for the author and finally compelled him from time to time to stop



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of ill health, due to overwork, which at first rendered original work more and more difficult for the author and finally compelled him from time to time to stop

work altogether. And no wonder. Between 1863 and 1867, Marx had not only completed the first draft of the two last volumes of Capital and made the first

volume ready for the printer, but had also mastered the enormous work connected with the foundation and expansion of the International Workingmen's

Association. The result was the appearance of the first symptoms of that ill health which is to blame for the fact that Marx did not himself put the finishing

touches to the second and third volumes.

I began my work on these volumes by first dictating the entire manuscript of the original, which was often hard to decipher even for me, into readable copy.

This required considerable time to begin with. It was only then that the real work of editing could proceed. I have limited this to the necessary minimum.

Wherever it was sufficiently clear, I preserved the character of the first draft as much as possible. I did not even eliminate repetitions of the same thoughts,

when they viewed the subject from another standpoint, as was Marx's custom, or at least expressed the same thought in different words. In cases where my

alterations or additions are not confined to editing, or where I used the material gathered by Marx for independent conclusions of my own, which, of course,

are made as closely as possible in the spirit of Marx, I have enclosed the entire passage in brackets and affixed my initials. My footnotes may not be inclosed in

brackets here and there, but wherever my initials are found, I am responsible for the entire note.

It is natural for a first draft, that there should be many passages in the manuscript which indicate points to be elaborated later on, without being followed out in

all cases. I have left them, nevertheless, as they are, because they reveal the intentions of the author relative to future elaboration.

Now as to details.

For the first part, the main manuscript was serviceable only with considerable restrictions. The entire mathematical calculation of the relation between the rate

of surplus-value and the rate of profit (making up the contents of our chapter III) is introduced in the very beginning, while the subject treated in our chapter I

is considered later and incidentally. Two attempts of Marx at rewriting were useful in this case, each of them comprizing eight pages in folio. But even these

were not consecutively worked out. They furnished the substance of what is now chapter I. Chapter II is taken from the main manuscript. There were quite a

number of incomplete mathematical elaborations of chapter III, and in addition thereto an entire and almost complete manuscript, written in the seventies and

dealing with the relation of the rate of surplus-value to the rate of profit, in the form of equations. My friend Samuel Moore, who had done the greater portion

of the translation of the first volume, undertook to edit this manuscript for me, a work for which he was certainly better fitted than I, since he graduated from

Cambridge in mathematics. By the help of his summary, and with an occasional use of the main manuscript, I completed chapter III. Nothing was available for

chapter IV but the title. But as the point of issue, the effect of the turn-over on the rate of profit, is of vital importance, I have elaborated it myself. For this

reason the whole chapter has been placed between brackets. It was found in the course of this work, that the formula of chapter III for the rate of profit

required some modification, in order to be generally applicable. Beginning with chapter V, the main manuscript is the sole basis for the remainder of Part I,

although many transpositions and supplements were needed for it.

For the following three parts I could follow the original manuscript throughout, aside from editing the style. A few passages, referring mostly to the influence of

the turn-over, had to be brought into agreement with my elaboration of chapter IV; these passages are likewise placed in brackets and marked with my initials.

The main difficulty was presented by Part V, which treated of the most complicated subject in the entire volume. And it was just at this point that Marx had

been overtaken by one of those above-mentioned serious attacks of illness. Here, then, we had no finished draft, nor even an outline which might have been

perfected, but only a first attempt at an elaboration, which more than once ended in a disarranged mass of notes, comments and extracts. I tried at first to

complete this part, as I had the first one, by filling out vacant spaces and fully elaborating passages that were only indicated, so that it would contain at least

approximately everything which the author had intended. I tried this at least three times, but failed every time, and the time lost thereby explains most of the

retardation. At last I recognized that I should not accomplish my object in this way. I should have had to go through the entire voluminous literature of this

field, and the final result would have been something which would not have been Marx's book. I had no other choice than to cut the matter short, to confine

myself to as orderly an arrangement as possible, and to add only the most indispensable supplements. And so I succeeded in completing the principal labors

for this part in the spring of 1893.

As for the single chapters, chapters XXI to XXIV were, in the main, elaborated by Marx. Chapters XXV and XXVI required a sifting of the references and an

interpolation of material found in other places. Chapters XXVII and XXIX could be taken almost completely from the original manuscript, but chapter XXVIII had

to be arranged differently in several places. The real difficulty began with chapter XXX. From now on the task before me was not only the arrangement of the

references, but also a connecting of the line of reasoning, which was interrupted every moment by intervening clauses, deviations from the main point, etc.,

and taken up incidentally in quite another place. Thus chapter XXX came into existence by means of transpositions and eliminations utilized in other places.

Chapter XXXI, again, was worked out more connectedly. But then followed a long section in the manuscript, entitled "The Confusion," consisting of nothing but

extracts from the reports of Parliament on the crises of 1848 and 1857, in which the statements of twenty-three business men, and writers on economics,

especially relative to money and capital, gold exports, over-speculation, etc., are collected and accompanied here and there with short and playful comments.

In this collection, all the current views of that time concerning the relation of money to capital are practically represented, either by answers or questions, and

Marx intended to analyze critically and satirically the confusion revealed by the ideas as to what was money, and what capital, on the money-market. I

convinced myself after many experiments that this chapter could not be composed. I have used its material, particularly that criticized by Marx, wherever I

found a connection for it.

Next follows in tolerable order the material which I have placed in chapter XXXII. But this is immediately followed by a new batch of extracts from reports of

Parliament on every conceivable subject germane to this part, intermingled with comments of the author. Toward the end these comments are mainly directed

toward the movement of money metals and the quotations of bills of exchange, and they close with miscellaneous remarks. On the other hand, chapter XXXV,

entitled "Precapitalist Conditions," was fully elaborated.

Of all this material, beginning with the "Confusion," and using as much of it as had not been previously placed otherwise, I made up chapters XXXIII to XXXV.

Of course this could not be done without considerable interpolations on my part in order to complete the connections. Unless these interpolations are of a

merely formal nature, they are expressly marked as belonging to me. In this way I have succeeded in placing all the relevant statements of the author in the

text of this work. Nothing has been left out but a small portion of the extracts, which either repeated statements already made previously, or touched on points

which the original manuscript did not treat in detail.

The part dealing with ground-rent was much more fully elaborated, although not properly arranged. This is apparent from the fact that Marx found it necessary

to recapitulate the plan of the entire part in chapter XLIII, which was the last portion of the section on rent in the manuscript. This was so much more welcome

to the editor, as the manuscript began with chapter XXXVII, which was followed by chapters XLV to XLVII, whereupon chapters XXXVIII to XLIV came next in

order. The greatest amount of labor was involved in getting up the tables for the differential rent, II and in the discovery that the third case of this class of



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