Appendix: References to My Own Notebooks

• • Preface
  • Chapter 1: The Commodity
  • Note A. Historical Notes on the Analysis of Commodities
  • Chapter 2: Money or Simple Circulation
  • Note B. Theories of the Standard of Money
  • Note C. Theories of the the Medium of Circulation and of Money
  • Appendix: Introduction by Karl Marx
  • Appendix: Index to the 7 Notebooks
  • Appendix: Original text of Second and beginning of Third chapter
  • Appendix: Additional Notes
  • Appendix: Draft Plan of the Chapter on Capital
  • Appendix: References to My Own Notebooks

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References to My Own Notebooks belong to the period when, after an interruption caused by his editorial work on the newspaper Das Volk (summer 1859), writing his pamphlet Herr Vogt and other circumstances, Marx resumed intensive studies of political economy and returned to his work on the subsequent parts of A Contribution to the Critique of Political Economy, primarily on its third chapter, devoted to capital. “A week ago I made a serious start on my book,” he wrote to Engels on June 10, 1861 (see MECW, Vol. 41, p. 292). Evidently, the first thing Marx did was to systematise the material already collected. For this purpose, he made use of the last, as yet empty, pages of his Notebook B”. Pages 1-19 of this notebook contain the end of the fragment of the original text of A Contribution to the Critique of Political Economy, written as far back as the autumn of 1858. Pages 20-27 contain passages from different economic sources, evidently written later on as they include references to editions published in 1860. The References published here are to be found on pages 28-36 of Notebook B” (these pages are given here in editorial square brackets, and oblique lines are substituted for the square brackets used by Marx himself).

The References constitute a concise review of the contents of the notebooks containing the economic manuscripts of 1857-1858 (Notebook M with “Introduction”, notebooks I-VII) and also of notebooks with the original text of A Contribution to the Critique of Political Economy (notebooks C, B’ and B”). In this review, Marx included material he had not used in the first part of A Contribution to the Critique of Political Economy, completed in January 1859. Hewrote this review in order to facilitate writing the part of his economic work that was to be the continuation of the first part of A Contribution to the Critique of Political Economy. When writing the References, Marx worked out a plan for the third chapter of A Contribution to the Critique of Political Economy and later on implemented it in a large Economic Manuscript of 1861-1863, which was a new, already systematised, though rough version of all the parts of the future Capital.

In Marx’s References, Arabic numerals indicate the pages of the notebooks.

[B”-28] Notebook C, pp. 37-39. Aristotle. C—M—C; M—C—M.

Notebook A (pp. 22, 23, 24) (world market, etc.). Social relationships. Personal (ibid.) (23, 24). (See the same, something about bourgeois independence, etc.) (Ideas.)

Notebook B’: Manifestation of the law of appropriation in the simple circulation. Why does property in one’s own labour and its alienation, i.e. one’s own labour, appear as the basis of property? (p. 17) (18). Attendant contradictions (18). Realm of bourgeois freedom and equality (18 et seq.). First law. Appropriation through one’s own labour. Second law: Alienation or transformation of the product into a social form (I.e.). Division of labour (I.e.) (19). English farmer and French peasant (I.e.). (Division of labour. The particularly useful labours, etc.) (20, 21). (Division of labour as realisation of freedom and natural individuality. Ibid.) Freedom of the person (21). (Equality) ibid. (21 bottom). The continuation:

Notebook B” (this notebook): (See money in same, la) (the equality connected with it). Equality (1, 2). (Property. Freedom. Equality.) The harmonists (3). The simple circulation, phenomenon of a process going on behind it (4). Historical transition from circulation to capital (5). (Circulation) (6, 7). Money as the product

Page 28 of Notebook B'with References to My Own Notebooks

proper of circulation (7) (8) (9). (Result, money, circulation.) Exchange value as process (10) (11). Money—capital (12) (13).

Notebook M. Independent individuals. 18th-century ideas (1). Perpetuation of historical relationships of production (2, 3). Production and distribution in general (3, 4). Property (4). Production. Distribution. Consumption. Exchange (5, 6, 7, 8, 9, 9’). Distribution and production (9’, 10, 11, 12). Exchange and production (13).

Notebook B''. Transformation of money into capital (16-19). (Develops from the relationship of exchange value become independent to use value.) p. 19. (Money confronting the worker as means of payment)

Notebook II. Simple exchange. Relationships between the exchangers. Equality, freedom, etc., harmonies (7-9, 10). (Bastiat. Proudhon) (11-12).

Capital. Sum of values (12). Landed property and capital (13). Capital comes out of circulation. Exchange-value content. Merchant capital. Money capital and money interest (13). Circulation posits other processes. Movement between preposited extremes (14). Transition from circulation to capitalist production (14, 15). Capital as objectified labour, etc. (15). Sum of values for the production of values (15, 16). Circulation, etc., prerequisite of capital (16). Say. Sismondi (17). Product and capital. Value and capital. Proudhon (18). Capital and labour. Exchange value and use value for exchange value (19). Money and its use value (labour) in this relationship, capital. Self-multiplication of value, its specific movement (20). Phrase that no capitalist will employ his capital without obtaining a profit thereby (21). Capital in substance, objectified labour. Opposite—living, productive (i.e. valuepreserving and increasing) labour (21). Productive labour and labour as service (21). Productive and unproductive labour. A. Smith, etc. (21). Thief in Lauderdale’s sense and productive labour (21, 22). The 2 different processes in the exchange between capital and labour (21). (Here that which itself is exchanged for capital belongs with its use value in the economic form determinateness, etc. I.e.) Capital and modern landed property (23). Wakefield (24). Exchange between capital and labour. Piece work wages (25). Value of the labour capacity (25, 26). The wage worker’s share in general wealth only quantitatively determined (26). Money, the worker’s equivalent. So [B”-29] confronts the capitalist as equal (26). But the aim of his exchange, satisfaction of his wants. For him money only means of circulation (26). Thrift, abstinence as means for the worker’s enrichment. (26, 27) (28). Prerequisite of capital: valuelessness and devaluation of the worker (28). Capital confronts the worker only as power of things. Without personal worth. (29). Distinction from servicerendering (29). The worker’s aim in exchange with capital— consumption. Must keep starting afresh. Labour as the worker’s capital (29) and

Notebook III (continuation)

(p. 8) (the capacity to work as capital]). Wages not productive (I.e.). The exchange between capital and labour belongs to simple circulation, does not enrich the worker (9). Separation of labour and property, the premiss of this exchange (I.e.). Labour as object, absolute poverty; as subject, general possibility of wealth (9). Labour confronts capital without particular determinateness (9, 10). Labour process absorbed into capital (10) (11) (12, 13). (Capital and capitalist, 13.)

Production process as content of capital (13 bottom).

Productive and unproductive labour (14). (Productive labour produces capital.)

The worker regards his labour as exchange value, the capitalist, as use value, etc. (14, 15). He divests himself of labour as power productive of wealth (15). (Capital appropriates it as such. I.e.) Transformation of labour into capital, etc. Sismondi. Cherbuliez. Say. Ricardo. Proudhon, etc. (15, 16).

Valorisation process (17) (18). (Production costs. 19.) (SURPLUS VALUE not to be explained through EXCHANGE. Ramsay. Ricardo.) Capitalist cannot live off his wages, etc. (19: faux frais de production ). Mere self-preservation, non-multiplication of value contradicts the essence of capital (19, 20). Capital enters the production costs as capital. Interest-bearing capital. Proudhon (20). Surplus value. Surplus labour time (21) (22). Bastiat on wages (22). Value of labour. How determined? (22). Self-valorisation is self-preservation of capital. Capitalist may not live merely from his labour, etc. Conditions for the self-valorisation of capital. Surplus labour time, etc. (22, 23). To what extent capital is productive (as creator of surplus labour, etc.) (p. 23). This only historically transitory (I.e.). The free NIGGERS in Jamaica. Wealth made independent requires slave labour or wage labour (forced labour in both cases) (23).

Surplus value. Ricardo (24). Physiocrats (24). A. Smith (24, 25). Ricardo (25, 26).

Surplus value and productive power. Relationship in their rise (26-28) (29-30). Result (30, 31). Productive power of labour is productive power of capital (31). In proportion as necessary labour is already diminished, the valorisation of capital becomes more difficult (30, 31). Concerning the expansion of the value of capital (32-38).

Labour does not reproduce the value of the material which, and of the instrument with which, it works. It preserves their value, simply by relating to them in the labour process as to its objective conditions. This animating and preserving force costs capital nothing; appears rather as its own force, etc. (pp. 38-40).

Absolute surplus time. Relative (40). It is not the quantity of living labour, but rather its quality as labour that simultaneously preserves the labour time already contained in the material, etc. (40). The change of form and substance in the immediate production process, 40, 41. It lies in the simple production process that the earlier stage of production is preserved through the later, etc. (41). Preservation of the old use value through the new labour, etc. (41).

[B”-30] Process of production and process of valorisation. The amount of objectified labour is preserved, because its quality as use values for further labour is preserved through contact with living labour (41, 42). In the real production process the separation of labour from the objective moments of its existence transcended. But in this process, labour is already incorporated into capital, etc. Appears as the self-preserving power of capital. Eternalisation of value (42). Capitalist obtains surplus labour gratis and the preservation of the value of material and instrument (42) (43). LABOUR, BY ADDING A NEW VALUE TO THE OLD ONE, AT THE SAME TIME MAINTAINS, ETERNISES THE LATTER (43). The preservation of values in the product costs capital nothing (43).

Through appropriation of current labour, the capital already possesses a draft upon (and respectively) appropriation of future labour (43).

Bastiat and Carey (1-4). Bastiat on wages (5-7).

Notebook IV. Confusion of profit and surplus value. Carey’s wrong calculation (1).

The capitalist, who does not pay the worker for the preservation of the old value, further demands remuneration for allowing the worker to preserve the old capital (2). Surplus value and profit, etc. (2, 3).

Difference between consumption of the instrument and of wages. The former consumed in the production process, the latter, outside it (3).

Increase of surplus value and decrease of rate of profit (4-7. See especially 7+Bastiat ibid.).

Multiplication of simultaneous working days, etc. (7, 8) (accumulation of capital). Machinery (9).

Growth of the constant part of capital in relation to the variable part laid out on wages=growth of the productivity of labour (9). Proportion in which capital must increase, with increased productivity, to employ the same number of workers (9-12). Percentage [of surplus value] on the total capital can express very different proportions (12, 13).

Capital (like property in general) rests on productivity of labour (13, 14).

Increase of surplus labour time. Multiplication of simultaneous working days. (Population.) (14). Population can increase in proportion as necessary labour time becomes smaller ,or the time required for the production of living labour capacity relatively decreases (14). Surplus capital and surplus population (14, 15). Creation of free time for the society (15).

Transition of capital from the production process to the circulation process (15 et seq.). Devaluation of capital itself owing to increase of productive forces (15) idem, 15-21. (Competition, p. 21.) (Capital as unity and contradiction of production process and valorisation process) (22 et seq.). Capital as limit to production. Overproduction (22, 23) (demand of the labourers themselves) 24. Limits to capitalist production 24, 25. Overproduction 25-28. Proudhon 26, 27, 28. (How is it possible that, in the price of the commodity the worker buys, he pays the profit, etc., and still receives his necessary wages?) 29. Price of the commodity and labour time. Surplus, etc. 28-31. (Price and value, etc.) Capitalist does not sell too dear; but still above what the thing costs him (30, 31).

Price (fractional) (31). Bastiat. Fall in fractional price (31). Price can fall below value without detriment to capital (31, 32). Number and unit (measure) important for price (32).

Specific accumulation of capital (transformation of surplus labour (revenue) into capital) (32). Proudhon. Value- and pricedetermination. In antiquity (slaves) not overproduction but overconsumption (32).

The general rate of profit (33).

If the capitalist sells only at his own production costs, transfer to other capitalists. The worker gains almost nothing thereby (34-36), especially 36.

[B”-31] Limit to capitalist production: ratio of surplus labour to necessary. Ratio of the surplus consumed by capital to the surplus converted into capital (38, 39).

Devaluation in crises (39, 40). Capital coming out of the production process becomes money again (40, 41).

Surplus labour or surplus value becomes surplus capital. All the conditions of capitalist production now appear as result of (wage) labour itself (42, 43). The process of the realisation of labour at the same time the process of its de-realisation (43) (44).

Formation of surplus capital I (44, 45). Surplus capital II (45). Inversion of the right to appropriate (45).

Chief result of the production- and valorisation-process; the reproduction and new production of the very relationship of capital and labour, of capitalist and worker (45, 46).

Primitive accumulation of capital, 45, 46. (The real accumulation, ibid.)

Capital, once historically developed, itself creates the conditions of its existence (46) (not as conditions of its emergence, but as results of its being) (46).

Primitive accumulation (47, 48). Performance of personal services (48, 49) (as opposed to wage labour) (ditto 50).

//Inversion of the law of appropriation, 50. Real alienation of the worker to his product. Division of labour. Machinery, etc. 50. //

Forms preceding capitalist production (50, 51) (52) (53). Continuation.

Notebook V. Continuation on the process preceding the formation of the capitalist relationship or primitive accumulation (pp. 1-15). Exchange of labour for labour rests upon the worker’s propertylessness (16).

Circulation of capital and circulation of money (16) (17).

Premiss of value within each individual capital (instrument, etc.) ( P. 17)

Production process and circulation process, moments of circulation (17). The productivity of different capitals (in different branches of industry) determines that of the individual capital (17).

Circulation time. Velocity of turnover substitutes for the volume of capital (17, 18). Mutual dependence of capitals in the velocity of their turnover (18). Circulation, moment of production. Production process and its duration. Conversion of the product into money. Duration of this operation. Reconversion of money into the conditions of production. Exchange of a part of capital for living labour (18, 19). Transport costs (19) (20).

Costs of circulation (20). Means of communication and transport (20) (21).//(Division of the branches of labour, 21, 22.) How the silk industry becomes necessary for agriculture (22).//22 //Association of many workers. Productive power of this association (23). Mass collective labour. I.e. 23.// 23, 24. (The whole example of roads, canals, irrigation works, etc., can be used again as an example when they become an object of the capitalist production, instead of former public works. Only transformation of form. General as distinct from particular conditions of production.) (24) (25).

Delivery to market (spatial condition of circulation) belongs in the production process (25). The time-moment of circulation, credit (25, 26). Capital is circulating capital³ (26). Money circulation mere appearance (I.e.).

Sismondi. Cherbuliez. (Capital. Its various component parts) (26).

Influence of circulation on the determination of value (26, 27). Circulation time=time of devaluation (27).

[B”-32] Difference between the capitalist mode of production and all earlier ones (universality, etc.) (27, 28). Propagandistic nature of capital (29).

Shortening of circulation time (28, 29) (credit). Storch (29).

What the capitalist advances is labour (Malthus) (29). Limits to capitalist production. Thompson (29).

Circulation and creation of value (29) (30). (Equalisation between different capitals in the conditions of circulation) 31. Capital not a source of value creation (31). Circulation costs (31).

Continuity of production presupposes circulation time transcended (31) (32).

Ramsay. Circulation time. Concludes therefrom that capital is its own source of profit (32).

Ramsay. Confusion over surplus value and profit and law of VALUES (32). (No SURPLUS VALUE according to Ricardos law, ibid.)

Ricardo (32, 33). Competition (33). Quincey (I.e.).

(No SURPLUS VALUE according to Ricardos law, ibid.) Ricardo (32, 33). Competition (33). Quincey (I.e.).

Notebook VI. Ricardo’s theory of value. Wages and profit. Quincey (1). Ricardo (1-2). Wakefield. Conditions of capitalist production. Colonies (2). (The CONSTANCY OF LABOUR referred to by him must be noted as a moment of the production process.)

Surplus value and profit. Example (Malthus) (3). Profit and surplus value. Malthus (3, 4).

Malthus (4, 5). (Cf. this right at the beginning on the sale of the labour capacity or exchange between labour and capital) (5) (6). Difference between labour and labour capacity (7). The peculiar assertion that the introduction OF CAPITAL changes nothing in PAYMENT OF LABOUR (7) .

Carey’s theory of the cheapening of capital for the worker (7, 8). (The same. Decline of profit rate, 8).

Wakefield on the contradiction between Ricardo’s theory of wage labour and his theory of value (8).

DORMANT CAPITAL. INCREASE OF PRODUCTION WITHOUT PREVIOUS INCREASE OF CAPITAL. Bailey (8, 9).

Wade’s explanation of capital. Labour, mere AGENCY of capital. CAPITAL, COLLECTIVE FORCE. Civilisation together with my remarks about it (9). All social forces of labour as forces of capital. Manufacture. Industry. Division of labour (9). Formal unification of different branches of labour, etc., by capital (9, 10). Accumulation of capital (11)

Transformation of money into capital (10). Science (11). Primitive accumulation and concentration, same (11). Free and compulsory association. Capital in distinction from earlier forms. Rossi (11).

Rossi. What is capital? Is raw material capital? (11). Wages necessary for it? (11, 12). (Approvisionnement, capital? I.e.)

Malthus. Theory of value and of wages (12, 13). Capital to do with proportion, labour only with portion, I.e. 12. See in the same place my remarks on surplus value and profit. Ricardo’s theory. I.e. (12, 13. Carey contra Ricardo.) Malthus: wages nothing [to do] with proportion (13). Malthus’s theory of value (13).

Aim of capitalist production, value (money), not commodity, use value, etc. Chalmers (14).

ECONOMIC CYCLE. Circulation process. Chalmers (14).

Difference in RETURN. Interruption of the production process (or rather its non-coincidence with the labour process) (14). Total duration of the production process (14). (Agriculture. Hodgskin, 15.) INEQUAL PERIODS OF PRODUCTION (14, 15).

[B”-33] The PAUPER is implied in the concept of FREE LABOURER (15). Population and overpopulation, etc. (15) (16).

Necessary labour. Surplus labour. Surplus population. Surplus capital (16) (17).

A. Smith. Labour as sacrifice (Senior’s theory of the capitalist’s sacrifice) (17) (18). (Proudhon’s surplus, 17.)

A. Smith. Origin of profit. Primitive accumulation (18).

Wakefield. SLAVE or FREE LABOUR (18).

Atkinson. Profit (18).

The origin of profit. McCulloch (18, 19).

Surplus labour. Profit. WAGES. Economists. Ramsay. Wade (19).

Locked-up capital. Return of capital. Fixed capital. John St. Mill (19).

Turnover of capital. (20). Circulation process. Production process. Turnover. Capital is circulating. Likewise fixed capital (20, 21). Circulation costs (21) (22). Circulation time (22). Circulation time and labour time (22, 23) //(The capitalist’s free time, 23.)// 24. //Transport costs, etc., 25.// Circulation. Storch (25). Metamorphosis of capital and metamorphosis of the commodity (25). Capital’s change of form and of matter. Different forms of capital (26). Turnovers in a given period (26). Circulating capital as genera] character of capital (26). Year, measure of turnovers. Day, measure of labour time (26, 27). //Surplus. Proudhon. Bastiat (27).// Fixed (tied-down) capital and circulating capital. Mill. Anderson. Say. Quincey. Ramsay (27).

See difficulty with interest on interest, etc. (28). Creation of markets through trade (28). Fixed and circulating capital. Ricardo (28). Necessity of rapid or less rapid reproduction (28, 29). Sismondi (29). Cherbuliez. Storch (29).

Money and capital. Eternity of value (28).

Capitalist’s advance to worker (29).

Constant and variable capital (29). Competition (29, 30) (32 bottom).

Surplus value. Production time. Circulation time. Turnover time (31, 32) (33). Part of capital in production time, part in circulation time alternately (33).

Circulation time (34). Surplus value and production phase. Number of reproductions of capital=number of turnovers. Total surplus value, etc. (34) (35).

In the circulation of capital, change of form and of matter (36). C—M—C, M—C—M (ibid.).

Difference between production time and labour time (36). Storch. Money. The trading estate. Credit. Circulation (37).

Lesser circulation. The process of exchange between capital and labour capacity in general (37) (38). Capital and the reproduction of labour capacity (38).

Triple determination or mode of circulation (39). Fixed capital and circulating capital (39, 40). Turnover time of total capital divided into circulating and fixed capital (40). Average turnover of such capital (40) (41). Influence of fixed capital on total turnover time of capital (I.e.).

Circulating fixed capital. Say. Smith. Lauderdale (42). Lauderdale on the origin of profit (43).

The labour process (43).

Fixed capital. Means of labour. Machine (43).

[B”-34] Notebook VII.

Fixed capital. Transposition of powers of labour into powers of capital, both in fixed and in circulating capital (1). To what extent fixed capital (machine) creates value (1). Lauderdale (ibid., 1, 2). The machine presupposes masses of workers (1, 2).

Fixed capital and circulating capital as two particular kinds of capital (2). Fixed capital and the continuity of the production process (2). Machinery and living labour (2). (Business of invention.) Contradiction between the basis of bourgeois production (measure of value) and its development. Machines, etc. (3).

Significance of the development of fixed capital (3) (for the development of capital in general). Relationship between the creation of fixed capital and circulating capital (3).

DISPOSABLE TIME. To create it, the chief determination of capital. Antithetical form of the same in capital (3, 4).

Productivity of labour and the production of fixed capital. (The Source and Remedy) (4).

USE and CONSUME. Economist. Durability of fixed capital (4).

Real saving—economising=saving of labour time=development of productive power. Sublation of the contradiction between free time and labour time (5).

True conception of the social production process (5).

Owen’s historical conception of industrial (capitalist) production (5) (6).

Capital and value of natural agents (6).

Scope of fixed capital shows the level of capitalist production (6).

Determination of raw material, product, instrument of production, consumption (6).

Is money fixed capital or circulating capital? (6).

Fixed capital and circulating capital in relation to individual consumption (6, 7).

Turnover time of capital consisting of fixed capital and circulating capital. Reproduction time of fixed capital. With circulating capital, the interruption should only be not so great as to ruin its use value. With fixed capital, continuity of production absolutely necessary, etc. (7).

Unit of time for labour, the day; for circulating capital, the year. Longer total period, unit with the introduction of fixed capital (7).

Industrial cycle (7).

Circulation of fixed capital (8).

The so-called risk (8). All parts of capital yield profit evenly— false. Ricardo, etc. (8).

The same commodity now fixed capital, now circulating capital (8, 9).

Sale of capital as capital (9).

Fixed capital which enters into circulation as use value (9).

Every moment, a presupposition of production, at the same time its result. Reproduction of its oxvn prerequisites. Reproduction of capital as fixed capital and circulating capital (9, 10).

Fixed capital and circulating capital. Economist. Smith. Countervalue of circulating capital must be produced within the year. Not so fixed capital. It engages the production of following years (10, 11).

Frais d’entretien (11).

Revenue from fixed capital and circulating capital (12).

Free labour = latent pauperism. Eden (12, 13).

The smaller the value of fixed capital in relation to its product, the more purposeful (13).

Mobile, immobile, fixed and circulating (14).

Connection of circulation and reproduction (14, 15). Necessity of the reproduction of use value in a determinate time (15).

Capital as bearing fruit. Transformation of surplus value into profit (15). Rate of profit (15). Fall of the rate of profit (15) (16). Rate of profit. Sum of profit (16) (17). Atkinson. A. Smith. Ramsay. Ricardo (17). Surplus value as profit always expresses a lesser proportion (17, 18). Wakefield (18). Carey. Bastiat (18) (19). Capital and revenue (profit). Production and distribution. Sismondi (19). Production costs from the standpoint of capital. Profit, ditto (20). Inequality of profits. Equalisation and general rate of profit (20). Conversion of surplus value into profit (20). Laws (20, 21).

[B” -35] Surplus value =relation of surplus labour to necessary labour (21).

Value of fixed capital and its productive power. Durability of fixed capital, ditto (21, 22). Social forces, division of labour, etc., cost capital nothin g (21). Difference of machine from these (21, 22. See 22 also on capital’s economies in the use of machinery).

Profit an d surplus value (22).

Machinery an d surplus labour. Recapitulation of the doctrine of surplus value in genera l (22, 23).

Relationship of the objective conditions of production. Chang e in the proportion of th e component parts of capital (23) (24) (25).

MONEY and fixed capital: implies CERTAIN AMOUNT OF WEALTH (Economist) (25). Relationship of fixed capital and circulating capital. COTTON-SPINNER (Economist) (25).

Slavery and wage labour. Steuart (25, 26). PROFIT UPON ALIENATION. Steuart (26).

The wool industry in England since Elizabeth (Tuckett). SILKMANUFACTURE. (SAME) (27, 28). Ditto, iron. COTTON (28).

Origin of free wage labour. Vagabondage . Tuckett (28).

Blake on accumulation an d rat e of profit (28, 29). (Shows that prices, etc., not indifferent, because a class of mere CONSUMERS does not at the same time CONSUME and REPRODUCE.) DORMANT CAPITAL , ibid. (28).

DOMESTIC AGRICULTURE at the beginning of the 16th century. Tuckett (29).

Profit. Interest. Influence of machinery on the wages fund. Westminster Review (29).

Capital, not labour, determine s the value of commodities. Torrens (38, 39).

Minimum of wages (39).

1826 COTTON MACHINERY an d WORKINGMEN. Hodgskin (39).

How machinery creates raw material. Linen industry. Tow YARN. Economist (39).

Machinery and surplus labour (39, 40).

Capital and profit. La valeur fait le produit (40) (41). Relationship of the worker to the working conditions in capitalist production (41).

All parts of capital yield profit (41).

Relationship of fixed an d circulating capital in COTTON-MILL.

Senior’s surplus labour an d profit. Tendenc y of machinery to prolong labour (41, 42).

Influence of transport on circulation, etc. (42). Transport increasingly suspends [necessity of] HOARDING (42).

Absolute surplus labour and machinery. Senior (42).

Cotton-factory in England. Worker. Exampl e for machinery an d surplus labour (42).

Example from Symons. Glasgow. POWER-LOOM FACTORY, etc. (43). (Thes e examples, for th e rat e of profit).

Different ways in which machinery diminishes necessary labour. Gaskell (43).

Labour, the IMMEDIATE MARKET FOR CAPITAL (44).

Alienation of th e conditions of labour from labour with the development of capital (44) (inversion). Th e inversion is basic to the capitalist mode of production, not only to its distribution (44).

Merivale. Natural DEPENDENCE of the worke r in colonies to be replaced by ARTIFICIAL RESTRICTIONS (44).

How the machine , etc., saves material. Bread. Dureau de la Malle (45).

Productive consumption. Newma n (47). TRANSFORMATIONS OF CAPITAL. ECONOMIC CYCLE (Newman) (47).

Dr. Price. INNATE POWER OF CAPITAL (47) (48).

Proudhon. Capital and simple échange. Surplus (48).

Necessity of the workers’ propertylessness. Townsen d (48, 49). Galiani (49).

The infinity in the process. Galiani (49).

[B”-36] Advances. Storch (50). Theory of savings. Storch (50).

McCulloch. Surplus (50). Profit (ibid.). PERIODICAL DESTRUCTION OF CAPITAL. Fullarton (50).

Arnd. Interest of natura l origin (51).

Interest and profit (51) //Carey// (52). PAWNING IN ENGLAND (52).

How merchant takes the place of master (52).

Merchants’ wealth (52) (53) (54).

Commerce with EQUIVALENTS impossible. Opdyke (55).

PRINCIPAL AND INTEREST (55).

Two nations may exchange according to the law of profit so that both gain, but one is always short-changed (59).