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that this hoard is nothing but money which has been withdrawn from circulation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