- •Lecture 1. The subject and the method of Political Economy
- •The economic activity as a condition of existence and society development. The labour-process and its elementary factors.
- •Instruments of labour.
- •The productive forces and productive relations: their unity and interdependency.
- •Economic laws and their objective character.
- •The subject and functions of Political Economy.
- •The method of Political Economy.
- •Lecture 2. Commodity production
- •Commodity and its factors: use-value and value. Exchange value.
- •The magnitude of commodity value.
- •Commodity and its factors: use-value and value. Exchange value.
- •The magnitude of commodity value.
- •Lecture 3. Commodity and Money
- •The form of value and its historical development.
- •The appearance of money. The essence and functions of money
- •The Fetishism of Commodities.
- •The form of value and its historical development.
- •Elementary or Accidental Form of Value.
- •X commodity a is worth y commodity b.
- •20 Yards of linen are worth 1 coat.
- •Total or Expanded Form of Value.
- •The General Form of Value
- •1. The altered character of the form of value
- •The Money-Form
- •The appearance of money. The essence and functions of money
- •The measure of Values
- •The medium of Circulation
- •Commodity — Money — Commodity.
- •The mean of hoarding
- •The means of Payment
- •Universal Money
- •The Fetishism of Commodities.
- •Lecture 4. Labour-Process and process of producing surplus-value.
- •Transformation of money into capital.
- •Labour-power as a commodity.
- •Labour-Process and process of producing surplus-value.
- •The Transformation of money into capital.
- •The labour-power as a commodity.
- •The Labour-Process and the Process of Producing Surplus-Value.
- •Lecture 5. Capital and Labour-Power
- •The essence of the capital. Constant Capital and Variable Capital
- •The Rate and the Mass of Surplus-Value
- •Modes of surplus-value production
- •Working-day I. Working-day II. Working-day III.
- •The relative surplus-value.
- •The absolute surplus-value.
- •In what follows the chief combinations alone are considered.
- •The stages of labour division in condition of capitalism
- •Simple capitalist co-operation
- •Division of Labour and Manufacture
- •Machinery and Modern Industry
- •Lecture 6. Wages
- •The essence of wages
- •The main forms and systems of wages
- •National Differences of Wages
- •The essence of wages
- •The main forms and systems of wages
- •2.1. Time-Wages
- •Daily value of labour-power/working-day of a given number of hours’
- •Piece-Wages as transformed condition of Time-Wages
- •Daily value of labour-power/the working day of a given number of hours
- •National Differences of Wages
- •Lecture 7. The accumulation of capital
- •The substance and types of reproduction. Simple Reproduction.
- •Capitalist production on a progressively increasing scale.
- •The substance and factors which determine the magnitude of accumulation.
- •Technical, value and organic composition of capital and tendencies of their dynamics.
- •Forms of accumulation. Centralization and concentration of capital.
- •The accumulation of capital and the employment. Unemployment and its forms.
- •Lecture 8. The circuit of capital
- •The circuit of capital and its stages.
- •The Circuit of Money Capital
- •I. First Stage. M — c
- •II. Second Stage. Function of Productive Capital
- •III. Third Stage. C' — m'
- •IV. The Circuit as a Whole
- •The Circuit of Productive Capital
- •The Circuit of Commodity-Capital
- •Three Formulas of the Circuit
- •The Time of Circulation
- •The Costs of Circulation
- •The Time of Purchase and Sale
- •Costs of Storage
- •Costs of Transportation
- •Lecture 9. Turnover of capital
- •The Turnover Time and the Number of Turnovers
- •Fixed Capital and Circulating Capital
- •The Aggregate Turnover of Advanced Capital. Cycles of Turnover
- •The Turnover of Variable Capital. The Annual Rate and mass of Surplus-Value.
- •(Capital turned over annually) / (capital advanced)
- •(Quantity of surplus-value produced during the year) / (variable capital advanced)
- •(Real rate of surplus-value × variable capital advanced × n) / (variable capital advanced)
- •(Quantity of s produced in one turnover period) / (variable capital employed in one turnover period)
- •Lecture 10. The Reproduction and Circulation of the Aggregate Social Capital
- •2. The Two Departments of Social Production
- •In each department the capital consists of two parts:
- •The exchange of the Aggregate Social Commodity in the case of simple reproduction.
- •I. Production of Means of Production:
- •II. Production of Articles of Consumption:
- •The exchange of the Aggregate Social Commodity in the case of Reproduction on an Expanded Scale.
- •Schematic Presentation of Accumulation
- •Lecture 11. Cost-Price and Profit
- •Cost-Price and profit
- •The Rate of Profit
- •Factors which determine the rate of profit.
- •Formation of a General Rate of Profit and Transformation of the Values of Commodities into Prices of Production
- •The Law of the Tendency of the Rate of Profit to Fall
- •Counteracting Influences
- •Lecture 12. Commercial Capital and Commercial Profit
- •Commercial Capital as the isolated part of industrial capital.
- •Commercial profit and mechanism of its formation.
- •Commercial Capital as the isolated part of industrial capital.
- •Commercial profit and mechanism of its formation.
- •Lecture 13. Money Capital and the interest
- •Interest-Bearing Capital
- •The interest.
- •Division of Profit. Rate of Interest. Natural Rate of Interest.
- •The Credit
- •The Role of Credit in Capitalist Production
- •II. Reduction of the costs of circulation.
- •III. Formation of stock companies. Thereby:
- •Lecture 14. Agrarian relations in the case of capitalist economics
- •Economic relations in agriculture.
- •The essence of capitalist ground-rent. Ground-rent and rent.
- •Monopoly in land ownership. The origin of Differential Rent. Differential Rent I
- •1) Fertility.
- •2) The location of the land.
- •Differential Rent II
- •Absolute Ground-Rent and monopolistic Ground-Rent – their unity and differences.
- •Price of Land
- •I. The price of land may rise without the rent rising, namely:
- •II. The price of land may rise, because the rent increases.
- •Lecture 15. National income
- •The essence of national income. The Trinity Formula
- •Production of Gross domestic product and National income.
- •Distribution Relations and Production Relations
- •The essence of national income. The Trinity Formula
- •2. Production of Gross domestic product and National income.
- •Distribution Relations and Production Relations
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The exchange of the Aggregate Social Commodity in the case of simple reproduction.
We shall base our study of simple reproduction on the following scheme, in which c stands for constant capital, v for variable capital, and s for surplus-value, assuming the rate of surplus-value s/v to be 100 per cent. The figures may indicate millions of marks, francs, or pounds sterling.
I. Production of Means of Production:
Capital. . . . . . . . . . . . . 4,000c + 1,000v = 5,000
Commodity-Product . . . 4,000c + 1 ,000v, + 1,000s = 6,000,
existing in means of production.
II. Production of Articles of Consumption:
Capital . . . . . . . . . . . 2,000c + 500v = 2,500
Commodity-Product . . 2,000c + 500v + 500s = 3,000,
existing in articles of consumption.
Recapitulation: Total annual commodity-product:
I. 4,000c + 1,000v + 1,000s = 6,000 means of production
II. 2,000c + 500v + 500s = 3,000 articles of consumption.
Total value 9,000, exclusive of the fixed capital persisting in its natural form, according to our assumption.
If we were now to examine the transformations necessary on the basis of simple reproduction, where the entire surplus-value is unproductively consumed, and leave aside for the present the money-circulation that brings them about, we should obtain at the outset three great points of support.
1) The 500v, representing wages of the labourers, and 500s, representing surplus-value of the capitalists, in department II, must be spent for articles of consumption. But their value exists in articles of consumption worth 1,000, held by the capitalists of department II, which replace the advanced 500v and represent the 500s. Consequently the wages and surplus-value of department II are exchanged within this department for products of this same department. Thereby articles of consumption to the amount of (500v + 500s) II = 1,000, drop out of the total product.
2) The 1,000v plus 1,000s of department I must likewise be spent for articles of consumption; in other words, for products of department II. Hence they must be exchanged for the remainder of this product equal to the constant capital part, 2,000c. Department II receives in return an equal quantity of means of production, the product of I, in which the value of 1,000v + 1,000s of I is incorporated. Thereby 2,000 IIc and (1,000v +1,000s) I drop out of the calculation.
3) There still remain 4,000 Ic. These consist of means of production which can be used only in department I to replace its consumed constant capital, and are therefore disposed of by mutual exchange between the individual capitalists of I, just as the (500v + 500s) II by an exchange between the labourers and capitalists, or between the individual capitalists of II.
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The exchange of the Aggregate Social Commodity in the case of Reproduction on an Expanded Scale.
By the conversion of the commodity-capital into money the surplus-product, in which the surplus-value is represented, is also turned into money. The capitalist reconverts the so metamorphosed surplus-value into additional natural elements of his productive capital. In the next cycle of production the increased capital furnishes an increased product. But what happens in the case of the individual capital must also show in the annual reproduction as a whole, just as we have seen it happen on analyzing simple reproduction, namely, that the successive precipitation — in the case of individual capital — of its used-up fixed component parts in money which is being hoarded, also finds expression in the annual reproduction of society.
If a certain individual capital is equal to 400 c + l00 v , and the annual surplus-value is equal to 100, then the commodity-product amounts to 400 c + 100 v + 100 s . These 600 are converted into money. Of this money, again, 400 c are converted into the natural form of constant capital, 100 v into labour-power, and-provided the entire surplus-value is being accumulated — 100 s are converted besides into additional constant capital by transformation into natural elements of the productive capital. It is assumed in this case:
1) that this amount is sufficient under the given technical conditions either to expand the functioning constant capital or to establish a new industrial business. But it may also happen that surplus-value must be converted into money and this money hoarded for a much longer time before this process, i.e., before real accumulation, expansion of production, can take place;
2) that production on an extended scale has actually been in process previously. For in order that the money (the surplus-value hoarded in money-form) may be converted into elements of productive capital, one must be able to buy these elements on the market as commodities. It makes no difference if they are not bought as finished products but made to order. They are not paid for until they are in existence and at any rate not until actual reproduction on an extended scale, an expansion of hitherto normal production, has taken place so far as they are concerned. They had to exist potentially, i.e., in their elements, as it requires only the impulse of an order, that is, the purchase of commodities before they actually exist and their anticipated sale, for their production really to take place. The money on the one side then calls forth extended reproduction on the other, because the possibility of it exists without money. For money in itself is not an element of real reproduction.