The object of the present handbook is to clarify the English
version of Vol. I of Marx's Capital—to popularize as far as
may be its main or general message. It is intended to clarify
and to popularize especially the first three chapters, comprising
Marx's Part I, which three chapters are herein
summarized, more or less, in three corresponding chapters.
But they are not strictly summarized, for in places I have
not hesitated even to expand a paragraph into a victual
explanation. The present book is designed to simplify the
gist of Marx's economic work, not only for the use of students,
but also in order to rescue as far as possible the definite
meanings of this really marvelous work from the misunderstandings,
both friendly (or unintentional) and hostile, from
the masses of confusion, both innocent and deliberate, that
have unfortunately been crowded around them.
Author(s): William Henry Emmett
Publisher: International Publishers
Year: 1923
Language: English
Pages: 360
City: New York
CONTENTS
PACE
Preface 7
Introduction- 23
Foreword 48
PART I
COMMODITIES AND MONEY
Chapter I (Summary)—Commodities :
— Section i—Use-Value and Value, or the Two Factors of a
Commodity 49
2—The Two Characters, or the Ambiguity, of the Commodity's
Embodied Labour 52
,, 3—Exchange-Value, or the Form of Value. ... 56
Subsection A—The Elementary or Accidental Form of Value . 56
Divison 1—The Two Poles, or Opposite Sides, of the Value-
Form 57
2—The Relative Form of Value, the Relative Pole or
Side of the Value-Expression :
Subdivision (a)—The Nature and Meaning of this Pole or
Side 58
(b)—The Determination of its Relative
Quantity 60
Division 3—The Equivalent Form of Value, or the Equivalent
Pole or Side of the Value-Expression . 62
,, 4—The Whole Elementary Form of Value . . 67
Subsection B—Total or Extended Form of Value 69
Division i—The Extended Relative Form of Value, or
Extended Comparison of Value ... 70
„ 2—The Particular Equivalent Forms ... 70
3—Defects of the Extended Form of Value . . 71
Subsection C—The General Form of Value 72
Division i—The New Character of this Value Form . . 72
,, 2—Mutual Development of the Value-Form's Two
Sides, the Relative Side and the Equivalent
Side • 75
„ 3—Passage from the General Form of Value to the
Money Form of Value 76
Subsection D—The Money Form of Value 77
Section 4—The Fetishism of Commodities, and the Secret Thereof. 78
Chapter II (Summary)—The Process of Exchange .... 91
Chapter III (Summary)—Money, or the Circulation of Commodities:
- Section i—The Measure of Values 94
„ 2—The Medium of Circulation :
Subsection (a)—The Metamorphosis of Commodities, C—M—C 98
C—M, The First Metamorphosis, or Sale 99
M—C, The Second and Concluding Metamorphosis of a Commodity,
or Purchase 100
Subsection (b)—The Currency of Money 102
,, (c)—Coin and Symbols of Value 106
Section 3—Money 107
Subsection (a)—Hoarding 107
,, (b)—Means of Payment 109
„ (c)—Universal Money 111
PART II
THE TRANSFORMATION OF MONEY
INTO CAPITAL
The Transformation of Money into Capital 113
The Formula for Capital 114
The Contradictions of this Formula 117
The Purchase and Sale of Labour-Power 122
PART III
THE PRODUCTION OF ABSOLUTE
SURPLUS-VALUE ^
The Production of Absolute Surplus-Value 131
- The Labour-Process, or the Production of Use-Value . . . .132
The Production of Surplus-Value 136
Constant Capital and Variable Capital 141
The Rate of Surplus-Value 143 —
Representation of the Parts c + v + * by Proportional Quantities
of the Commodity 147
Surplus Produce 149
The Working Day *. 149
The Rate and Mass of Surplus-Value 155
PART IV
THE PRODUCTION OF RELATIVE
SURPLUS-VALUE
PACK
The Production of Relative Surplus-Value 158
"The Meaning of the Term " Relative Surplus-Value
"
. . .159
Co-operation 164
Division of Labour in Manufacture 168
Machinery and Modern Industry 174
The Development of Machinery 175
The Value transferred by Machinery to the Product . . -177
The Proximate Effects of Machinery on the Workman . . . 18c
The Factory . 182
The Strife between Workman and Machine 183
The Theory of Compensation for displaced Labourers . . .184
Repulsion and Attraction of Workpeople by the factory System.
Crises in the Cotton Trade 186
Revolution Effected in Manufacture, Handicrafts and Domestic
Industry by Modern Industry 187
The Factory Acts. Sanitary and Education Clauses of the Same.
Their General Extension in England 189
Modern Industry and Agriculture 190
PART V
THE PRODUCTION OF ABSOLUTE AND
OF RELATIVE SURPLUS-VALUE
The Production of Absolute and of Relative Surplus-Value . 192
Absolute and Relative Surplus-Value 194
Changes of Magnitude in the Price of Labour-Power and in Surplus-
Value 198
Various Formula: for the Rate of Surplus-Value 205
PART VI
WAGES
Wages 208
- The Transformation of the Value (and respectively the Price) of
Labour-Power into Wages 210
Time-Wages -'3
Piece-Wages 213
National Differences of Wages 214
PART VII
THE ACCUMULATION OF CAPITAL
The Accumulation of Capital 217
Simple Reproduction , 224
Conversion of Surplus-Value into Capital 225
Separation of Surplus-Value into Fresh Capital and Kevenue . . 226
Circumstances that Augment Accumulation, beyond Capitalized
Surplus-Value Hitherto Considered 227
The So-called Labour Fund 229
The General Law of Capitalist Accumulation 229
Comparative Diminution of Variable Capital in Capitalist
Accumulation 230
Comparative Increase of the Industrial Reserve-Army . . .231
Various Divisions of the Industrial Reserve-Army . . . 232
General Law of Capitalist Accumulation Illustrated . . . 233
PART VIII
THE SO-CALLED PRIMITIVE
ACCUMULATION
The So-called Primitive Accumulation 238
Expropriation of Agricultural Population from the Land . . 241
Bloody Legislation against the Expropriated 241
Genesis of the Capitalist Farmer 242
Reaction of Agricultural Changes upon Town Industry . . . 242
Genesis of the Industrial Capitalist 242
Historical Tendency of Capitalist Accumulation 244
The Modern Theory of Colonization 244
Conclusion 245
GLOSSARY 01 Tekms Used in Marx's "Capitalist Production "
257
Addendum to Glossary. Translations of Foreign Quotations in
Marx's Text 318
Abbreviations, Formula;, Signs, etc., used in Marx's text . . 326
Appendix A 333
Appendix B 335
Appendix C 343
Index 347
