A Critique Of Political Economy
Karl MarxCapitalA Critique of Political EconomyVolume IIIThe Process of Capitalist Production as a WholeEdited by Friedrich EngelsWritten: Karl Marx, 1863-1883, edited by Friedrick Engels and completed by him 11 years afterMarx's death;Source: Institute of Marxism-Leninism, USSR, 1959;Publisher: International Publishers, NY, [n.d.]First Published: 1894;On-Line Version: Marx.org 1996, Marxists.org 1999;Transcribed: in 1996 by Hinrich Kuhls, Dave Walters and Zodiac, and by Tim Delaney and M. Griffinin 1999;HTML Markup: Zodiac 1996, Tim Delaney and M. Griffin in 1999;Proofed and Corrected: by Chris Clayton 2006-7, Mark Harris 2010.Table of ContentsPreface (Engels, 1894) . 5Part I. The Conversion of Surplus-Value into Profit and of the Rate of Surplus-Value intothe Rate of Profit . 19Chapter 1. Cost-Price and Profit . 19Chapter 2. The Rate of Profit. 28Chapter 3. The Relation of the Rate of Profit to the Rate of Surplus-Value . 33Chapter 4. The Effect of the Turnover on the Rate of Profit . 46Chapter 5. Economy in the Employment of Constant Capital. 50I. In General . 50II. Savings In Labour Conditions At The Expense Of The Labourers. . 56III. Economy In The Generation And Transmission Of Power, And In Buildings . 65IV. Utilisation Of The Excretions Of Production . 71V. Economy Through Inventions . 74Chapter 6. The Effect of Price Fluctuation . 76I. Fluctuations in the Price of Raw Materials, and their Direct Effects on the Rate of Profit 76II. Appreciation, Depreciation, Release And Tie-Up Of Capital . 79III. General Illustration. The Cotton Crisis Of 1861-65 . 88Experiments in corpore vili . 104Chapter 7. Supplementary Remarks . 108Part II. Conversion of Profit into Average Profit . 110
Chapter 8. Different Compositions of Capitals in Different Branches of Production andResulting Differences in Rates of Profit . 110Chapter 9. Formation of a General Rate of Profit (Average Rate of Profit) and Transformationof the Values of Commodities into Prices of Production . 118Chapter 10. Equalisation of the General Rate of Profit Through Competition. Market-Pricesand Market-Values. Surplus-Profit . 130Chapter 11. Effects of General Wage Fluctuations on Prices of Production. 146Chapter 12. Supplementary Remarks . 149I. Causes Implying a Change in the Price of Production . 149II. Price of Production of Commodities of Average Composition . 150III. The Capitalist's Grounds for Compensating . 150Part III. The Law of the Tendency of the Rate of Profit to Fall. 153Chapter 13. The Law As Such . 153Chapter 14. Counteracting Influences . 165I. Increasing Intensity Of Exploitation . 165II. Depression Of Wages Below The Value Of Labour-Power . 167III. Cheapening Of Elements Of Constant Capital . 167IV. Relative Over-Population . 167V. Foreign Trade . 168VI. The Increase Of Stock Capital . 169Chapter 15. Exposition of the Internal Contradictions of the Law . 171I. General . 171II. Conflict Between Expansion Of Production And Production Of Surplus-Value . 174III. Excess Capital And Excess Population . 176IV. Supplementary Remarks . 182Part IV. Conversion of Commodity-Capital and Money-Capital into Commercial Capitaland Money-Dealing Capital (Merchant's Capital) . 187Chapter 16. Commercial Capital . 187Chapter 17. Commercial Profit. 195Chapter 18. The Turnover of Merchant's Capital. Prices. . 208Chapter 19. Money-Dealing Capital. 216Chapter 20. Historical Facts about Merchant's Capital . 221Part V. Division of Profit into Interest and Profit of Enterprise. Interest-Bearing Capital 230Chapter 21. Interest-Bearing Capital . 230Chapter 22. Division of Profit. Rate of Interest. Natural Rate of Interest. . 243Chapter 23. Interest and Profit of Enterprise . 252Chapter 24. Externalization of the Relations of Capital in the Form of Interest-Bearing Capital. 266Chapter 25. Credit and Fictitious Capital . 274Chapter 26. Accumulation of Money-Capital. Its Influence on the Interest Rate . 293Chapter 27. The Role of Credit in Capitalist Production. 315Chapter 28. Medium of Circulation and Capital; Views of Tooke and Fullarton . 320
Chapter 29. Component Parts of Bank Capital. 333Chapter 30. Money-Capital and Real Capital. I. . 343Chapter 31. Money Capital and Real Capital. II. . 355Transformation Of Money Into Loan Capital. 3552. Transformation Of Capital Or Revenue Into Money That Is Transformed Into LoanCapital . 362Chapter 32. Money Capital and Real Capital. III. . 364Chapter 33. The Medium of Circulation in the Credit System . 375Chapter 34. The Currency Principle and the English Bank Legislation of 1844. 401Chapter 35. Precious Metal and Rate of Exchange . 420I. Movement Of The Gold Reserve . 420II. The Rate Of Exchange . 426Rate Of Exchange With Asia . 428England's Balance Of Trade. 439Chapter 36. Pre-Capitalist Relationships . 443Interest In The Middle Ages . 454Advantages Derived By The Church From The Prohibition Of Interest . 457Part VI. Transformation of Surplus-Profit into Ground-Rent . 460Chapter 37. Introduction. 460Chapter 38. Differential Rent: General Remarks . 478Chapter 39. First Form of Differential Rent (Differential Rent I) . 484Chapter 40. Second Form of Differential Rent (Differential Rent II) . 500Chapter 41. Differential Rent II. First Case: Constant Price of Production . 507Chapter 42. Differential Rent II. Second Case: Falling Price of Production . 512I. Productivity of the additional investment of capital remains the same. . 512II. Decreasing rate of productivity of the additional capital. . 517III. Rising rate of productivity of the additional capital. . 518Chapter 43. Differential Rent II. Third Case: Rising Price of Production. 523Chapter 44. Differential Rent Also on the Worst Cultivated Soil . 544Chapter 45. Absolute Ground-Rent . 550Chapter 46. Building Site Rent. Rent in Mining. Price of Land. 565Chapter 47. Genesis of Capitalist Ground-Rent . 571I. Introductory Remarks. 571II. Labour rent. 575III. Rent In Kind . 577IV. Money-Rent. 579V. Métayage And Peasant Proprietorship Of Land Parcels. 582Part VII. Revenues and their Sources . 590Chapter 48. The Trinity Formula . 590I . 590II . 591
III . 592Chapter 49. Concerning the Analysis of the Process of Production . 601Chapter 50. Illusions Created By Competition. 613Chapter 51. Distribution Relations and Production Relations . 628Chapter 52. Classes . 633Supplement by Frederick Engels . 634Introduction . 634Law of Value and Rate of Profit. 634The Stock Exchange . 644
Preface (Engels, 1894)At last I have the privilege of making public this third book of Marx’s main work, the conclusionof the theoretical part. When I published the second volume, in 1885, I thought that except for afew, certainly very important, sections the third volume would probably offer only technicaldifficulties. This was indeed the case. But I had no idea at the time that these sections, the mostimportant parts of the entire work, would give me as much trouble as they did, just as I did notanticipate the other obstacles, which were to retard completion of the work to such an extent.Next and most important of all, it was my eye weakness which for years restricted my writingtime to a minimum, and which, even now, permits me to write by artificial light only inexceptional cases. Furthermore, there were other pressing labours which could not be turneddown, such as new editions and translations of Marx’s and my own earlier works, hence reviews,prefaces, and supplements, often impossible without fresh study, etc. Above all, there was theEnglish edition of the first volume of this work, for whose text I am ultimately responsible andwhich consequently consumed much of my time. Whoever has in any way followed the colossalgrowth of international socialist literature during the last ten years, particularly the great numberof translations of Marx’s and my own earlier works, will agree with me that I have been luckythat the number of languages in which I could be of help to the translators, and therefore couldnot refuse in all conscience to review their work, is very limited. But the growth of literature wasmerely indicative of a corresponding growth of the international working-class movement itself.And this imposed new obligations upon me. From the first days of our public activity it was Marxand I who shouldered the main burden of the work as go-betweens for the national movements ofSocialists and workers in the various countries. This work expanded in proportion to theexpansion of the movement as a whole. Up to the time of his death, Marx had borne the brunt ofthe burden in this as well. But after his death the ever-increasing bulk of work had to be done bymyself alone. Since then it has become the rule for the various national workers’ parties toestablish direct contacts, and this is fortunately ever more the case. Yet requests for my assistanceare still far more frequent than I would wish in view of my theoretical work. But if a man hasbeen active in the movement for more than fifty years, as I have been, he regards the workconnected with it as a bounden duty that brooks no delay. In our eventful time, just as in the 16thcentury, pure theorists on social affairs are found only on the side of reaction and for this reasonthey are not even theorists in the full sense of the word, but simply apologists of reaction.In view of the fact that I live in London my party contacts are limited to correspondence inwinter, while in summer they are largely personal. This fact, and the necessity of following themovement in a steadily growing number of countries and a still more rapidly growing number ofpress organs, have compelled me to reserve matters which permit no interruption for completionduring the winter months, and primarily the first three months of the year. When a man is pastseventy his Meynert’s association fibres of the brain function with annoying prudence. He nolonger surmounts interruptions in difficult theoretical problems as easily and quickly as before. Itcame about therefore that the work of one winter, if it was not completed, had to be largely begunanew the following winter. This was the case with the most difficult fifth part.As the reader will observe from the following, the work of editing the third volume wasessentially different from that of editing the second. In the case of the third volume there wasnothing to go by outside a first extremely incomplete draft. The beginnings of the various partswere, as a rule, pretty carefully done and even stylistically polished. But the farther one went, themore sketchy and incomplete was the manuscript, the more excursions it contained into arisingside-issues whose proper place in the argument was left for later decision, and the longer and
more complex the sentences, in which thoughts were recorded in statu nascendi. In some placeshandwriting and presentation betrayed all too clearly the outbreak and gradual progress of theattacks of ill health, caused by overwork, which at the outset rendered the author’s workincreasingly difficult and finally compelled him periodically to stop work altogether. And nowonder. Between 1863 and 1867, Marx not only completed the first draft of the two last volumesof Capital and prepared the first volume for the printer, but also performed the enormous workconnected with the founding and expansion of the International Workingmen’s Association. As aresult, already in 1864 and 1865 ominous signs of ill health appeared which prevented Marx frompersonally putting the finishing touches to the second and third volumes.I began my work by dictating into readable copy the entire manuscript, which was often hard todecipher even for me. This alone required considerable time. It was only then that I could start onthe actual editing. I limited this to the essential. I tried my best to preserve the character of thefirst draft wherever it was sufficiently clear. I did not even eliminate repetitions, wherever they,as was Marx’s custom, viewed the subject from another standpoint or at least expressed the samethought in different words. Wherever my alterations or additions exceeded the bounds of editing,or where I had to apply Marx’s factual material to independent conclusions of my own, if even asfaithful as possible to the spirit of Marx, I have enclosed the entire passage in brackets andaffixed my initials. Some of my footnotes are not enclosed in brackets; but wherever I haveinitialled them I am responsible for the entire note.As is only to be expected in a first draft, there are numerous allusions in the manuscript to pointswhich were to have been
Karl Marx . Capital. A Critique of Political Economy . Volume III. The Process of Capitalist Production as a Whole . Edited by Friedrich Engels . Written: Karl Marx, 1863-1883, edited by Friedrick Engels and completed by him 11 years after
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