chapter 4:
- the circulation of commodities is the starting-point of capital. capital is first money. M-C-M is a different kind of transformation from C-M-C. the circulation of commodities begins with a sale and ends with a purchase - the circulation of capital is the inverse.
- C-M-C starts and ends with a commodity, the movement brought about by the intervention of money. M-C-M money is the start and end, brought about by a commodity. in M-C-M money is only advanced not spent as the owner intends to get it back. in C-M-C money only returns by a repetition of the act, as use-value is the aim, the start and end are qualitatively different. in M-C-M the motive for exchange is exchange-value, the end and aim are of the same use-value/quality, and can differ only in quantity. so M-C-M is really M-C-M' where M' = M + xM = the original sum advanced plus an increment - surplus value. the process by which value adds value to itself is the movement that converts it to capital.
- in C-M-C the fact the two commodities are of the same value doesn't deprive the circuit of meaning as it would if the two ends of M-C-M were of the same value.
- qualitatively, M & M' are the same so there is as much inducement to augment M' as there was for M. both are limited expressions of exchange value, so both can be increased to closer to absolute wealth. if M' is withdrawn from circulation it is no longer capital, but generally the end of one M-C-M' circuit is the start of a new one.
- the person advancing the money becomes a capitalist, their subjective aim becomes the expansion of value, the objective basis of M-C-M. only as this becomes the sole motive for their operations do they function as a capitalist - capital personified and endowed with consciousness & will. neither use-values nor profit from any one transaction are their aim, but rather never-ending profit-making attained by always throwing money back into circulation.
- C-M-C: money form of exchange value only exists for the exchange vanishing on completion. M-C-M: money & commodity only different modes of existence of value itself, the general and particular modes respectively. value constantly changing form from one to the other without being lost, so assumes an automatic active character. value is the active factor in the process, expanding itself, for which it requires an independent form by which it can be identified at any time - money. instead of representing relations between commodities it now enters into relations with itself.
- only by having surplus value added does money become capital, but as soon as it does have surplus value, the distinction between the original and surplus vanishes. value becomes value in process, money in process - capital. regardless of the type of capital, the general formula is M-C-M'.
chapter 5:
- the distinction between M-C-M and C-M-C only exists from the POV of the capitalist.
- in simple exchange both parties gain use-values they need, and assuming no outside circumstances (e.g. one ripping the other off) the same exchange value remains throughout in the hands of the owner, it merely changes form, implying no change of magnitude - exchange does not add value.
- assume exchange is of non-equivalents: since only owners of commodities are at the market, all are both buyers and sellers. if all commodities are above or below their value, an owner loses or gains as much in selling as he gains or loses buying, so it evens out, there is no surplus value produced. and the idea of a non-producing only consuming class is absurd as they would have to get their money from somewhere. even if A sells $40 of wine to B for $50 of corn, still no surplus value has been created because there is a total of $90 both before and after the exchange. so in exchange of equivalents or non-equivalents, no surplus value arises - capital cannot arise from circulation.
- we're leaving merchant and money-lending capital aside for the moment as they operate only in the sphere of circulation, so cannot yet be explained, though we'll find they're derivative and why came about first later.
- outside of circulation, the owner of a commodity is in relation only to his own commodity, but though he alter it and add value, this is not self-expanding, surplus value. so capital cannot originate outside the sphere of circulation either. bugger.
- so surplus value is going to be explained on basis of laws regulating the exchange of commodities, with a starting point of the exchange of equivalents. though everything will be bought and sold at real value, still the end value will be greater than the starting value, and will take place both within and without circulation.
chapter 6:
- the change must be in a commodity bought, even though at its full value - the change must be in its consumption of its use-value - the use-value must be a source of value, the consumption being the embodiment of labour and so creation of value.
- this commodity is labour-power, the aggregate of physical & mental capabilities in a human being exercised whenever producing any use-value.
- for labour-power to be for sale as a commodity, two conditions are required. the possessor of labour-power must be the legal owner of the labour-power, so can meet with possessor of money on the market as buyer & seller, and they should only sell the use of this labour-power for a deffinite period of time as otherwise that's slavery. secondly the possessor of labour-power must not be in a position to sell any other commodities.
- to produce commodities need means of production and means of subsistence since all are consumers before and after producing - only after sale can a commodity satisfy the needs of its owner, the time necessary for its sale added to that of production. the division into labourers and money-owners is not natural but historical. capital only possible with the emergence of the free labourer.
- the value of labour-power (henceforth LP) is determined by the labour-time necessary to produce it - so far as it has value it represents a definite quantity of the average labour of society. since LP exists only as a capacity of a living individual, it presupposes that individuals existence, so the value of LP is the value of the means of subsistence required to maintain the labourer in a normal state - which also has certain historical and moral elements. since the labourer is mortal and capital requires the constant presence of LP, the value also includes the value of reproduction - the means of subsistence for their future replacement. expenses of education for a particular type of labour also enter into the value of LP. so the value of LP varies with the value of means of subsistence/the quantity of labour-time needed for their production.
- if the commodities required for subsistence are A needed each day, B each week, C quarterly etc. then this is averaged out over a year to find the value of each day's labour. so if this average is say 6 hrs social labour time, embodied in $3, $3 is the value of one days labour.
- the use-value of LP does not immediately pass to the buyer - the alienation of LP and its appropriation by the buyer is separated by time - money functions as a means of payment, the worker gives credit to the capitalist. the price is fixed by the contract, but paid later. for the purposes of the investigation we'll assume the worker gets the price stipulated immediately.
- the money owner buys all the means of production. the consumption of LP is both the production of commodities and of surplus value, and as all consumption it is completed outside the sphere of circulation. so we now leave circulation where everything is above board and in accordance to rights, freedom of will, equality before the law, each for himself working to the common harmony etc. and of into the sphere of production.
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