Capital Progress


Since my posting the other day, Capital – In A Bit of a Rut, I’ve managed to make some pretty decent progress.  I completed the sixth chapter and second part of Capital, along with half of the seventh chapter entitled The Labour Process and the Valorization Process.  Here are a few points that I picked up from these past few chapters:

Chapter IV:

  • The circulation of commodities is the starting-point of capital
  • Money is the first form of capital
  • The general formula for capital is:  Money-Capital-Money (M-C-M)
  • The complete form of this equation is:  M-C-M’ where M’=M+ΔM (in this case the original sum advanced plus an increment)
  • That increment is called ‘surplus value’

Chapter V:

  • The value of a commodity is priced before it enters into circulation
  • All owners of commodities sells theirs for 10% over their value

Chapter VI:

  • Labour-power can be a market commodity if the possessor offers it for sale or sells it as a commodity
  • Labour-power is the only commodity that has the capacity to create value

Those are just brief points, and a short selection of many things I picked up in these chapters.  What I’m most impressed with, is the fact that I was able to, for the most part, completely understand the arguments/concepts that Marx was presenting in these chapters.  They were definitely much easier to understand than especially the third chapter on money, which I spoke about here.

I’m also definitely optimistic that I’ve broken out of my rut with my reading.  Today I was motivated to begin the seventh chapter.  The seventh chapter begins Part III of the book entitled “The Production of Absolute Surplus Value.”  Here’s how this part if broken out, and what we have to look forward to for the next several days:

  • Chapter 7:  The Labour Process and the Valorization Process (Currently Reading)
  • Chapter 8:  Constant Capital and Variable Capital
  • Chapter 9:  The Rate of Surplus-Value
  • Chapter 10:  The Working Day
  • Chapter 11:  The Rate and Mass of Surplus-Value

I must say, I’m most looking forward to reading Chapter 10 on the working day.  I’m definitely hoping this chapter will be one of the more interesting ones in the book.  It definitely looks like there some interesting material to cover in the next several days.  I’d love some input if you’ve read the book!

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About Jeremy

Husband, book lover, Civil War Buff. If I could read for a living I would, but unfortunately, it doesn't pay the bills!

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