Archive for the 'Capital I. Part 1' Category

Capital I. Chapter 3: Commodities and Money. Sections 2 & 3

2. Money as means of circulation

a) metamorphosis of commodities

(again, excuse the brevity)

We saw in an earlier chapter that the exchange of commodities implies contradictory and mutually exclusive conditions. The further development of the commodity does not abolish these contradictions, but rather provides the form in which they have room to move.” Continue reading ‘Capital I. Chapter 3: Commodities and Money. Sections 2 & 3’

Capital I. Chapter 3: Commodities and Money. Section 1

Money… Chapter 3 reaches a further level of concreteness, in its analysis of the role(s) of money and the circulation of commodities in exchange. Marx begins the analysis with commodity money, which breaks into an analysis of money as measure of values and money as means of circulation. The section on measure of values itself breaks into sections on measure of value and a second on the standard of price. The section on money as means of circulation breaks into two sections; one on concrete money and a second on symbols. The final section analyses hoarding, money as a means of payment and concludes with a section on world money, which is basically summed up in some brief notes. Continue reading ‘Capital I. Chapter 3: Commodities and Money. Section 1’

Capital 1. Chapter 2: The Process of Exchange

This chapter moves from the abstract analysis of ‘things’, and the relation between one commodity and others, to the more concrete social level, people and the market place – the conditions of exchange. Demonstrates the development of money in a concrete form, and the social dimensions to this. This chapter gets beyond the fetish of the commodity analysed in chapter one, and concludes with the point that even in an ideal capitalist market, the atomisation of people and their relationships is unavoidable – relations of production and exchange create material context of life beyond the control of producers. Continue reading ‘Capital 1. Chapter 2: The Process of Exchange’

Capital I. Chapter 1: The Commodity. Section 4

4. The Fetishism of the Commodity and Its Secret

  • It is the transformation of the products of human labour into commodities that gives them “grotesque ideas”, or makes wooden tables dance of their own free will. That is when use-values have a double-life as values, this double life takes over; like the monster Edward Hyde, to Henry Jekyll the bore. Continue reading ‘Capital I. Chapter 1: The Commodity. Section 4’

Capital I. Chapter 1: The Commodity. Section 3

3. The value-form, or exchange-value

  • Commodities are only commodities because of their double form: their natural form and their value form.
  • The objective character of commodities as values is “purely social” (139). Value “can only appear in the social relation between commodity and commodity” (139).
  • When money is shown to be a value-form its mystery disappears. (First mention of money.) Continue reading ‘Capital I. Chapter 1: The Commodity. Section 3’

Capital I. Chapter 1: The Commodity. Sections 1 & 2

1. The two factors of the commodity: use-value and value (substance of value magnitude of value)