Archive for the 'Capital I. Part 2' Category

Capital I. Chapter 6: The Sale and Purchase of Labour-Power

This chapter considers the emergence of labour-power in the commodified form in capitalism. The expression of the relationship between labour-power and value that we see develop in this chapter is LP-M-C(MS), this presents a class perspective on exchange-value. The point of Chapter 6 is to explain how value is generated through the exploitation of labour by the money owner, this takes shape in the chapter through first defining the concept of labour power, further developing the notion of surplus-value and discussing the measures of LP’s value. Continue reading ‘Capital I. Chapter 6: The Sale and Purchase of Labour-Power’

Capital I. Chapter 5: Contradictions in the General Formula

Chapter 5 is an extended discussion of M-C-M, deciphering the contradictions in this inverted order of succession that give rise to the activity of the capitalist. The function of this chapter is to solve a problem: where does M’ come from? Marx concludes the expanded value (M’) cannot originate in exchange, so we must look elsewhere (to labour-power, which is the subject of Chapter 6).

“The inversion of the order of succession does not take us outside the sphere of the simple circulation of commodities, and we must rather look to see whether this simple circulation, by its nature, might permit the valorization of the values entering into it and consequently the formation of surplus-value.” (259) Continue reading ‘Capital I. Chapter 5: Contradictions in the General Formula’

Capital I. Chapter 4: The General Formula For Capital

Chapter 4: The General Formula for Capital.

The purpose of this chapter is to provide a preliminary explanation of how capital is accumulated, Marx does this through introducing a new equation: M-C-M (another sequential motion of commodity exchange). The chapter opens with a series of basic claims about the nature of trade and commodity circulation. The focus is such because commodity circulation is the primary form in which capital appears. Capital, as Marx describes it, takes its appearance first and foremost from processes of commodity exchange. Marx specifies that the principle determining purpose of the M-C-M form of circulation is exchange-value. In this chapter, we see the introduction of the significant concepts of surplus value (251), valorization (252) and self-valorisation (255). Continue reading ‘Capital I. Chapter 4: The General Formula For Capital’