In this chapter Marx introduces the focus on the surplus value contained in commodity capital.
The observations made in this chapter relate particularly to chapters 4 (the General Formula for Capital) and 23 (Simple Reproduction) from Capital Volume I.
Part 1. The annual rate of surplus value
The values of variable and fixed capital reappear as portions of the value of the commodities produced. Marx notes that the difference between fixed and variable capital is that the former enters into the production process in its old form over various turnover periods (p.370).
The annual rate of surplus value is rate of surplus value produced per turnover multiplied by the number of turnovers of variable capital in a year.
The mass of surplus value obtained per turnover period is the value of variable capital advanced over that same period.
The ratio between advanced and applied variable capital relates to the turnover period.
“The circumstances that differentiate the ratio between the advanced and the applied variable capital affect the production of surplus-value – at a given rate of profit – only in so far as they differentiate the amount of variable capital which can actually be applied in a definite period of time, eg. One week, five weeks etc.”
Turned on its head, the annual rate for capital is the same as the annual rate of surplus value (p.376).