By Kenneth Smith
This publication presents a complete advisor to all 3 volumes of Karl Marx’s ‘Capital’, with suggestion on extra studying and issues for extra dialogue. spotting the modern relevance of ‘Capital’ in the course of the present monetary difficulty, Kenneth Smith has produced a vital advisor to Marx’s principles, really with reference to the move of money-capital. This advisor uniquely offers the 3 volumes of ‘Capital’ in a unique order of analyzing to that during which they have been released, putting them as an alternative within the order that Marx himself occasionally instructed as a extra ordinary means of interpreting. Dr Smith additionally argues that for many of the 20 th century, the entire improvement of the capitalist mode of creation (CMP) has been undermined through the lifestyles of a non-capitalist ‘third world’, which has triggered the CMP to tackle the shape of what Marx referred to as a hugely constructed mercantile method, instead of one characterised by way of an uninterrupted circuit of business capital of the type he anticipated might increase. whereas the consultant might be learn as a ebook in its personal correct, it additionally comprises unique references to Volumes I–III in order that scholars, seminars and chat groups can simply make connections among Smith’s causes and the suitable components of ‘Capital’.
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Extra resources for A Guide to Marx's 'Capital' Vols I-III
I, Ch. 13–14, 1974a, 305–47 [1976, 439–91]. Background: Capital, Vol. I, Ch. 16, 1974a, 476–85 [1976, 643–54]. Additional: Ian Gough, ‘Marx’s Theory of Productive and Unproductive Labour’, New Left Review no. 76, 1976. 3. MACHINERY AND MODERN INDUSTRY IN CAPITAL, VOL. I, CH. 15 Having looked in detail at the transition from handicraft production to manufacturing in the previous two chapters (on cooperation and the division of labour), in Chapter 15 of Capital, Vol. I, Marx turns his attention to the transition from manufacturing industry to the period of the production of machinery by machinery, the development of which is sometimes called machinofacture in order to distinguish this from manufacture proper.
Before an individual can be transformed into a capitalist a certain sum of money must be assumed to be in the hands of our would-be-capitalist before such a transformation can take place. I call this individual a ‘would-be capitalist’ here because of course, at this stage, he or she has not yet actually INTRODUCTION TO PART II 41 become one. As we have already shown (see Part I, Ch. 4 of the present study) if a labourer can reproduce him- or herself (and/or his or her family) for one day by the performance of 8 hours labour and if, besides these 8 hours labour, a guild master/journeyman makes the labourer work an additional 4 hours, at the end of the working day of 12 hours the guild master/journeyman will be in possession of a value equivalent to half of what it takes to keep one labourer and/or his or her family for one day: 4 hours surplus labour.
Marx therefore repeatedly argues, especially in Capital, Vol. III, that commercial 26 A GUIDE TO MARX’S CAPITAL labourers are not productive labourers because they do not produce surplus value for merchant capitalist but merely help their employers to increase their relative share of surplus value which has already been produced elsewhere (throughout Capital, Vol. III, but especially 1977, 297–300 [1981, 411–15]). However, as we have seen, in those cases in which a detail labourer produces only one part of a product in a process of production based on a developed division of labour, although they undoubtedly produce surplus value collectively, since they do not individually produce any commodities, it would seem that the detail labourer does not produce any surplus value for the capitalist since individually they do not produce commodities.