Capital: A Critique of Political Economy, Volume 3
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Unfinished at the time of Marx's death in 1883 and first published with a preface by Frederick Engels in 1894, the third volume of Das Kapital strove to combine the theories and concepts of the two previous volumes in order to prove conclusively that capitalism is inherently unworkable as a permanent system for society. Here, Marx asserts controversially that - regardless of the efforts of individual capitalists, public authorities or even generous philanthropists - any market economy is inevitably doomed to endure a series of worsening, explosive crises leading finally to complete collapse. But healso offers an inspirational and compelling prediction: that the end of capitalism will culminate, ultimately, in the birth of a far greater form of society.
would 77. See below, pp. 419-20. 54 Introduction be the case if each capitalist firm could practise enlarged repro duction only on the basis of the profits it had itself realized. This constant expansion of credit, which has accompanied the whole history of the capitalist mode of production, at first sight seems to accentuate the tendency of the average rate of profit to decline.78 The total amount of profit distributed among the sum total of capitalist firms is now lower than the
the[llselves to final consumers or self-consumed. All the rest passes through the hands of large capitalist intermediaries, which naturally take their own toll, similar to - and often parallel with - mortgage. interest. (See Economie et Statistiques, No. 102, July-August 1978.) • 68 Introduction world economy, a kind of process of internationalization of land appropriation and creation of absolute land rent.101 Brazil offers some outstanding examples of this tendency. Finally, since
of the In this formula, the portion of capital laid out on labour is distinguished from that laid out on means of production such as cotton or coal only by the fact that it serves as payment f or a materially different element of production and in no way by the fact that it plays a functionally different role in the process of forming commodity value, and therefore also in the valorization process of capital. In the cost price of the commodity there appears once again the price of the means of
any alteration, and the factor e= therefore 1. ¥ is Since s' v = s, the mass of surplus-value, and since s ' and v both remain constant, s is also unaff ected by any variation in C; the mass of surplus-value remains the same as before the change. Rate of Profit and Rate of Surplus-Value 153 ,. If c were to fall to zero, we would have p' s', the rate of profit equal to the rate of surplus-value. '; The alteration in c can come about either from a change merely il1 the value of the material
this book, and all that is required here is to draw attention to this point for those readers who might wish to pursue it further. -F.E. - Chapter 4: The Effect of the Turnover on the Rate of Profit* (The effect of the turnover on the production of surplus-value, and consequently also of profit, has already been discussed in Volume 2. To summarize it in brief, the time required for the turnover has the effect that the whole capital cannot be simultaneously employed in production. One part of