Capital: A Critique of Political Economy. Volume III: The Economist

Karl Marx

Nov 2016 · The Economist Book 29 · VM eBooks

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COST PRICE AND PROFIT.

IN the first volume we analyzed the phenomena presented by the process of capitalist production, considered by itself as a mere productive process without regard to any secondary influences of conditions outside of it. But this process of production, in the strict meaning of the term, does not exhaust the life circle of capital. It is supplemented in the actual world by the process of circulation, which was the object of our analysis in the second volume. We found in the course of this last-named analysis, especially in part III, in which we studied the intervention of the process of circulation in the process of social reproduction, that the capitalist process of production, considered as a whole, is a combination of the processes of production and circulation. It cannot be the object of this third volume to indulge in general reflections relative to this combination. We are rather interested in locating the concrete forms growing out of the movements of capitalist production as a whole and setting them forth. In actual reality the capitals move and meet in such concrete forms that the form of the capital in the process of production and that of the capital in the process of circulation impress one only as special aspects of those concrete forms. The conformations of the capitals evolved in this third volume approach step by step that form which they assume on the surface of society, in their mutual interactions, in competition, and in the ordinary consciousness of the human agencies in this process.

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About the author

Karl Marx (5 May 1818 – 14 March 1883) was a German philosopher, economist, sociologist, journalist, and revolutionary socialist. Born in Trier to a middle-class family, he later studied political economy and Hegelian philosophy. As an adult, Marx became stateless and spent much of his life in London, England, where he continued to develop his thought in collaboration with German thinker Friedrich Engels and published various works, the most well-known being the 1848 pamphlet The Communist Manifesto. His work has since influenced subsequent intellectual, economic, and political history.

Marx's theories about society, economics and politics—collectively understood as Marxism—hold that human societies develop through class struggle: a conflict between ruling classes (known as the bourgeoisie) that control the means of production and working classes (known as the proletariat) that work on these means by selling their labour for wages. Through his theories of alienation, value, commodity fetishism, and surplus value, Marx argued that capitalism facilitated social relations and ideology through commodification, inequality, and the exploitation of labour.