CONTENTS

Book II : The Process of Circulation of Capital

Part One : The Metamorphoses of Capital and their Circuit
Chapter 1: The Circuit of Money Capital 109
1. First Stage. M-C 110
2. Second Stage. The Function of Productive Capital 118
3. Third Stage. C'-M' 121
4. The Circuit as a Whole 131

Chapter 2: The Circuit of Productive Capital 144
1. Simple Reproduction 145
2. Accumulation and Reproduction on an Expanded Scale 158
3. Accumulation of Money 162
4. The Reserve Fund 164

Chapter 3: The Circuit of Commodity Capital 167

Chapter 4: The Three Figures of the Circuit 180
(Natural Economy, Money Economy and Credit
Economy) 194
(The Matching of Demand and Supply) 196

Chapter 5: Circulation Time 200

Chapter 6: The Costs of Circulation 207
1. Pure Circulation Costs 207
(a) Buying and Selling Time 207
(b) Book-keeping 211
(c) Money 213
2. Costs of Storage 214
(a) Stock Formation in General 215
(b) The Commodity Stock Proper 220
3. Transport Costs 225

Part Two : The Turnover of Capital
Chapter 7: Turnover Time and Number of Turnovers 233

Chapter 8: Fixed Capital and Circulating Capital 237
1. The Formal Distinctions 237
2. Components, Replacement, Repairs and Accumulation of the
Fixed Capital 248

Chapter 9: The Overall Turnover of the Capital
Advanced. Turnover Cycles 262

Chapter 10: Theories of Fixed and Circulating Capital.
The Physiocrats and Adam Smith 268

Chapter 11: Theories of Fixed and Circulating Capital.
Ricardo 293

Chapter 12: The Working Period 306

Chapter 13: Production Time 316

Chapter 14: Circulation Time 326

Chapter 15: Effect of Circulation Time on the Magnitude
of the Capital Advanced 334
1. Working Period and Circulation Period Equal 343
2. Working Period Longer than Circulation Period 347
3. Working Period Shorter than Circulation Period 351
4. Results 355
5. Effect of Changes in Price 360

Chapter 16: The Turnover of Variable Capital 369
1. The Annual Rate of Surplus-Value 369
2. The Turnover of an Individual Variable Capital 383
3. The Turnover of Variable Capital Considered from the
Social Point of View 387

Chapter 17: The Circulation of Surplus-Value 394
1. Simple Reproduction 399
2. Accumulation and Expanded Reproduction 418

Part Three : The Reproduction and Circulation of the
Total Social Capital
Chapter 18: Introduction 427
1. The Object of the Inquiry 427
2. The Role of Money Capital 430

Chapter 19: Former Presentations of the Subject 435
1. The Physiocrats 435
2. Adam Smith 438
(a) Smith's General Perspectives 438
(b) Smith's Resolution of Exchange-Value into v+s 446
(c) The Constant Capital Component 449
(d) Capital and Revenue in Adam Smith 454
(e) Summary 461
3. Later Writers 465

Chapter 20: Simple Reproduction 468
1. Formulation of the Problem 468
2. The Two Departments of Social Production 471
3. Exchange Between the Two Departments: I against II 474
4. Exchange Within Department II. Necessary Means of
Subsistence and Luxury Items 478
5. The Mediation of the Exchanges by Monetary Circulation 487
6. The Constant Capital in Department I 498
7. Variable Capital and Surplus-Value in the Two Departments 501
8. The Constant Capital in Both Departments 505
9. A Look Back at Adam Smith, Storch and Ramsay 509
10. Capital and Revenue: Variable Capital and Wages 513
11. Replacement of the Fixed Capital 524
(a) Replacement of the Depreciation Component in the
Money Form 528
(b) Replacement of the Fixed Capital in Kind 533
(c) Results 542
12. The Reproduction of the Money Material 545
13. Destutt de Tracy's Theory of Reproduction 556

Chapter 21: Accumulation and Reproduction on an
Expanded Scale 565
1. Accumulation in Department I 568
(a) Hoard Formation 568
(b) The Additional Constant Capital 572
(c) The Additional Variable Capital 577
2. Accumulation in Department II 577
3. Schematic Presentation of Accumulation 581
(a) First Example 586
(b) Second Example 589
(c) The Exchange of II in the Case of Accumulation 595
4. Supplementary Remarks 598