- •Lecture 1. The subject and the method of Political Economy
- •The economic activity as a condition of existence and society development. The labour-process and its elementary factors.
- •Instruments of labour.
- •The productive forces and productive relations: their unity and interdependency.
- •Economic laws and their objective character.
- •The subject and functions of Political Economy.
- •The method of Political Economy.
- •Lecture 2. Commodity production
- •Commodity and its factors: use-value and value. Exchange value.
- •The magnitude of commodity value.
- •Commodity and its factors: use-value and value. Exchange value.
- •The magnitude of commodity value.
- •Lecture 3. Commodity and Money
- •The form of value and its historical development.
- •The appearance of money. The essence and functions of money
- •The Fetishism of Commodities.
- •The form of value and its historical development.
- •Elementary or Accidental Form of Value.
- •X commodity a is worth y commodity b.
- •20 Yards of linen are worth 1 coat.
- •Total or Expanded Form of Value.
- •The General Form of Value
- •1. The altered character of the form of value
- •The Money-Form
- •The appearance of money. The essence and functions of money
- •The measure of Values
- •The medium of Circulation
- •Commodity — Money — Commodity.
- •The mean of hoarding
- •The means of Payment
- •Universal Money
- •The Fetishism of Commodities.
- •Lecture 4. Labour-Process and process of producing surplus-value.
- •Transformation of money into capital.
- •Labour-power as a commodity.
- •Labour-Process and process of producing surplus-value.
- •The Transformation of money into capital.
- •The labour-power as a commodity.
- •The Labour-Process and the Process of Producing Surplus-Value.
- •Lecture 5. Capital and Labour-Power
- •The essence of the capital. Constant Capital and Variable Capital
- •The Rate and the Mass of Surplus-Value
- •Modes of surplus-value production
- •Working-day I. Working-day II. Working-day III.
- •The relative surplus-value.
- •The absolute surplus-value.
- •In what follows the chief combinations alone are considered.
- •The stages of labour division in condition of capitalism
- •Simple capitalist co-operation
- •Division of Labour and Manufacture
- •Machinery and Modern Industry
- •Lecture 6. Wages
- •The essence of wages
- •The main forms and systems of wages
- •National Differences of Wages
- •The essence of wages
- •The main forms and systems of wages
- •2.1. Time-Wages
- •Daily value of labour-power/working-day of a given number of hours’
- •Piece-Wages as transformed condition of Time-Wages
- •Daily value of labour-power/the working day of a given number of hours
- •National Differences of Wages
- •Lecture 7. The accumulation of capital
- •The substance and types of reproduction. Simple Reproduction.
- •Capitalist production on a progressively increasing scale.
- •The substance and factors which determine the magnitude of accumulation.
- •Technical, value and organic composition of capital and tendencies of their dynamics.
- •Forms of accumulation. Centralization and concentration of capital.
- •The accumulation of capital and the employment. Unemployment and its forms.
- •Lecture 8. The circuit of capital
- •The circuit of capital and its stages.
- •The Circuit of Money Capital
- •I. First Stage. M — c
- •II. Second Stage. Function of Productive Capital
- •III. Third Stage. C' — m'
- •IV. The Circuit as a Whole
- •The Circuit of Productive Capital
- •The Circuit of Commodity-Capital
- •Three Formulas of the Circuit
- •The Time of Circulation
- •The Costs of Circulation
- •The Time of Purchase and Sale
- •Costs of Storage
- •Costs of Transportation
- •Lecture 9. Turnover of capital
- •The Turnover Time and the Number of Turnovers
- •Fixed Capital and Circulating Capital
- •The Aggregate Turnover of Advanced Capital. Cycles of Turnover
- •The Turnover of Variable Capital. The Annual Rate and mass of Surplus-Value.
- •(Capital turned over annually) / (capital advanced)
- •(Quantity of surplus-value produced during the year) / (variable capital advanced)
- •(Real rate of surplus-value × variable capital advanced × n) / (variable capital advanced)
- •(Quantity of s produced in one turnover period) / (variable capital employed in one turnover period)
- •Lecture 10. The Reproduction and Circulation of the Aggregate Social Capital
- •2. The Two Departments of Social Production
- •In each department the capital consists of two parts:
- •The exchange of the Aggregate Social Commodity in the case of simple reproduction.
- •I. Production of Means of Production:
- •II. Production of Articles of Consumption:
- •The exchange of the Aggregate Social Commodity in the case of Reproduction on an Expanded Scale.
- •Schematic Presentation of Accumulation
- •Lecture 11. Cost-Price and Profit
- •Cost-Price and profit
- •The Rate of Profit
- •Factors which determine the rate of profit.
- •Formation of a General Rate of Profit and Transformation of the Values of Commodities into Prices of Production
- •The Law of the Tendency of the Rate of Profit to Fall
- •Counteracting Influences
- •Lecture 12. Commercial Capital and Commercial Profit
- •Commercial Capital as the isolated part of industrial capital.
- •Commercial profit and mechanism of its formation.
- •Commercial Capital as the isolated part of industrial capital.
- •Commercial profit and mechanism of its formation.
- •Lecture 13. Money Capital and the interest
- •Interest-Bearing Capital
- •The interest.
- •Division of Profit. Rate of Interest. Natural Rate of Interest.
- •The Credit
- •The Role of Credit in Capitalist Production
- •II. Reduction of the costs of circulation.
- •III. Formation of stock companies. Thereby:
- •Lecture 14. Agrarian relations in the case of capitalist economics
- •Economic relations in agriculture.
- •The essence of capitalist ground-rent. Ground-rent and rent.
- •Monopoly in land ownership. The origin of Differential Rent. Differential Rent I
- •1) Fertility.
- •2) The location of the land.
- •Differential Rent II
- •Absolute Ground-Rent and monopolistic Ground-Rent – their unity and differences.
- •Price of Land
- •I. The price of land may rise without the rent rising, namely:
- •II. The price of land may rise, because the rent increases.
- •Lecture 15. National income
- •The essence of national income. The Trinity Formula
- •Production of Gross domestic product and National income.
- •Distribution Relations and Production Relations
- •The essence of national income. The Trinity Formula
- •2. Production of Gross domestic product and National income.
- •Distribution Relations and Production Relations
1) Fertility.
2) The location of the land.
It is evident that these two different causes of differential rent — fertility and location — may work in opposite directions. A certain plot of land may be very favorably located and yet be very poor in fertility, and vice versa. This circumstance is important, for it explains how it is possible that bringing into cultivation the land of a certain country may equally well proceed from the better to the worse land as vice versa. Finally, it is clear that the progress of social production in general has, on the one hand, the effect of evening out differences arising from location as a cause of ground-rent, by creating local markets and improving locations by establishing communication and transportation facilities; on the other hand, it increases the differences in individual locations of plots of land by separating agriculture from manufacturing and forming large centers of production.
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Differential Rent II
Thus far we have considered differential rent only as the result of varying productivity of equal amounts of capital invested in equal areas of land of different fertility, so that differential rent was determined by the difference between the yield from the capital invested in the worst, rentless soil and that from the capital invested in superior soil. We had side by side capitals invested in different plots of land, so that every new investment of capital signified a more extensive cultivation of the soil, an expansion of cultivated area. In the last analysis, however, differential rent was by its nature merely the result of the different productivity of equal capitals invested in land.
In the study of differential rent II, the following points are still to be emphasized.
First, its basis and point of departure, not just historically, but also in so far as concerns its movements at any given period of time, is differential rent I, that is, the simultaneous cultivation side by side of soils of unequal fertility and location; in other words, the simultaneous application, side by side, of unequal portions of the total agricultural capital upon plots of land of unequal quality.
It should therefore be remembered from the outset that differential rent I is the historical basis which serves as a point of departure. On the other hand, the movement of differential rent II at any given moment occurs only within a sphere which is itself but the variegated basis of differential rent I.
Secondly, in the differential rent in form II, the differences in distribution of capital (and ability to obtain credit) among tenants are added to the differences in fertility. In manufacturing proper, each line of business rapidly develops its own minimum volume of business and a corresponding minimum of capital, below which no individual business can be conducted successfully. In the same way, each line of business develops a normal average amount of capital above this minimum, which the bulk of producers should, and do, command. A larger volume of capital can produce extra profit; a smaller volume does not so much as yield the average profit.
It is true that the peasant, for example, expends much labour on his small plot of land. But it is labour isolated from objective social and material conditions of productivity, labour robbed and stripped of these conditions.
Let us first consider just the formation of surplus-profit with differential rent II, without for the present bothering about the conditions under which the transformation of this surplus-profit into ground-rent may take place.
It is then evident that differential rent II is merely differently expressed differential rent I, but identical to it in substance. The variation in fertility of various soil types exerts its influence in the case of differential rent I only in so far as unequal results are attained by capitals invested in the soil, i.e., the amount of products obtained either with respect to equal magnitudes of capital, or proportionate amounts. Whether this inequality takes place for various capitals invested successively in the same land or for capitals invested in several plots of differing soil type — this can change nothing in the difference in fertility nor in its product and can therefore change nothing in the formation of differential rent for the more productively invested portions of capital. It is still the soil which, now as before, shows different fertility with the same investment of capital, save that here the same soil performs for a capital successively invested in different portions what various kinds of soil do in the case of differential rent I for different equal portions of social capital invested in them.