- •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
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Total or Expanded Form of Value.
Z commodity A = U commodity B
= V commodity C
= W commodity D
= X commodity E or = &c.
20 yards of linen = 1 coat
= 10 lbs tea
= 40 lbs. coffee
= 1 quarter corn
= 2 ounces gold
The Expanded Relative form of value
The value of a single commodity, the linen, for example, is now expressed in terms of numberless other elements of the world of commodities. Every other commodity now becomes a mirror of the linen’s value.
In the first form, 20 yds of linen = 1 coat, it might be pure accident, that these two commodities are exchangeable in definite quantities. In the second form, on the contrary, the value of the linen remains unaltered in magnitude, whether expressed in coats, coffee, or iron, or in numberless different commodities, the property of as many different owners. The accidental relation between two individual commodity-owners disappears. It becomes plain that it is not the exchange of commodities which regulates the magnitude of their value; but, on the contrary, that it is the magnitude of their value which controls their exchange proportions.
The particular Equivalent form
Each commodity, such as, coat, tea, corn, iron, &c., figures in the expression of value of the linen, as an equivalent, and, consequently, as a thing that is value. The bodily form of each of these commodities figures now as a particular equivalent form, one out of many. In the same way the manifold concrete useful kinds of labour, embodied in these different commodities, rank now as so many different forms of the realisation, or manifestation, of undifferentiated human labour.
Defects of the Total or Expanded form of value:
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The relative expression of value is incomplete because the series representing it is interminable. The chain of which each equation of value is a link, is liable at any moment to be lengthened by each new kind of commodity that comes into existence and furnishes the material for a fresh expression of value.
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It is a many-colored mosaic of disparate and independent expressions of value.
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If the relative value of each commodity in turn, becomes expressed in this expanded form, we get for each of them a relative value form, different in every case, and consisting of an interminable series of expressions of value.
In fact, when a person exchanges his linen for many other commodities, and thus expresses its value in a series of other commodities, it necessarily follows, that the various owners of the latter exchange them for the linen, and consequently express the value of their various commodities in one and the same third commodity, the linen.
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The General Form of Value
1 coat =
10 lbs of tea =
40 lbs of coffee =
1 quarter of corn = X commodity A (20 yards of linen)
2 ounces of gold =
½ a ton of iron =