Table of Contents 1984 edition PREFACE Preliminaries I The Marxian System Fragment, its Reconstruction and Extension v II General Methodological Remarks xiv III Value-form Analytic Reconstruction of the Capital-Analysis xxiii IV The Analysis of Competitive Freedom xxxv V The Analysis of the Bourgeois-Democratic State xlii PART 1 INTRODUCTION THE ANALYSIS OF THE REVENUE-FORM 1 §1 Elements of Labour and Loan Relations in the Capitalist Labour Process 1 Aa Marx 1 Ab 4 §2 The Wage-Relation 4 Aa 4 Ab 5 Ac 5 Ad 5 §3 The Leasing of Land 5 Aa 5 Ab Marx 5 §4 Money-Capital and Means of Labour 7 A Marx 8 §5 The Entrepreneur's Temporary Possession of Revenue-Sources 9 A Marx 9 §6 Profit of Enterprise 11 A 11 §7 Incomes and the Troika Formula 11 Aa 11 Ab Marx 12 §8 Mystifying Facticity of the Revenue-Form 16 A Marx 16 §9 The Four Classes 17 Aa Marx 18 Ab 19 PART II THE FORMS OF COMPETITION 22 §10 The Analysis of the Circulation Process of Capital (Summary) 22 A 23 §11 The Entrepreneur as Individual Subject. The Realisation of the Entrepreneurial Will in the Firm. The Four Income-Sources 23 A Marx 24 §12 Entrepreneurial Freedom 26 A 27 §13 The Subjects of Competition 29 A 30 §14 The Income-Sources as Property. Competitive Freedom and Abstract Will 30 Aa Hegel 32 Ab 33 Ac 34 Ad 38 §15 Income as Property 39 A Marx 39 §16 Property in Commodities. Transfer of Ownership 42 A 42 §17 Ownership of the Firm's Assets 43 Aa Marx 45 Ab 45 §18 The Sale of Land as Change of Ownership 49 A Hegel and Marx 50 §19 Non-Alienability of the Labourer 54 Aa 55 Ab Hegel and Marx 55 §20 The Firm as Fictitious Capital. Goodwill 56 §21 The Right of' Property as Freedom 58 §22 Contract 59 Aa 59 Ab 60 §23 Free Subjective Action and Compulsion of Competition 61 A 61 §24 Abstract Equality and Conflict of Property-Owners 61 Aa 62 Ab Hegel 66 §25 The Property-Form as Social Framework of Competition 66 A Hegel and Marx 67 PART III THE COMPETITIVE STRUGGLE 72 a) Competition between Firms 72 §26 The Entrepreneur as Organiser of the Firm 72 §27 Wages of Enterprise. Maximisation of Gross Valorization 72 A Marx 74 §28 Lowering Unit-Cost by Increasing Effectivity 75 A 76 §29 Decreasing Turnover Time. Advertising and Market Share 77 A 79 §30 Entrepreneurial Choice of Branch 80 §31 Fixed Capital as Resistance to Change of Branch. Tendency towards Equalisation of the Profit-Rate 81 A Marx 82 §32 Entry to a Branch 89 §33 Monopoly, Oligopoly and Collusion 90 Aa 90 Ab 91 §34 Buying, Selling and Loan Prices 95 A 95 §35 Merger and Takeover. The Collective Entrepreneur 96 A 98 b) The Competition between Entrepreneurs and Money-Capitalists 98 §36 Accumulation and Concentration of Capital. The Share Company and the Shareholder. Dividends, Share, Loan Capital 98 A Marx 100 §37 The Share Company as Collective Will of the Shareholders 101 Aa Marx 102 Ab 109 §38.Shareholders' Meeting, Directors, Directors' Fees 116 §39 The Interest-Rate on Loan Capital 117 A Marx 118 §40 The Loan Period 119 §41 Bankruptcy and the Risk Premium 120 A Marx 121 §42 The Company's Employment of Loan Capital 121 §43 Interlocking Directorships and Finance Capital 122 Aa 123 Ab 123 c) The Struggle over Privatised Nature between the Companies and the Landowners 124 §44 Ground-Rent as 'Extraprofit' 124 A Marx 125 §45 Monopoly Rent and Absolute Rent 126 Aa Marx 129 Ab 130 §46 Basic Rent and Differential Rents I and II 131 A Marx 133 §47 Fixed Capital Investments on the Land: Advantage to the Landowner 134 A Marx 136 §48 Fixed Capital Investments on the Land: Advantage to the Company 137 A Marx 137 §49 Resolution of the Strife over Fixed Capital Investments 138 §50 Land Speculation 140 A 140 §51 Destruction of Nature 141 Aa Marx 143 Ab Marx 143 §52 The Landowner's Freedom with a Piece of Nature 145 d) The Struggle between the Companies and the Labourers 145 §53 Company Hierarchy and Managers 145 Aa 148 Ab Marx 149 Ac 151 §54 Alienated Activity. Supervision and Power Structure 153 A Marx 154 §55 Control of the Labourers through Machinery and Management Science 156 Aa Marx 156 Ab 157 §56 The Wage-Form 159 A Marx 161 §57 Wage Differentials 163 A Marx 164 §58 Conditions of Labour 164 §59 The Trade Union 165 Aa 167 Ab 167 §60 Workers' Participation. The Co-operative 168 A Marx 171 e) The Person 172 §61 Over-exploitation of the Labourers. Negative Right to Existence 172 Aa Hegel and Marx 174 Ab 177 §62 The Negative Right to Existence and Capital 178 A 179 §63 Equal Exploitation of the Labourers 180 A Marx 181 §64 The Person as Culmination of Competitive Freedom. (Self-)Consciousness of the Isolated Individual 181 Aa Hegel 184 Ab 185 Ac 185 f) Contradictions in the Reproduction of the Free Competitive Economy 186 §65 The Free Competitive Economy. Material Reproduction without a Conscious Social Subject: Disproportionalities 186 A Marx 189 §66 Absolute Overaccumulation 190 Aa Marx 191 Ab 195 §67 Relative Overaccumulation 197 Aa Marx 198 Ab 200 §68 Destruction of Capital 202 A 203 §69 Increase In the Organic Composition of Capital 203 Aa Marx 205 Ab 207 §70 Unemployment. The Economic Cycle 217 Aa Marx 219 Ab 220 PART IV THE DOUBLING OF COMPETITIVE SOCIETY INTO CIVIL SOCIETY AND STATE 222 §71 Competitive Society 222 §72 The Will to be Acknowledged as Person 222 A Hegel 224 §73 Wrong 225 Aa Hegel 226 Ab 227 §74 The First Determination of the (Outer) State 228 Aa 229 Ab 231 Ac 241 Ad 244 Ae 246 §75 Law 252 Aa Marx 253 Ab Hegel 254 Ac 255 Ad 256 §76 The Doubling of Competitive Society into Civil Society and State 258 Aa 259 Ab 260 §77 State as Repressive Apparatus based on Rule of Law 263 Aa 265 Ab 266 Ac 267 §78 The Rule of Law,and the Process of Valorization 268 A Hegel 268 §79 The Successful and the Unsuccessful 270 A 271 §80 Income as Universal Means of Existence, The Consumer 271 §81 The Positive Right to Existence 273 A 274 §82 The Welfare State 275 Aa 276 Ab Hegel 277 Ac 279 §83 Taxation and the Autonomous Material Existence of the State 279 A 280 §84 State Economic Policy. The Positing of Universal Well-Being 281 Aa 283 Ab 284 §85 State Monetary Policy 285 Aa 287 Ab 288 §86 State Subsidies and State Enterprises 288 A 289 §87 State as Promoter of Capital Accumulation 290 A 292 §88 State as Promoter of Science and Education 292 A 293 §89 State Intervention in Industrial Strife 294 §90 State Sovereignty, National Interest, Foreign Politics 296 Aa 298 Ab Hegel 298 Ac 299 §91 International Competition and Foreign Investment 301 A 302 §92 Imperialism: First World and Third World 304 A 308 §93 International Competition and Ecological Destruction 308 A 309 §94 Execution of the Universal Will of State: The Bureaucracy 310 §95 Corruption of State Officials 311 §96 Assured Income and Career Path of State Officials 311 §97 Recapitulation: The State's Attempt to Reconcile Universality with Particularity 312 §98 The Doubled Doubling: Private Universality 313 §99.Subjugation of Civil Society and Private Life to the State 314 §100 Pressure of Coalitions on the Outer State 315 §101 The Gulf between State and Society 316 §102 Bridging the Gulf: the Inner or Bourgeois-Democratic State 317 Aa 317 Ab Hegel 318 Ac 318 §103 State Will as Will of the People. The Citizen 319 §104 Election of Members of Civil Society to the Universal 320 A 321 §105 Parliament: The Legislative Arm of the State 322 A 324 §106 Public Discussion and Parliamentary Proceedings 324 A 324 §107 Government and Ministers. Deliberation and Action 325 A 326 §108 Political Parties, the Opposition, Professional Politics 326 A 328 §109 The Compromise of Class Forces and the Government 329 §110 Disinterest and Apathy: the Apolitical Citizen 330 §111 Political Public Life. The Media 330 §112 Freedom of the Press. Expression of Political Opinion 332 §113 Competition between Political Opinions in Parliament 334 A 335 §114 Political Bribes and Scandals. Legitimacy Crisis 336 §115 The Free West and the Unfree East 337 A 339 §116 Statesmen and the Citizen's Opinion in Foreign Politics 339 Aa 340 Ab 341 §117 Protection of Civil Society from State Power 341 A 342 §118 Separation of Powers. Independence of Judges 343 §119 The Constitution. The Upper and Lower House 344 A 346 §120 The Constitutional Court 346 §121 Referenda. The Citizen's Affirmation of the Diremption of Universality from Particularity 347 Aa 348 Ab 349 APPENDIX A VALUE-FORM ANALYTIC RECONSTRUCTION OF 'CAPITAL' Michael Eldred, Marnie Hanlon, Lucia Kleiber & Mike Roth 350 Table of Contents to Appendix 488 NOTES 493 NOTES TO APPENDIX 504 ABBREVIATIONS 506 BIBLIOGRAPHY 507 NAME INDEX 513 SYNOPSIS 516 6.1 Table of Contents Appendix 1984 edition COMMODITIES AND MONEY 351 §1 Industrial commodity products of Labour 351 A 351 §2 The Universal Exchange-Relation of Commodities; Bracketing of Money; Premonetary Commodities; Expanded Exchange Schema; Exchange-Values 351 A 352 §3 Abstract Associating of Concrete Dissociated Labours 353 A 354 §4 The Value Substance: Abstractly Associated Labour; Social Form of Labour; Universality and Particularity 355 Aa 355 Ab 355 Ac 356 §5 The Expanded Expression of Value; Relative Value-Form and Equivalent Form of.Value; Value as Potentiality 358 Aa&b 359 §6 Value as Actuality: Money; Doubling of the Premonetary Commodity into Price-Determinate Commodity and Money; Singularity; Ideal and Realised Price; Money Expression of Value; Commodity and Money Forms of Value 361 A 362 §7 Immediate Exchangeability and Means of Circulation; Absolute Value 362 A 363 §8 Magnitude of Value 367 A 367 §9 Determinations of Commodity-Money 369 Aa 370 Ab 375 THE CAPITAL - WAGE-LABOUR RELATION 379 §10 The Commodity Producer; Production of Industrial Commodities 379 §11 The Wage-Labourer and the Wage-Form of Value; The Capitalist; Loan Relation: Hiring of Labour-Power; Element of Production; Means of Purchase and of Payment; Labour Process; Capital- Relation; Capitalist and Working Class: Class Relation 379 Aa 381 Ab 381 Ac 383 Ad 383 Ae 384 §12 Articles of Individual Consumption 384 Aa 384 Ab 386 Ac 386 §13 Surplus-Value; Class Antagonism and the Contradiction between Labour and Capital 386 Aa 387 Ab 388 /489) CAPITALIST COMMODITY PRODUCTION 391 §14 The Surplus-Value Producing Process; Necessary-Value, -Product and Labour-Time; Surplus-Value,-Product and-Labour-Time., Rate of Surplus-Value and of Exploitation of Labour-Power 391 A 392 §15 Absolute and Relative Surplus-Value Production 393 Aa 394 Ab 395 Ac 395 §16 Sources of Increases in Productivity 396 Aa 396 Ab 396 §17 Co-operation: Organisational Labouring Structure; Division of Labour., Organisational Science: the Subjective Factor in the Production Process 397 Aa 398 Ab 399 Ac 399 §18 Means of Production: Raw Materials and the Means of Labour; Machinery; Old-Value; Productive Consumption: Use-Value; New-Value 400 Aa 401 Ab 402 Ac 403 Ad 404 §19 Relative and Absolute Surplus-Value Production Combined; Natural Science and Technology: the Objective Factor in the Production Process 404 Aa 405 Ab 405 §20 Absolute and Relative Residual Surplus-Value Production 406 A 406 §21 Land and Rent; Landholder; Profit; Landholding Class 407 Aa 407 Ab 408 Ac 410 §22 Improvements to the Land Not Requiring Renewal 410 A 411 §23 Valorization of Advanced Capital; Rate of Profit; Costs 412 Aa 412 Ab 414 THE INTEREST-FORM OF VALUE 416 §24 Loaned Money and Interest 416 Aa 416 Ab 417 §25 Gross and Net Valorization; Interest Yield and Profit of Enterprise; Rate of Net Valorization 418 A 418 /490) §26 Circuits of Interest-Bearing and of Functioning Capital; Fetishism 420 Aa 421 Ab 421 §27 Money-Capitalists and Entrepreneurs; Money-Capitalist and Entrepreneurial Classes 421 Aa 422 Ab 423 Ac 423 Ad 424 §28 Real and Fictitious Capital; Capitalisation; Rent-Bearing Capital 424 Aa 425 Ab 425 Ac 425 THE REVENUE-FORM 427 §29 Elements of the Capitalist Production Process 427 A 427 §30 Revenues, Revenue-Sources and the Surface of Capitalist Economy 427 A 428 §31 Forms of Distribution of Value; Inversion: Revenues as Components of Value 430 A 430 §32 The Troika Formula 431 A 432 §33 The Four Classes 437 Aa 437 Ab 437 §34 Everyday Consciousness as Fetishistic Reasoning 438 Aa 439 Ab 439 THE CIRCULATION PROCESS OF CAPITAL 440 §35 Production and Circulation Time; Commodity-, Money- and Productive Capital; Stages of the Circuit of Capital 440 Aa 440 Ab 441 §36 Division of Capital; Spheres of Capital; Turnover1 441 §37 Number of Parts of Capital 442 A 443 §38 Fixed Capitial; Resting and Circulating Fixed Capital; Latent Capital; Depreciation Fund; Circulating Capital 443 Aa 444 Ab 444 §39 Original Capital(1); Additional Capital(1); Continuous and Discrete Products 445 A 446 /491) §40 Labour of Circulation; Unproductive labour; Circulation Labourers 446 A 446 §41 Means of Circulation; Fixed and Circulatilng Circulation Capital., Production Capital 449 A 450 §42 Circulation Costs; Mystification of the Valorization Process; Circuit of Costs; Turnover 450 A 451 §43 Original Capital2 ; Additional Capital2; Functioning Capital 451 §44 Preservation of Old-Value and Price Changes in the Means of Production 452 §45 Fixed Capital Turnover and Increases in Productivity 453 Aa 455 Ab 455 §46 Original and Additional Annual Capital; Annual Functioning Capital; Annual Profit of Enterprise; Annual Net Profit-Rate 455 A 456 §47 Mystification of the Capital Relation through the Multitude of Costs 457 §48 Increases in the Annual Net Profit Rate; Cost Reduction and Acceleration of Turnover 458 §49 Ground-Form Capital; Industrial and Commercial Capital; Merchant (Commodity-Dealing) and Money-Dealing Capital 458 A 459 §50 Three Types of Functioning Capital; Expression of Value and Intermediate Selling Prices 460 A 461 §51 The Bank; Deposits and Depositors 462 A 463 §52 Bank Account; Bank Balance; Giro-Money; Cheque 464 §53 Bank-Credit; Overdraft; The Credit System 464 A 465 §54 Commercial Credit; Bill of Exchange; Cash and Credit Price 467 §55 Banknote/Overdraft; Discounting of Bills 467 §56 The Banks as Creators of Giro-Money 468 THE REPRODUCTION PROCESS OF CAPITAL 469 §57 Reproduction of the Aggregate Social Capital 469 A 470 §58 Departments of Commodity Production 472 A 472 §59 Distinctions Among Labourers and Lahdholders; Distribution of the Total Commodity Product via the Mediation of Money A 474 /492) §60 Reproduction of lndividual Capitals 476 A 477 §61 Value Relations between Sectors of the Total System of Reproduction 479 Aa 480 Ab 480 Ac 481 §62 Social Reproduction of Fixed Capital 481 A 483 §63 Accumulation and Expanded Reproduction 484 A 486 §64 Reproduction of the Value-Forms, of the Capital-Relation and of Class Relations 486 Aa 487 Ab 487