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