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　　Itspreservation——hispreservation——requiresdailyconsumption。HencepaymentforitmustbecontinuouslyrepeatedatrathershortintervalsinorderthathemaybeabletorepeatactsL——M——CorC——M——C，repeatthepurchasesneededforhisself-preservation。Forthisreasonthecapitalistmustalwaysmeetthewage-laborerinthecapacityofamoney-capitalist，andhiscapitalasmoney-capital。Ontheotherhandifthewage-labourers，themassofdirectproducers，aretoperformtheactL——M——C，theymustconstantlybefacedwiththenecessarymeansofsubsistenceinpurchasableform，i。e。，intheformofcommodities。Thisstateofaffairsnecessitatesahighdegreeofdevelopmentofthecirculationofproductsintheformofcommodities，hencealsoofthevolumeofcommoditiesproduced。Whenproductionbymeansofwage-labourbecomesuniversal，commodityproductionisboundtobethegeneralformofproduction。Thismodeofproduction，onceitisassumedtobegeneral，carriesinitswakeaneverincreasingdivisionofsociallabour，thatistosayanevergrowingdifferentiationofthearticleswhichareproducedintheformofcommoditiesbyadefinitecapitalist，evergreaterdivisionofcomplementaryprocessesofproductionintoindependentprocesses。M——MPthereforedevelopstothesameextentasM——Ldoes，thatistosaytheproductionofmeansofproductionisdivorcedtothatextentfromtheproductionofcommoditieswhosemeansofproductiontheyare。Andthelatterthenstandopposedtoeveryproducerofcommoditieswhichhedoesnotproducebutbuysforhisparticularprocessofproduction。Theycomefrombranchesofproductionwhich，operatedindependently，areentirelydivorcedfromhisown，enterintohisownbranchascommodities，andmustthereforebebought。Thematerialconditionsofcommodityproductionfacehimmoreandmoreasproductsofothercommodityproducers，ascommodities。

　　Andtothesameextentthecapitalistmustassumetheroleofmoney-capitalist，inotherwordsthereisanincreaseinthescaleonwhichhiscapitalmustassumethefunctionsofmoney-capital。

　　Ontheotherhand，thesameconditionswhichgiverisetothebasicconditionofcapitalistproduction，theexistenceofaclassofwage-workers，facilitatethetransitionofallcommodityproductiontocapitalistcommodityproduction。Ascapitalistproductiondevelops，ithasadisintegrating，resolventeffectonallolderformsofproduction，which，designedmostlytomeetthedirectneedsoftheproducer，transformonlytheexcessproducedintocommodities。Capitalistproductionmakesthesaleofproductsthemaininterest，atfirstapparentlywithoutaffectingthemodeofproductionitself。SuchwasforinstancethefirsteffectofcapitalistworldcommerceonsuchnationsastheChinese，Indians，Arabs，etc。But，secondly，whereverittakesrootcapitalistproductiondestroysallformsofcommodityproductionwhicharebasedeitherontheself-employmentoftheproducers，ormerelyonthesaleoftheexcessproductascommodities。Capitalistproductionfirstmakestheproductionofcommoditiesgeneralandthen，bydegrees，transformsallcommodityproductionintocapitalistcommodityproduction。[3]

　　Whateverthesocialformofproduction，labourersandmeansofproductionalwaysremainfactorsofit。Butinastateofseparationfromeachothereitherofthesefactorscanbesuchonlypotentially。Forproductiontogoonatalltheymustunite。Thespecificmannerinwhichthisunionisaccomplisheddistinguishesthedifferenteconomicepochsofthestructureofsocietyfromoneanother。Inthepresentcase，theseparationofthefreeworkerfromhismeansofproductionisthestarting-pointgiven，andwehaveseenhowandunderwhatconditionsthesetwoelementsareunitedinthehandsofthecapitalist，namely，astheproductivemodeofexistenceofhiscapital。Theactualprocesswhichthepersonalandmaterialcreatorsofcommoditiesenteruponwhenthusbroughttogether，theprocessofproduction，becomesthereforeitselfafunctionofcapital，thecapitalistprocessofproduction，thenatureofwhichhasbeenfullyanalysedinthefirstbookofthiswork。Everyenterpriseengagedincommodityproductionbecomesatthesametimeanenterpriseexploitinglabour-power。Butonlythecapitalistproductionofcommoditieshasbecomeanepoch-makingmodeofexploitation，which，inthecourseofitshistoricaldevelopment，revolutionises，throughtheorganisationofthelabour-processandtheenormousimprovementoftechnique，theentirestructureofsocietyinamannereclipsingallformerepochs。

　　Themeansofproductionandlabour-power，insofarastheyareformsofexistenceofadvancedcapital-value，aredistinguishedbythedifferentrolesassumedbythemduringtheprocessofproductioninthecreationofvalue，hencealsoofsurplus-value，intoconstantandvariablecapital。Beingdifferentcomponentsofproductivecapitaltheyarefurthermoredistinguishedbythefactthatthemeansofproductioninthepossessionofthecapitalistremainhiscapitalevenoutsideoftheprocessofproduction，whilelabour-powerbecomestheformofexistenceofanindividualcapitalonlywithinthisprocess。Whereaslabour-powerisacommodityonlyinthehandsofitsseller，thewage-labourer，itbecomescapitalonlyinthehandsofitsbuyer，thecapitalistwhoacquiresthetemporaryuseofit。

　　Themeansofproductiondonotbecomethematerialformsofproductivecapital，orproductivecapital，untillabour-power，thepersonalformofexistenceofproductivecapital，iscapableofbeingembodiedinthem。

　　Humanlabour-powerisbynaturenomorecapitalthanbymeansofproduction。

　　Theyacquirethisspecificsocialcharacteronlyunderdefinite，historicallydevelopedconditions，justasonlyundersuchconditionsthecharacterofmoneyisstampeduponpreciousmetals，orthatofmoney-capitaluponmoney。

　　Productivecapital，inperformingitsfunctions，consumesitsowncomponentpartsforthepurposeoftransformingthemintoamassofproductsofahighervalue。Sincelabour-poweractsmerelyasoneofitsorgans，theexcessoftheproduct’svalueengenderedbyitssurplus-labouroverandabovethevalueofproductivecapital’sconstituentelementsisalsothefruitofcapital。Thesurplus-labouroflabour-poweristhegratuitouslabourperformedforcapitalandthusformssurplus-valueforthecapitalist，avaluewhichcostshimnoequivalentreturn。Theproductisthereforenotonlyacommodity，butacommoditypregnantwithsurplus-value。ItsvalueisequaltoPs，thatistosayequaltothevalueoftheproductivecapitalPconsumedintheproductionofthecommodityplusthesurplusvaluescreatedbyit。Letusassumethatthiscommodityconsistsof10，000

　　lbs。ofyarn，andthatmeansofproductionworth&pound；372andlabourpowerworth&pound；50wereconsumedinthefabricationofthisquantityofyarn。Duringtheprocessofspinning，thespinnerstransmittedtotheyarnthevalueofthemeansofproductionconsumedbytheirlabour，amountingto&pound；372，andatthesametimetheycreated，inproportionwiththelabour-powerexpendedbythem，newvaluetotheamountof，say，&pound；128。

　　The10，000lbs。ofyarnthereforerepresentavalueof&pound；500。

　　III。THIRDSTAGE。C’——M’

　　Commoditiesbecomecommodity-capitalasafunctionalformofexistence——stemmingdirectlyfromtheprocessofproductionitself——

　　ofcapital-valuewhichhasalreadyproducedsurplus-value。Iftheproductionofcommoditieswerecarriedoncapitalisticallythroughoutsociety，allcommoditieswouldbeelementsofcommodity-capitalfromtheoutset，whethertheywerecrudeiron，Brusselslace，sulphuricacidorcigars。Theproblemofwhatkindsofcommodities，isoneoftheself-createdlovelyillsofscholasticpoliticaleconomy。

　　Capitalintheformofcommoditieshastoperformthefunctionofcommodities。Thearticlesofwhichcapitaliscomposedareproducedespeciallyforthemarketandmustbesold，transformedintomoney，hencegothroughtheprocessC——M。

　　Supposethecommodityofthecapitalisttoconsistof10，000lbs。

　　ofcottonyarn。If&pound；372representthevalueofthemeansofproductionconsumedinthespinningprocess，andnewvaluetotheamountof&pound；128

　　hasbeencreated，theyarnhasavalueof&pound；500，whichisexpressedinitspriceofthesameamount。SupposefurtherthatthispriceisrealisedbythesaleC——M。Whatisitthatmakesofthissimpleactofallcommoditycirculationatthesametimeacapital-function？Nochangethattakesplaceinsideofit，neitherintheuse-characterofthecommodity——foritpassesintothehandsofthebuyerasanobjectofuse——norinitsvalue，forthisvaluehasnotexperiencedanychangeofmagnitude，butonlyofform。

　　Itfirstexistedintheformofyarn，whilenowitexistsintheformofmoney。ThusasubstantialdistinctionisevidentbetweenthefirststageM——CandthelaststageC——M。Theretheadvancedmoneyfunctionsasmoney-capital，becauseitistransformedbymeansofthecirculationintocommoditiesofaspecificuse-value。Herethecommoditiescanserveascapitalonlytotheextentthattheybringthischaracterwiththeminreadyshapefromtheprocessofproductionbeforetheircirculationbegins。Duringthespinningprocess，thespinnerscreateyarnvaluetotheamountof&pound；128。Ofthissum，say&pound；50representtothecapitalistmerelyanequivalentforhisoutlayforlabour-power，while&pound；78——whenthedegreeofexploitationoflabour-poweris156percent——formsurplus-value。Thevalueofthe10，000lbs。ofyarnthereforeembodiesfirstthevalueoftheconsumedproductivecapitalP，theconstantpartofwhichamountsto&pound；372andthevariableto&pound；50，theirsumbeing&pound；422，equalto8，440lbs。ofyarn。NowthevalueoftheproductivecapitalPisequaltoC，thevalueofitsconstituentelements，whichinthestageM——Cconfrontedthecapitalistascommoditiesinthehandsoftheirsellers。

　　Inthesecondplace，however，thevalueoftheyarncontainsasurplus-valueof&pound；78，equalto1，560lbs。ofyarn。Casanexpressionofthevalueofthe10，000lbs。ofyarnisthereforeequaltoCplusDC，orCplusanincrementofCequalto&pound；78，whichweshallcallc，sinceitexistsinthesamecommodity-formasnowtheoriginalvalueC。

　　Thevalueofthe10，000lbs。ofyarn，equalto&pound；500，isthereforerepresentedbyCc=C’。WhatturnsC，theexpressionofthevalueof10，000lbs。ofyarn，intoC’isnottheabsolutemagnitudeofitsvalue&pound；500，forthatisdetermined，asinthecaseofanyotherCstandingfortheexpressionofthevalueofsomeothersumofcommodities，bythequantityoflabourembodiedinit。Itisitsrelativevalue-magnitude，itsvalue-magnitudeascomparedwiththatofcapitalPconsumedinitsproduction。Thisvalueiscontainedinitplusthesurplus-valuesuppliedbytheproductivecapital。Itsvalueisgreater，exceedsthatofthecapital-valuebythissurplus-valuec。The10，000lbs。ofyarnarethebearersofthecapital-valueexpanded，enrichedbythissurplus-value，andtheyaresobyvirtueofbeingtheproductofthecapitalistprocessofproduction。

　　C’expressesavalue-relation，therelationofthevalueofthecommoditiesproducedtothatofthecapitalspentontheirproduction，inotherwords，expressesthefactthatitsvalueiscomposedofcapital-valueandsurplus-value。

　　The10，000lbs。ofyarnrepresentcommoditycapital，C’，onlybecausetheyareaconvertedformoftheproductivecapitalP，henceinaconnectionwhichexistsoriginallyonlyinthecircuitofthisindividualcapital，oronlyforthecapitalistwhoproducedtheyarnwiththehelpofhiscapital。

　　Itis，sotosay，onlyaninternal，notanexternalrelationthatturnsthatturnsthe10，000lbs。ofyarnintheircapacityofvehiclesofvalueintoacommodity-capital。Theyexhibittheircapitalistbirthmarknotintheabsolutemagnitudeoftheirvaluebutinitsrelativemagnitude，inthemagnitudeoftheirvalueascomparedwiththatpossessedbytheproductivecapitalembodiedinthembeforeitwastransformedintocommodities。If，then，these10，000lbs。ofyarnaresoldattheirvalueof&pound；500，thisactofcirculation，consideredbyitself，isidenticalwithC——M，ameretransformationofanunchangingvaluefromtheformofacommodityintothatofmoney。Butasaspecialstageinthecircuitofanindividualcapital，thesameactisarealisationofthecapital-valueembodiedinthecommoditytotheamountof&pound；422plusthesurplus-value，likewiseembodiedinit，of&pound；78。ThatistosayitrepresentsC’——M’，thetransformationofthecommodity-capitalfromitscommodity-formintothemoneyform。[4]

　　ThefunctionofC’isnowthatofallcommodities，viz。:totransformitselfintomoney，tobesold，togothroughthecirculationstageC——M。

　　Solongasthecapital，nowexpanded，remainsintheformofcommodity-capital，liesimmovableinthemarket，theprocessofproductionisatrest。Thecommodity-capitalactsneitherasacreatorofproductsnorasacreatorofvalue。Agivencapital-valuewillserve，inwidelydifferentdegrees，asacreatorofproductsandvalue，andthescaleofreproductionwillbeextendedorreducedcommensuratewiththeparticularspeedwithwhichthatcapitalthrowsoffitscommodity-formandassumesthatofmoney，orwiththerapidityofthesale。ItwasshowninBookIthatthedegreeofefficiencyofanygivencapitalisconditionalonthepotentialitiesoftheproductiveprocess，whichtoacertainextentareindependentofthemagnitudeofitsownvalue。[Englishedition:KarlMarx，Capital，Vol。I，pp。602-08——Ed。]Hereitappearsthattheprocessofcirculationsetsinmotionnewforcesindependentofthecapital’smagnitudeofvalueanddeterminingitsdegreeofefficiency，itsexpansionandcontraction。

　　ThemassofcommoditiesC’，beingthedepositoryoftheexpandedcapital，mustfurthermorepassinitsentiretythroughthemetamorphosisC’——M’。Thequantitysoldishereamaindeterminant。Theindividualcommodityfiguresonlyasanintegralpartofthetotalmass。The&pound；500worthofvalueexistsinthe10，000lbs。ofyarn。Ifthecapitalistsucceedsinsellingonly7，440lbs。attheirvalueof&pound；372，hehasreplacedonlythevalueofhisconstantcapital，thevalueoftheexpandedmeansofproduction。Ifhesells8，440lbs。herecoversonlythevalueofthetotalcapitaladvanced。Hemustsellmoreinordertorealisesomesurplus-value，andhemustselltheentire10，000lbs。inordertorealisethesurplus-valueof&pound；781，560lbs。ofyarn。In&pound；500inmoneyhereceivesmerelyanequivalentforthecommoditysold。HistransactionwithinthecirculationissimplyC——M。Ifhehadpaidhislabourers&pound；64inwagesinsteadof&pound；50hissurplus-valuewouldonlybe&pound；64insteadof&pound；78，andthedegreeofexploitationwouldhavebeenonly100percentinsteadof156。Butthevalueoftheyarnwouldnotchange；onlytherelationbetweenitscomponentpartswouldbedifferent。ThecirculationactC——Mwouldstillrepresentthesaleof10，000lbs。ofyarnfor&pound；500，theirvalue。

　　C’isequaltoCcor&pound；422at&pound；78。CequalsthevalueofP，theproductivecapital，andthisequalsthevalueofM，themoneyadvancedinM——C，thepurchaseoftheelementsofproduction，amountingto&pound；422inourexample。Ifthemassofcommoditiesissoldatitsvalue，thenCequals&pound；422andcequals&pound；78，thevalueofthesurplus-productof1，560lbs。ofyarn。Ifwecallc，expressedinmoney，m，thenC’——M’=Cc-Mm，andthecircuitM——C……P……C’——M’，initsexpandedform，isthereforerepresentedbyM——C