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　　CHAPTERII

　　THECIRCUITOFPRODUCTIVECAPITALThecircuitofproductivecapitalhasthegeneralformulaP……C’——M’——C……P。Itsignifiestheperiodicalrenewalofthefunctioningofproductivecapital，henceitsreproduction，oritsprocessofproductionasaprocessofreproductionaimingattheself-expansionofvalue；notonlyproductionbutaperiodicalreproductionofsurplus-value；thefunctionofindustrialcapitalinitsproductiveform，andthisfunctionperformednotoncebutperiodicallyrepeated，sothattherenewalisdeterminedbythestarting-point。

　　AportionofC’mayincertaincases，invariousbranchesofindustrialcapitalre-enterdirectlyasmeansofproductionintothesamelabour-processoutofwhichitcameintheshapeofacommodity。Thismerelysavesthetransformationofthevalueofthisportionintorealmoneyortoken-moneyorelsethecommodityfindsanindependentexpressiononlyasmoneyofaccount。Thispartofvaluedoesnotenterintothecirculation。Thusvaluesenterintotheprocessofproductionwhichdonotenterintotheprocessofcirculation。ThesameistrueofthatpartofC’whichisconsumedbythecapitalistinkindaspartofthesurplus-product。Butthisisinsignificantforcapitalistproduction。Itdeservesconsideration，ifatall，onlyinagriculture。

　　Twothingsareatoncestrikinglyapparentinthisform。

　　Foronething，whileinthefirstform，M……M’，theprocessofproduction，thefunctionofP，interruptsthecirculationofmoney-capitalandactsonlyasamediatorbetweenitstwophasesM——CandC’——M’，heretheentirecirculationprocessofindustrialcapital，itsentiremovementwithinthephaseofcirculation，constitutesonlyaninterruptionandconsequentlyonlytheconnectinglinkbetweentheproductivecapital，whichasthefirstextremeopensthecircuit，andthatwhichclosesitastheotherextremeinthesameform，henceintheforminwhichitstartsagain。Circulationproperappearsbutasaninstrumentpromotingtheperiodicallyrenewedreproduction，renderedcontinuousbytherenewal。

　　Foranotherthing，theentirecirculationpresentsitselfinaformwhichistheoppositeofthatwhichithasinthecircuitofmoney-capital。

　　Thereitwas:M——C——MM——C。C——M，apartfromthedeterminationofvalue；hereitis，againapartfromthevaluedetermination:C——M——C

　　C——M。M——C，i。e。，theformofthesimplecirculationofcommodities。

　　I。SIMPLEREPRODUCTION

　　LetusfirstconsidertheprocessC’——M’——C，whichtakesplaceinthesphereofcirculationbetweenthetwoextremesP……P。

　　Thestarting-pointofthiscirculationiscommodity-capital；C’

　　=Cc=Pc。Thefunctionofcommodity-capitalC’——M’therealisationofthecapital-valuecontainedinitequalsP，whichnowexistsastheconstituentpartCofC’，aswellasofthesurplus-valuecontainedinit，whichexistsasaconstituentpartofthesamequantityofcommoditiesandhasthevaluecwasexaminedinthefirstformofthecircuit。Buttherethisfunctionformedthesecondphaseoftheinterruptedcirculationandtheconcludingphaseoftheentirecircuit。Hereitformsthesecondphaseofthecircuitbutthefirstphaseofthecirculation。ThefirstcircuitendswithM’，andsinceM’aswellastheoriginalMcanagainopenthesecondcircuitasmoney-capital，itwasnotnecessaryatfirsttoseewhetherMandmsurplus-valuecontainedinM’continueintheircoursetogetherorwhethereachofthempursuesitsowncourse。Thiswouldonlyhavebecomenecessaryifwehadfollowedupfurtherthefirstcircuitinitsrenewedcourse。Butthispointmustbedecidedinthecircuitoftheproductivecapital，becausethedeterminationofitsveryfirstcircuitdependsonitandbecauseC’——M’appearsinitasthefirstphaseofthecirculation，whichhastobecomplementedbyM——C。Itdependsonthisdecisionwhethertheformularepresentssimplereproductionorreproductiononanextendedscale。Thecharacterofthecircuitchangesaccordingtothedecisionmade。

　　Letus，then，considerfirstthesimplereproductionofproductivecapital，assumingthat，asinthefirstchapter，conditionsremainconstantandthatcommoditiesareboughtandsoldattheirvalues。

　　Onthisassumptiontheentiresurplus-valueentersintotheindividualconsumptionofthecapitalist。Assoonasthetransformationofthecommodity-capitalC’intomoneyhastakenplace，thatpartofthemoneywhichrepresentsthecapital-valuecontinuestocirculateinthecircuitofindustrialcapital；

　　theotherpart，whichissurplus-valuechangedintomoney，entersintothegeneralcirculationofcommodities，constitutesacirculationofmoneyemanatingfromthecapitalistbuttakingplaceoutsideofthecirculationofhisindividualcapital。

　　Inourillustrationwehadacommodity-capitalC’of10，000lbs。

　　ofyarn，valuedat&pound；500；&pound；422ofthisrepresentthevalueoftheproductivecapitalandcontinue，asthemoney-formof8，440lbs。ofyarn，thecapitalcirculationbegunbyC’，whilethesurplusvalueof&pound；78，themoney-formof1，560lbs。ofyarn，theexcessofthecommodity-product，leavesthiscirculationanddescribesaseparatecoursewithinthegeneralcirculationofcommodities。

　　C——

　　M——C