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　　Alltheelements——c，vands——containedintheyarnaredivisibleintothesamecomponentparts，andsoiseveryindividualpoundofyarn，worth1s。，or12d。

　　c=0。744lbs。ofyarn=8。928d。

　　v=0。100lbs。ofyarn=1。200d。

　　s=0。156lbs。ofyarn=1。872d——

　　cvs=1lb。ofyarn=12d。

　　Ifweaddtheresultsoftheabovethreepartialsalesweobtainthesameresultonsellingtheentire10，000lbs。atonesweep。

　　Wehaveofconstantcapital:

　　atthefirstsale:5，535。360lbs。ofyarn=&pound；276。768

　　atthesecondsale:744。000lbs。ofyarn=&pound；37。200

　　atthethirdsale:1，160。640lbs。ofyarn=&pound；58。032——

　　Total……7，440lbs。ofyarn=&pound；372

　　Ofvariablecapital:

　　atthefirstsale:744。000lbs。ofyarn=&pound；37。200

　　atthesecondsale:100。000lbs。ofyarn=&pound；5。000

　　atthethirdsale:156。000lbs。ofyarn=&pound；7。800——

　　Total……1，000lbs。ofyarn=&pound；50

　　Ofsurplus-value:

　　atthefirstsale:1，160。640lbs。ofyarn=&pound；58。032

　　atthesecondsale:156。000lbs。ofyarn=&pound；7。800

　　atthethirdsale:243。360lbs。ofyarn=&pound；12。168——

　　Total……1，560lbs。ofyarn=&pound；78

　　GrandTotal:

　　Constantcapital……7，440lbs。ofyarn=&pound；372

　　Variablecapital……1，000lbs。ofyarn=&pound；

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　　Surplus-value……1，560lbs。ofyarn=&pound；78——

　　Total……10，000lbs。ofyarn=&pound；500

　　C’——M’initselfstandsmerelyforthesaleof10，000lbs。ofyarn。

　　These10，000lbs。ofyarn，likeallotheryarn，areacommodity。Thepurchaserisinterestedinthepriceof1s。perlb。，orof&pound；500for10，000

　　lbs。Ifduringthenegotiationshegoesintothevalue-compositionoftheyarn，hedoessosimplywiththeinsidiousintentionofprovingthatitcouldbesoldatlessthan1s。perpoundandwouldstillbeagoodbargainfortheseller。Butthequantitypurchasedbyhimdependsonhisrequirements。

　　Ifheisforexampletheownerofaweaving-mill，itdependsonthecompositionofhisowncapitalfunctioninginthisenterprise，notonthecompositionofthespinner’sofwhomhebuys。TheproportionsinwhichC’hastoreplaceontheonehandthecapitalusedupinitsproductionorthevariouscomponentpartsofthiscapital，andontheothertoserveassurplus-producteitherforthespendingofthesurplus-valueorfortheaccumulationofcapital，existonlyinthecircuitofcapitalwhichhasasitscommodity-formthe10，000lbs。ofyarn。Theseproportionshavenothingtodowiththesaleassuch。InthepresentcaseitisassumedbesidesthatC’issoldatitsvalue，sothatitisonlyaquestionofitstransformationfromthecommodity-formintothemoney-form。ItisofcourseofdecisiveimportancewithregardtoC’，thefunctionalforminthecircuitofthisindividualcapitaloutofwhichtheproductivecapitalistobereplaced，towhatextent，ifatall，thereisadiscrepancybetweenpriceandvalueinthesale。Butthisdoesnotconcernushereintheexaminationofmeredistinctionsofform。

　　InFormI，orM……M’，theprocessofproductionintervenesmidwaybetweenthetwocomplementaryandmutuallyoppositephasesofthecirculationofcapital。ItispastbeforetheconcludingphaseC’——M’begins。Moneyisadvancedascapital，isfirsttransformedintotheelementsofproductionandfromtheseintothecommodity-product，andthiscommodity-productinitsturnischangedbackintomoney。Itisafullandcompletebusinesscyclethatresultsinmoney，somethingeveryonecanuseforeverything。

　　AnewstartisthereforeonlyapossibilityM……P……M’maybeeitherbethelastcircuitthatconcludesthefunctioningofsomeindividualcapitalbeingwithdrawnfrombusiness，orthefirstcircuitofsomenewcapitalenteringuponitsfunction。ThegeneralmovementishereM……M’，frommoneytomoremoney。

　　InFormII，P……C’——M’——C……PP’，theentirecirculationprocessfollowsafterthefirstPandprecedesthesecondP；butittakesplaceintheoppositeorderfromthatofFormI。ThefirstPistheproductivecapital，anditsfunctionistheproductiveprocess，theprerequisiteofthesucceedingcirculationprocess。TheconcludingPontheotherhandisnottheproductiveprocess；itisonlytherenewedexistenceoftheindustrialcapitalinitsformofproductivecapital。Anditissuchasaresultofthetransformation，duringthelastphaseofcirculation，ofthecapital-valueintoLplusMP，intothesubjectiveandobjectivefactorswhichbycombiningconstitutetheformofexistenceoftheproductivecapital。

　　Thecapital，whetherPorP，isattheendoncemorepresentinaforminwhichitmustfunctionanewasproductivecapital，mustagainperformtheproductiveprocess。ThegeneralformofthemovementP……Pistheformofreproductionand，unlikeM……M’，doesnotindicatetheself-expansionofvalueastheobjectoftheprocess。ThisformmakesitthereforesomucheasierforclassicalPoliticalEconomytoignorethedefinitecapitalisticformoftheprocessofproductionandtodepictproductionassuchasthepurposeofthisprocess；namelythatasmuchaspossiblemustbeproducedandascheaplyaspossible，andthattheproductmustbeexchangedforthegreatestvarietyofotherproducts，partlyfortherenewalofproductionM——C，partlyforconsumptionm——c。Itisthenpossibletooverlookthepeculiaritiesofmoneyandmoney-capital，forMandmappearheremerelyastransientmediaofcirculation。Theentireprocessseemssimpleandnatural，i。e。，possessesthenaturalnessofashallowrationalism。Inthesamewayprofitisoccasionallyforgottenincommodity-capitalandthelatterfiguresmerelyasacommoditywhentheproductioncircuitasawholeisunderdiscussion。Butassoonastheconstituentsofvaluearedebated，commodity-capitalfiguresascommodity-capital。Accumulation，ofcourse，isseeninthesamelightasproduction。

　　InFormIII，C’——M’——C……P……C’，thetwophasesofthecirculationprocessopenthecircuit，anddosointhesameorderwhichobtainsinFormII，P……P；nextfollowsP，withitsfunction，theproductiveprocess，thesameasinFormI；thecircuitcloseswiththeresultoftheprocessofproduction，C’。JustasinFormIIthecircuitcloseswithP，themerelyrenewedexistenceofproductivecapital，sohereitcloseswithC’，therenewedexistenceofcommodity-capital。JustasinFormIIcapital，initsconcludingformP，muststarttheprocessoveragainasaprocessofproduction，sohereuponthereappearanceofindustrialcapitalintheformofcommodity-capitalthecircuitmustre-openwiththecirculationphaseC’——M’。BothformsofthecircuitareincompletebecausetheydonotclosewithM’，thecapital-valueretransformedintomoneyandself-expanded。

　　Bothmustthereforebecontinuedandconsequentlyincludethereproduction。

　　ThetotalcircuitinFormIIIisC’……C’。

　　Thethirdformisdistinguishedfromthefirsttwobythefactthatitisonlyinthiscircuitthattheself-expandedcapital-value——

　　andnottheoriginalone，thecapital-valuethatmuststillproducesurplus-value——appearsasthestartingpointofitsself-expansion。Casacapital-relationisherethestartingpointandassuchrelationhasadetermininginfluenceontheentirecircuitbecauseitincludesthecircuitofthecapital-valueaswellasthatofthesurplus-valueinitsfirstphase，andbecausethesurplus-valuemustatleastintheaverage，ifnotineverysinglecircuit，beexpendedpartlyasrevenue，gothroughthecirculationc——m——c，andmustperformthefunctionofanelementofcapitalaccumulation。

　　IntheformC’……C’theconsumptionoftheentirecommodity-productisassumedastheconditionofthenormalcourseofthecircuitofcapitalitself。Theindividualconsumptionofthelabourerandtheindividualconsumptionoftheunaccumulatedpartofthesurplus-productcomprisetheentireindividualconsumption。Henceconsumptioninitstotality——individualaswellasproductive——entersintocircuitC’asaconditionofit。Productiveconsumptionwhichessentiallyincludestheindividualconsumptionofthelabourer，sincelabour-powerisacontinuousproduct，withcertainlimits，ofthelabourer’sindividualconsumptioniscarriedonbyeveryindividualcapital。

　　Individualconsumption，exceptinsofarasitisrequiredfortheexistenceoftheindividualcapitalist，ishereassumedtobeonlyasocialact，butbynomeansanactoftheindividualcapitalist。

　　InFormsIandIItheaggregatemovementappearsasamovementofadvancedcapital-value。InFormIIItheself-expandedcapital，intheshapeofthetotalcommodity-product，formsthestarting-pointandhastheformofmovingcapital，commodity-capital。Notuntilitstransformationintomoneyhasbeenaccomplisheddoesthemovementbranchoutintomovementsofcapitalandofrevenue。Thedistributionofthetotalsocialproduct，aswellasthespecialdistributionoftheproductforeachindividualcommodity-capital，intoanindividualconsumption-fundontheonehandandintoreproductionfundontheotherisincludedinthisforminthecircuitofcapital。

　　InM……M’possibleenlargementofthecircuitisincluded，dependingonthevolumeofmenteringintotherenewedcircuit。

　　InP……PthenewcircuitmaybestartedbyPwiththesameorperhapsevenasmallervalueandyetmayrepresentareproductiononanextendedscale，forinstancewhencertainelementsofcommoditiesbecomecheaperonaccountofincreasedproductivityoflabour。Viceversa，aproductivecapitalwhichhasincreasedinvaluemay，inacontrarycase，representreproductiononamateriallycontractedscaleasforinstancewhenelementsofproductionhavebecomedearer。ThesameistrueofC’……C’。

　　InC’……C’capitalintheformofcommoditiesisthepremiseofproduction。Itre-appearsasapremisewithinthiscircuitinthesecondC。IfthisChasnotyetbeenproducedorreproducedthecircuitisobstructed。

　　ThisCmustbereproduced，forthegreaterpartofasC’ofsomeotherindustrialcapital。InthiscircuitC’existsasthepointofdeparture，oftransition，andoftheconclusionofthemovement；henceitisalwaysthere。Itisapermanentconditionoftheprocessofreproduction。

　　C’……C’isdistinguishedfromFormsIandIIbystillanotherfeature。Allthreecircuitshavethisincommon，thatcapitalbeginsitscircularcourseinthesameforminwhichitconcludesit，andthusfindsitselfintheinitialforminwhichitopensthecircuitanew。TheinitialformM，PorC’isalwaystheoneinwhichcapital-valueinIIIaugmentedbyitssurplus-valueisadvanced，inotherwordsitsoriginalforminregardtothecircuit。TheconcludingformM’，PorC’isalwaysachangedformofafunctionalformwhichprecededinthecircuitandisnottheoriginalform。

　　ThusM’inIisachangedformofC’，thefinalPinIIisachangedformofMandthistransformationisaccomplishedinIandIIbyasimpleactofcommoditycirculation，byaformalchangeofpositionofcommodityandmoney；inIII，C’isachangedformoftheproductivecapitalP。Buthere，inIII，thetransformation，inthefirstplace，doesnotmerelyconcernthefunctionalformofcapitalbutalsothemagnitudeofitsvalue；inthesecondplace，however，thetransformationisnottheresultofamerelyformalchangeinpositionpertainingtothecirculationprocess，butofarealtransformationexperiencedbytheuse-formandvalueofthecommodityconstituentsoftheproductivecapitalintheprocessofproduction。

　　TheformoftheinitialextremeM，PorC’isthepremiseofthecorrespondingcircuitI，IIorIII。Theformreturninginthefinalextremeispremisedandconsequentlybroughtaboutbytheseriesofmetamorphosesofthecircuititself。C’，astheterminalpointinthecircuitofanindividualindustrialcapital，presupposesonlythenon-circulationformPofthesameindustrialcapitalofwhichitistheproduct。M’，astheterminalpointofI，astheconvertedformofC’C’——M’，presupposesthatMisinthehandsofthebuyer，existsoutsideofthecircuitM……M’，andisdrawnintoitandmadeitsownterminalformbythesaleofC’。ThustheterminalPinIIpresupposesthatLandMPCexistoutsideandareincorporatedinitasitsterminalformbymeansofM——C。Butapartfromthelastextreme，thecircuitofindividualmoney-capitaldoesnotpresupposetheexistenceofmoney-capitalingeneral，nordoesthecircuitofindividualproductivecapitalpresupposetheexistenceofproductivecapital。InI，Mmaybethefirstmoney-capital；inII，Pmaybethefirstproductivecapitalappearingonthehistoricalscene。ButinIII，C——M——

　　C