The fetishism of commodities is “the objective appearance of the social characteristics of labour,” viz. But it missed its form; it didn’t ask why the social form of labour is value. When the communist systems of the 20th century crumbled, many thought that was the end for Karl Marx as a serious thinker too. 1885 Preface (Frederick Engels) 1893 Preface to the Second Edition (Frederick Engels) Book II: The Process of Circulation of Capital Part One: The Metamorphoses of Capital and their Circuits. Say I purchase (M-C) 2,000 pounds of cotton for $100 and resell it for $110 (C-M). What’s important isn’t the precise number by which I come out ahead by the second M, what is important is that I come out ahead by the second M. We can keep this lesson in mind by rewriting our description of circulation as M-C-M’. Its analysis shows that it is, in reality, a very queer thing, abounding in metaphysical subtleties and theological niceties. Economics is valid within capitalism, because it reflects the comparison of labour through the products of labour, because it studies social relations between things. This pushes Marx to a determinate abstraction: it is the historically specific social form of labour that gives the commodity it its grotesque ideas. “The veil is not removed from the countenance of the social life-process, i.e. Now wait a second. Change ), You are commenting using your Google account. But that’s not how it is with capitalism: surplus value is generated on a world scale. four chapters summarized by Engels therefore correspond to the first four parts of Capital as found today. We measure value in labor-time, which means that putting labor into a thing makes it more valuable, we want a commodity that itself is a source of value…, "POLITICAL THOUGHTS FOR FOLKS WHO DON'T WANT TO READ SO MANY DAMN PAGES", We’ve finished chapters 1-3, which together are a section called “Commodities and Money”, Part One in Marx’s organization of the book. The same goes for our formula., we can describe the circulation of commodities C-M-C as M-C-M, the circulation of money. Marx calls this "selling in order to buy." This he calls "buying in order to sell." Economics can’t ask the right question: why does labour appear as value, a question of the historical specificity of capitalist production. Political economy did discover the content of the social form of labour: viz. ( Log Out / I want more than $10, I want a stack. Among freely associated producers, labour is immediately social, it is carried on as part of a social plan. Marx doesn't want to talk specifically about this expanding aspect of capital just yet, and he therefore restricts himself to dealing with the circulation of money as a moment of the circulation of commodities. Course Hero, "Capital (Das Kapital) Study Guide," April 13, 2018, accessed October 17, 2020, https://www.coursehero.com/lit/Capital-Das-Kapital/. Chapter 6, - Chapter 10, - the process of material reproduction, until it becomes production by freely associated men [and women! When money is made from this M-C-M' process, Marx calls this extra money "surplus-value." Chapter 11, - More.
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