Tag Archives: Volume 1

Chapter 8 of volume 1 of Capital is called “Constant Capital and Variable Capital” (Marx 1990: 307), and it discusses non-labour factors (constant capital) and living labour (variable capital).Marx divides capital as factors of production into two categories: (1) constant capital, and(2) variable capital (Marx 1990: 317). Constant capital is the means of production used in the production process whose values are merely transferred to the output product (Marx 1990: 307; Harvey 2010: 128).How...

Chapter 7 of volume 1 of Capital is called “The Labour Process and the Valorization Process” (Marx 1990: 283), and it discusses the process of labour and surplus value.It is divided into two sections: (1) The Labour-Process or the Production of Use-Values.(2) The Production of Surplus-Value (also called “The Valorization Process” in Marx 1990: 293). A critical summary of these two sections follows.(1) The Labour-Process or the Production of Use-Values Capitalists buy labour-power from...

David Harvey is a Professor of Anthropology and Geography at the Graduate Center of the City University of New York.Class 4 of his video series on Reading Marx’s Capital, Volume 1 is below. This video deals with Chapters 4, 5 and 6 of volume 1 of Capital.[embedded content]My own critical analysis of these chapters in Capital is here: “Marx’s Capital, Volume 1, Chapter 4: A Critical Summary,” July 4, 2015.“Marx’s Capital, Volume 1, Chapter 5: A Critical Summary,” July 6, 2015.“Marx’s Capital,...

Chapter 6 of volume 1 of Capital is called “Sale and Purchase of Labour-Power,” and it discusses the nature and value of labour-power. This chapter ends section 2 of volume 1 of Capital.Surplus value is not created by the transactions M–C or C–M in the circuit of capital (Marx 1990: 270). Marx argues that it is the special commodity called labour-power that is the source of surplus value (Marx 1990: 270).Marx explains: “In order to be able to extract value from the consumption of a...

Chapter 5 of volume 1 of Capital is called “Contradictions in the General Formula for Capital,” and is a brief chapter that describes what Marx sees as problems with the general formula M–C–M′. The primary problem is: where does surplus value come from and how is it created? (Brewer 1984: 35; Harvey 2010: 92). In essence, Marx in this chapter argues that it does not originate within the process of circulation (that is, the sphere of exchange of commodities through money).The circuit of...

Chapter 4 of volume 1 of Capital is called “The General Formula for Capital,” and begins Part 2 of that work (which consists of Chapters 4, 5, and 6). Chapter 4 presents Marx’s theory of the essence of commodity production under capitalism: the desire for money as expressed in the formula money–commodity–money (M–C–M), which is the circuit of capital (Brewer 1984: 34).Capitalism involves the production and circulation of commodities, and these are its “starting-point” and historical...

David Harvey is a Professor of Anthropology and Geography at the Graduate Center of the City University of New York. He has produced a video series on Marx’s Capital, and is also the author of these relevant books: Harvey, David. 2010. A Companion to Marx’s Capital. Verso, London and New York.Harvey, David. 2013. A Companion to Marx’s Capital. Volume Two. Verso, London and New York. Class 2 of his video series on Reading Marx’s Capital Volume 1 is below.[embedded content]This video deals...

Chapter 1 of volume 1 of Capital is called “The Commodity,” and presents Marx’s theory of the commodity and labour value.Chapter 1 is divided into four sections: (1) The Two Factors of the Commodity: Use Value and Value(2) Dual Character of the Labour embodied in Commodities(3) The Value-Form, or Exchange-Value(4) The Fetishism of the Commodity and its Secret. A summary of the first two sections is here. Below is a critical summary of the last two sections.(3) The Value-Form, or...

Updated: This post is a work in progress at the momentChapter 1 of volume 1 of Capital is called “The Commodity,” and presents Marx’s theory of the commodity and labour value.Chapter 1 is divided into four sections: (1) The Two Factors of the Commodity: Use Value and Value(2) Dual Character of the Labour embodied in Commodities(3) The Value-Form, or Exchange-Value(4) The Fetishism of the Commodity and its Secret. Interpreters of Marx admit that the first few chapters of Capital are made...