Capital, Volume III

''Capital. A Critique of Political Economy. Volume III: The Process of Capitalist Production as a Whole'' (german: Das Kapital. Kritik der politischen Ökonomie Dritter Band. Buch III: Der Gesammtprocess Der Kapitalistischen Produktion), is the third volume of '' Capital: Critique of Political Economy''. It was prepared by Friedrich Engels and published in 1894.

Contents

Volume III is in seven parts:
# The conversion of Surplus Value into Profit and the rate of Surplus Value into the rate of Profit
# Conversion of Profit into Average Profit
# The Law of the Tendency of the Rate of Profit to Fall
# Conversion of Commodity Capital and Money Capital into Commercial Capital and Money-Dealing Capital (Merchant's Capital)
# Division of Profit Into Interest and Profit of Enterprise, Interest Bearing Capital.
# Transformation of Surplus-Profit into Ground Rent.
# Revenues and Their Sources

The work is best known today for Part 3 which in summary says that as the organic fixed capital requirements of production rise as a result of advancements in production generally, the rate of profit tends to fall. This result which orthodox Marxists believe is a principal contradictory characteristic leading to an inevitable collapse of the capitalist order was held by Marx and Engels to''—''as a result of various contradictions in the capitalist mode of production—result in crises whose resolution necessitates the emergence of an entirely new mode of production as the culmination of the same historical dialectic that led to the emergence of capitalism from prior forms.Chapter XV, ''Exposition of the Internal Contradictions of the Law'', § IV Supplementary Remarks. p. 264 ¶ 2. Marx–Engels–Lenin Institute. Moscow translation. "This transformation stems from the development of the productive forces under capitalist production, and from the ways and means by which this development takes place".

Volume 3 is subtitled "The process of capitalist production as a whole" and is concerned primarily with the internal differentiation of the capitalist class. The first three parts are concerned with the division of surplus value amongst individual capitals, where it takes the form of profit. The following parts are concerned with merchants' capital, interest-bearing capital and landed capital. The last part draws the whole account together. The aim of the volume as a whole is to locate and describe the concrete forms which grow out of the movements of capital as a whole. Thus, the various forms of capital approach step by step the form which they assume on the surface of society in the action of different capitals on one another in competition and in the ordinary consciousness of the agents of production themselves (25) (Clarke).

See also

* ''Das Kapital''
** ''Capital, Volume I''
** '' Capital, Volume II''
* Differential and absolute ground rent
* Fictitious capital
* Prices of production
* Tendency of the rate of profit to fall
* Transformation problem

References

Further reading

* Althusser, Louis; Balibar, Étienne (2009). ''Reading Capital''. London: Verso.
* Althusser, Louis (1969) (October 1969)
"How to Read Marx's Capital"
''Marxism Today''. pp. 302–305. Originally appeared in French in ''L'Humanité'' on 21 April 1969.
* Bottomore, Tom, ed. (1998). ''A Dictionary of Marxist Thought''. Oxford: Blackwell.
* Fine, Ben (2010). ''Marx's Capital.'' 5th ed. London: Pluto.
* Harvey, David (2010). ''A Companion to Marx's Capital.'' London: Verso.
* Harvey, David (2006). ''The Limits of Capital''. London: Verso.
* Mandel, Ernest (1970). ''Marxist Economic Theory''. New York: Monthly Review Press.
* Postone, Moishe (1993). ''Time, Labor, and Social Domination: A Reinterpretation of Marx's Critical Theory''. Cambridge: Cambridge University Press.
* Shipside, Steve (2009). ''Karl Marx's Das Kapital: A Modern-day Interpretation of a True Classic''. Oxford: Infinite Ideas.
* Wheen, Francis (2006). ''Marx's Das Kapital--A Biography''. New York: Atlantic Monthly Press. . .

External links

* Marx, Karl; Engels, Friedrich, ed. (1894)
"Capital Volume III"
Full text at Marxists Internet Archive.

''Capital'' Volume III
complete book in PDF format by Progress Publishers

{{DEFAULTSORT:Kapital, Volume III, Das
1894 non-fiction books
Books by Karl Marx
Unfinished books
1894 in economics
Books published posthumously