Marx's Economic Manuscripts of 1861-63


The Production Process
of Capital

A Contribution to the Critique of Political Economy
Third Chapter, Capital in General

Source: MECW Volumes 30 and 33 (the sole available source);
Translated: Ben Fowkes;
Written: August 1861 - March 1862 and January - July 1863;
Marx’s description of this work: see Letter to Kugelmann, 28th Dec. 1862.

1) Transformation of Money into Capital

Notebook I

a) M—C—M. The Most General Form of Capital

b) Difficulties Arising from the Nature of Value, etc

c) Exchange with Labour. Labour Process. Valorisation Process

    Value of Labour Capacity. Minimum Salary or Average Wage of Labour

    Exchange of Money with Labour Capacity

    The Labour Process

    The Valorisation Process

    Unity of the Labour Process and the Valorisation Process
        (The Capitalist Production Process)

Notebook II

    The 2 Components of the Transformation of Money into Capital


Notebook III

2) Absolute Surplus Value

a) Surplus Value as a Simple Relation to a Capital Laid Out in Wages

b) Ratio of Surplus Labour to Necessary Labour. Measure of Surplus Labour

c) Advantage of Overwork

d) Simultaneous Working Days

e) Character of Surplus Labour


    Rate of Surplus Value

3) Relative Surplus Value


Notebook IV

a) Cooperation

b) Division of Labour

Notebook V

Digression: (on Productive Labour)

g) Machinery. Utilisation of the Forces of Nature and of Science

    [Continued January 1863]

Notebook XIX [continuation of V]

    Division of Labour and Mechanical Workshop. Tool and Machinery

    Continued. The Productivity of Labour.

Notebook XX

Notebook VI [continuation of XX]

    Conclusion. Replacement of Labour by Machinery

Notebook XX


h) Relative and Absolute Surplus Value

Ratio of Wages to Surplus Value

Converted Form of the Value of Labour Capacity in the Value or Price of Labour

Ratio of Surplus Value to Variable Capital or Surplus Labour to Necessary Labour

Notebook XXI

i) Formal and Real Subsumption of Labour under Capital. Transitional Forms

The Real Subsumption of Labour under Capital

Transitional Forms

k) Productivity of Capital, Productive and Unproductive Labour


Notebook XXII

4) Reconversion of Surplus Value into Capital

a) Reconversion of Surplus Value into Capital

b) So-called Primitive Accumulation

Notebook XVI

Capital and Profit

1) Surplus Value and Profit

2) Profit Always Expresses Surplus Value Too Small

3) The Ratio Is Altered Numerically and in Form

4) The Same Rate of Surplus Value May Express Different Rates of Profit

5) Relation of Surplus Value and Profit to Total Capital

6) Costs of Production

7) Law of the Fall in the Rate of Profit with Progress of Capitalist Production

Notebook XVII


Labour Process and Valorisation Process: Use Value and Exchange Value

Diminution in the Rate of Profit

Constant Capital. Absolute Quantity of Capital

Decline in the Rate of Profit


Diminution of Outgoings for Constant Capital

Notebook XV

Mercantile Capital

Mercantile Capital. Money-dealing Capital

Notebook XVII [Continuation of XV]

Episode. Reflux Movements of Money in Capitalist Reproduction

Mercantile Capital [Continued]