Marx & Engels Collected Works: Volume 37

Volume 37

Karl Marx
Capital, Volume III

Preface (Engels)5

BOOK III: The Process of Capitalist Production as a Whole

PART I: The Conversion of Surplus Value into Profit and of the Rate of Surplus Value into the Rate of Profit
Chapter I Cost Price and Profit27
Chapter II The Rate of Profit45
Chapter III The Relation of the Rate of Profit to the Rate of Surplus Value52
Chapter IV The Effect of the Turnover on the Rate of Profit73
Chapter V Economy in the Employment of Constant Capital80

I. In General


II. Savings in Labour Conditions at the Expense of the Labourers. Coal Mines. Neglect of Indispensable Outlays


III. Economy in the Generation and Transmission of Power, and in Buildings


IV. Utilisation of the Excretions of Production


V. Economy Through Inventions

Chapter VI The Effect of Price Fluctuations106

I Fluctuations in the Price of Raw Materials, and Their Direct Effects on the Rate of Profit


II. Appreciation, Depreciation, Release, and Tie-up of Capital


III. General Illustration. The Cotton Crisis of 1861-65

Chapter VII Supplementary Remarks137
Part II: Conversion of Profit into Average Profit
Chapter VIII Different Compositions of Capitals in Different Branches of Production and Resulting Differences in Rates of Profit141
Chapter IX Formation of a General Rate of Profit (Average Rate of Profit) and Transformation of the Values of Commodities into Prices of Production153
Chapter X Equalisation of the General Rate of Profit Through Competition. Market Prices and Market Values. Surplus Profit171
Chapter XI Effects of General Wage Fluctuations on Prices of Production198
Chapter XII Supplementary Remarks202

I. Causes Implying a Change in the Price of Production


II. Price of Production of Commodities of Average Composition


III. The Capitalist's Grounds for Compensating

Part III: The Law of the Tendency of the Rate of Profit to Fall
Chapter XIII The Law as Such209
Chapter XIV Counteracting Influences230

I. Increasing Intensity of Exploitation


II. Depression of Wages Below the Value of Labour Power


III. Cheapening of Elements of Constant Capital


IV. Relative Overpopulation


V. Foreign Trade


VI. The Increase of Stock Capital

Chapter XV Exposition of the Internal Contradictions of the Law239

I. General


II. Conflict Between Expansion of Production and Production of Surplus Value


III. Excess Capital and Excess Population


IV. Supplementary Remarks

Part IV: Conversion of Commodity Capital and Money Capital into Commercial Capital and Money-Dealing Capital (Merchant's Capital)
Chapter XVI Commercial Capital266
Chapter XVII Commercial Profit279
Chapter XVIII The Turnover of Merchant's Capital. Prices301
Chapter XIX Money-Dealing Capital313
Chapter XX Historical Facts About Merchant's Capital321
Part V: Division of Profit into Interest and Profit of Enterprise. Interest-Bearing Capital
Chapter XXI Interest-Bearing Capital336
Chapter XXII Division of Profit. Rate of Interest. "Natural" Rate of Interest356
Chapter XXIII Interest and Profit of Enterprise367
Chapter XXIV Externalisation of the Relations of Capital in the Form of Interest-Bearing Capital388
Chapter XXV Credit and Fictitious Capital397
Chapter XXVI Accumulation of Money Capital. Its Influence on the Interest Rate412
Chapter XXVII The Role of Credit in Capitalist Production432
Chapter XXVIII Medium of Circulation and Capital; Views of Tooke and Fullarton439

Book III: The Process of Capitalist Production as a Whole

Part V: Division of Profit into Interest and Profit of Enterprise. Interest-Bearing Capital (continued)
Chapter XXIX Component Parts of Bank Capital461
Chapter XXX Money Capital and Real Capital. I475
Chapter XXXI Money Capital and Real Capital. II (Continued)493

1. Transformation of Money into Loan Capital


2. Transformation of Capital or Revenue into Money that Is Transformed into Loan Capital

Chapter XXXII Money Capital and Real Capital. III (Concluded)502
Chapter XXXIII The Medium of Circulation in the Credit System517
Chapter XXXIV The Currency Principle and the English Bank Legislation of 1844542
Chapter XXXV Precious Metal and Rate of Exchange559

I. Movement of the Gold Reserve


II. The Rate of Exchange


Rate of Exchange with Asia


England's Balance of Trade

Chapter XXXVI Precapitalist Relationships588

Interest in the Middle Ages


Advantages Derived by the Church from the Prohibition of Interest

Part VI: Transformation of Surplus Profit into Ground Rent
Chapter XXXVII Introduction608
Chapter XXXVIII Differential Rent: General Remarks633
Chapter XXXIX First Form of Differential Rent (Differential Rent I)642
Chapter XL Second Form of Differential Rent (Differential Rent II)666
Chapter XLI Differential Rent II First Case: Constant Price of Production677
Chapter XLII Differential Rent II, Second Case: Failing Price of Production684
Chapter XLIII Differential Rent II Third Case: Rising Price of Production700
Chapter XLIV Differential Rent Also on the Worst Cultivated Soil726
Chapter XLV Absolute Ground Rent734
Chapter XLVI Building Site Rent. Rent in Mining. Price of Land759
Chapter XLVII Genesis of Capitalist Ground Rent768

I. Introductory Remarks


II. Labour Rent


III. Rent in Kind


IV. Money Rent


V. Métayage and Peasant Proprietorship of Land Parcels

Part VII: Revenues and their Sources
Chapter XLVIII The Trinity Formula801
Chapter XLIX Concerning the Analysis of the Process of Production818
Chapter L Illusions Created by Competition839
Chapter LI Distribution Relations and Production Relations863
Chapter LII Classes870
Supplement to Capital, Volume Three (Engels)873

I. Law of Value and Rate of Profit


II. The Stock Exchange



Notes and Indexes



Name Index


Index of Quoted and Mentioned Literature


Index of Periodicals


Subject Index




Title page of the first German edition of Vol. III, I of Capital


First page of Marx's manuscript of the third volume of Capital, marked by Engels as "Ms. I"


Facsimile of a page of the manuscript, copied by a secretary, with alterations by Engels


Title page of the first German edition of Vol. III, II, of Capital


First page of Engels' manuscript "Law of Value and Rate of Profit"