Marx & Engels Collected Works: Volume 37

Volume 37

Karl Marx
Capital, Volume III

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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 Profit	27
Chapter II The Rate of Profit	45
Chapter III The Relation of the Rate of Profit to the Rate of Surplus Value	52
Chapter IV The Effect of the Turnover on the Rate of Profit	73
Chapter V Economy in the Employment of Constant Capital	80
I. In General	80
II. Savings in Labour Conditions at the Expense of the Labourers. Coal Mines. Neglect of Indispensable Outlays	91
III. Economy in the Generation and Transmission of Power, and in Buildings	99
IV. Utilisation of the Excretions of Production	102
V. Economy Through Inventions	105
Chapter VI The Effect of Price Fluctuations	106
I Fluctuations in the Price of Raw Materials, and Their Direct Effects on the Rate of Profit	106
II. Appreciation, Depreciation, Release, and Tie-up of Capital	112
III. General Illustration. The Cotton Crisis of 1861-65	125
Chapter VII Supplementary Remarks	137
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 Profit	141
Chapter IX Formation of a General Rate of Profit (Average Rate of Profit) and Transformation of the Values of Commodities into Prices of Production	153
Chapter X Equalisation of the General Rate of Profit Through Competition. Market Prices and Market Values. Surplus Profit	171
Chapter XI Effects of General Wage Fluctuations on Prices of Production	198
Chapter XII Supplementary Remarks	202
I. Causes Implying a Change in the Price of Production	202
II. Price of Production of Commodities of Average Composition	204
III. The Capitalist's Grounds for Compensating	205
Part III: The Law of the Tendency of the Rate of Profit to Fall
Chapter XIII The Law as Such	209
Chapter XIV Counteracting Influences	230
I. Increasing Intensity of Exploitation	230
II. Depression of Wages Below the Value of Labour Power	234
III. Cheapening of Elements of Constant Capital	234
IV. Relative Overpopulation	235
V. Foreign Trade	235
VI. The Increase of Stock Capital	238
Chapter XV Exposition of the Internal Contradictions of the Law	239
I. General	239
II. Conflict Between Expansion of Production and Production of Surplus Value	245
III. Excess Capital and Excess Population	249
IV. Supplementary Remarks	258
Part IV: Conversion of Commodity Capital and Money Capital into Commercial Capital and Money-Dealing Capital (Merchant's Capital)
Chapter XVI Commercial Capital	266
Chapter XVII Commercial Profit	279
Chapter XVIII The Turnover of Merchant's Capital. Prices	301
Chapter XIX Money-Dealing Capital	313
Chapter XX Historical Facts About Merchant's Capital	321
Part V: Division of Profit into Interest and Profit of Enterprise. Interest-Bearing Capital
Chapter XXI Interest-Bearing Capital	336
Chapter XXII Division of Profit. Rate of Interest. "Natural" Rate of Interest	356
Chapter XXIII Interest and Profit of Enterprise	367
Chapter XXIV Externalisation of the Relations of Capital in the Form of Interest-Bearing Capital	388
Chapter XXV Credit and Fictitious Capital	397
Chapter XXVI Accumulation of Money Capital. Its Influence on the Interest Rate	412
Chapter XXVII The Role of Credit in Capitalist Production	432
Chapter XXVIII Medium of Circulation and Capital; Views of Tooke and Fullarton	439
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 Capital	461
Chapter XXX Money Capital and Real Capital. I	475
Chapter XXXI Money Capital and Real Capital. II (Continued)	493
1. Transformation of Money into Loan Capital	493
2. Transformation of Capital or Revenue into Money that Is Transformed into Loan Capital	500
Chapter XXXII Money Capital and Real Capital. III (Concluded)	502
Chapter XXXIII The Medium of Circulation in the Credit System	517
Chapter XXXIV The Currency Principle and the English Bank Legislation of 1844	542
Chapter XXXV Precious Metal and Rate of Exchange	559
I. Movement of the Gold Reserve	559
II. The Rate of Exchange	569
Rate of Exchange with Asia	571
England's Balance of Trade	585
Chapter XXXVI Precapitalist Relationships	588
Interest in the Middle Ages	605
Advantages Derived by the Church from the Prohibition of Interest	607
Part VI: Transformation of Surplus Profit into Ground Rent
Chapter XXXVII Introduction	608
Chapter XXXVIII Differential Rent: General Remarks	633
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 Production	677
Chapter XLII Differential Rent II, Second Case: Failing Price of Production	684
Chapter XLIII Differential Rent II Third Case: Rising Price of Production	700
Chapter XLIV Differential Rent Also on the Worst Cultivated Soil	726
Chapter XLV Absolute Ground Rent	734
Chapter XLVI Building Site Rent. Rent in Mining. Price of Land	759
Chapter XLVII Genesis of Capitalist Ground Rent	768
I. Introductory Remarks	768
II. Labour Rent	776
III. Rent in Kind	780
IV. Money Rent	783
V. Métayage and Peasant Proprietorship of Land Parcels	789
Part VII: Revenues and their Sources
Chapter XLVIII The Trinity Formula	801
Chapter XLIX Concerning the Analysis of the Process of Production	818
Chapter L Illusions Created by Competition	839
Chapter LI Distribution Relations and Production Relations	863
Chapter LII Classes	870
Supplement to Capital, Volume Three (Engels)	873
I. Law of Value and Rate of Profit	876
II. The Stock Exchange	894
Notes and Indexes
Notes	901
Name Index	913
Index of Quoted and Mentioned Literature	919
Index of Periodicals	932
Subject Index	933
Illustrations
Title page of the first German edition of Vol. III, I of Capital	3
First page of Marx's manuscript of the third volume of Capital, marked by Engels as "Ms. I"	29
Facsimile of a page of the manuscript, copied by a secretary, with alterations by Engels	30
Title page of the first German edition of Vol. III, II, of Capital	465
First page of Engels' manuscript "Law of Value and Rate of Profit"	879

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Marx & Engels Collected Works