[OPE-L:3763] Re: money capital

From: Fred B. Moseley (fmoseley@mtholyoke.edu)
Date: Wed Sep 06 2000 - 00:15:54 EDT

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On Mon, 4 Sep 2000, Paul Cockshott wrote:

> Date: Mon, 4 Sep 2000 15:36:29 +0100
> From: Paul Cockshott <wpc@dcs.gla.ac.uk>
> Reply-To: ope-l@galaxy.csuchico.edu
> To: ope-l@galaxy.csuchico.edu
> Subject: [OPE-L:3743] money capital
> Fred wrote:
> > I argue that, within Marx's analytical framework of the circulation of
> > capital, "the capital that is turned into means of production" is one
> > component of the initial money-capital, M, that is used to purchase means
> > of production in the first phase of the circulation of capital. What else
> > could it be? What else is "turned into means of production" besides the
> > initial money-capital?
> A portion of society's labour time is turned into means of production.

Hi Paul C.,

Thanks for your (3743) and for rejoining the discussion. I am sorry that
I had to break off our discussion back in June, which I thought was

My answer to you is essentially the same as to Paul Z. in my last
post. CONSTANT CAPITAL IS A MEANS OF PURCHASE, that which is used to
purchase the means of production (that which is "turned into" or "laid out
for" or "exchanged for" the means of production). And this means of
purchase can only be money. "A portion of society's labor-time" is not a
means of purchase, it is not used to purchase the means of production, and
therefore, it cannot be Marx's concept of constant capital.

Paul, how do you interpret the opening paragraphs of Chapter 9 (four pages
after the definition of constant capital on p. 317), which clearly states
that capital "IS MADE UP OF ... the sum of MONEY c laid out on means of
production, and ... the sum of MONEY v expended on labor-power"? Many,
many similar passages could be presented.

Finally, I would like to ask you the same questions I have been asking
Ajit and Paul (and anyone else who wants to answer): What do you think
Volume 1 is mainly about? If mainly about labor-times, then what
particular questions about labor-times is Volume 1 intended to
explain? And where in Volume 1 does Marx pose and analyze these key

Thanks in advance for your reply and further discussion.


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