Understanding Capital Vol. 2

[fa2991]

In my readings of Capital, I've gotten through the first volume and about a quarter of the way through the second volume, where I have become stuck. Circulation is pretty drab stuff. Could anyone give me a quick run down of what exactly Marx's purpose is in writing CV.2? Where's he going with this, and how does it figure into the broader scheme of Marxist theory?

[S.Artesian]

In my readings of Capital, I've gotten through the first volume and about a quarter of the way through the second volume, where I have become stuck. Circulation is pretty drab stuff. Could anyone give me a quick run down of what exactly Marx's purpose is in writing CV.2? Where's he going with this, and how does it figure into the broader scheme of Marxist theory?


Here's my single favorite synopsis of the volume, from the volume itself, regarding circulation and reproduction:

The shorter the period of turnover of capital--the shorter therefore the intervals in which the periods of reproduction are renewed--the shorter is the time for which the capitalist must advance money out of his own funds, the smaller is the capital advanced by him compared to the given scale of production, and the greater is the proportionate quantity of surplus value which he realizes within a given rate of surplus value during the year, because he can buy the laborer so much more frequently with the money form of the product created by the labor of that laborer, and set his labor in motion.

Which is just dandy for the bourgeoisie, except.... except:

Such improvements as shortening the waiting period and thereby the time for which circulating capital must be advanced are, however, generally accompanied by an increased outlay for fixed capital.

And no matter whether reproduction proceeds quickly or slowly, the fixed capital must continue to function in the attempt to realize, "push" the realization of surplus value. But when the circulating capital becomes unable to to perform its function, to "bear the weight" of this "push," if it remains tied up in the form of unsold, or unfinished and not marketable products.

Then reproduction breaks down. Overproduction overtakes reproduction.

Hope that helps. Had notes on the entire volume, but I'm away from my home for the next month or two-- so doing this from memory and other things I had written.

[BAM]

You beat me to it, SA!

There's also a great quote where Marx writes about how the workers create the fund out of which they are paid their own wages back.

Overall, Volume II is not the most exciting of Marx's writings, but if you skip over it you will lose out on a considerable part of the theory. It's vital to understanding how capitalist production and circulation is beset by problems at each stage where capital traverses its circuit, and in maintaining the right proportions between sectors of production (so-called uneven development). Cheaper production of means of production leads to runaway overproduction - the anarchy of the market.

[S.Artesian]

You beat me to it, SA!

There's also a great quote where Marx writes about how the workers create the fund out of which they are paid their own wages back.

Overall, Volume II is not the most exciting of Marx's writings, but if you skip over it you will lose out on a considerable part of the theory. It's vital to understanding how capitalist production and circulation is beset by problems at each stage where capital traverses its circuit, and in maintaining the right proportions between sectors of production (so-called uneven development). Cheaper production of means of production leads to runaway overproduction - the anarchy of the market.


I actually waited to respond, figuring you would do so and I didn't have access to all my notes on volume 2. But just trying to help out a comrade...

Hey, good to know that all that suffering through volume 2 at least produced a glimmer of understanding on my part....

[BAM]

oh, I have been offline for a few days. My computer at home has an electrical fault and I also just started a new job (details in that email I sent you) so this week when I got home my brain has been well and truly fried anyway ...

[Dave B]

Unless you are an enthusiast and just want to bag it, I wouldn’t bother with it.

There is the hazard of it putting you off volume III which is much more interesting, and you don’t need anything from two to follow three.

I thought it was crap and the most tedious book I have ever read, but everybody is different I suppose.

[ZeroNowhere]

Volume II does seem tiring sometimes, going over things many times, but nonetheless this generally resolves into the presentation of yet another avenue for crisis; the point of a large part of Volume II is to present capitalism as full of holes. However, nonetheless it gets quite fun by part 3 of the volume (that is, Part Three of Volume II), although the bit on previous writings on the subject drags a bit. So hang in there, and volume III shall be a nice reward anyhow.