Table of Contents

Introduction to the 2006 Verso Edition ix

Introduction xxix

Chapter 1 Commodities, Values and Class Relations 1

I Use Values, Exchange Values and Values 5

1 Use values 5

2 Exchange value, money and the price system 9

3 The value theory 14

4 The theory of surplus value 20

II Class Relations and the Capitalist Principle of Accumulation 24

1 The class role of the capitalist and the imperative to accumulate 28

2 The implications for the labourer of accumulation by the capitalist 29

3 Class, value and the contradiction of the capitalist law of accumulation 32

Appendix The Theory of Value 35

Chapter 2 Production and Distribution 39

I The Share of Variable Capital in Total Social Product, the Value of Labour Power and Wage Rate Determination 45

1 The subsistence wage 49

2 Supply and demand for labour power 50

3 Class struggle over the wage rate 52

4 The accumulation process and the value of labour power 55

II The Reduction of Skilled to Simple Labour 57

III The Distribution of Surplus Value and the Transformation from Values into Prices of Production 61

IV Interest, Rent, and Profit on Merchants' Capital 68

1 Merchants' capital 71

2 Money capital and interest 72

3 Rent on land 73

4 Distribution relations and class relations in historical perspective 73

Chapter 3 Production and Consumption, Demand and Supply and the Realization of Surplus Value 75

I Production and Consumption, Demand and Supply and the Critique of Say's Law 79

II The Production of Surplus Value 83

1 The lime structure and costs of realization 85

2 The structural problems of realization 87

III The Problem of Effective Demand and the Contradiction between the Relations of Distribution and the Conditions of Realization of Surplus Value 89

Chapter 4 Technological Change, the Labour Process and the Value Composition of Capital 98

I The Productivity of Labour Under Capitalism 104

II The Labour Process 106

III The Sources of Technological Change Under Capitalism 119

IV The Technical, Organic and Value Compositions of Capital 125

V Technological Change and Accumulation 133

Chapter 5 The Changing Organization of Capitalist Production 137

Chapter 6 The Dynamics of Accumulation 156

I The Production of Surplus Value and the General Law of Capitalist Accumulation 157

II Accumulation through Expanded Reproduction 166

III The Falling Rate of Profit and its Countervailing Influences 176

Chapter 7 Overaccumulation, Devaluation and the 'First-Cut' Theory of Crisis 190

I Overaccumulation and Devaluation of Capital 192

II The 'Constant Devaluation' of Capital that Results from the Rising Productivity of Labour 196

III Devaluation through Crises 200

Chapter 8 Fixed Capital 204

I The Circulation of Fixed Capital 208

II The Relations between Fixed and Circulating Capital 215

III Some Special Forms of Fixed Capital Circulation 223

1 Fixed capital of large scale and great durability 224

2 Fixed capital of an 'independent' kind 226

IV The Consumption Fund 229

V The Built Environment for Production, Exchange and Consumption 232

VI Fixed Capital, the Consumption Fund and the Accumulation of Capital 235

Chapter 9 Money, Credit and Finance 239

I Money and Commodities 241

II The Transformation of Money into Capital 251

III Interest 255

IV The Circulation of Interest-Bearing Capital and the Functions of the Credit System 260

1 The mobilization of money as capital 262

2 Reductions in the cost and time of circulation 263

3 Fixed capital circulation and consumption fund formation 264

4 Fictitious capital 266

5 The equalization of the profit rate 270

6 The centralization of capital 271

V The Credit System: Instrumentalities and Institutions 272

1 The general principles of financial mediation: the circulation of capital and the circulation of revenues 273

2 Joint stock companies and markets for fictitious capital 276

3 The banking system 279

4 State institutions 281

Chapter 10 Finance Capital and its Contradictions 283

I The Credit System According to Marx 284

II Finance Capital According to Lenin and Hilferding 288

III The Contradiction between the Financial System and its Monetary Basis 292

IV The Interest Rate and Accumulation 296

V The Accumulation Cycle 300

1 Stagnation 301

2 Recovery 301

3 Credit-based expansion 302

4 Speculative fever 303

5 The crash 304

VI The Politics of Money Management 305

VII Inflation as a Form of Devaluation 307

VIII Finance Capital and its Contradictions 316

1 Finance capital as a 'class' of financiers and money capitalists 317

2 Finance capital as the unity of banking and industrial capital 319

3 Finance capital and the state 321

IX The 'Second-Cut' Theory of Crises: The Relation between Production, Money and Finance 324

Chapter 11 The Theory of Rent 330

I The Use Value of Land 333

1 The land as the basis for reproduction and extraction 334

2 Space, place and location 337

3 Location, fertility and prices of production 341

II Landed Property 343

III The Forms of Rent 349

1 Monopoly rent 349

2 Absolute rent 350

3 Differential rent 353

IV The Contradictory Role of Ground Rent and Landed Property within the Capitalist Mode of Production 358

1 The separation of the labourer from the land as means of production 359

2 Landownership and the principle of private property 360

3 Landed property and capital flow 360

V Distribution Relations and Class Struggle between Landlord and Capitalist 362

VI The Land Market and Fictitious Capital 367

Chapter 12 The Production of Spatial Configurations: The Geographical Mobilities of Capital and Labour 373

I Transport Relations and the Mobility of Capital as Commodities 376

II The Mobility of Variable Capital and Labour Power 380

III The Mobility of Money Capital 385

IV The Location of Production Processes 388

1 Technology versus location as sources of relative surplus value 390

2 The turnover time of capital in production 393

V The Spatial Configuration of Built Environments 395

VI The Territoriality of Social Infrastructures 398

VII The Mobilities of Capital and Labour Taken as a Whole 405

1 Complementarity 407

2 Contradictions and conflict 411

Chapter 13 Crises in the Space Economy of Capitalism: The Dialectics of Imperialism 413

I Uneven Geographical Development 415

II Geo Graphical Concentration and Dispersal 417

III The Regionalization of Class and Factional Struggle 419

IV Hierarchical Arrangements and the Internationalization of Capital 422

V The 'Third Cut' at Crises Theory: Geographical Aspects 424

1 Particular, individual and place-specific devaluation 425

2 Crisis formation within regions 426

3 Switching crises 428

4 Building new arrangements to co-ordinate spatial integration and geographical uneven development 429

VI Building Towards Global Crises 431

1 External markets and underconsumption 432

2 The export of capital for production 434

3 The expansion of the proletariat and primitive accumulation 436

4 The export of devaluation 438

VII Imperialism 439

VIII Inter-Imperialist Rivalries: Global War as the Ultimate form of Devaluation 442

Afterword 446

References 452

Name Index 467

Subject Index 469