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CAPITAL
A CRITIQUE OF POLITICAL ECONOMY
The publishers will be pleased to send, upon request, an illustrated folder setting forth the purpose and scope of THE MODERN LIBRARY, and listing each volume in the series. Every reader of books will find titles he has been looking for, handsomely printed, in unabridged editions, and at an

unusually low price.

A CRITIQUE OF POLITICAL ECONOMY

BY

KARL MARX
THE PROCESS OF CAPITALIST PRODUCTION

TRANSLATED FROM THE THIRD GERMAN EDITION BY

SAMUEL MOORE AND EDWARD AVELING

EDITED BY

FREDERICK ENGELS

REVISED AND AMPLIFIED ACCORDING TO THE

POURTH GERMAN EDITION
BY ERNEST UNTERMANN

BENNETT A. CERF · DONALD S. KLOPFER

THE MODERN LIBRARY

NEW YORK

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THE MODERN LIBRARY

IS PUBLISHED BY
RANDOM HOUSE, INC.
BENNETT A. CERT · DONALD S. KLOPFER · ROBERT K. HAAS

Manufactured in the United States of America

By H. Wolf

CONTENTS.

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PART I.

301 MODITIES AND MONEY.

CHAPTER 1.-Commodities, . . . . .

Section 1.-The two Factors of a Commodity; Use Value and Value (the

Substance of Value and the Magnitude of Value), . . . . .

Section 2.-The Twofold Character of the Labour embodied in Commodities, 48

Section 8.—The Form of Value, or Exchange Value, . . . . . . . . 64

A. Elementary or Accidental Form o' Value, . . . . . . . . .

1. The two Poles of the Expression of Value: Relative Form and

Equivalent Form, · · · · · · · · · · · · · · 60

The Relative Form of Value, . . . . . . . .

(Q.) The Nature and Import of this Form, . . . . .

(6.) Quantitative Determination of Relative Value, . . . . .

8. The Equivalent Form of Value, . . . . . . .

4. The Elementary Form of Value considered as a whole, ..

B. Total or Expanded Form of Value, . . . . . . . .

1. The Expanded Relative Form of Value, . .

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2. The Particular Equivalent Form, . . . . . .

3. Defects of the Total or Expanded Form of Value, .

C. The General Form of Value, . . . . . . . ·

1. The altered Character of the form of Value, . . . .

2. The interdependent Development of the Relative Form of Valus,

and of the Equivalent Form.. . . . . . . . . . . .

3. Transition from the General Form to the Money Form, . . . .

D. The Money Form, . . . . . . . . . .

Section 4.-The Fetishism of Commodities and the Secret thereof, . . .

CHAPTER II.-Bxchange . .

. . . .

CHAPTER 11.-Money, or the Circulation of Commodities,

• 106

Section 1.-The Measure of Value, . . . . . . . .

106

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Soction 2-The Medium of Circulation. . . . . . . . . . .

116

a. The Metamorphosis of Commodities, . .

116

6. The Currency of Money. . . . . . . . . .

128

6. Coin, and Symbols of Value, . . . . . . . . . . . 140

Section &-Money,. . . . . . . . . . .

146

a. Hoarding, . . . . . . . . . . . . . . . .

146

b. Means of Payment, . . . . . . . . . . . . . . 161

C. Universal Money, . . . . . . . . . . .

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