even independently of the movement Loan Capital does not produce any mof Ground rent, because the rate of terest in the hands of its owner, 435.
profit and the rate of interest have Loan Capital, influenced by the dea tendency to fall, 731. mand and supply of commodity-capi- Land, its price may rise so high as to tal, 605. _ make production impossible, 943. Loan Capital, its interests opposed to Land, its relation to labor and value, those of industrial capital, 604.
948. Loan Capital, its rapid development a Land and Labor, their material forms result of actual accumulation, 590.
Index.
Loan Capital, its reflux assumes the form of return payments, 405.
Loan Capita!, its return with interest ap- pears on the surface as a return with- out the intervention of production, Loan Capital, its superabundance may express a stagnation of industrial cap- ital or a relative independence of com- mercial credit from banking credit, Loan Capital, its movements on the whole tend in the opposite direction from those of industrial capital, 574.
Loan Capital, its use-value is its func- tions as capital, 413.
Loan Capital must pass through the process of reproduction in order to produce interest, 409.
Loan Capital serves as capital only in the hands of the borrower, 416.
Loan Capital, when identical with indus- trial capital, 565.
Loan Capital, when identical with in- dustrial capital, must be employed for reproduction, 566.
Loans of Money, may serve as money Loans, when capital and when mere cur- rency, 538.
Location of Land, a factor in differen- tial rent as well as fertility, 762.
Loria, Achille, Exhibits his ignorance in economics, 31.
Loria, Achille, tries to rob Marx, 28.
Luther attacks in usury an effect, not a M i Machines become absolutely dearer but relatively cheaper with the productiv- ity of labor, 305.
Machines, the introduction of new im- provements analyzed in their effects upon the value of commodities, 307.
Manuscript of Volume III incomplete, Market-Value and Individual \'alue of commodities regulates market-price under the pressure of supply and de- Market-Value and Market Price differ when social demand and supply do not balance, 218.
Market-N'alue and Price of Production closely related through market prices, Market-Value changes with market con- ditions, 213.
Market-Value is determined by the value of commodities produced under aver- age conditions, 215.
Market- Value is the average value of commodities produced in a certain Market-Value, its fluctuations due to supply and demand of commodities produced under higher or lower con- ditions than the average, 216.
Marx, difference of his theory of ground rent from that of Ricardo, Marx's Method dialectic, not fixed, 24.
Mercantile Theory the first theoretical treatment of modern modes of pro- duction, 396.
Merchant may sell for productive or for individual consumption, 360.
Merchants' Capital defined, 314.
Merchants' Capital individualizes some special functions of industrial capital, Merchants' Capital, inspires false con- ceptions of profits of industrial capi- Merchants' Capital, its historical role illustrated by Venetians, Genoese, Merchants' Capital, its movements arc always those of industrial capital with- in the sphere of circulation, 358.
Merchants' Capital, its participation in the formation of the average rate of profit lowers this rate, 337.
Merchants' Capital, its precapitalist de- velopment creates a tendency towards the production of exchange-values, 390.
Merchants' Capital, its turn-over com- prizes a more limited economic area than that of industrial capital, 364.
Merchants' Capital, its turn-over may promote the turn-overs of different lines of production, 326.
Merchants' capital lives only in the sphere of circulation, 324.
Merchants' Capital, may sell and buy at the same time, 327.
Merchants' Capital plays a determining role in the formation of the aver- age rate of profit in proportion to its pro rata magnitude in the total capip'Merchants' Capital older than the cap- italist mode of production, 382.
Merchants' Capital releases reserve cap- ital of manufacturer, 328.
Merchants' Capital, the analysis of the influence of its turn-over reveals phe- nomena which seem to contradict the law of value, 369.
Merchants' Capital, the rotation of its constant and variable parts analyzed, Merchants' Capital, the Cj-uantity not serving in any function increases with the advance of capitalist production, Merchants' Capital, the velocity of its turn-over inversely proportioned to its absolute total magnitude, 365.
Merchants' Money-Capital and its func- Merchants' Profit equal to the difference between purchase price and selling Merchants' Wealth concentrates money to the extent that production is unde- veloped, 384.
Metairie System (Share Farming), a transition between the older forms of rent and capitalist rent, 933.
Metal Reserve, comparison of its move- ments with those of the money mar- Metal Reserve in Bank of England, did no good to business during crisis be- fore repeal of Bank Act, 660.
Index.
Metal Reserve, increased in all central banks of Europe and America since Metal Reserve, its draining generally a symptom of a change in foreign commerce, 669.
Metal Reserve, its fluctuations must be considered together wjth all other ele- ments, 67U. Metal Reserve, its various functions enumerated, 666.
Middle Age, relation of country and town described, 930.
Mill, John Stuart, his illogical eclecti- Mining Rent, regulated by agricultural Modes of Production, their distinctions and equalities not sufficiently grasped by most economists, 1023.
Money-Capital, a demand for it may in- crease for reasons which are inde- pendent of the rate of profit, 501.
Money-Capital, causes which led to an increased demand for it, 497.
Money, its accumulation expresses in part the fact that all money, into which industrial capital is trans- formed during its cycles, assumes the form of borrowed money, 594.
Money-Capital, its accumulation may arise from extraordinary imports of Money-Capital, its greater portion is fic- titious, 553.
Money, its use reduced to a minimum in wholesale trade, 614.
Money-Capital, may be affected by gold exports, only to the extent that fixed capital, which cannot be exported, pre- vents a return of available funds, 571.
Money-Capital, the same amount of it may be loaned with very different quantities of the medium of circula- Money-Capitalist relinquishes in loan capital the faculty of the money to produce the average profit, 414.
Money Centers give to capitalist produc- tion a more topsy-turvy appearance than industrial centers, 576.
Money-Market, obliterates all systematic terminology, 583.
Monev, a comparatively insignificant quantity admitted to be the pivot of capitalist production, 672.
Money as potential capital makes a com- modity of capital, 398.
Money, its mass as a medium of circu- lation determined by its function as a medium of purchase and of payment, Money, how it becomes interest-bearing capital, 401.
Money, loaned by bankers is a part of their capital, 533.
Money loaned and returned without an mcrement of surplus-value is not in- terest-bearing capital, 412.
Money loaned as capital must perform the productive function, 411.
Money, made dear in order to make commodities cheap, 656.
Money, performs its function as a medium of circulation, whether it be cur- rency or capital, 526.
Money, the same pieces may serve as means of transfer of far larger amounts of capital, 554.
Money Panic, a forerunner of a crisis, Money Rent, in its developed form only the surplus above the profit is turned over to the landlord, 929.
Money Rent, in its pure form absorbs the whole surplus product, 927.
Money Rent, its advent accompanied and preceded by the formation of a class of propertyless laborers, 928.
Money Rent, makes the price of land, or capitalized rent, and the sale of land, regular elements of economy, Money Rent, requires that products should be made for the market, 926.
Money Trade supplies technical means for the reduction of hoards to a min- Monopoly intereferes with normal expres- sion of lavy of value, 209.
Monopoly Price, does not abolish the ab- solute limits of value, but merely transfers a portion of profit from one Mortality Statistics of laborers, 110, 112.
N National Basis of Production is self- contradictory, 287.
National Debt, its capital appears as a National Debt, payment of its interest causes a fluctuation in the rate of in- terest, 622.
Natural Economy, produces both indus- trial and agricultural products, 913.
Natural Law of Economic Equilibrium, the sale of commodities at their value, Natural Power, its application to indus- try does not necessarily create a sur- plus profit that may be transformed into ground rent, 754.
Natural Power, when monopolized and used to increase the productivity of labor, as an exception, creates ground Natural Price a classic name for co't Nature and Society in their role as boundaries of the forces of social pro- Nature, its wealth appears as a natural fertility of capital, 126.
New Developments of Capitalisin since the death of Marx, 518.
New Methods of Production, in order to represent a real increase in pro- ductivity, must reduce wear and tear Notes, limit of their issue, 616.
Notes, their circulation compared to that Notes, their circulation independent of the gold reserve and the will of the Notes, their circulation ruled by the same laws as that of currency, 613.
Index.
Object of Volume III, 37.
Organic Composition of different cap- itals, its differences are independent of the absolute magnitude of those capitals, 176.
Original assumption concerning deter- mination of cost price modified, 194.
Overdrawing of Credit by means of bills of consignment, 4S6.
Overdrawing of Credit intensifies crises, Overproduction does not signify that more is produced than the wants of the great masses require, 302.
Overproduction of Capital signifies over- production of means of production, Overproduction signifies that more com- modities have been produced than can be sold at a profit under the conditions of Capitalism, 303.
Overstone, his confusion between money and capital, 509.
Overstone, his mistaken conception of fixed and circulating capital, 508.
Overstone, his one-sided conception of capital as _ purely money-capital, 512.
Overstone, sticks to his crazy policy even after the Bank Act had to be repealed from necessity, 662.
Periodic variations of different influ- ences of capitalist^ production side by side and successively, their conflict leads to crises, 292.
Periods of Stringency, what is missing in them, money or capital? 544.
Physiocrats, consider agricultural produc- tivity as the basis of the production of surplus-value and of the develop- ment of capital, 912.
Physiocrats, opposed to the mercantile system, 911.
Playroom for local rate of profit, 200.
Potential Money-Capital in the form of Precious Metals, their movements on the world market determined by the in- ternational exchange of commodities, Price of Production altered in three Price of Production at which industrial capitalist sells his commodities is smaller than the merchant's price of production, 330.
Price of Production, causes of its va- riation analyzed, 240.
Price of Production defined, 186.
Price of Production has a varying ele- Prices, their fluctuations take place within relatively narrow limits and compensate each other in the long Primitive Economy, combines agricul- tural and industrial labor, 741.
Private Property, can act as an obstacle against access to land, but cannot prevent the making of surplus-profits for the benefit of the industrial capitalist after access to land has been gained, Private Property in Land, a barrier to the profitable employment of capital Product, its distinction as a gross and net product, 978.
Production, its scale may be altered with- out affecting the rates of e-xchange, Production, may be expanded without raising the rate of interest, 678.
Productive and unproductive laborers of the industrial capitalist, 353.
Productivity, its increase by means of additional capital, if accompanied by different results upon different soils, causes a change in their differential Products, raised by the help of a natural power that costs nothing, rise in price, if this power alone cannot supply the demand and new capital is needed to produce the missing supply, 865.
Productivity, the strongest lever in the effort to raise it is the aim to reduce the cost price, 1027.
Profit and interest in developed and undeveloped countries not comparable offhand, 251.
Profit, alleged by vulgar economists to arise from the antagonism between in- terest and profit of enterprise, 448.
Profit an offspring of the total advanced capital, 49.
Profit, cases in which rates of different capitals are equal and unec,'ual, 84.
Profit, causes determining its rate Profit, fluctuations in its rate may take place independently of changes in the organic composition or absolute mag- nitude of capital through a rise or fall in the value of capital, 1G6.
Profit, its average rate determined by more fundamental causes than that of interest, 431.
Profit, its mass cannot be determined by the rate of profit and the mass of total capital alone, 262.
Profit, its rate a function of several vari- able magnitudes, 73.
Profit, its rate always smaller than the rate of surplus-value, 64.
Profit, its rate does not reveal the in- ternal differences of various capitals, Profit, its rate falls when constant cap- ital increases and variable capital de- creases, 72.
Profit, its rate for different capitals proportioned inversely as their periods of turn-over, 87.
Profit, its rate may be the same and yet express different rates of surplus- Profit, its rate may rise or fall inversely as the rate of surplus-value, 83.
Profit, its rate not affected by the mere difference in the proportions between fixed and circulating capital, 179.
Profit, its rate rises when the variable Index.
caoital increasei; faster than the total capital, 76.
Profit, its rate varies through econo- mies in constant capital or fluctuations in the price of raw materials, even if wages and rate of surplus-value re- main unchanged, 125.
Profit, reality of its high rate demon- strated, 91.
Profit, that portion, which is not con- sumed as revenue is accumulated as money-capital only when it is not im- mediately able to find a place of invest- Profits in different spheres of produc- tion are not proportional to the mag- nitude of the different capitals in- vested in them, 177.
Profit, not necessarily, legitimate sur- plus-value, but a result of cheating, Profit of Enterprise, antagonistic to in- terest, 445.
Profit of Enterprise, its magnitude de- termined by the rate of interest, if gross profit is equal to net profit, 438.
Profit of Enterprise, not in opposition to wage laborer, but only to interest, 446.
Profits of Enterprise, a fruit of indus- trial function as distinguished from interest as a fruit of ownership of money-capital, 44(i.
Profits of Enterprise, no standard of measure for the rate of interest, 601.
Protection to laborers abolished by Eng- lish laws, 108.
Proudhon did not understand the nature of capital, 40S.
Proudhon, his conception of the role of money-capital, 406.
Proudhon, his conception of value does not reveal the origin of surplus-value, Provincial Banks, have their agents in the metroiiolis, 477.
Public Funds, their depreciation through fraudulent speculation, 491.
Quandary of capitalists during crises, whether they should drop cash pay- ments or production, 63.3.
R Railroad Stocks, a means of fraudulent banking, 484.
Ramsay classes merchants' capital with productive capital by confounding it with the transportation capital, 329.
Rate of exchange, differs from Rate of Interest in form, 682.
Rate of Profit as a point of departure for historical inquiry into the trans- formation of surplus-value into profit, Rate of profit, calculated for one year and for several years, 266.
Rate of Profit calculated on the total capital invested, 55.
Rate of Profit falls, not because labor is less exploited, but because less labor is employed in proportion to the employed capital, 288. Rate of Profit is particularly important for all new investments of capital, 304. Rate of Profit, its fall and the over- production of capital are caused by the same conditions, 296. Rate of Profit, its fall cannot be ex- plained by a rise in the rate of wages, except in particular cases, 281. Raw Material, its good quality deter- mines in part the rate of profit, 99. Raw Materials, no control in their pro- duction, 142. Relation between changes in the cost price of individual commodities and the average rate of profit, 202. Relation between Magnitude of individ- ual capitals and average rate of profit, Relative Decrease of variable capital and profit accompanied by an absolute in- crease of both, 261. Relative Overpopulation, 256. Relative Surplus-Population increases be- cause productivity of labor increases, Release of capital defined, 132. Renewal of due bills, kept secret, 625. Rent, as a surplus above profit, its his- torical genesis, 931. Rent, develops as money-rent only oil the basis of a production of commodi- Rent, different heads under which it is analyzed, 843. Rent, frequently absorbs not only the surplus product, but even a part of the necessary product of the tenant, Rent, from an absolute point of view, is a result of an increased investment of capital in the soil, regardless of whether productivity increases, falls, or remains constant, with rising, fall- ing or constant prices, 827. Rent, in the great majority of all possi- ble cases it rises per acre and as a total, as a result of the investment of additional capital, 841. Rent, its average per acre and per capi- tal may fall while the total rental may increase, 778. Rent, its general interrelations over- looked by economists, 781. Rent, may be derived from a monopoly price of product or from a monopoly Rent, may rise through a larger invest- ment of capital without an increase of the rate of productivity, 802. Rent, not considered by classic economy with reference to the quantity of land, but rather with reference to the prod- uct or to capital, 904. Rent, sometimes higher for small es- tates than for large ones, 738.
Rent, which is a deduction from wages or from the average profit is not rent in the economic meaning of the Rent, with additional ^apital, increases absolutely upon all classes of soil, but Index.
-c* in proportion to the additional Ken?a^' itf'fc^tal 'atnount corresponds •^Tn' the ''long average to the absolute productivity of agriculture, 780 Rental, may increase while prices are stationary, 776. „i „f fpn Rent in Kind, a modern survival of feu- Rent in Kind, a modification of labor Rent in Kind, means that surplus labor is no longer performed under the direct supervision of the lord, y^J.
Rent in Kind, not determined by any RenTin Kind, permits some surplus labor for the benefit of the direct producer, Rents in Europe,, fell?% a.co"^^,^"?."':^ of the competition of India and Rus- sia in wheat raising, 842. Reproduction, its return through the va- rious departments of consumption, 9.6. Reserve Fund, its double function as a treasury for national and international payments, 536. Reserve Funds of Banks, express on an Average the magnitude of national hoard, 552. „,, 1 £„>; Reserve Fund of Banks, largely ficti- tious like other deposits, 556. Revenue, all of it is convertible into deposits and loan capital, 59-., Revenue, falsely interchanged with capi- Revenue, its social partition, J/o. Revenue its trinitanan formula com- prises all the secrets of capitalist pro- duction, 947...Ricardian School mistaken m attempting to devolop laws of rate of profit di- rectly from laws of surplus-value, 59. Ricardo did not analyze the relations between a fall in wages and a rise in the rate of profit, 237. Ricardo. his conception of ground rent assumes that it arises only from a suc- cession to worse soil, 772. Ricardo, his definition of rent, 7bU. Ricardo, holds that the value of metal- lic money is determined by the labor time incorporated in it, so long as the quantity of money is rightly pro- portioned to the quantity and prices of commodities, 642. • j » • i Ricardo's assumption that industrial profit plus interest pockets the entire profit, is historically false, 28j. Ricardo's theory of money amounts to Rodbertus, his erroneous view of the re- lation between capital and proht, 164. Rodbertus refuted, 18.
Rural Industry, its transition to city in- Russia, typical for theory of ground Saint-Simonists, their banking and credit Schmidt, Conrad, concerning Lontraai- Schmidt, Conrad, finds correct solution for sinking tendency of average rate Secondarv Exploitation, runs parallel with the ijrimary one in the process of production, 716..
Securities, their mass may increase while the total mass of currency remains the SecuTides, two reasons why their price falls during periods of stringency, 550.
Self-expansion of Capital. mystified by confounding fixed and circulating cap- SelHn'g Function transferred from man- ufacturer to merchant, 317. Selling Price fluctuates between value and cost price of commodity, oO. Selling Price, its modihcation by the avefage time of turn-over of the mer- chants' capital, 368. Serfs, could acquire property under Shares of Stock, a title to ownership of future surplus-value, 541. Shipments from India, made to meet payments on due bills, 46~. ^„t;^.
Slave Economy, appropriates the entire surolus product, 934..
Small Peasants' Property, a barrier to rational agriculture, 94o. Small Peasants' Property, causes of its Small Peasants' Property, feels heavy crops as a misfortune, 939. Small Peasants' Property, fortifies the illusion that land has a value, 941. Small Peasants' Property, keeps the price of cereals lower than capitalistic Small Peasants' Property under it the rural population must far exceed the population of the towns, 935. Small Shopkeeper, his principle of small profits and quick returns, 370 Smith, Adam, wrongly held that the value of commodities resolves itsell in the last analysis into wages, proht Social demand is conditioned on the mutual relations of economic classes, Socialist Theory combined with practice Social Transformation, its approach her aided by intensification of antagonisms Soil differences in quality and quan tity must be taken into accovint ir determining differential rent, 777. Soil, different successions illustrated Soil, does not serve as means of produc- tion, but only as a space, in industrial production, 907., Soil, its composition and place in the succession of cultivation affects differ- ential rent, 763..., •(!„,.
Soil its descending succession in ditter- Soil its inferior sections made pretera- bl'e for cultivation to its superior ones by location, 783.
I04S Index.
Usury, may devour the whole surplus of the producer, 699.
Usury, retains its old form in the tran- sactions with people who are not cap- italists, 705.
Usury, undermines ancient and feudal wealth, 700.
Usury, uses a capital's method of ex- ploitation without its mode of produc- Use-Value, the basis of surplus-value, Value, difficulty of its equilibration in society as a whole, 972.
Values, newly produced, may be the same and yet express different quan- tities of variable capital and surplus- Value of Agricultural Product, two ways in which it may rise without selling the product above its value or above its price of production, 906.
V^alue of Money-capital, another term for rate of interest, 681.
Variable Capital, an index of the quan- tity of living labor set in motion by it, which labor is always greater than that incorporated in the variable capi- N'ariable Capital, its specific organic re- lation to the movement of the total capital and its self-expansion, 66.
Variable Capital, its value does not in- dicate number of laborers employed or wages paid to them individually. 79.
Variable Capital of merchant increases his expenses without increasing the di- rect surplus-value, 352.
V^ariable Capital, sets in motion more labor than its value expresses, 67. _ Variations in Value due to changes in the proportion between constant and variable capital, or due to a prolonga- tion or reduction of the time of turn- over, affect the rate, but not the mass of profits, so long as the rate of sur- plus-value remains the same, 169.
Vulgar Economist is a translator of the false economic conceptions of capitalw Wages, case in which a productivity of labor may reduce them, 999.
Wages, depressed for the purpose of contributing to lease money, 736.
Wages, difficulty of determining them as the price of labor-power, 1006.
Wages, form the relative limit in the partition «f revenue, 1000.
Wages of Abstinence, the speciousness of tlie idea e.xposed, 52U.
Wages of commercial laborer do not bear the same organic relation to the mer- chant's profit as the wages of the in- dustrial laborer to the surplus-value of the manufacturer, 354.
Wages of superintendence, a disguise of profit of enterprise, 450.
Wages of Superintendence paid to board of managers become a swindle, 458.
Wages of Superintendence separated from profits, 457.
Wages, their depression below value a means of checking the falling ten- dency of the rate of profit. 276.
Wages, their increase or decrease in- fluences the rates of surplus-value and of profit, 80.
Wages and Price of Production in their mutual relations, 236.
Wage Workers, their number increasel absolutely but decreases re'atively, 309.
Wars, ruin small peasants, 703.
Waste, its expense rises and falls with the fluctuations in the price of raw ma- terials, 130.
Waste Products in industry, 121.
■Water, included in the Marxian term "land" to the extent that it has an owner and belongs as an accessory to Water Power, may produce a ground rent not produced by establishments oper- ated by steam engines, 751.
Wealth of Nations, not impaired by the fluctuations of fictitious capital. 551.
Wear and Tear of constant capital, if excessive, may reduce productiveness of machine labor below that of hand Wolf, Julius, unable to understand Marx, Working Day in different countries and surplus-value compared, 252.
Working Day, its legal reduction met by attempts to reduce wages, 128.
Working Day, its shortening induced im- provements in machinery, 119.
Working Day, prolonged by necessity of increasing fixed capital, 93.
World-Market, _ the basis and vital ele- ment of capitalist pro'luction, 131.
World Market, the basis of capitalist production, 392.
World Money, no additional currency is required to balance international acT" Index.
Sou, when new, may produce fine cro])s without fertilization, TS5. Speculative Bills, regarded as legitimate bills by bankers, 485. State Debts, a fictitious capital, whose value is illusory, 549. Statistics of Exports and Imports, an index of actual accumulation, 588. Statistics, their unreliability under Cap- italism, 92. Stiebeling, George C, fails to solve Engels' conuiidrum, 33.
Stock, underwritten only so far as is necessary to make first payments, 479.
Stock Companies, may be successful, even if they yield only interest, 517.
Superintendence according to Aristotle, Superintendence as a productive labor, Suiierintendence as wage labor, 455. Suj.erintendence in ancient times, 452. Supply and Demand regulate the division of profit into interest and profit proper, Supply and Demand, their meaning an- alyzed, 219. Supply and Demand, their proportion re- )eats the relations between use-value and exchange-value, 227. Surplus Capital and Surplus Population, Surplus Labor, performed during un- paid overtime is additional exploita- Surplus Product, its specific meaning Surplus Product, may represent a minus