This chapter continues Marx’s account of the “Turnover of Capital” by considering the formal distinction between two types of capital, fixed and circulating. So, immediately the questions we are faced with are, What are these? and, What’s the use in knowing the difference between them? To briefly define them: Circulating, or fluid, capital includes raw materials and inputs that are used up in the process of production. This capital imputes its value onto the commodity being produced all at once and is then disposed. In contrast, items of fixed capital are materials like machinery and buildings, which give up their value only slowly, in a series of productions over the course of months or years. Marx’s objective here is to illuminate the movement from capital in production to capital in circulation.
February 4, 2010
Marx’s Capital Chapter 8: Fixed Capital and Circulating Capital
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