---------------------------------------- -------- ,transcrib]'s ,note3 ,bold text is enclos$ )9 plus signs4 ,gesp]rt text is enclos$ )9 equal signs4 ,fraktur font is enclos$ betwe5 two upright l9es4 ---------------------------------------- -------- ,a ,,contribution ,,to ,,! ,,critique ,,( ,,political ,,economy ,,by ,,k>l ,,m>x ,translat$ f ! ,second ,g]man ,edition by ,n4 ,i4 ,/one ,) an ,app5dix ,conta9+ ,m>x's ,introduction to ! ,critique ,rec5tly ,publi%$ among ,8 ,po/hum\s ,pap]s ,,*icago ,,*>les ,h4 ,,k]r ,,company ,copyright1 #aijd ,by ! ,int]national ,libr>y ,publi%+ ,co4 ,,translator',s ,,preface4 ,! pres5t translation has be5 made f ! second edition ( ! 8,zur ,kritik d] ,politis*5 ,oekonomie10 publi%$ by ,k>l ,kautsky 9 #ahig ) slight *anges f ! orig9al edition ( #ahei2 *anges t _h be5 indicat$ by ,m>x on ! m>g9s ( 8 own copy ( ! book4 ,z w be se5 f ! au?or's preface1 ! "w 0 orig9ally issu$ z ! fir/ in/alm5t ( a complete treatise ( political economy4 ,z he w5t on ) 8 "w1 h[ev]1 ,m>x modifi$ 8 plans & eight ye>s aft] ! appe>ance ( ! 8,zur ,kritik0 he publi%$ ! fir/ volume ( 8 ,capital1 ^: scope 0 int5d$ to cov] ! entire field ( political economy4 ,! plan to :i* ,m>x alludes 9 ! preface to ! pres5t "w 0 ?us ab&on$ 9 its =mal aspects1 b n 9 sub/ance4 ,! subject matt] treat$ "h 0 reproduc$ or r 8summ>iz$10 z ,m>x himself puts x1 9 ,capital4 ,b t 0 done 9 s f> z 0 necess>y to secure cont9uity ( treatm5t4 ,on ! o!r h&1 _m important matt]s are treat$ "h m ?or\ghly ?an 9 ,capital1 especially ! "p devot$ to ! discussion ( money4 ,?is1 z well z ! *apt]s on ! hi/ory ( ! !ories ( value & ( money1 :i* d n appe> 9 ,capital1 make 8,zur ,kritik0 a "w practically complete 9 itself4 ,! rec5t silv] agitation 9 ?is c\ntry %[s h[ timely & useful ?is "w /ill is1 ?\gh writt5 ne>ly half a c5tury ago4 ,t a great "p ( ! work+-m5 employ$ 9 ! cities 7 n c>ri$ away by ! ,democratic-,populi/ agitation 9 #ahif & #aijj is probably due 9 a great] measure ?an is commonly realiz$ to ! direct & indirect influ5ce ( ,m>x1 ^: economic tea*+s guid$ ! sociali/s 9 _! c\nt] agitation4 ,& s9ce ! conditions :i* once gave rise to a dem& = an inflat$ curr5cy h by no means disappe>$ beyond a possibility ( return1 ?is book has a wide field be=e x1 outside ( ! libr>y ( ! college & ( ! /ud5t ( economics1 :i* ! au?or's "n & pre/ige ) ! work+ class insures = x4 ,!re is ano!r reason1 if any ne$ be giv5 :y ?is book %\ld h be5 translat$ into ,engli%4 ,m>x's preface to ! pres5t "w conta9s ! classic =mulation ( 8 hi/orico-philosophic !ory kn[n z ! ,mat]iali/ic ,int]pretation ( ,hi/ory4 ,?is !ory1 :i* until rec5tly 0 ent]ta9$ almo/ exclusively by sociali/ writ]s & 0 h>dly he>d ( outside ( sociali/ circles 9 ,engli% speak+ c\ntries1 is at la/ receiv+ n only due recognition b sympa!tic appreciation at ! h&s ( m5 ( sci5ce4#a ,x is r a significant co9cid5ce t ! "w :i* = ! fir/ "t cle>ly =mulat$ ! law gov]n+ social evolution %\ld h se5 ! light ( day 9 ! same ye> 9 :i* ,d>w9 gave to ! _w 8 !ory ( organic evolution4 ,& z ! latt] _h to fight its way to recognition 9 ! tee? ( religi\s prejudices1 s has ! recognition ( ! =m] be5 ret>d$ by ev5 m p[]ful social & political prejudices4 ,! ,introduction to ! ,critique ( ,political ,economy :i* is add$ z a supplem5t to ?is book is = ! fir/ "t publi%$ 9 book =m 9 any language4 ,x 0 writt5 by ,m>x 9 #aheg1 b = reasons expla9$ by him 9 ! preface 0 n publi%$ & 9 fact 0 nev] f9i%$ by him1 s9ce accord+ to 8 *ang$ plans x w\ld h fitt$ m into ! la/ volume ( ,capital :i* 0 to conta9 a hi/ory ( political economy4 ,! introduction has be5 publi%$ b lately 9 ! =m ( a magaz9e article by ,k>l ,kautsky1 editor ( ! ,neue ,zeit & lit]>y executor ( ,k>l ,m>x4 ,a few explanations are "h 9 ord] ) ref]5ce to ! "w ( translation4 ,no "o is m ke5ly alive to ! %ortcom+s ( ! ,engli% r5d]+ ( ! orig9al ?an ! translator himself4 ,:ile fully consci\s t ! translation might be greatly improv$1 he has at times delib]ately sacrific$ lit]>y f9i% to clos5ess to ! orig9al4 ,x w be f\nd t _m passages h be5 r5d]$ m cle> & concise 9 ,capital 9 :i*1 accord+ to ,m>x's own /atem5t 9 ! preface to t "w1 !y 7 mu* simplifi$ & popul>iz$4 ,! ,hegelian phraseology is m 9 evid5ce 9 ! pres5t "w r5d]+ translation a m difficult task4 ,yet = t v reason x seem$ p>ticul>ly desirable to give to ,engli% speak+ read]s z close a v]sion ( ! orig9al z 0 possible4 ,9 ! few cases :]e c]ta9 passages f ?is "w 7 reproduc$ by ,m>x 9 ,capital1 ! translation ( ! latt] by ,moore & ,avel+ 0 freely drawn ^u ) slight modifications "h & !re4 ,ab\t ! only lib]ty tak5 ) ,m>x's t]m9ology has be5 9 ! case ( ! ^w 8brg]li*40 ,m>x speaks "h ( 8brg]li*e ,produktion0 & 8brg]li*] ,rei*?um0 & 8brg]li*e ,arbeit0 :]e eight ye>s lat] he us$ 9 correspond+ passages 9 ,capital ! ^w 8kapitali/is*e40 ,z ! ,engli% speak+ read] is m accu/om$ to he> ( ! 8capitali/0 sy/em ( production ?an ( ! 8b\rgeois0 sy/em ( production1 etc41 ! translator consid]$ ,m>x's own *ange ( ?is t]m )9 a few ye>s f ! publication ( 8,zur ,kritik0 a suffici5t ju/ification = r5d]+ ! ^w 8brg]li*0 into 8capitali/ic0 :]ev] x seem$ m likely to c>ry ! mean+ home to ! read]4 ,9 view ( ! fact t ! "w is likely to be read 9 wide circles x 0 ?\ght desirable to translate ! num]\s quotations f ,italian1 ,greek1 ,lat9 & ,fr5* writ]s1 ! translation be+ giv5 side by side ) ! orig9al quotation4 ,all ,engli% citations giv5 by ,m>x 9 ,g]man h be5 re/or$ f ! orig9al s\rces1 :i* necessitat$ ! use ( f\r libr>ies1 ! ,a/or & ! ,columbia ,univ]sity libr>ies 9 ,new ,york1 ! ,congressional ,libr>y 9 ,wa%+ton1 & ! private libr>y ( ,pr(essor ,seligman to ^: k9dness ! translator is indebt$ = ! p]mission to use r>e works ( ! sev5te5? c5tury quot$ by ,m>x4 ,sev]al ( ,m>x's ref]5ces to ! pages ( ! books quot$ by him h be5 f\nd to be wrong & !re=e diff] "h f ^? giv5 9 ! orig9al4 ,9 two or ?ree cases :]e ! orig9al ,engli% citations c\ld n be f\nd !y 7 retranslat$ f ,g]man ) ! quotation m>ks omitt$4 ,?is /atem5t w\ld be incomplete if ! translator fail$ to m5tion ! helpful p>ticipation 9 ?is "w by 8 wife ^: %>e 9 ! translation is equal to 8 own4 ,new ,york1 ,octob]1 #aijc4 ,,au?or',s ,,preface4 ,i consid] ! sy/em ( b\rgeois economy 9 ! foll[+ ord]3 ,capital1 l&$ prop]ty1 wage labor2 /ate1 =eign trade1 _w m>ket4 ,"u ! fir/ ?ree heads ,i exam9e ! conditions ( ! economic exi/5ce ( ! ?ree great classes1 :i* make up mod]n b\rgeois society2 ! connection ( ! ?ree rema9+ heads is self evid5t4 ,! fir/ "p ( ! fir/ book1 treat+ ( capital1 consi/s ( ! foll[+ *apt]s3 #a4 ,commodity2 #b4 ,money1 or simple circulation2 #c4 ,capital 9 g5]al4 ,! fir/ two *apt]s =m ! cont5ts ( ! pres5t "w4 ,! entire mat]ial lies be=e me 9 ! =m ( monographs1 writt5 at long int]vals n = publication1 b = ! purpose ( cle>+ up ^? que/ions to myself1 & _! sy/ematic elaboration on ! plan outl9$ above w dep5d ^u circum/ances4 ,i omit a g5]al introduction :i* ,i _h prep>$1 z on second ?\ght any anticipation ( results t are /ill to be prov51 seem$ to me objectionable1 & ! read] :o wi%es to foll[ me at all1 mu/ make up 8 m9d to pass f ! special to ! g5]al4 ,on ! o!r h&1 "s rem>ks z to ! c\rse ( my own politico-economic /udies may be 9 place "h4 ,! subject ( my pr(essional /udies 0 jurisprud5ce1 :i* ,i pursu$1 h[ev]1 9 connection ) & z second>y to ! /udies ( philosophy & hi/ory4 ,9 #ahdb-dc1 z editor ( ! 8,rhe9is*e ,zeitung10 ,i f\nd myself emb>rass$ at fir/ :5 ,i _h to take "p 9 discussions conc]n+ s-call$ mat]ial int]e/s4 ,! proce$+s ( ! ,rh9e ,diet 9 connection ) =e/ !fts & ! extreme subdivision ( l&$ prop]ty2 ! (ficial controv]sy ab\t ! condition ( ! ,mosel peasants into :i* ,h]r von ,s*ap]1 at t "t presid5t ( ! ,rh9e ,prov9ce1 ent]$ ) ! 8,rhe9is*e ,zeitung20 f9ally1 ! debates on free trade & protection1 gave me ! fir/ impulse to take up ! /udy ( economic que/ions4 ,at ! same "t a weak1 quasi-philosophic e*o ( ,fr5* socialism & communism made itself he>d 9 ! 8,rhe9is*e ,zeitung0 9 ^? days :5 ! good int5tions 8to g ahead0 greatly outweigh$ k ( facts4 ,i decl>$ myself aga9/ su* bot*+1 b _h to admit at once 9 a controv]sy ) ! 8,allgeme9e ,augsburg] ,zeitung0 t my previ\s /udies did n all[ me to haz>d an indep5d5t judgm5t z to ! m]its ( ! ,fr5* s*ools4 ,:51 !re=e1 ! publi%]s ( ! 8,rhe9is*e ,zeitung0 conceiv$ ! illusion t by a less aggressive policy ! pap] c\ld be sav$ f ! dea? s5t5ce pron\nc$ ^u x1 ,i 0 glad to grasp t opportunity to retire to my /udy room f public life4 ,! fir/ "w und]tak5 = ! solution ( ! "q t tr\bl$ me1 0 a critical revision ( ,hegel's 8,philosophy ( ,law02 ! introduction to t "w appe>$ 9 ! 8,deuts*-,franzsis*e ,jahrb*]10 publi%$ 9 ,p>is 9 #ahdd4 ,i 0 l$ by my /udies to ! conclusion t legal relations z well z =ms ( /ate c\ld nei!r be und]/ood by !mselves1 nor expla9$ by ! s-call$ g5]al progress ( ! human m9d1 b t !y are root$ 9 ! mat]ial conditions ( life1 :i* are summ$ up by ,hegel aft] ! fa%ion ( ! ,engli% & ,fr5* ( ! eighte5? c5tury "u ! "n 8civic society20 ! anatomy ( t civic society is to be s\ght 9 political economy4 ,! /udy ( ! latt] :i* ,i _h tak5 up 9 ,p>is1 ,i cont9u$ at ,brussels :i!r ,i emigrat$ on acc\nt ( an ord] ( expulsion issu$ by ,mr4 ,guizot4 ,! g5]al conclusion at :i* ,i arriv$ & :i*1 once rea*$1 cont9u$ to s]ve z ! lead+ ?read 9 my /udies1 may be briefly summ$ up z foll[s3 ,9 ! social production :i* m5 c>ry on !y ent] into def9ite relations t are indisp5sable & indep5d5t ( _! w2 ^! relations ( production correspond to a def9ite /age ( developm5t ( _! mat]ial p[]s ( production4 ,! sum total ( ^! relations ( production con/itutes ! economic /ructure ( society! real f\ndation1 on :i* rise legal & political sup]/ructures & to :i* correspond def9ite =ms ( social consci\sness4 ,! mode ( production 9 mat]ial life det]m9es ! g5]al "* ( ! social1 political & spiritual processes ( life4 ,x is n ! consci\sness ( m5 t det]m9es _! exi/5ce1 b1 on ! contr>y1 _! social exi/5ce det]m9es _! consci\sness4 ,at a c]ta9 /age ( _! developm5t1 ! mat]ial =ces ( production 9 society come 9 conflict ) ! exi/+ relations ( production1 or:at is b a legal expression = ! same ?+) ! prop]ty relations )9 :i* !y _h be5 at "w be=e4 ,f =ms ( developm5t ( ! =ces ( production ^! relations turn into _! fett]s4 ,!n comes ! p]iod ( social revolution4 ,) ! *ange ( ! economic f\ndation ! entire imm5se sup]/ructure is m or less rapidly trans=m$4 ,9 consid]+ su* trans=mations ! di/9ction %\ld always be made betwe5 ! mat]ial trans=mation ( ! economic conditions ( production :i* c be det]m9$ ) ! precision ( natural sci5ce1 & ! legal1 political1 religi\s1 ae/hetic or philosophic9 %ort ideological =ms 9 :i* m5 become consci\s ( ?is conflict & fight x out4 ,j z our op9ion ( an individual is n bas$ on :at he ?9ks ( himself1 s c we n judge ( su* a p]iod ( trans=mation by its own consci\sness2 on ! contr>y1 ?is consci\sness mu/ r be expla9$ f ! contradictions ( mat]ial life1 f ! exi/+ conflict betwe5 ! social =ces ( production & ! relations ( production4 ,no social ord] ev] disappe>s be=e all ! productive =ces1 = :i* !re is room 9 x1 h be5 develop$2 & new high] relations ( production nev] appe> be=e ! mat]ial conditions ( _! exi/5ce h matur$ 9 ! womb ( ! old society4 ,!re=e1 mank9d always takes up only su* problems z x c solve2 s9ce1 look+ at ! matt] m closely1 we w always f9d t ! problem itself arises only :5 ! mat]ial conditions necess>y = its solution already exi/ or are at lea/ 9 ! process ( =mation4 ,9 broad outl9es we c designate ! ,asiatic1 ! anci5t1 ! feudal1 & ! mod]n b\rgeois me?ods ( production z s _m epo*s 9 ! progress ( ! economic =mation ( society4 ,! b\rgeois relations ( production are ! la/ antagoni/ic =m ( ! social process ( productionantagoni/ic n 9 ! s5se ( individual antagonism1 b ( "o aris+ f conditions surr\nd+ ! life ( individuals 9 society2 at ! same "t ! productive =ces develop+ 9 ! womb ( b\rgeois society create ! mat]ial conditions = ! solution ( t antagonism4 ,?is social =mation con/itutes1 !re=e1 ! clos+ *apt] ( ! prehi/oric /age ( human society4 ,fr$]ick ,engels1 ) :om ,i 0 cont9ually correspond+ & ex*ang+ ideas s9ce ! appe>ance ( 8 +5i\s critical essay on economic categories 79 ! 8,deuts*-,franzsis*e ,jahrb*]071 came by a diff]5t road to ! same conclusions z myself 7see 8 8,condition ( ! ,work+ ,classes 9 ,engl&074 ,:5 he1 too1 settl$ 9 ,brussels 9 ! spr+ ( #ahde1 we decid$ to "w out toge!r ! contra/ betwe5 our view & ! idealism ( ! ,g]man philosophy1 9 fact to settle our acc\nts ) our =m] philosophic consci5ce4 ,! plan 0 c>ri$ out 9 ! =m ( a criticism ( ! po/-,hegelian philosophy4 ,! manuscript 9 two solid octavo volumes _h long rea*$ ! publi%] 9 ,we/phalia1 :5 we receiv$ in=mation t conditions _h s *ang$ z n to all[ ( its publication4 ,we ab&on$ ! manuscript to ! /++ criticism ( ! mice ! m readily s9ce we _h accompli%$ our ma9 purpose! cle>+ up ( ! "q to ourselves4 ,( ! scatt]$ writ+s on v>i\s subjects 9 :i* we pres5t$ our views to ! public at t "t1 ,i recall only ! 8,manife/o ( ! ,communi/ ,p>ty0 writt5 by ,engels & myself1 & ! 8,disc\rse on ,free ,trade0 writt5 by myself4 ,! lead+ po9ts ( our !ory 7 fir/ pres5t$ sci5tifically1 ?\gh 9 a polemic =m1 9 my 8,misre de la ,philosophie1 etc40 direct$ aga9/ ,pr\dhon & publi%$ 9 #ahdg4 ,an essay on 8,wage ,labor10 writt5 by me 9 ,g]man1 & 9 :i* ,i put toge!r my lectures on ! subject deliv]$ be=e ! ,g]man ,workm5's ,club at ,brussels1 0 prev5t$ f leav+ ! h&s ( ! pr9t] by ! ,febru>y revolution & my expulsion f ,belgium :i* foll[$ x z a consequ5ce4 ,! publication ( ! 8,neue ,rhe9is*e ,zeitung0 9 #ahdh & #ahdi1 & ! ev5ts :i* took place lat] on1 int]rupt$ my economic /udies :i* ,i c\ld n resume be=e #ahej 9 ,london4 ,! enorm\s mat]ial on ! hi/ory ( political economy :i* is accumulat$ 9 ! ,briti% ,museum2 ! favorable view :i* ,london (f]s = ! obs]vation ( b\rgeois society2 f9ally1 ! new /age ( developm5t ^u :i* ! latt] seem$ to h ent]$ ) ! discov]y ( gold 9 ,cali=nia & ,au/ralia1 l$ me to ! decision to resume my /udies f ! v beg9n+ & "w up critically ! new mat]ial4 ,^! /udies p>tly l$ to :at might seem side que/ions1 ov] :i* ,i nev]!less _h to /op = long] or %ort] p]iods ( "t4 ,especially 0 ! "t at my disposal cut d[n by ! imp]ative necessity ( work+ = a liv+4 ,my "w z contributor on ! lead+ ,anglo-,am]ican newspap]1 ! 8,new ,york ,tribune10 at :i* ,i h n[ be5 engag$ = eight ye>s1 has caus$ v great int]ruption 9 my /udies1 s9ce ,i engage 9 newspap] "w prop] only occasionally4 ,yet articles on important economic ev5ts 9 ,engl& & on ! cont95t h =m$ s l>ge a "p ( my contributions t ,i h be5 oblig$ to make myself famili> ) practical details :i* lie outside ! prop] sph]e ( political economy4 ,?is acc\nt ( ! c\rse ( my /udies 9 political economy is simply to prove t my views1 :atev] "o may ?9k ( !m1 & no matt] h[ little !y agree ) ! int]e/$ prejudices ( ! rul+ classes1 are ! result ( _m ye>s ( consci5ti\s rese>*4 ,at ! entrance to sci5ce1 h[ev]1 ! same requirem5t mu/ be put z at ! entrance to hell3 ,qui si convi5 lasci>e ogni sospetto ,ogni vilt convi5 *e qui sia morta4 ,k>l ,m>x4 ,london1 ,janu>y1 #ahei4 ,,cont5ts4 ,,page4 ,translator's ,preface #c ,au?or's ,preface #i ,,book ,i4 ,,capital ,,9 ,,g5]al4 ,*apt] ,i4 ,commodities #ai ,a4 ,notes on ! ,hi/ory ( ! ,!ory ( ,value #ef ,*apt] ,,ii4 ,money or ,simple ,circulation #gc #a4 ,! ,measure ( ,value #gd ,b4 ,!ories ( ! ,unit ( ,measure ( ,money #ia #b4 ,! ,m$ium ( ,circulation #ajg a4 ,! ,metamorphosis ( ,commodities #ajh b4 ,! ,circulation ( ,money #abe c4 ,co9 & ,symbols ( ,value #ach #c4 ,money #afb a4 ,ho>d+ #aff b4 ,means ( ,paym5t #ahe c4 ,_w ,money #bja #d4 ,! ,preci\s ,metals #bjh ,c4 ,!ories ( ! ,m$ium ( ,circulation & ( ,money #bae ,app5dix4 ,introduction to ! ,critique ( ,political ,economy #bfd #a4 ,production 9 ,g5]al #bfe #b4 ,! ,g5]al ,relation ( ,production to ,di/ribution1 ,ex*ange1 & ,consumption #bgd #c4 ,! ,me?od ( ,political ,economy #bib #d4 ,production1 ,means ( ,production1 & ,conditions ( ,production #cjf ,index #cac ,,capital ,,9 ,,g5]al4 ,,book ,i4 ,,*apt] ,i4 ,,commodities4 ,at fir/ sight ! weal? ( society "u ! capitali/ sy/em pres5ts itself z an imm5se accumulation ( commodities1 its unit be+ a s+le commodity4 ,b e commodity has a tw(old aspect1 t ( use value & ex*ange value4#b ,a commodity is fir/ ( all1 9 ! language ( ,engli% economi/s1 8any ?+ necess>y1 useful or pleasant 9 life10 an object ( human wants1 a means ( exi/5ce 9 ! broade/ s5se ( ! ^w4 ,?is prop]ty ( commodities to s]ve z use-values co9cides ) _! natural palpable exi/5ce4 ,:eat e4 g4 is a di/9ct use-value diff]+ f ! use-values cotton1 glass1 pap]1 etc4 ,use-value has a value only 9 use & is realiz$ only 9 ! process ( consumption4 ,! same use-value may be utiliz$ 9 v>i\s ways4 ,b ! ext5t ( its possible applications is circumscrib$ by its di/9ct prop]ties4 ,fur!rmore1 x is ?us limit$ n only qualitatively b also quantitatively4 ,accord+ to _! natural prop]ties ! v>i\s use-values h diff]5t measures1 su* z a bu%el ( :eat1 a quire ( pap]1 a y>d ( l951 etc4 ,:atev] ! social =m ( weal? may be1 use-values always h a sub/ance ( _! own1 indep5d5t ( t =m4 ,"o c n tell by ! ta/e ( :eat :e!r x has be5 rais$ by a ,russian s]f1 a ,fr5* peasant1 or an ,engli% capitali/4 ,al?\gh ! object ( social wants &1 !re=e1 mutually connect$ 9 society1 use-values d n be> any m>ks ( ! relations ( social production4 ,suppose1 we h a commodity ^: use-value is t ( a diamond4 ,we c n tell by look+ at ! diamond t x is a commodity4 ,:5 x s]ves z a use-value1 ae/hetic or me*anical1 on ! brea/ ( a h>lot1 or 9 ! h& ( a glasscutt]1 x is a diamond & n a commodity4 ,x is ! necess>y pr]equisite ( a commodity to be a use-value1 b x is immat]ial to ! use-value :e!r x is a commodity or n4 ,use-value 9 ?is indiff]5ce to ! nature ( its economic de/9ation1 i4 e4 use-value z su* lies outside ! sph]e ( inve/igation ( political economy4#c ,x falls )9 ! sph]e ( ! latt] only 9 s f> z x =ms its own economic de/9ation4 ,x =ms ! mat]ial basis :i* directly und]lies a def9ite economic relation call$ ex*ange value4 ,ex*ange-value appe>s at fir/ sight z a quantitative relation1 z a proportion 9 :i* use-values are ex*ang$ = "o ano!r4 ,9 su* a relation !y con/itute equal ex*angeable quantities4 ,?us1 a volume ( ,prop]cius & eight ounces ( snuff may repres5t ! same ex*ange value1 9 spite ( ! dissimil> use-values ( tobacco & elegy4 ,z ex*ange-value1 "o k9d ( use-value is wor? z mu* z ano!r k9d1 if only tak5 9 "r proportion4 ,! ex*ange value ( a palace c be express$ 9 a c]ta9 numb] ( boxes ( %oe-black+4 ,on ! contr>y1 ,london manufactur]s ( %oe-black+ h express$ ! ex*ange value ( _! _m boxes ( black+1 9 palaces4 ,?us1 entirely ap>t f _! natural =ms & )\t reg>d to ! specific k9d ( wants = :i* !y s]ve z use-values1 commodities 9 c]ta9 quantities equal ea* o!r1 take ea* o!r's place 9 ex*ange1 pass z equival5ts1 & 9 spite ( _! v>iegat$ appe>ance1 repres5t ! same entity4 ,use-values are prim>ily means ( exi/5ce4 ,^! means ( exi/5ce1 h[ev]1 are !mselves products ( social life1 ! result ( exp5d$ human vital p[]1 mat]ializ$ labor4 ,z ! embodim5t ( social labor1 all commodities are ! cry/allization ( ! same sub/ance4 ,let u n[ consid] ! nature ( ?is sub/ance1 i4 e41 ( labor1 :i* is express$ 9 ex*ange value4 ,let "o ounce ( gold1 "o ton ( iron1 "o qu>t] ( :eat & tw5ty y>ds ( silk repres5t equal ex*ange values4 ,z equival5ts1 9 :i* ! qualitative diff]5ce betwe5 _! use-values has be5 elim9at$1 !y repres5t equal volumes ( ! same k9d ( labor4 ,! labor :i* is equally embodi$ 9 all ( !m mu/ be uni=m1 homog5e\s1 simple labor4 ,x matt]s z little 9 ! case ( labor :e!r x be embodi$ 9 gold1 iron1 :eat1 or silk1 z x does 9 ! case ( oxyg51 :e!r x appe>s 9 ! ru/ ( iron1 9 ! atmosph]e1 9 ! juice ( a grape1 or 9 ! blood ( a human be+4 ,b ! digg+ ( gold1 ! extraction ( iron f a m9e1 ! rais+ ( :eat & ! weav+ ( silk are s _m k9ds ( labor1 diff]+ 9 quality4 ,z a matt] ( fact1 :at 9 reality appe>s z a diff]5ce 9 use-values1 is 9 ! process ( production1 a diff]5ce 9 ! "w creat+ ^? use-values4 ,j z labor1 :i* creates ex*ange value1 is indiff]5t to ! mat]ial ( use-values1 s x is to ! special =m ( labor itself4 ,fur!rmore1 ! diff]5t use-values are ! products ( ! "w ( diff]5t individuals1 consequ5tly ! result ( v>i\s k9ds ( labor diff]+ individually f "o ano!r4 ,b z ex*ange values1 !y repres5t ! same homog5e\s labor1 i4 e41 labor f :i* ! individuality ( ! work]s is elim9at$4 ,labor creat+ ex*ange value is1 !re=e1 ab/ract g5]al labor4 ,if "o ounce ( gold1 "o ton ( iron1 "o qu>t] ( :eat1 & tw5ty y>ds ( silk are ex*ange values ( equal magnitude or equival5ts2 !n "o ounce ( gold1 half a ton ( iron1 ?ree bu%els ( :eat & five y>ds ( silk are ex*ange values ( diff]5t magnitudes1 & ?is quantitative diff]5ce is ! only diff]5ce ( :i* !y are capable z ex*ange values4 ,z ex*ange values ( diff]5t magnitudes1 !y repres5t great] or small] quantities ( t simple1 homog5e\s1 ab/ract1 g5]al labor1 :i* =ms ! sub/ance ( ex*ange value4 ,! "q arises1 h[ are ^! quantities to be measur$8 ,or1 r :at con/itutes ! sub/ance ( labor1 :i* makes x capable ( quantitative measurem5t1 s9ce ! quantitative diff]5ces ( commodities 9 _! capacity ( ex*ange values are b quantitative diff]5ces ( labor embodi$ 9 !m4 ,j z motion is measur$ by "t1 s is labor measur$ by labor-"t4 ,giv5 ! quality ( labor1 ! diff]5ce 9 its duration is ! only prop]ty by :i* x c be di/+ui%$4 ,z labor-"t1 labor has ! same /&>d ( measurem5t z ! natural "t measures1 viz41 h\rs1 days1 weeks1 etc4 ,labor-"t is ! vital sub/ance ( labor1 indep5d5t ( its =m1 composition1 individuality2 x is its vital sub/ance quantitatively1 hav+ at ! same "t its own inh]5t measure4 ,labor-"t embodi$ 9 ! use-values ( commodities is ! sub/ance :i* makes ex*ange values &1 !re=e1 commodities ( !m & at ! same "t s]ves to measure def9ite quantities ( _! value4 ,correspond+ quantities ( diff]5t use-values1 9 :i* ! same quantity ( labor-"t is embodi$1 are equival5ts2 or1 to put x 9 ano!r =m1 all use-values are equival5ts :5 tak5 9 proportions conta9+ ! same quantity ( exp5d$1 mat]ializ$ labor-"t4 ,z ex*ange values1 all commodities are b def9ite measures ( congeal$ labor-"t4 ,to und]/& h[ ex*ange value is det]m9$ by labor-"t1 ! foll[+ ma9 po9ts mu/ be kept 9 m9d3 ,! r$uction ( labor to simple labor1 devoid ( any quality1 s to speak2 ! specific ways & means by :i* ex*angevalue-creat+1 i4 e41 commodity produc+ labor becomes social labor2 f9ally1 ! diff]5ce betwe5 labor z ! produc] ( use-values1 & labor z ! creator ( ex*ange values4 ,9 ord] to measure commodities by ! labor-"t conta9$ 9 !m1 ! diff]5t k9ds ( labor mu/ be r$uc$ to uni=m1 homog5e\s1 simple labor1 9 %ort1 to labor :i* is qualitatively ! same1 &1 !re=e1 diff]s only 9 quantity4 ,?is r$uction appe>s to be an ab/raction2 b x is an ab/raction :i* takes place daily 9 ! social process ( production4 ,! conv]sion ( all commodities into labor-"t is no great] ab/raction nor a less real process ?an ! *emical r$uction ( all organic bodies to air4 ,labor1 ?us measur$ by "t1 does n appe> 9 reality z ! labor ( diff]5t individuals4 b on ! contr>y1 ! v>i\s work+ individuals r appe> z m]e organs ( labor2 or1 9 s f> z labor is repres5t$ by ex*ange values1 x may be def9$ z human labor 9 g5]al4 ,?is ab/raction ( human labor 9 g5]al virtually exi/s 9 ! av]age labor :i* ! av]age individual ( a giv5 society c p]=ma c]ta9 productive exp5diture ( human muscles1 n]ves1 bra91 etc4 ,x is unskill$ labor to :i* ! av]age individual c be put & :i* he has to p]=m 9 "o way or ano!r4 ,! "* ( ?is av]age labor v>ies 9 diff]5t c\ntries & at diff]5t /ages ( civilization1 b appe>s fix$ 9 a p>ticul> society4 ,unskill$ labor con/itutes ! bulk ( all labor p]=m$ 9 capitali/ society1 z may be se5 f all /ati/ics4 ,x is obvi\s t if ,a sp5ds six h\rs 9 ! production ( iron & six h\rs on l951 & ,b also produces iron dur+ six h\rs & l95 dur+ ano!r six h\rs1 x is b a diff]5t application ( ! same labor "t t w\ld be exp5d$1 if ,a produc$ iron dur+ twelve h\rs1 :ile ,b work$ twelve h\rs on l954 ,b h[ ab\t skill$ labor :i* rises above ! level ( av]age labor by its high] int5sity1 by its great] specific gravity8 ,?is k9d ( labor resolves itself into unskill$ labor compos+ x2 x is simple labor ( a high] int5sity1 s t "o day ( skill$ labor1 e4 g41 may equal ?ree days ( unskill$ labor4 ,?is is n ! place to consid] ! laws regulat+ ?is r$uction4 ,x is cle>1 h[ev]1 t su* r$uction does take place1 =1 z ex*ange value1 ! product ( ! mo/ skill$ labor is1 :5 tak5 9 a c]ta9 proportion1 equival5t to ! product ( unskill$ av]age labor1 or equal to a def9ite quantity ( t unskill$ labor4 ,! det]m9ation ( ex*ange-value by means ( labor-"t implies1 fur!r1 ! fact t an equal quantity ( labor is embodi$ 9 any giv5 commodity1 e4 g41 a ton ( iron1 no matt] :e!r x is ! "w ( ,a or ,b1 t is to say1 v>i\s individuals exp5d an equal am\nt ( labor-"t = ! production ( ! same use-value ( a giv5 quality & quantity4 ,x is ?us assum$ t ! labor-"t conta9$ 9 a commodity is ! labor-"t necess>y = its production1 i4 e41 x is ! labor-"t :i* is requir$ = ! production ( ano!r specim5 ( ! same commodity "u ! same g5]al conditions ( production4 ,! conditions ( labor1 :i* creates ex*ange value1 z %[n by ! analysis ( ! latt]1 are social conditions ( labor or conditions ( social labor4 ,social1 n 9 ! ord9>y1 b 9 a special s5se4 ,x is a specific =m ( ! social process4 ,! homog5e\s simplicity ( labor means fir/ ( all equality ( ! labors ( v>i\s individuals1 a reciprocal relation ( equality ( _! labors det]m9$ by ! actual r$uction ( all k9ds ( labor to uni=m labor4 ,! labor ( e individual1 z f> z x is express$ 9 ex*ange value possesses ?is social "* ( equality & f9ds expression 9 ex*ange value only 9 s f> z x is a relation ( equality ) ! labor ( all o!r individuals4 ,fur!rmore1 ! labor-"t ( a s+le individual is directly express$ 9 ex*ange value z univ]sal labor-"t1 & ?is univ]sal "* ( individual labor is ! manife/ation ( its social "*4 ,! labor-"t repres5t$ by ex*ange value is ! labor-"t ( an individual1 b ( an individual undi/+ui%$ f o!r individuals 9 s f> z !y p]=m ! same labor2 !re=e1 ! "t requir$ by "o individual = ! production ( a c]ta9 commodity is ! necess>y labor-"t :i* any o!r individual w\ld h to sp5d on ! production ( ! same commodity4 ,x is ! labor-"t ( an individual1 8 labor-"t1 b only z labor-"t common to all1 reg>dless z to :i* p>ticul> individual's labor-"t x is4 ,z univ]sal labor-"t x is repres5t$ 9 a univ]sal product1 9 a univ]sal equival5t1 9 a def9ite quantity ( mat]ializ$ labor-"t3 ! latt] is indiff]5t z to ! p>ticul> =m ( use-value 9 :i* x appe>s directly z ! product ( an individual1 & may be turn$ at w into any o!r =m ( use-value to repres5t ! product ( any o!r individual4 ,only z su* a univ]sal quantity1 is x a social quantity4 ,9 ord] to result 9 ex*ange value1 ! labor ( an individual mu/ be turn$ into a univ]sal equival5t1 i4 e41 ! labor-"t ( an individual mu/ be express$ z univ]sal labor-"t1 or univ]sal labor-"t z t ( an individual4 ,x is ! same z ?\gh diff]5t individuals _h put toge!r _! labor-"t & contribut$ ! diff]5t quantities ( labor-"t at _! common disposal 9 ! =m ( diff]5t use-values4 ,! labor-"t ( ! individual is ?us1 9 fact1 ! labor "t :i* society requires = ! production ( a c]ta9 use-value1 i4 e41 = ! satisfaction ( a c]ta9 want4 ,b ! "q t int]e/s u "h is z to ! specific =m 9 :i* labor acquires a social "*4 ,let u suppose t a c]ta9 quantity ( labor-"t ( a sp9n] is realiz$ 9 #ajj lbs4 ( y>n4 ,suppose #ajj y>ds ( l951 ! product ( ! weav]1 repres5t ! same quantity ( labor-"t4 ,inasmu* z ^! two products repres5t equal quantities ( univ]sal labor-"t &1 h5ce1 are equival5ts ( e use-value :i* conta9s ! same am\nt ( labor-"t1 !y are also equival5t to ea* o!r4 ,only because ! labor-"t ( ! sp9n] & t ( ! weav] take ! =m ( univ]sal labor-"t & _! products appe> z univ]sal equival5ts1 is ! labor ( ! weav] realiz$ = ! sp9n]1 & t ( ! sp9n]1 = ! weav]1 ! labor ( "o takes ! place ( ! labor ( ! o!r1 i4 e41 ! social "* ( _! labors is realiz$ = bo?4 ,q diff]5t x 0 "u ! patri>*al sy/em ( production1 :5 sp9n] & weav] liv$ "u ! same ro(1 :5 ! female memb]s ( ! family did ! sp9n+1 & ! male memb]s did ! weav+ to supply ! wants ( _! own family2 !n y>n & l95 7 social products1 sp9n+ & weav+ 7 social labor )9 ! limits ( ! family4 ,b _! social "* did n manife/ itself 9 ! fact t y>n1 z a univ]sal equival5t1 c\ld be ex*ang$ = l95 z a univ]sal equival5t1 or t "o 0 ex*ang$ = ano!r1 z id5tical & equival5t expressions ( ! same univ]sal labor-"t4 ,x 0 r ! family organization ) its natural division ( labor t impress$ its peculi> social /amp on ! product ( labor4 ,or1 let u take ! s]vices & paym5ts 9 k9d ( ! ,middle ,ages4 ,x 0 ! specific k9d ( labor p]=m$ by ea* individual 9 its natural =m1 ! p>ticul> & n ! univ]sal aspect ( labor1 t con/itut$ !n ! social tie4 ,or1 let u f9ally take labor c>ri$ on 9 common 9 its primitive natural =m1 z we f9d x at ! dawn ( hi/ory ( all civiliz$ races4#d ,x is cle> t 9 ?is case labor does n acquire its social "* f ! fact t ! labor ( ! individual takes on ! ab/ract =m ( univ]sal labor or t 8 product assumes ! =m ( a univ]sal equival5t4 ,! v nature ( production "u a communal sy/em makes x impossible = ! labor ( ! individual to be private labor & 8 product to be a private product2 on ! contr>y1 x makes individual labor appe> z ! direct function ( a memb] ( a social organism4 ,on ! contr>y1 labor1 :i* is express$ 9 ex*ange value1 at once appe>s z ! labor ( a sep>ate individual4 ,x becomes social labor only by tak+ on ! =m ( its direct opposite1 ! =m ( ab/ract univ]sal labor4 ,labor1 :i* creates ex*ange value1 is1 f9ally1 *>act]iz$ by ! fact t ev5 ! social relations ( m5 appe> 9 ! rev]s$ =m ( a social relation ( ?+s4 ,only 9 s f> z two use-values are 9 a mutual relation ( ex*ange values does ! labor ( diff]5t p]sons possess ! common prop]ty ( be+ id5tical univ]sal labor4 ,h5ce1 if x be correct to say t ex*ange value is a relation betwe5 p]sons1#e x mu/ be add$ t x is a relation disguis$ "u a mat]ial cov]4 ,j z a p\nd ( iron & a p\nd ( gold repres5t ! same weight 9 spite ( _! diff]5t physical & *emical prop]ties1 s d two use-values1 z commodities conta9+ ! same quantity ( labor-"t1 repres5t ! same ex*ange value4 ,ex*ange value ?us appe>s z ! natural social de/9ation ( use-values1 a prop]ty :i* !y possess by virtue ( be+ ?+s & 9 consequ5ce ( :i* !y are ex*ang$ = "o ano!r 9 def9ite proportions1 or =m equival5ts1 j z *emical elem5ts comb9e 9 c]ta9 proportions1 =m+ *emical equival5ts4 ,x is only ?r\gh ! habit ( ev]yday life t we come to ?9k x p]fectly pla9 & commonplace1 t a social relation ( production %\ld take on ! =m ( a ?+1 s t ! relation ( p]sons 9 _! "w appe>s 9 ! =m ( a mutual relation betwe5 ?+s1 & betwe5 ?+s & p]sons4 ,9 commodities ?is my/ification is z yet v simple4 ,x is m or less pla9 to ev]ybody t a relation ( commodities z ex*ange values is no?+ b a mutual relation betwe5 p]sons 9 _! productive activity4 ,?is semblance ( simplicity disappe>s 9 high] productive relations4 ,all ! illusions 9 reg>d to ! monet>y sy/em are due to ! fact t money is n reg>d$ z some?+ repres5t+ a social relation ( production1 b z a product ( nature end[$ ) c]ta9 prop]ties4 ,! mod]n economi/s :o sne] at ! illusions ( ! monet>y sy/em1 betray ! same illusion z soon z !y h to deal ) high] economic =ms1 z1 e4 g41 capital4#f ,x breaks =? 9 _! confession ( naive surprise1 :5 :at !y h j ?\ght to h def9$ ) great difficulty z a ?+ sudd5ly appe>s z a social relation & !n reappe>s to tease !m aga9 z a ?+1 be=e !y h b>ely manag$ to def9e x z a social relation4 ,s9ce ! ex*ange value ( commodities is1 9 fact1 no?+ b a mutual relation ( ! labors ( individualslabors :i* are simil> & univ]salno?+ b a mat]ial expression ( a specific social =m ( labor1 x is a tautology to say t labor is ! only s\rce ( ex*ange value & consequ5tly ( weal?1 9 s f> z ! latt] consi/s ( ex*ange values4 ,simil>ly1 x is a tautology to say t matt] 9 its natural /ate has no ex*ange value1 because x does n conta9 any labor1 & t ex*ange value z su* does n conta9 matt]4 ,b :5 ,william ,petty calls 8labor ! fa!r & e>? ! "m ( weal?10 or :5 ,bi%op ,b]keley asks 8:e!r ! f\r elem5ts & man's lab\r !re91 be n ! true s\rce ( weal?10#g or :5 ! ,am]ican1 ,?omas ,coop] puts x popul>ly3 8,take away f a piece ( bread ! lab\r be/[$ by ! bak] on ! fl\r1 by ! mill] on ! gra9 br\ght to him1 by ! f>m] 9 pl\gh+1 s[+1 t5d+1 ga!r+1 ?re%+1 clean+ & transport+ ! se$1 & :at w rema98 ,a few gra9s ( grass1 gr[+ wild 9 ! woods1 & unfit = any human purpose0#h!n all ^! views d n ref] to ab/ract labor z ! s\rce ( ex*ange value1 b to concrete labor z ! s\rce ( mat]ial weal?2 9 %ort1 to labor 9 s f> z x produces use-values4 ,9 assum+ t a commodity has use-value we assume ! special usefulness & di/9ct fitness ( ! labor absorb$ by x1 b t is all !re is to ! view ( labor z useful labor f ! /&po9t ( commodity4 ,consid]+ bread z a use-value1 we are int]e/$ 9 its prop]ties z an article ( food & n at all 9 ! diff]5t k9ds ( labor ( ! f>m]1 mill]1 bak]1 etc4 ,if by "s inv5tion n9ete5-tw5tie?s ( ?is labor c\ld be sav$1 ! loaf ( bread w\ld /ill r5d] ! same s]vice z be=e4 ,if x fell ready-made f ! sky x w\ld n lose a s+le atom ( its use-value4 ,:ile labor :i* creates ex*ange value is realiz$ 9 ! equality ( commodities z univ]sal equival5ts1 labor z a productive activity ) a useful purpose is realiz$ 9 ! endless v>iety ( use-values creat$ by x4 ,:ile labor :i* creates ex*ange values is ab/ract1 univ]sal & homog5e\s1 labor :i* produces use-values is concrete & special & is made up ( an endless v>iety ( k9ds ( labor accord+ to ! way 9 :i* & ! mat]ial to :i* x is appli$4 ,x is wrong to speak ( labor 9 s f> z x is appli$ to ! production ( use-values z ( ! only s\rce ( weal?1 namely1 ! mat]ial weal? produc$ by x4 ,be+ an activity int5d$ to adapt mat]ials to ?is or t purpose1 x requires matt] z a pr]equisite4 ,9 diff]5t use-values ! proportion betwe5 labor & raw mat]ial v>ies greatly1 b use-value always has a natural sub/ratum4 ,labor1 z an activity1 direct$ to ! adaptation ( raw mat]ial 9 "o =m or ano!r1 is a natural condition ( human exi/5ce1 a condition ( ex*ange ( matt] betwe5 man & nature1 indep5d5t ( all social =ms4 ,on ! contr>y1 labor produc+ ex*ange value is a specifically social =m ( labor4 ,tailor+1 e4 g41 9 its mat]ial manife/ation z a di/9ct productive activity1 produces a coat1 b n ! ex*ange value ( ! coat4 ,! latt] is produc$ n by ! labor ( ! tailor z su*1 b by ab/ract univ]sal labor1 & t belongs to a c]ta9 organization ( society :i* has n be5 br\ght ab\t by ! tailor4 ,?us1 ! wom5 "u ! anci5t sy/em ( h\se indu/ry made coats )\t produc+ ! ex*ange value ( ! coats4 ,labor z a s\rce ( mat]ial weal? 0 kn[n to ,moses1 ! legislator1 z well z to ,adam ,smi?1 ! cu/oms (ficial4#i ,let u consid] n[ "s propositions :i* foll[ f ! det]m9ation ( ex*ange value by labor-"t4 ,z a use-value1 e commodity owes its usefulness to itself4 ,:eat1 e4 g41 s]ves z an article ( food4 ,a ma*9e saves labor to a c]ta9 ext5t4 ,?is function ( a commodity by virtue ( :i* x s]ves only z use-value1 z an article ( consumption1 may be call$ its s]vice1 ! s]vice :i* x r5d]s z use-value4 ,b z an ex*ange value1 a commodity is always reg>d$ z a result2 ! "q 9 ?is case is n z to ! s]vice :i* x r5d]s1 b z to ! s]vice#aj :i* x has be5 r5d]$ 9 its production4 ,?us1 ! ex*ange value ( a ma*9e is det]m9$ n by ! quantity ( labor-"t :i* x saves1 b by ! quantity ( labor-"t :i* has be5 exp5d$ on its own production & :i* is1 !re=e1 requir$ to produce a new ma*9e ( ! same k9d4 ,if1 !re=e1 ! quantity ( labor-"t requir$ = ! production ( commodities rema9$ con/ant1 _! ex*ange value w\ld rema9 ! same4 ,b ! ease & ! difficulty ( production are con/antly *ang+4 ,if ! productivity ( labor increases1 ! same use-value w be produc$ 9 less "t4 ,if ! productivity ( labor decl9es1 m "t w be requir$ = ! production ( ! same use-value4 ,?us1 ! labor-"t conta9$ 9 a commodity or its ex*ange-value is a v>iable quantity1 increas+ or dim9i%+ 9 an inv]se ratio to ! rise & fall ( ! productivity ( labor4 ,! productive p[] ( labor :i* is appli$ 9 ! manufactur+ indu/ry on a pr$et]m9$ scale dep5ds 9 ! agricultural & extractive indu/ries also on natural conditions :i* are beyond human control4 ,! same labor w yield a great] or less output ( v>i\s metals1 accord+ to _! m or less close occurr5ce 9 ! e>?'s cru/4 ,! same labor may be embodi$ 9 two bu%els ( :eat 9 a favorable season1 & only 9 "o 9 an unfavorable season4 ,9 ?is case1 sc>city or abundance1 z natural conditions1 seem to det]m9e ! ex*ange value ( commodities1 because !y det]m9e ! productivity ( c]ta9 k9ds ( labor :i* dep5d ^u natural conditions4 ,unequal volumes ( diff]5t use-value conta9 ! same quantity ( labor-"t or ! same ex*ange value4 ,! small] ! volume ( a use-value conta9+ a c]ta9 quantity ( labor-"t z comp>$ ) o!r use-values1 ! great] its specific ex*ange-value4 ,if we f9d t c]ta9 use-values1 su* z1 e4 g41 gold1 silv]1 copp] & iron1 or :eat1 rye1 b>ley & oats1 =m a s]ies ( specific ex*ange values :i*1 ?\gh n reta9+ exactly ! same num]ical ratio1 /ill reta9 ?r\gh widely remote epo*s ( civilization ! same r\gh proportion ( relatively l>g] & small] quantities1 we may draw ! conclusion t ! progressive developm5t ( ! productive p[]s ( society has equally1 or approximately s1 affect$ ! labor-"t necess>y = ! production ( ! v>i\s commodities4 ,! ex*ange value ( a commodity is n reveal$ 9 its own use-value4 ,b1 z ! embodim5t univ]sal social labor-"t1 ! use-value ( "o commodity be>s a c]ta9 ratio to ! use-values ( o!r commodities4 ,?us1 ! ex*ange value ( "o commodity is manife/$ 9 ! use-values ( o!r commodities4 ,an equival5t is1 9 fact1 ! ex*ange value ( "o commodity express$ 9 ! use-value ( ano!r commodity4 ,if ,i say1 e4 g41 t "o y>d ( l95 is wor? two p\nds ( c(fee1 !n ! ex*ange value ( l95 is express$ 9 t]ms ( ! use-value ( c(fee1 viz41 9 a c]ta9 quantity ( t use-value4 ,?is ratio be+ giv51 ,i c express ! value ( any quantity ( l95 9 c(fee4 ,x is cle> t ! ex*ange value ( "o commodity1 say l951 is n conf9$ to ! ratio ( any "o commodity1 e4 g4 c(fee1 z its equival5t4 ,! quantity ( univ]sal labor-"t :i* is repres5t$ 9 "o y>d ( l95 is at ! same "t embodi$ 9 an endless v>iety ( volumes ( use-values ( all o!r commodities4 ,! use-value ( any o!r commodity =ms ! equival5t ( "o y>d ( l951 9 ! proportion 9 :i* x repres5ts ! same quantity ( labor-"t z t y>d ( l954 ,! ex*ange value ( ?is s+le commodity is1 !re=e1 fully express$ 9 ! endless numb] ( equations 9 :i* ! use-values ( all o!r commodities =m its equival5ts4 ,n until ! ex*ange value ( a commodity is express$ 9 ! sum total ( ^! equations or ( ! diff]5t proportions 9 :i* "o commodity is ex*ang$ = e o!r commodity1 does x f9d an exhau/ive expression z a univ]sal equival5t2 e4 g41 ! s]ies ( equations3 #a y>d ( l95 #a_/b lb4 ( tea1 #a y>d ( l95 #b lbs4 ( c(fee1 #a y>d ( l95 #h lbs4 ( bread1 #a y>d ( l95 #f y>ds ( calico1 may be repres5t$ z foll[s3 #a y>d ( l95 #a_/h lb4 ( tea #a_/b lb4 ( c(fee #b lbs4 ( bread #a-a_/b y>ds ( calico4 ,!re=e1 if we _h be=e u ! sum total ( ! equations1 9 :i* ! value ( a y>d ( l95 is exhau/ively express$1 we c\ld repres5t its ex*ange value 9 ! =m ( a s]ies4 ,z a matt] ( fact1 ! s]ies is an endless "o1 s9ce ! circle ( commodities1 con/antly exp&+1 c nev] be clos$ up4 ,b :ile ! ex*ange value ( "o commodity is ?us measur$ by ! use-values ( all o!r commodities1 ! ex*ange values ( all ! o!r commodities are1 9 _! turn1 measur$ by ! use-value ( ?is "o commodity4#aa ,if ! ex*ange value ( "o y>d ( l95 is express$ 9 #a_/b lb4 ( tea1 or #b lbs4 ( c(fee1 or #f y>ds ( calico1 or #h lbs4 ( bread1 etc41 x foll[s t c(fee1 tea1 calico1 bread1 etc41 are equal to ea* o!r if tak5 9 ! same proportion 9 :i* !y are equal to ! ?ird article1 l952 consequ5tly1 l95 s]ves z ! common measure ( _! ex*ange values4 ,e commodity1 z ! embodim5t ( univ]sal labor-"t1 i4 e41 z a c]ta9 quantity ( univ]sal labor-"t1 expresses 9 turn its ex*ange value 9 def9ite quantities ( ! use-values ( all o!r commodities1 & ! ex*ange values ( all ! o!r commodities are1 on ! o!r h&1 measur$ by ! use-value ( ?is "o exclusive commodity4 ,b z an ex*ange value1 e commodity is at ! same "t ! "o exclusive commodity t s]ves z a common measure ( ! ex*ange values ( all o!r commodities2 &1 on ! o!r h&1 x is b "o ( ! _m commodities 9 ! entire s]ies ( :i* e commodity expresses directly its ex*ange value4 ,! value ( a commodity is n affect$ by ! numb] ( commodities ( o!r k9ds4 ,b ! l5g? ( ! s]ies ( equations 9 :i* its ex*ange value is realiz$ does dep5d ^u ! great] or less v>iety ( o!r commodities4 ,! s]ies ( equations 9 :i* ! value ( c(fee1 e4 g41 is repres5t$1 indicates ! ext5t to :i* x is ex*angeable1 ! limits )9 :i* x p]=ms ! function ( an ex*ange value4 ,! ex*ange value ( a commodity z an embodim5t ( univ]sal social labor-"t is express$ 9 its equival5ce to an endless v>iety ( use-values4 ,we h se5 t ! ex*ange value ( a commodity v>ies ) ! quantity ( labor-"t directly conta9$ 9 x4 ,its realiz$ ex*ange value1 i4 e41 its ex*ange value express$ 9 ! use-values ( o!r commodities1 mu/ also dep5d on ! proportion 9 :i* ! labor-"t sp5t on ! production ( all o!r commodities is *ang+4 ,if1 e4 g41 ! labor-"t requir$ = ! production ( a bu%el ( :eat rema9$ con/ant1 :ile t requir$ = ! production ( all o!r commodities d\bl$1 ! ex*ange value ( a bu%el ( :eat express$ 9 its equival5ts w\ld become half z l>ge z be=e4 ,! result w\ld be practically ! same z if ! am\nt ( "t necess>y = ! production ( "o bu%el ( :eat _h be5 r$uc$ by "o-half1 & t requir$ = all o!r commodities _h rema9$ un*ang$4 ,! value ( commodities is det]m9$ by ! proportion 9 :i* !y c be produc$ 9 ! same labor-"t4 ,9 ord] to see :at possible *anges ?is proportion may und]go1 let u take two commodities1 ,a & ,b4 ,fir/ case4 ,let ! labor-"t requir$ = ! production ( commodity ,b rema9 un*ang$4 ,9 t case ! ex*ange value ( ,a1 express$ 9 t]ms ( ,b1 rises & falls ) ! rise & fall ( ! labor-"t requir$ = ! production ( ,a4 ,second case4 ,let ! labor-"t requir$ = ! production ( commodity ,a rema9 con/ant4 ,!n ! ex*ange value ( ,a1 express$ 9 t]ms ( ,b1 falls & rises 9 an inv]se ratio ) ! rise & fall ( ! labor-"t requir$ = ! production ( ,b4 ,?ird case4 ,let ! labor-"t requir$ = ! production ( commodities ,a & ,b rise & fall 9 equal proportion4 ,!n ! expression ( equival5ce ( ,a & ,b rema9s un*ang$4 ,if ?r\gh "s cause ! productivity ( all k9ds ( labor 7 to decl9e uni=mly1 s t ! production ( all commodities w\ld require an equally increas$ quantity ( labor-"t1 !n ! value ( all commodities w\ld rise1 ?\gh ! expression ( _! ex*ange values w\ld rema9 un*ang$1 & ! actual weal? ( society w\ld decrease1 because x w\ld h to exp5d m labor-"t on ! production ( ! same /ock ( use-values4 ,f\r? case4 ,let ! labor-"t requir$ = ! production ( ,a & ,b rise & fall1 b n uni=mly2 t is to say1 ! labor-"t requir$ = ! production ( ,a may rise1 :ile t requir$ = ,b may fall1 or vice v]sa4 ,all ( :i* c be r$uc$ to ! simple case :]e ! labor-"t requir$ = ! production ( "o commodity rema9s un*ang$1 :ile t requir$ = ! o!r rises or falls4 ,! ex*ange value ( any commodity is express$ 9 ! use-value ( any o!r commodity1 be x 9 integral units or 9 fractions !re(4 ,z ex*ange value1 e commodity is capable ( subdivision1 l ! labor-"t embodi$ 9 x4 ,! equival5ce ( commodities is indep5d5t ( _! physical divisibility z use-values1 j z ! sum ( ! ex*ange values ( commodities is indiff]5t to ! *ange ( =m :i* use-values h to und]go :5 conv]t$ into a s+le new commodity4 ,s f> we h consid]$ commodities f a tw(old po9t ( view1 z use-values & ex*ange values alt]nately4 ,b a commodity z su* is a direct comb9ation ( use-value & ex*ange value2 & x is a commodity only 9 relation to o!r commodities4 ,! actual relation betwe5 commodities con/itutes ! process ( _! ex*ange4 ,x is a social process p>ticipat$ 9 by individuals indep5d5t ( ea* o!r b ! "p !y take 9 x is t ( own]s ( commodities only4 ,_! mutual relations are ^? ( _! commodities1 & ?us !y really appe> z consci\s factors ( ! process ( ex*ange4 ,a commodity is a use-value1 :eat1 l951 a diamond1 a ma*9e1 etc41 b z a commodity x is1 at ! same "t1 n a use-value4 ,if x 7 a use-value = its own]1 i4 e41 a direct means = ! satisfaction ( 8 own wants1 !n x w\ld n be a commodity4 ,to him x is r a non-use-value2 x is m]ely ! mat]ial depository ( ex*ange-value1 or simply a means ( ex*ange2 z an active be>] ( ex*ange value1 use-value becomes a means ( ex*ange4 ,to ! own] x is a use-value only 9 s f> z x con/itutes ex*ange value4#ab ,x has yet to become a use-value1 viz41 to o!rs4 ,n be+ a use-value to its own]1 x is a use-value to ! own]s ( o!r commodities4 ,if x is n1 !n ! labor exp5d$ on x 0 useless labor1 & ! result ( t labor is n a commodity4 ,on ! o!r h&1 ! commodity mu/ become a use-value to ! own] himself1 because 8 means ( exi/5ce lie outside ( x 9 ! use-values ( commodities n belong+ to him4 ,9 ord] to become a use-value1 ! commodity mu/ meet ! p>ticul> want ( :i* x is ! means ( satisfaction4 ,use-values ( commodities are ?us realiz$ use-values ?r\gh a univ]sal *ange ( h&s by pass+ f ! h&s 9 :i* !y 7 held z means ( ex*ange into ^? :]e !y become use values4 ,only ?r\gh ?is univ]sal transf] ( commodities does ! labor conta9$ 9 !m become useful labor4 ,9 ?is process ( _! mutual int]*ange z use-values1 commodities d n acquire any new economic =ms4 ,on ! contr>y1 ev5 ! =m :i* m>k$ !m z commodities disappe>s4 ,bread1 e4 g41 by *ang+ h&s f ! bak] to ! consum] does n *ange its id5tity z bread4 ,on ! contr>y1 x is only ! consum] t beg9s to reg>d x z a use-value1 z a c]ta9 article ( food1 :ile 9 ! h&s ( ! bak] x 0 only ! be>] ( an economic relation1 a palpable yet transc5d5tal object4 ,?us1 ! only *ange ( =m t commodities und]go :ile becom+ use-values1 consi/s 9 ! fact t !y cease to be1 z a matt] ( =m1 non-use-values to _! own]s1 & use-values to ^? :o d n own !m4 ,to become use-values commodities mu/ be univ]sally ali5at$2 !y mu/ ent] ! sph]e ( ex*ange2 b !y are subject to ex*ange 9 _! capacity ( ex*ange values4 ,h5ce1 9 ord] to be realiz$ z use-values1 !y mu/ be realiz$ z ex*ange values4 ,:ile ! s+le commodity appe>$ f ! /&po9t ( use-value z some?+ indep5d5t1 z ex*ange value x 0 reg>d$ fir/ ( all 9 its relation to all o!r commodities4 ,?is relation 01 h[ev]1 m]ely !oretical1 imag9>y4 ,x becomes real only 9 ! process ( ex*ange4 ,on ! o!r h&1 a commodity is an ex*ange value 9 s f> z a c]ta9 quantity ( labor-"t has be5 exp5d$ on x1 & x consequ5tly repres5ts mat]ializ$ labor-"t4 ,b ( itself x is only mat]ializ$ individual labor-"t ( a p>ticul> k9d1 & n univ]sal labor-"t4 ,!re=e1 x is n directly an ex*ange value1 b mu/ fir/ become su*4 ,fir/ ( all1 x is an embodim5t ( univ]sal labor-"t only 9 s f> z x repres5ts labor-"t appli$ to a def9ite useful purpose1 i4 e41 :5 x repres5ts a use-value4 ,?is 0 ! mat]ial condition "u :i* alone labor-"t conta9$ 9 commodities 0 reg>d$ z univ]sal social labor4 ,?us1 :ile a commodity c become a use-value only aft] x has be5 realiz$ z an ex*ange value1 x c1 on ! o!r h&1 be realiz$ z an ex*ange value only if x proves to be a use-value 9 ! process ( ali5ation4 ,a commodity c be ali5at$ z a use-value only to "o :om x s]ves z a use-value1 i4 e41 z a means ( satisfy+ a c]ta9 want4 ,on ! o!r h&1 x is ex*ang$ = ano!r commodity1 or1 if we put ourselves on ! side ( ! own] ( ! o!r commodity1 x1 too1 c be ali5at$1 i4 e41 be realiz$1 only if br\ght 9 contact ) t p>ticul> want ( :i* x is ! object4 ,9 ! univ]sal ex*ange ( commodities z use-values ! basis = _! mutual relations is 9 _! mat]ial diff]5ce z di/9ct objects :i* satisfy diff]5t wants by _! specific prop]ties4 ,b z m]e use-values1 !y are indiff]5t to ea* o!r1 & are incomm5surable4 ,z use-values !y c be ex*ang$ only ) ref]5ce to c]ta9 wants4 ,!y are ex*angeable only z equival5ts1 & !y are equival5ts only z equal quantities ( mat]ializ$ labor-"t1 s t all reg>d to _! natural prop]ties z use-values & !re=e to ! relation ( ! commodities to p>ticul> wants is elim9at$4 ,on ! contr>y1 a commodity is realiz$ z an ex*ange value by replac+ z an equival5t any def9ite quantity ( any o!r commodity1 reg>dless ( :e!r x is a use-value = ! own] ( ! o!r commodity or n4 ,b to ! own] ( ! o!r commodity x is a commodity only 9 s f> z x is a use-value to him1 & x becomes an ex*ange value to its own] only 9 s f> z x is a commodity to t o!r p]son4 ,?us1 ! same relation appe>s z a proportion betwe5 commodities z magnitudes ( ! same d5om9ation1 b diff]+ qualitatively2 or1 z an expression ( _! equival5ce z embodim5ts ( univ]sal labor-"t1 &1 at ! same "t1 z a relation ( qualitatively diff]5t objects1 ( use-values int5d$ = ! satisfaction ( p>ticul> wants1 9 %ort1 a relation 9 :i* !y are di/+ui%$ z actual use-values4 ,b ?is equival5ce & non-equival5ce mutually exclude ea* o!r4 ,?us we h be=e u n only a vici\s circle ( problems 9 :i* ! solution ( "o implies t ( ! o!r1 b a comb9ation ( contradict+ claims1 s9ce ! fulfillm5t ( "o is directly connect$ ) t ( its opposite4 ,! process ( ex*ange ( commodities mu/ result bo? 9 ! unfold+ & 9 ! solution ( ^! contradictions1 nei!r ( :i*1 h[ev]1 c appe> 9 t process 9 ?is simple way4 ,we h only obs]v$ h[ commodities are mutually relat$ to ea* o!r z use-values1 i4 e41 h[ !y appe> z use-values )9 ! process ( ex*ange4 ,! ex*ange-value1 on ! contr>y1 z we h consid]$ x s f>1 appe>$ z an ab/raction =m$ 9 our own m9ds1 orif we may s put x9 ! m9d ( ! individual own] ( commodities1 :i* lie /or$ 9 8 w>eh\se z use-values1 & weigh ^u 8 consci5ce z ex*ange values4 ,9 ! process ( ex*ange1 h[ev]1 commodities mu/ be n only use-values1 b also ex*ange values to "o ano!r1 & t %\ld appe> z _! own mutual relation4 ,! difficulty :i* we fir/ enc\nt]$ 0 t a commodity mu/ be fir/ ali5at$ & deliv]$ to its pur*as]s z a use-value1 9 ord] to appe> z an ex*ange value1 z mat]ializ$ labor1 :ile on ! o!r h& its ali5ation z use-value implies its be+ an ex*ange value4 ,b let u assume t ?is difficulty has be5 ov]come4 ,suppose ! commodity has dive/$ itself ( its use-value1 & has !reby fulfill$ ! mat]ial condition ( be+ socially useful labor1 in/ead ( a p>ticul> labor ( an individual4 ,9 t case1 ! commodity mu/ become an ex*ange value1 a univ]sal equival5t1 an embodim5t ( univ]sal labor-"t = all o!r commodities 9 ! process ( ex*ange1 & ?us1 leav+ beh9d its limit$ role ( a p>ticul> use-value1 acquire ! ability to be directly repres5t$ 9 all use-values z its equival5ts4 ,b e commodity is j su* a commodity1 appe>+ z a direct inc>nation ( univ]sal labor-"t by dive/+ itself ( its p>ticul> use-value4 ,on ! o!r h&1 h[ev]1 commodities confront ea* o!r 9 ! process ( ex*ange z p>ticul> commodities1 z ! labor ( private individuals embodi$ 9 p>ticul> use-values4 ,univ]sal labor-"t is itself an ab/raction1 :i*1 z su*1 does n exi/ = commodities4 ,let u exam9e ! s]ies ( equations 9 :i* ! ex*ange value ( a commodity f9ds its concrete expression1 e4 g43 #a y>d ( l95 #b lbs4 ( c(fee4 #a y>d ( l95 #a_/b lb4 ( tea4 #a y>d ( l95 #h lbs4 ( bread1 etc4 ,^! equations simply signify t equal quantities ( univ]sal social labor-"t are embodi$ 9 "o y>d ( l951 two p\nds ( c(fee1 half a p\nd ( tea1 etc4 ,b z a matt] ( fact ! individual labors :i* are repres5t$ 9 ^! p>ticul> use-values1 become univ]sal1 &1 9 t =m1 also social labor1 only :5 !y are actually ex*ang$ = "o ano!r 9 proportion to ! labor-"t conta9$ 9 !m4 ,social labor-"t exi/s 9 ^! commodities 9 a lat5t /ate1 s to say1 & is fir/ reveal$ 9 ! process ( ex*ange4 ,we d n proce$ f ! labor ( individuals z social labor1 b1 on ! contr>y1 f special labor ( private individuals :i* appe>s z univ]sal social labor only by dive/+ itself ( its orig9al "* 9 ! process ( ex*ange4 ,univ]sal social labor is1 !re=e1 no ready-made assumption1 b a gr[+ result4 ,& ?us we are confront$ ) a new difficulty1 t on ! "o h& commodities mu/ ent] ! process ( ex*ange z embodim5ts ( univ]sal labor-"t1 :ile1 on ! o!r h&1 ?is embodim5t ( ! labor-"t ( individuals z social labor-"t is itself a result ( ! process ( ex*ange4 ,e commodity becomes an ex*ange value by dive/+ itself ( its use-value1 or ( its orig9al nature4 ,! commodity mu/ !re=e assume a d\ble capacity 9 ! process ( ex*ange4 ,b t second capacity ( ex*ange value c appe> only 9 ! %ape ( ano!r commodity1 because only commodities confront ea* o!r 9 ! process ( ex*ange4 ,h[ is a p>ticul> commodity to repres5t directly mat]ializ$ univ]sal labor-"t1 orto put x diff]5tlyh[ is individual labor-"t1 :i* is embodi$ 9 a p>ticul> commodity to be made directly univ]sal 9 "*8 ,! concrete expression ( ! ex*ange value ( a commodity1 i4 e41 ( e commodity z a univ]sal equival5t1 is repres5t$ 9 an endless s]ies ( equations1 su* z3 #a y>d ( l95 #b lbs4 ( c(fee4 #a y>d ( l95 #a_/b lb4 ( tea4 #a y>d ( l95 #h lbs4 ( bread4 #a y>d ( l95 #f y>ds ( calico4 #a y>d ( l95 etc4 ,! above =m is !oretical 9 s f> z commodities are only ?\ght ( z def9ite quantities ( mat]ializ$ univ]sal labor-"t4 ,b ! capacity ( a p>ticul> commodity to s]ve z a univ]sal equival5t f a m]e ab/raction becomes a social result ( ! process ( ex*ange by a simple inv]sion ( ! above s]ies ( equations1 viz43 #b lbs4 ( c(fee #a y>d ( l954 #a_/b lb4 ( tea #a y>d ( l954 #h lbs4 ( bread #a y>d ( l954 #f y>ds ( calico #a y>d ( l954 ,:ile c(fee1 tea1 bread1 calico1 9 %ort1 all commodities express 9 l95 ! labor-"t conta9$ 9 !m1 ! ex*ange value ( l951 on ! o!r h&1 unfolds itself 9 all o!r commodities z its equival5ts1 & ! labor-"t embodi$ 9 x becomes direct univ]sal labor-"t1 :i* is equally express$ 9 diff]5t volumes ( all o!r commodities4 ,l95 ?us becomes ! univ]sal equival5t ?r\gh ! univ]sal action ( all o!r commodities ^u x4 ,z ex*ange value1 e commodity s]v$ z a measure ( value ( all o!r commodities4 ,n[1 on ! contr>y1 s9ce all commodities measure _! ex*ange values by means ( a p>ticul> commodity1 ?is exclud$ commodity becomes ! special expression ( ex*ange value1 z a univ]sal equival5t4 ,at ! same "t1 ! endless s]ies ( equations 9 :i* ! ex*ange value ( e commodity 0 express$1 is r$uc$ to "o s+le equation consi/+ ( two memb]s4 ,! equation #b lbs4 ( c(fee #a y>d ( l95 n[ fully expresses ! ex*ange value ( c(fee1 = 9 ?is expression a y>d ( l95 appe>s z ! direct equival5t ( a def9ite quantity ( e o!r commodity4 ,?us1 )9 ! sph]e ( ex*ange all commodities are or appe> to ea* o!r z ex*ange values 9 ! =m ( l954 ,! proposition t commodities1 z ex*ange values1 are to ea* o!r z diff]5t quantities ( mat]ializ$ univ]sal labor-"t1 may n[ be word$ to ! effect t commodities1 z ex*ange values1 repres5t no?+ b diff]5t quantities ( ! same article1 l954 ,univ]sal labor-"t ?us assumes ! aspect ( a di/9ct ?+1 z a commodity exi/+ along ) & outside ( all o!r commodities4 ,at ! same "t ! equation #b lbs4 ( c(fee #a y>d ( l951 9 :i* "o commodity appe>s z ! ex*ange value ( ano!r1 is yet to be realiz$4 ,only by be+ ali5at$ z use-value:i* dep5ds ^u :e!r x proves to be 9 ! process ( ex*ange ! object ( a c]ta9 wantdoes ! commodity actually trans=m its exi/5ce z c(fee into ! exi/5ce z l95 & ?us takes on ! =m ( a univ]sal equival5t & becomes1 inde$1 an ex*ange value = all o!r commodities4 ,conv]sely1 s9ce all commodities are turn$ into l95 by be+ ali5at$ z use-values1 l95 becomes ! conv]t$ =m ( all o!r commodities1 & only z a result ( ?is trans=mation ( all o!r commodities into x1 x becomes ! direct embodim5t ( univ]sal labor-"t1 i4 e41 ! product ( univ]sal ex*ange & ( ! elim9ation ( individual labor4 ,if commodities ?us assume a tw(old "* 9 ord] to appe> z ex*ange values to ea* o!r1 ! commodity :i* has be5 s+l$ out z ! univ]sal equival5t becomes1 on ! o!r h&1 a use-value 9 two ways4 ,besides its special use-value z a p>ticul> commodity1 x assumes a univ]sal use-value4 ,?is latt] k9d ( use-value con/itutes its special feature1 emanat+ z x does1 f ! specific "p :i* ! commodity plays z a result ( ! univ]sal relation :i* all o!r commodities be> t[>d x 9 ! process ( ex*ange4 ,! use-value ( e commodity z an object ( a p>ticul> want1 has a diff]5t value 9 diff]5t h&s1 e4 g41 x has a diff]5t value 9 ! h&s ( ! "o :o disposes ( x1 ?an 9 ^? ( ! "o :o acquires x4 ,b ! commodity s+l$ out z ! univ]sal equival5t1 is n[ an object ( a univ]sal want aris+ f ! v process ( ex*ange1 & x has ! same use-value to ev]ybody1 viz41 t ( s]v+ z ! depository ( ex*ange value1 ( be+ a univ]sal means ( ex*ange4 ,?us we f9d 9 "o commodity ! solution ( ! contradiction :i* is inh]5t 9 commodity z su*1 namely1 ( be+ at "o & ! same "t a p>ticul> use-value & a univ]sal equival5t1 &1 !re=e1 a use-value = ev]ybody or univ]sal use-value4 ,?us1 :ile all o!r commodities express _! ex*ange value 9 ! =m ( an ideal equation ) ! exclud$ commodityan equation yet to be realiz$! use-value ( ! special commodity1 al?\gh real1 appe>s 9 ! process itself z a m]e =m :i* is yet to be realiz$ ?r\gh trans=mation into actual use-values4 ,orig9ally ! commodity appe>$ simply z commodity1 z univ]sal labor-"t embodi$ 9 a p>ticul> use-value4 ,9 ! process ( ex*ange1 all commodities are relat$ to ! "o exclud$ commodity z to a simple commodity1 "o :i* appe>s z ! embodim5t ( univ]sal labor-"t 9 a p>ticul> use-value4 ,?us1 p>ticul> commodities become relat$ to "o p>ticul> commodity z a univ]sal commodity4#ac ,9 t mann] ! mutual relations ( possessors ( commodities bas$ on ! fact t !y reg>d _! labor z univ]sal social labor1 takes on ! aspect ( _! relations to commodities z ex*ange values2 & ! mutual relation ( commodities z ex*ange values appe>s 9 ! process ( ex*ange z ! relation ( all ( !m to "o p>ticul> commodity z to a specially adopt$ means ( expression ( _! ex*ange value2 aga91 f ! po9t ( view ( t p>ticul> commodity ! above relation appe>s z its specific relation to all o!r commodities1 &1 !re=e1 z its own def9ite1 spontane\s1 social "*4 ,! p>ticul> commodity :i* ?us appe>s z ! specially adopt$ expression ( ! ex*ange value ( all o!r commodities1 or ! ex*ange value ( commodities z a p>ticul> exclusive commodity1 is money4 ,money is a cry/allization ( ! ex*ange value ( commodities :i* !y !mselves =m 9 ! process ( ex*ange4 ,?us1 :ile commodities become use-values to ea* o!r 9 ! process ( ex*ange by ca/+ (f all def9ite =ms & ent]+ into mutual relations 9 _! direct mat]ial %ape1 !y mu/ assume a new =m1 viz41 proce$ to ! =mation ( money 9 ord] to appe> z ex*ange values to ea* o!r4 ,money is n a symbol1 no m ?an ! commodity aspect ( a use-value is a symbol4 ,t a social relation ( production takes ! =m ( an object exi/+ outside ( individuals1 & t ! def9ite relations into :i* individuals ent] 9 ! process ( production c>ri$ on 9 society1 assume ! =m ( specific prop]ties ( a ?+1 is a p]v]sion & by no means imag9>y1 b prosaically real1 my/ification m>k+ all social =ms ( labor :i* creates ex*ange value4 ,9 money ?is my/ification appe>s only m /rik+ly ?an 9 commodities4 ,! necess>y physical prop]ties ( ! p>ticul> commodity 9 :i* ! money =m ( all o!r commodities is to be cry/alliz$z f> z !y are directly det]m9$ by ! nature ( ex*ange valueare3 divisibility to any desir$ ext5t1 homog5eity ( its p>ts1 & uni=mity ( all ! specim5s ( ! commodity4 ,z an embodim5t ( univ]sal labor-"t x mu/ be homog5e\s 9 its /ructure & capable ( repres5t+ only quantitative diff]5ces4 ,ano!r necess>y prop]ty is durability ( its use-value1 z x mu/ la/ ?r\gh ! process ( ex*ange4 ,! preci\s metals excel 9 ^! qualities4 ,money n be+ a result ( a s*eme or agreem5t1 b hav+ be5 produc$ in/9ctively 9 ! process ( ex*ange1 a great v>iety ( m or less unsuit$ commodities _h successively p]=m$ its functions4 ,at a c]ta9 /age ( developm5t ( ! process ( ex*ange1 ! necessity arises = a pol> di/ribution ( ! functions ( ex*ange value & use-value among commodities1 s t "o commodity e4 g4 %\ld act z a m$ium ( ex*ange1 :ile ano!r is be+ ali5at$ z a use-value4 ,?is necessity br+s x ab\t t "o or ev5 sev]al commodities possess+ ! mo/ g5]ally accept$ use-value1 beg91 incid5tally at fir/1 to play ! "p ( money4 ,ev5 if n direct means ( satisfy+ exi/+ wants1 _! be+ ! mo/ consid]able mat]ial con/itu5t "p ( weal?1 insures to !m a m g5]al "* ?an to ! o!r use-values4 ,direct b>t]1 ! orig9al natural =m ( ex*ange1 repres5ts r ! beg9n+ ( ! trans=mation ( use-values into commodities1 ?an t ( commodities into money4 ,ex*ange value has z yet no =m ( its own1 b is /ill directly b\nd up ) use-value4 ,?is is manife/$ 9 two ways4 ,production1 9 its entire organization1 aims at ! creation ( use-values & n ( ex*ange values1 & x is only :5 _! supply exce$s ! measure ( consumption t use-values cease to be use-values1 & become means ( ex*ange1 i4 e41 commodities4 ,at ! same "t1 !y become commodities only )9 ! limits ( be+ direct use-values di/ribut$ at opposite poles1 s t ! commodities to be ex*ang$ by _! possessors mu/ be use-values to bo?1ea* commodity to its non-possessor4 ,z a matt] ( fact1 ! ex*ange ( commodities orig9ates n )9 ! primitive communities1#ad b :]e !y end1 on _! bord]s at ! few po9ts1 :]e !y come 9 contact ) o!r communities4 ,t is :]e b>t] beg9s1 & f "h x /rikes back into ! int]ior ( ! community1 decompos+ x4 ,! v>i\s use-values :i* fir/ become commodities 9 ! b>t] betwe5 diff]5t communities1 su* z slaves1 cattle1 metals1 con/itute !re=e 9 mo/ cases ! fir/ money )9 ^? communities !mselves4 ,we h se5 h[ ! ex*ange value ( a commodity is manife/$ ! m p]fectly z ex*ange value1 ! long] ! s]ies ( its equival5ts or ! great] ! sph]e ( ex*ange ( t commodity4 ,) ! gradual expansion ( b>t]1 ! increase 9 ! numb] ( ex*anges1 & ! gr[+ div]sification ( ! commodities drawn into ex*ange1 commodities develop into ex*ange values1 :i* leads to ! =mation ( money & has a de/ructive effect on direct b>t]4 ,! economi/s are 9 ! habit ( ascrib+ ! orig9 ( money to ! difficulties :i* are enc\nt]$ 9 ! way ( ext5sive b>t]1 b !y =get t ^! difficulties arise f ! developm5t ( ex*ange value & f ! fact t social labor becomes univ]sal labor4 ,e4 g41 commodities z use-values c n be subdivid$ at w1 a prop]ty :i* !y %\ld possess z ex*ange values4 ,or1 a commodity belong+ to ,a may be a use-value to ,b1 :ile ! commodity belong+ to ,b may n h any use-value to ,a4 ,or ! own]s ( ! commodities may ne$ ea* o!r's indivisible goods 9 unequal proportions4 ,9 o!r words1 "u ! pret5ce ( analyz+ simple b>t]1 economi/s br+ out c]ta9 aspects ( ! contradiction :i* is inh]5t 9 commodities z entities simultane\sly embody+ bo? use-value & ex*ange value4 ,on ! o!r h&1 !y consi/5tly cl+ to ! idea t b>t] is ! natural =m ( ex*ange1 :i* suff]s only f c]ta9 te*nical difficulties1 = :i* money is a cunn+ly devis$ exp$i5t4 ,argu+ f ?is p]fectly sup]ficial view1 an +5i\s ,engli% economi/ has rightly ma9ta9$ t money is m]ely a mat]ial in/rum5t l a %ip or a /eam-eng9e1 b n an expression ( a social relation 9 ! field ( production & consequ5tly n an economic category2 & t x is1 !re=e1 wrong to treat ! subject 9 political economy1 :i* really has no?+ 9 common ) te*nology4#ae ,! _w ( commodities implies ! exi/5ce ( a highly develop$ division ( labor2 ?is division is manife/$ directly 9 ! great v>iety ( use-values1 :i* confront ea* o!r z p>ticul> commodities & :i* embody z _m diff]5t k9ds ( labor4 ,! division ( labor embrac+ all ! p>ticul> k9ds ( productive occupations1 is ! complete expression ( social labor 9 its mat]ial aspect view$ z labor creat+ use-values4 ,b f ! /&po9t ( commodities & )9 ! process ( ex*ange1 x exi/s only 9 its results1 9 ! v>iety ( ! commodities !mselves4 ,! ex*ange ( commodities con/itutes ! social metabolic process1 i4 e4 ! process 9 :i* ! ex*ange ( ! special products ( private individuals is ! result ( c]ta9 social relations ( production into :i* ! individuals ent] 9 ?is int]*ange ( matt]4 ,z !y develop1 ! mutual relations ( commodities cry/alize into v>i\s aspects ( ! univ]sal equival5t & ?us ! process ( ex*ange becomes at ! same "t ! process ( ! =mation ( money4 ,! :ole ( ?is process :i* takes ! =m ( a succession ( processes1 con/itutes circulation4 ,,notes ,,on ,,! ,,hi/ory ,,( ,,! ,,!ory ,,( ,,commodities4 ,! analysis ( commodities accord+ to _! tw(old aspect ( use-value & ex*ange value by :i* ! =m] is r$uc$ to "w or delib]ate productive activity2 & ! latt]1 to labor "t or homog5e\s social labor1 is ! result ( a c5tury & a half ( critical /udy by ! classical s*ool ( political economy :i* dates f ,william ,petty 9 ,engl& & ,boisguilleb]t 9 ,france#af & closes ) ,ric>do 9 ! =m] c\ntry & ,sismondi 9 ! latt]4 ,petty r$uces use-value to labor1 )\t deceiv+ himself z to ! natural limitation ( its creative p[]4 ,z reg>ds concrete labor1 he sizes x up 9 ! magnitude ( its social aspect1 z ! division ( labor4#ag ,?is view ( ! s\rce ( mat]ial weal? does n rema9 m or less fruitless z 9 ! case ( 8 contempor>y1 ,hobbes1 b leads up to 8 ,political ,ari?metic1 ! fir/ =m 9 :i* ,political ,economy is diff]5tiat$ z an indep5d5t sci5ce4 ,he def9es ex*ange value1 h[ev]1 j z x appe>s 9 ! process ( ex*ange ( commodities1 viz4 z money2 & money he def9es z an exi/+ commodity1 gold & silv]4 ,labor+ "u ! ideas ( ! monet>y sy/em1 he decl>es ! special bran* ( labor :i* is devot$ to ! production ( gold & silv] z ! labor :i* det]m9es ex*ange value4 ,:at he really means is t ! labor ( memb]s ( society mu/ produce n direct use-values1 b commodities or use-values :i* by means ( ex*ange are capable ( assum+ ! =m ( gold & silv]1 i4 e4 ( money1 i4 e4 ( ex*ange value1 i4 e4 ( embodim5ts ( univ]sal labor4 ,8 example1 h[ev]1 %[s /rik+ly t ! recognition ( labor z ! s\rce ( mat]ial weal? by no means excludes ! misconception ( ! p>ticul> social =m 9 :i* labor con/itutes ! s\rce ( ex*ange value4 ,9 8 turn1 ,boisguilleb]t1 if n consci\sly1 at any rate actually r$uces ! ex*ange value ( a commodity to labor-"t1 s9ce he det]m9es 8true value0 7la ju/e valeur7 by ! "r proportion 9 :i* ! labor-"t ( individuals is di/ribut$ among ! sev]al bran*es ( indu/ry1 & def9es free competition z ! social process :i* det]m9es ^! correct proportions4 ,at ! same "t1 h[ev]1 & 9 contra/ ) ,petty he wages a fanatical w> aga9/ money :i*1 by its int]f]5ce1 di/urbs ! natural equilibrium or h>mony ( ex*ange ( commodities &1 l a wanton ,molo*1 dem&s all natural weal? z sacrifice4 ,x is true t ?is assault on money 0 call$ =? by c]ta9 hi/oric conditions4 ,s9ce ,boisguilleb]t attack$#ah ! bl9d de/ructive lu/ aft] gold :i* possess$ ! c\rt ( ,l\is ,,xiv1 8 tax collectors1 & 8 nobility2 on ! o!r h&1 ,petty extoll$ 9 ! gre$ ( gold ! mighty impulse :i* spurr$ on ! nation 9 h] indu/rial developm5t & 9 h] conque/ ( ! _w-m>ket2 /ill1 !re ass]ts itself "h a deep] antagonism ( pr9ciples :i* con/antly recurs betwe5 true ,engli% & true ,fr5*#ai ,political ,economy4 ,boisguilleb]t sees1 9 fact1 only ! mat]ial sub/ance ( weal?1 its use-value1 ! enjoym5t#bj ( x1 & consid]s ! capitali/ic =m ( labor1 i4 e4 ! production ( use-values z commodities & ! ex*ange ( ^? commodities1 z ! natural social =m 9 :i* individual labor atta9s its end4 ,:5 he is1 !re=e1 confront$ ) ! specific "* ( capitali/ic weal? z 9 ! case ( money1 he sees 9 x ! usurp+ int]f]5ce ( extrane\s elem5ts & gets into a rage ab\t ! capitali/ sy/em ( labor 9 "o =m :ile utopian-l he praises x 9 ano!r4#ba ,boisguilleb]t furni%es u ) pro( t "o may treat labor-"t z ! measure ( value ( commodities1 & at ! same "t conf\nd labor embodi$ 9 ! ex*ange value ( commodities & measur$ by "t1 ) ! direct natural activity ( individuals4 ,! fir/ s5sible analysis ( ex*ange value z labor-"t1 made s cle> z to seem almo/ commonplace1 is to be f\nd 9 ! "w ( a man ( ! ,new ,_w :]e ! b\rgeois relations ( production import$ toge!r ) _! repres5tatives spr\t$ rapidly 9 a soil :i* made up its lack ( hi/orical traditions ) a surplus ( humus4 ,t man 0 ,b5jam9 ,frankl91 :o =mulat$ ! fundam5tal law ( mod]n political economy#bb 9 8 fir/ "w :i* he wrote :5 a m]e y\? & publi%$ 9 #agba4 ,he decl>es x necess>y to look = ano!r measure ( value ?an preci\s metals4 ,t measure is labor4 8,by labor may ! value ( silv] be measur$ z well z o!r ?+s4 ,z1 suppose "o man employ$ to raise corn1 :ile ano!r is digg+ & ref9+ silv]2 at ! ye>'s end1 or at any o!r p]iod ( "t1 ! complete produce ( corn1 & t ( silv]1 are ! natural price ( ea* o!r2 & if "o be tw5ty bu%els1 & ! o!r tw5ty ounces1 !n an ounce ( t silv] is wor? ! labor ( rais+ a bu%el ( t corn4 ,n[ if by ! discov]y ( "s ne>]1 m easy or pl5tiful m9es1 a man may get =ty ounces ( silv] z easily z =m]ly he did tw5ty1 & ! same labor is /ill requir$ to raise tw5ty bu%els ( corn1 !n two ounces ( silv] w be wor? no m ?an ! same labor ( rais+ "o bu%el ( corn1 & t bu%el ( corn w be z *eap at two ounces1 z x 0 be=e at "o1 cet]is p>ibus4 ,?us ! ri*es ( a c\ntry are to be valu$ by ! quantity ( labor its inhabitants are able to pur*ase40#bc ,?us ,frankl9 reg>ds labor-"t f ! "o-sid$ economic po9t ( view1 z ! measure ( value4 ,! trans=mation ( actual products into ex*ange values is self-evid5t ) him & ! only "q is z to f9d+ a quantitative measure ( value4 8,trade10 says he1 89 g5]al be+ no?+ else b ! ex*ange ( lab\r = lab\r1 ! value ( all ?+s is1 z ,i h said be=e1 mo/ ju/ly measur$ by lab\r40#bd ,sub/itute ! ^w 8"w0 = 8labor0 9 ! above /atem5t1 & ! confusion ( labor 9 "o =m & labor 9 ano!r =m becomes at once app>5t4 ,s9ce trade consi/s e4 g4 9 ! ex*ange ( ! respective labors ( ! %oemak]1 m9]1 sp9n]1 pa9t]1 etc41 does x foll[ t ! value ( %oes is mo/ ju/ly measur$ by ! "w ( a pa9t]8 ,on ! contr>y1 ,frankl9 meant t ! value ( %oes1 m9+ products1 y>n1 pa9t+s1 etc41 is det]m9$ by ab/ract labor :i* possesses no p>ticul> qualities & c1 !re=e1 be measur$ only quantitatively4#be ,b s9ce he does n develop ! idea t labor conta9$ 9 ex*ange value is ab/ract univ]sal labor :i* assumes ! =m ( social labor z a result ( ! univ]sal ali5ation ( ! products ( individual labor1 he necess>ily fails to recognize 9 money ! direct embodim5t ( ?is ali5at$ labor4 ,= t reason he sees no inn] connection betwe5 money & labor :i* creates ex*ange value1 & consid]s money m]ely z an in/rum5t introduc$ f outside into ! sph]e ( ex*ange = purposes ( te*nical conv5i5ce4#bf ,frankl9's analysis ( ex*ange value did n ex]t any direct influ5ce on ! g5]al tr5d ( sci5ce1 because he discuss$ only special que/ions ( political economy :5ev] !re 0 a def9ite practical occasion = x4 ,! contra/ betwe5 useful "w & labor :i* creates ex*ange value agitat$ all ,europe dur+ ! eighte5? c5tury 9 ! =m ( ?is "q3 :at p>ticul> k9d ( labor con/itutes ! s\rce ( b\rgeois weal?8 ,x 0 ?us assum$ t n e k9d ( labor :i* is realiz$ 9 use-values or yields c]ta9 products does !reby directly create weal?4 ,) ! physiocrats1 h[ev]1 z well z ) _! oppon5ts1 ! burn+ "q 0 n1 :at k9d ( labor creates value1 b :i* is x t creates surplus value4 ,!y approa*$ ! problem 9 its complicat$ =m be=e !y _h solv$ x 9 its elem5t>y =m2 su* is ! hi/orical c\rse ( all sci5ces lead+ !m by a labyr9? ( int]sect+ pa?s to ! real />t+ po9ts4 ,unlike o!r build]s1 sci5ce n only erects ca/les 9 ! air1 b con/ructs sep>ate /ories ( ! build+1 be=e x has laid ! f\ndation4 ,)\t dwell+ any long] on ! physiocrats & omitt+ q a numb] ( ,italian economi/s :o 9 "s m or less +5i\s ideas came close to a correct analysis ( ! nature ( commodity1#bg we pass at once to ! fir/ ,briton :o elaborat$ ! g5]al sy/em ( b\rgeois economics1 ,sir ,james ,/eu>t4#bh ,8 idea ( ex*ange value z well z all ! ab/ract categories ( political economy /ill seem to be ) him 9 ! process ( diff]5tiation f ! mat]ial elem5ts !y repres5t & !re=e appe> q vague & unsettl$4 ,9 "o place he det]m9es real value by labor-"t 78:at a workman c p]=m 9 a day071 b imm$iately creates confusion by introduc+ ! elem5ts ( wages & raw mat]ial4#bi ,9 ano!r place 8 /ruggle ) ! mat]ial sub/ance ( ! subject he treats ( is reveal$ ev5 m /rik+ly4 ,he calls ! mat]ial ( nature conta9$ 9 a commodity1 su* z ! silv] 9 a silv] plate1 its 8intr9sic wor?10 :ile ! labor-"t conta9$ 9 x he calls 8useful value40 ,! =m]1 he says 8is 444 some?+ real 9 itself10 :ile 8! value ( ! second mu/ be e/imat$ accord+ to ! lab\r x has co/ to produce x4444 ,! lab\r employ$ 9 ! modification ( ! sub/ance repres5ts a portion ( a man's "t40#cj ,:at di/+ui%es ,/eu>t f 8 pr$ecessors & foll[]s is 8 ke5 diff]5tiation betwe5 specifically social labor :i* is repres5t$ 9 ex*ange value1 & concrete labor :i* produces use-values4 ,labor1 he says1 :i* ?r\gh its ali5ation creates a univ]sal equival5t1 ,i call indu/ry4 ,labor z indu/ry he di/+ui%es n only f concrete labor1 b f all o!r social =ms ( labor4#ca ,x is to him ! capitali/ic =m ( labor 9 contra/ to its antique & m$iaeval =ms4 ,he is especially int]e/$ 9 ! diff]5ce betwe5 capitali/ic & feudal labor1 ( :i* he _h obs]v$ ! latt] 9 its decay+ =ms bo? 9 ,scotl& & on 8 ext5sive travels ov] ! cont95t4 ,/eu>t knew1 ( c\rse1 v well t products took on ! =m ( commodities & commodities1 ! =m ( money 9 precapitali/ic epo*s z well2 b he proves conclusively t x is only 9 ! capitali/ic p]iod ( production t ! commodity becomes ! elem5t>y & fundam5tal =m ( weal?1 & ali5ation ( commodities1 ! rul+ =m ( acquisition & t consequ5tly labor creat+ ex*ange value is specifically capitali/ic 9 its "*4#cb ,aft] diff]5t =ms ( concrete labor1 su* z agriculture1 manufacture1 navigation1 trade1 etc41 _h ea* 9 turn be5 decl>$ ! true s\rce ( weal?1 ,adam ,smi? proclaim$ labor 9 g5]al1 & namely 9 its g5]al social =m ( division ( labor1 to be ! only s\rce ( mat]ial weal? or use-values4 ,:ile ignor+ 9 connection ) ! latt] ! "p play$ by nature1 he is tr\bl$ by x :5 he comes to deal ) purely social weal? i4 e4 ex*ange value4 ,to be sure1 ,adam det]m9es ! value ( a commodity by ! labor-"t conta9$ 9 x1 b relegates ! actual application ( ! pr9ciple to pre-,adamic times4 ,9 o!r words1 :at seems to him true f ! /&po9t ( simple commodity1 ceases to be cle> z soon z ! high] & m complex =ms ( capital1 wage-labor1 r5t1 etc4 take its place4 ,?is he expresses by say+1 t ! value ( commodities us$ to be measur$ by labor-"t 9 ! p>adise lo/ ( b\rgeois society1 9 :i* m5 dealt ) ea* o!r n z capitali/s1 wage-work]s1 l&lords1 t5ants1 usur]s1 etc41 b m]ely z pla9 produc]s ( commodities :i* !y ex*ang$4 ,he con/antly confuses ! det]m9ation ( ! value ( commodities by ! labor-"t conta9$ 9 !m ) ! det]m9ation ( _! value by ! value ( labor4 ,he becomes confus$ 9 work+ out ! details & fails to see ! objective equalization ( diff]5t k9ds ( labor :i* ! social process =cibly c>ries out1 mi/ak+ x = ! subjective equality ( ! labors ( individuals4#cc ,! transition f concrete labor to labor creat+ ex*ange value1 i4 e4 to labor 9 its fundam5tal capitali/ic =m he tries to d]ive f ! division ( labor4 ,yet1 :ile x is true t private ex*ange implies ! division ( labor1 x is false to ma9ta9 t division ( labor implies private ex*ange4 ,among ! ,p]uvians1 e4 g41 labor 0 divid$ to an extraord9>y ext5t1 al?\gh !re 0 no private ex*ange1 no ex*ange ( products1 z commodities4 ,contr>y to ,adam ,smi?1 ,david ,ric>do elaborat$ ) great cle>ness ! det]m9ation ( ! value ( a commodity by labor-"t & %[$ t ?is law gov]ns also su* relations ( capitali/ic production :i* seem to contradict x mo/4 ,ric>do conf9es 8 inve/igations exclusively to ! quantitative det]m9ation ( value & z reg>ds ! latt] he is at lea/ consci\s ( ! fact t ! realization ( ! law dep5ds ^u c]ta9 hi/orical conditions4 ,he says1 namely1 t ! det]m9ation ( value by labor-"t holds good = commodities 8only z c be increas$ 9 quantity by ! ex]tion ( human indu/ry1 & on ! production ( :i* competition op]ates )\t re/ra9t40#cd ,:at he really means is t ! law ( value presupposes = its full developm5t an indu/rial society 9 :i* production is c>ri$ on a l>ge scale & free competition prevails1 i4 e4 ! mod]n capitali/ society4 ,9 all o!r respects1 ,ric>do consid]s ! capitali/ =m ( labor z ! et]nal natural =m ( social labor4 ,he makes ! primitive fi%]man & ! primitive hunt] /raightway ex*ange _! fi% & game z own]s ( commodities1 9 proportion to ! labor-"t embodi$ 9 ^! ex*ange values4 ,on ?is occasion he commits ! ana*ronism ( mak+ ! primitive fi%]man & primitive hunt] consult ! annuity tables 9 curr5t use on ! ,london ,ex*ange 9 ! ye> #ahag 9 ! calculation relat+ to _! in/rum5ts4 ,! 8p>allelograms ( ,mr4 ,ow50 seem to be ! only =m ( society outside ( ! b\rgeois =m ) :i* he 0 acqua9t$4 ,al?\gh conf9$ )9 ?is b\rgeois horizon1 ,ric>do analyzes ! b\rgeois economy:i* looks q diff]5t to deep] insight ?an x does on ! surface) su* ke5 p[] ( !oretical p5etration t ,"l ,br\gham c\ld say ( him3 8,mr4 ,ric>do seem$ z if he _h dropp$ f ano!r planet40 ,9 a direct controv]sy ) ,ric>do1 ,sismondi lays /ress ^u ! specifically social "* ( labor :i* creates ex*ange value1#ce & says x is 8*>act]i/ic ( our economic progress0 to r$uce ! magnitude ( value to ! necess>y labor-"t1 to ! relation betwe5 ! dem& ( society z a :ole & ! quantity ( labor :i* is suffici5t to satisfy ?is dem&4#cf ,sismondi is no m labor+ "u ,boisguilleb]t's idea1 t labor :i* creates ex*ange value is adult]at$ by money2 b j z ,boisguilleb]t d5\nc$ money1 s does ,sismondi d5\nce l>ge indu/rial capital4 ,9 ,ric>do political economy rea*$ its climax1 aft] recklessly draw+ its ultimate conclusions1 :ile ,sismondi supplem5t$ x by imp]sonat+ its d\bts4 ,s9ce ,ric>do gave to classical political economy its f9al %ape1 hav+ =mulat$ & elaborat$ ) ! greate/ cle>ness ! law ( ! det]m9ation ( ex*ange value by labor-"t1 x is natural t all ! polemics among economi/s %\ld c5t] ab\t him4 ,/ripp$ ( its pu]ile#cg =m ?is controv]sy comes d[n to ! foll[+ po9ts3 ,fir/3 ,labor itself has ex*ange value1 & diff]5t k9ds ( labor h diff]5t ex*ange values4 ,we get into a vici\s circle by mak+ ex*ange value ! measure ( ex*ange value1 because ! measur+ ex*ange value ne$s a measure itself4 ,?is objection may be r$uc$ to ! foll[+ problem3 ,giv5 labor-"t z ! intr9sic measure ( ex*ange value1 develop f t ! det]m9ation ( wages4 ,! !ory ( wages gives ! answ] to t4 ,second3 ,if ! ex*ange value ( a product is equal to ! labor-"t conta9$ 9 x1 !n ! ex*ange value ( "o day ( labor is equal to ! product ( t labor4 ,9 o!r words1 wages mu/ be equal to ! product ( labor4#ch ,b ! v opposite is actually ! case4 ,ergo4 ?is objection comes d[n to ! foll[+ problem3 ,h[ does production1 bas$ on ! det]m9ation ( ex*ange value by labor-"t only1 lead to ! result t ! ex*ange value ( labor is less ?an ! ex*ange value ( its product8 ,?is problem is solv$ by u 9 ! discussion ( capital4 ,?ird3 ,! m>ket price ( commodities ei!r falls bel[ or rises above its ex*ange value ) ! *ang+ relations ( supply & dem&4 ,!re=e1 ! ex*ange value ( commodities is det]m9$ by ! relation ( supply & dem& & n by ! labor-"t conta9$ 9 !m4 ,z a matt] ( fact1 ?is que] conclusion m]ely am\nts to ! "q1 h[ a m>ket price bas$ on ex*ange value c deviate f t ex*ange value2 or1 bett] /ill1 h[ does ! law ( ex*ange value ass]t itself only 9 its anti!sis8 ,?is problem is solv$ 9 ! !ory ( competition4 ,f\r?3 ,! la/ & app>5tly ! mo/ /rik+ objection1 if n rais$ 9 ! usual =m ( que] examples3 ,if ex*ange value is no?+ b m]e labor-"t conta9$ 9 commodities1 h[ c commodities :i* conta9 no labor possess ex*ange-value1 or 9 o!r words1 :5ce ! ex*ange value ( m]e =ces ( nature8 ,?is problem is solv$ 9 ! !ory ( r5t4 ,,*apt] ,,ii4 ,,money ,,or ,,simple ,,circulation4 ,9 a p>liam5t>y debate on ,sir ,rob]t ,peel's ,bank ,act ( #ahdd & #ahde1 ,glad/one rem>k$ t n ev5 love has made s _m fools ( m5 z ! pond]+ ov] ! nature ( money4 ,he spoke ( ,britons to ,britons4 ,! ,dut*1 on ! contr>y1 :o1 f times ( yore1 h _h1 ,petty's d\bts not)/&+1 8angelical wits0 = money speculation h nev] lo/ _! wits 9 speculations ab\t money4 ,! ma9 difficulty 9 ! analysis ( money is ov]come z soon z ! evolution ( money f commodity is und]/ood4 ,?is po9t once grant$1 x only rema9s to compreh5d cle>ly ! p>ticul> =ms ( money1 :i* is to "s ext5t made difficult by ! fact t all b\rgeois relations1 be+ gilt or silv] plat$1 h ! appe>ance ( money relations1 & money1 !re=e1 seems to possess an endless v>iety ( =ms1 :i* h no?+ 9 common ) x4 ,9 ! foll[+ inve/igation only ^? =ms ( money are treat$ ( :i* directly gr[ out ( ! ex*ange ( commodities2 ! =ms :i* belong to a high] /age ( production1 z e4 g41 cr$it money w n be discuss$ "h4 ,= ! sake ( simplicity gold is assum$ ?r\gh\t z ! money commodity4 #a4 ,,! ,,measure ,,( ,,value4 ,! fir/ process ( circulation con/itutes1 s to say1 ! !oretical prep>atory process to actual circulation4 ,to beg9 )1 commodities :i* are use-values by nature1 acquire a =m 9 :i* !y appe> 9 idea to ea* o!r z ex*ange values1 z def9ite quantities ( incorporat$ univ]sal labor-"t4 ,! fir/ necess>y /ep 9 ?is process is1 z we h se51 ! sett+ ap>t by ! commodities ( a specific commodity1 say gold1 z ! direct inc>nation ( univ]sal labor-"t1 or ! univ]sal equival5t4 ,let u g back = a mom5t to ! =m 9 :i* commodities turn gold into money4 #a ton ( iron #b ounces ( gold #a qu>t] ( :eat #a ounce ( gold #a hundr$ weight ( ,mocca c(fee #a-a_/d ounce ( gold #a hundr$ weight ( pota% #a_/b ounce ( gold #a ton ( ,brazil timb] #a-a_/b ounces ( gold ,y commodities ,x ounces ( gold ,9 ! above s]ies ( equations iron1 :eat1 c(fee1 pota%1 etc4 appe> to ea* o!r z embodim5ts1 ( homog5e\s labor1 namely1 z labor mat]ializ$ 9 money1 f :i* all ! peculi>ities ( ! diff]5t k9ds ( concrete labor repres5t$ 9 ! diff]5t use-values are completely elim9at$4 ,z value !y are all id5tical1 !y are ! inc>nation ( ! same labor1 or ! same inc>nation ( labor1 viz41 gold4 ,z uni=m embodim5ts ( ! same labor !y display only "o diff]5ce1 a quantitative "o1 by appe>+ z diff]5t quantities ( value1 because unequal quantities ( labor-"t are conta9$ 9 _! use-values4 ,! mutual relation ( ^! sep>ate commodities is t ( embodim5ts ( univ]sal labor-"t1 s9ce !y are relat$ to univ]sal labor-"t z to an exclud$ commodity1 viz41 gold4 ,! same relation ! developm5t ( :i* causes commodities to appe> to ea* o!r z ex*ange values1 causes ! labor "t conta9$ 9 gold to appe> z univ]sal labor-"t1 a giv5 quantity ( :i* is express$ 9 diff]5t quantities ( iron1 :eat1 c(fee1 etc19 %ort1 9 ! use-values ( all commodities1 or is directly unfold$ 9 ! endless s]ies ( commodity-equival5ts4 ,:ile all commodities express _! ex*ange values 9 gold1 gold expresses its ex*ange value directly 9 all commodities4 ,:ile commodities assume ! =m ( ex*ange value 9 relation to ea* o!r1 !y l5d to gold ! =m ( ! univ]sal equival5t1 or ( money4 ,gold becomes ! measure ( value1 because all commodities measure _! ex*ange values 9 gold1 9 proportion z a c]ta9 quantity ( gold & a c]ta9 quantity ( ! commodity conta9 ! same am\nt ( labor-"t2 & x is only by virtue ( ?is function ( be+ a measure ( value1 9 :i* capacity its own value is measur$ directly 9 ! entire s]ies ( commodity equival5ts1 t gold becomes a univ]sal equival5t or money4 ,on ! o!r h&1 ! ex*ange value ( all commodities is express$ 9 gold4 ,9 ?is expression1 ! qualitative aspect is to be di/+ui%$ f ! quantitative3 !re is ! ex*ange value ( ! commodity z ! embodim5t ( ! same uni=m labor-"t2 :ile ! magnitude ( value is exhau/ively express$1 s9ce 9 ! same proportion 9 :i* commodities are equat$ to gold !y are equat$ to "o ano!r4 ,on ! "o h& ! univ]sal "* ( ! labor-"t conta9$ 9 !m is reveal$2 on ! o!r1 its quantity is express$ 9 its gold5 equival5t4 ,! ex*ange value ( commodities ?us express$ 9 ! =m ( a univ]sal equival5t &1 moreov]1 z a num]ical proportion ( ?is equival5t1 9 t]ms ( "o specific commodity1 or repres5t$ 9 ! =m ( a s]ies ( commodities equat$ to "o specific commodity1 is ,,price4 ,price is ! =m into :i* ! ex*ange value ( commodities is conv]t$ :5 x appe>s )9 ! sph]e ( circulation4 ,by ! same process by :i* commodities express _! values 9 gold prices1 !y turn gold into a measure ( value i4 e4 into money4 ,if all ( !m 7 to measure _! values 9 silv]1 :eat1 or copp]1 & !re=e express !m 9 ! =m ( silv]1 :eat or copp] prices1 !n silv]1 :eat or copp] w\ld be measures ( value & consequ5tly univ]sal equival5ts4 ,9 ord] to appe> z prices 9 circulation1 commodities mu/ be ex*ange values be=e !y ent] circulation4 ,gold becomes ! measure ( value only because all commodities e/imate _! ex*ange value 9 x4 ,! univ]sality ( ?is relation :i* is ! result ( evolution & f :i* alone spr+s ! function ( gold z ! measure ( value1 implies h[ev]1 t e s+le commodity is measur$ 9 gold1 9 proportion to ! labor-"t conta9$ 9 bo?2 t ! actual common measure ( ! commodity & ( gold is labor2 or t commodity & gold are pass$ = ea* o!r 9 direct b>t] z equal ex*ange values4 ,h[ ?is equalization actually takes place1 c n be discuss$ "h :5 treat+ ( simple circulation4 ,s mu*1 h[ev]1 is cle>1 t 9 c\ntries produc+ gold & silv]1 c]ta9 quantities ( labor-"t are directly embodi$ 9 def9ite quantities ( gold & silv]1 :ile 9 c\ntries :i* d n produce gold & silv] ! same result is rea*$ 9 a r\nd-ab\t way1 by direct or indirect ex*ange ( ! commodities ( ^? c\ntries2 i4 e4 a def9ite portion ( av]age national labor is giv5 = a def9ite quantity ( labor-"t1 embodi$ 9 ! gold & silv] ( ! m9e-own+ c\ntries4 ,9 ord] to be able to s]ve z a measure ( value1 gold mu/ be z f> z possible a v>iable value1 because x c become ! equival5t ( o!r commodities only z an inc>nation ( labor-"t1 & ! same labor-"t is realiz$ 9 unequal volumes ( use-values ) ! *ange 9 ! productive p[] ( concrete labor4 ,9 e/imat+ all commodities 9 gold x is only assum$ t gold repres5ts a giv5 quantity ( labor at a giv5 mom5t1 z 0 done :5 ! ex*ange value ( any commodity 0 express$ 9 t]ms ( ! use-value ( any o!r commodity4 ,z = ! v>iations ( ! value ( gold1 ! law ( ex*ange value =mulat$ above holds good 9 its case z well4 ,if ! ex*ange value ( commodities rema9s un*ang$1 !n a g5]al rise 9 _! gold prices is possible only 9 ! case ( a fall 9 ! ex*ange value ( gold4 ,if ! ex*ange value ( gold rema9s un*ang$1 a g5]al rise ( gold prices is possible only :5 ! ex*ange value ( all commodities rises4 ,! rev]se is true 9 case ( a g5]al fall 9 ! prices ( commodities4 ,if ! value ( an ounce ( gold falls or rises 9 consequ5ce ( a *ange 9 ! labor-"t requir$ = its production1 !n ! values ( all o!r commodities fall or rise to an equal ext5t4 ,?us1 ! ounce ( gold repres5ts aft] ! *ange1 z x did be=e1 a giv5 quantity ( labor-"t ) reg>d to all commodities4 ,! same ex*ange values are n[ e/imat$ 9 great] or small] quantities ( gold ?an be=e1 b !y are e/imat$ 9 proportion to ! magnitude ( _! values1 & consequ5tly reta9 ! same proportion to ea* o!r4 ,! ratio #b #d #h rema9s ! same :5 express$ z #a #b #d or z #d #h #af4 ,! *ange 9 ! quantity ( gold 9 :i* ex*ange values are e/imat$ ) a v>iation 9 ! value ( gold1 int]f]es z little ) ! function ( gold z a measure ( value1 z ! fifte5 times small] value ( silv] z comp>$ ) t ( gold int]f]es ) ! p]=mance ( t function by ! latt]4 ,s9ce labor-"t is ! common measure ( gold & commodities1 & s9ce gold figures z ! measure ( value only 9 s f> z all commodities are measur$ by x1 ! idea t money makes commodities comm5surable1 is !re=e a m]e fiction ( ! process ( circulation4#ci ,x is r ! comm5surability ( commodities z incorporat$ labor-"t1 t turns gold into money4 ,commodities ent] ! process ( ex*ange 9 ! concrete =m ( use-values4 ,!y are yet to be turn$ into ! real univ]sal equival5t ?r\gh _! ali5ation4 ,! det]m9ation ( _! prices m]ely am\nts to _! ideal trans=mation into ! univ]sal equival5t1 a process ( equation to gold :i* is yet to be realiz$4 ,b s9ce commodities are1 9 _! prices1 trans=m$ into gold only 9 imag9ation1 or are conv]t$ only into imag9>y gold1 & s9ce _! money =m is n diff]5tiat$ z yet f _! concrete selves1 x foll[s t gold has also be5 turn$ into money only 9 imag9ation2 x appe>s s f> b z a measure ( value1 & 9 fact def9ite quantities ( gold s]ve m]ely z names = c]ta9 quantities ( labor-"t4 ,! =m 9 :i* gold is cry/alliz$ 9 money always dep5ds ^u ! way 9 :i* commodities express _! own ex*ange value to ea* o!r4 ,commodities n[ confront "o ano!r 9 a d\ble capacity3 actually z use-values1 ideally z ex*ange values4 ,! tw(old aspect ( labor conta9$ 9 !m is reflect$ 9 _! mutual relations2 ! special concrete labor be+ virtually pres5t z _! use-value1 :ile univ]sal ab/ract labor-"t is ideally repres5t$ 9 _! price 9 :i* commodities appe> z comm5surable embodim5ts ( ! same valuesub/ance diff]+ m]ely 9 quantity4 ,! diff]5ce betwe5 ex*ange value & price appe>s to be m]ely nom9al or1 z ,adam ,smi? says1 labor is ! real price1 & money ! nom9al price ( commodities4 ,in/ead ( e/imat+ ! value ( "o qu>t] ( :eat 9 ?irty days ( labor1 x is e/imat$ 9 "o ounce ( gold if "o ounce ( gold is ! product ( ?irty days' labor4 ,h[ev]1 f> f ?is diff]5ce be+ m]ely nom9al1 all ! /orms :i* ?reat5 commodities 9 ! actual process ( circulation c5t] ab\t x4 ,?irty days ( labor are conta9$ 9 a qu>t] ( :eat & x ne$ n1 !re=e1 be express$ 9 t]ms ( labor-"t4 ,b gold is a commodity di/9ct f :eat1 & only 9 circulation x c be asc]ta9$1 :e!r ! qu>t] ( :eat c be actually turn$ into an ounce ( gold z is anticipat$ 9 its price4 ,t w dep5d on :e!r or n x proves to be a use-value1 :e!r or n ! quantity ( labor-"t conta9$ 9 x is ! quantity necess>ily requir$ by society = ! production ( a qu>t] ( :eat4 ,! commodity z su* is an ex*ange value1 x has a price4 ,9 ?is diff]5ce betwe5 ex*ange value & price lies ! demon/ration ( ! fact t ! p>ticul> individual labor conta9$ 9 a commodity has fir/ to be express$ ?r\gh ! process ( ali5ation 9 t]ms ( its c\nt]p>t1 i4 e4 z imp]sonal1 ab/ract1 univ]sal &1 only 9 t =m1 social labor1 viz4 money4 ,:e!r x c be s express$ seems to be a matt] ( *ance4 ,?us1 al?\gh ! ex*ange value ( a commodity f9ds only ideally a di/9ct expression 9 price1 & ! tw(old "* ( labor conta9$ 9 ! commodity exi/s z yet m]ely z two di/9ct =ms ( expression1 &1 al?\gh 9 consequ5ce !re(1 ! embodim5t ( univ]sal labor-"t1 gold1 confronts actual commodities only z an imag9>y measure ( value1 yet ! fact t ex*ange value exi/s z price1 or t gold exi/s z a measure ( value implies ! necessity ( ! ali5ation ( commodities = h>d ca% & ! possibility ( _! non-ali5ation4 ,9 %ort1 "h lies lat5t ! entire contradiction :i* is inh]5t 9 ! fact t products are commodities or t ! p>ticul> "w ( a private individual c be ( no acc\nt 9 society until x has tak5 ! v opposite =m ( ab/ract univ]sal labor4 ,= t reason1 ! utopians1 :o want to h commodities b n money1 :o want a sy/em ( production bas$ on private ex*ange )\t ! necess>y conditions und]ly+ su* a sy/em1 are consi/5t :5 !y 8de/roy0 money n 9 its tangible =m b 9 its nebul\s illusory =m ( a measure ( value4 ,"u ! invisible measure ( value !re lurks ! h>d ca%4 ,! process by :i* gold has become ! measure ( value & ex*ange value has be5 turn$ into price1 be+ once assum$1 all commodities express 9 _! prices b imag9$ quantities ( gold ( v>i\s magnitudes4 ,z su* v>i\s quantities ( ! same ?+1 gold1 !y are equat$1 comp>$ & measur$ ) ea* o!r1 & ?us arises ! te*nical necessity ( ref]r+ !m to a def9ite quantity ( gold z a unit ( measure1 a unit :i* develops into a /&>d measure by virtue ( its divisibility into aliquot p>ts1 :i* 9 _! turn c be subdivid$ into aliquot p>ts4#dj ,b quantities ( gold z su* are measur$ by weight4 ,! /&>d ( measure is ?us f\nd ready 9 ! g5]al measures ( weight ( metals &1 !re=e1 :]e-ev] metallic circulation is 9 vogue1 ^! measures s]ve orig9ally z /&>ds ( price4 ,s9ce commodities no m relate to ea* o!r z ex*ange values to be measur$ by labor-"t1 b z magnitudes ( ! same d5om9ation measur$ 9 gold1 ! latt] is trans=m$ f a measure ( value into a /&>d ( price4 ,! comp>ison ( prices ) ea* o!r z diff]5t quantities ( gold is ?us cry/alliz$ 9 figures :i* correspond to an assum$ quantity ( gold & repres5t x z a /&>d ( aliquot p>ts4 ,gold z measure ( value & z /&>d ( price has entirely diff]5t =ms ( manife/ation & ! confus+ ( ! two has result$ 9 ! wilde/ ( !ories4 ,gold is a measure ( value z incorporat$ labor-"t2 x is ! /&>d ( price z c]ta9 weight ( metal4 ,gold becomes ! measure ( value by virtue ( its relation z ex*ange value to commodities z ex*ange values2 z /&>d ( price1 a def9ite quantity ( gold s]ves z a unit = o!r quantities ( gold4 ,gold is ! measure ( value1 because its value is v>iable2 x is ! /&>d ( price1 because x is fix$ z a con/ant unit ( weight4 ,9 ?is case1 z 9 all cases ( measur+ quantities ( ! same d5om9ation1 ! e/abli%m5t ( a def9ite & unv>y+ unit ( measure is all-important4 ,! necessity ( settl+ ^u a quantity ( gold z a unit ( measure & ^u its aliquot p>ts z subdivisions ( t unit1 has giv5 rise to ! notion t a c]ta9 quantity ( gold :i* has naturally a v>iable value _h be5 assign$ a fix$ ratio ( value to ! ex*ange values ( all commodities2 ! fact is ov]look$ t ex*ange values ( commodities are trans=m$ into prices1 i4 e4 into quantities ( gold1 be=e gold develops z a /&>d ( price4 ,no matt] h[ ! value ( gold may v>y1 ! ratios betwe5 ! values ( diff]5t quantities ( gold rema9 con/ant4 ,let ! fall 9 ! value ( gold am\nt to #ajjj p] c5t41 /ill twelve ounces ( gold w h a twelve times great] value ?an "o ounce ( gold2 & 9 prices ! only ?+ consid]$ is ! ratio betwe5 diff]5t quantities ( gold4 ,s9ce1 on ! o!r h&1 no rise or fall 9 ! value ( an ounce ( gold c alt] its weight1 no alt]ation c take place 9 ! weight ( its aliquot p>ts4 ,?us gold always r5d]s ! same s]vice z an inv>iable /&>d ( price1 no matt] h[ mu* its value may v>y4#da ,an hi/orical process :i*1 z we %all expla9 lat]1 0 det]m9$ by ! nature ( metallic circulation1 l$ to ! result t ! same d5om9ation ( weight 0 reta9$ = a con/antly *ang+ & decreas+ weight ( preci\s metals 9 _! function ( a /&>d ( price4 ,?us ! ,engli% p\nd /]l+ d5otes less ?an "o-?ird ( its orig9al weight2 ! p\nd ,scot1 be=e ! ,union1 only #a-cf2 ! ,fr5* livre1 #a-gd2 ! ,spani% ,m>av$i1 less ?an #a-ajjj2 ! ,portuguese ,rei1 a /ill small] fraction4 ,su* 0 ! hi/orical orig9 ( ! discrepancy betwe5 ! curr5t money names ( v>i\s weights ( metals & _! weight d5om9ations4#db ,s9ce ! det]m9ation ( ! unit ( measure1 ( its aliquot p>ts1 & ( _! names is purely conv5tional1 & s9ce !y %\ld possess )9 ! sph]e ( circulation ! "* ( univ]sality & compulsion1 !y _h to be settl$ by law4 ,! purely =mal op]ation ?us devolv$ ^u ! gov]nm5t4#dc ,! metal :i* 0 to s]ve z ! money mat]ial1 0 f\nd already adopt$ 9 ! community4 ,9 diff]5t c\ntries ! legal /&>d ( price is naturally diff]5t4 ,9 ,engl& e4 g4 ! ounce z a weight ( metal is divid$ into p5nyweights1 gra9s & c>ats ,troy1 b ! ounce ( gold z ! unit ( money is divid$ into #c #g-h sov]eigns1 ! sov]eign into #bj %ill+s1 ! %ill+ into #ab p5ce1 s t #ajj p\nds ( #bb c>at gold 7#abjj ounces7 #dfgb sov]eigns & #aj %ill+s4 ,9 ! _w m>ket1 h[ev]1 :]e national b\nd>ies disappe>1 ^! national *>act]i/ics ( ! measure ( money also disappe> & give place to ! g5]al measures ( weight ( metals4 ,! price ( a commodity or ! quantity ( gold into :i* x is ideally trans=m$1 is1 !re=e1 n[ express$ 9 ! names ( co9s ( ! gold /&>d4 ,?us1 in/ead ( say+3 a qu>t] ( :eat is wor? an ounce ( gold1 x is said 9 ,engl& to be wor? #c #ags4 #aj-a_/b;d4 ,all prices are ?us express$ 9 ! same d5om9ations4 ,! peculi> =m :i* commodities l5d to _! ex*ange values is trans=m$ into a money-d5om9ation by :i* commodities tell ea* o!r h[ mu* !y are wor?4 ,money 9 its turn becomes money ( acc\nt4#dd ,we trans=m commodities into money ( acc\nt1 9 our m9d1 on pap]1 9 conv]sation1 :5ev] x is a "q ( express+ any k9d ( weal? 9 t]ms ( ex*ange value4#de ,= t trans=mation we ne$ ! gold sub/ance1 b only 9 imag9ation4 ,9 ord] to e/imate ! value ( a ?\s& bales ( cotton 9 a c]ta9 numb] ( ounces ( gold & !n to express ?is numb] ( ounces 9 ! d5om9ations ( ! ounce1 4 s4 d41 n a s+le atom ( gold is requir$4 ,?us1 n a s+le ounce ( gold 0 9 circulation 9 ,scotl& be=e ,rob]t ,peel's ,bank ,act ( #ahde1 al?\gh ! gold ounce1 express$ 9 its ,engli% /&>d ( acc\nt1 #c #ags4 #aj-a_/b;d41 s]v$ z ! legal /&>d ( price4 ,9 a simil> mann] silv] s]ves z /&>d ( price 9 ! trade betwe5 ,sib]ia & ,*9a1 al?\gh t trade virtually am\nts to b>t]4 ,x is1 !re=e1 immat]ial to money1 z money ( acc\nt1 :e!r or n its entire unit ( measure or ! fractions !re( are really co9$4 ,9 ,engl&1 at ! "t ( ,william ! ,conqu]or1 #a1 !n a p\nd ( pure silv]1 & ! %ill+1 #a-bj ( a p\nd1 exi/$ only z money ( acc\nt1 :ile ! p5ny1 #a-bdj ( a p\nd ( silv]1 0 ! l>ge/ silv] co9 9 exi/5ce4 ,on ! o!r h&1 !re are no %ill+s & p5ce 9 ,engl& to-day1 al?\gh !y are legal d5om9ations = c]ta9 p>ts ( an ounce ( gold4 ,money z money ( acc\nt may exi/ exclusively 9 idea1 :ile ! money 9 actual exi/5ce may be co9$ accord+ to an entirely diff]5t /&>d4 ,?us ! money 9 circulation 9 _m ,engli% colonies ( ,nor? ,am]ica consi/$ until late 9 ! eighte5? c5tury ( ,spani% & ,portuguese co9s1 al?\gh ! money ( acc\nt 0 ?r\gh\t ! same z 9 ,engl&4#df ,ow+ to ! fact t money1 :5 s]v+ z ! /&>d ( price1 appe>s "u ! same reckon+ names z d ! prices ( commodities1 & t1 !re=e1 ! sum ( #c #ags4 #aj-a_/b;d4 may signify1 on ! "o h&1 an ounce weight ( gold1 & on ! o!r1 ! value ( a ton ( iron1 ?is reckon+ "n ( money has be5 call$ its m9t-price4 ,h5ce1 !re sprang up ! extraord9>y notion t ! value ( gold is e/imat$ 9 its own mat]ial1 & t1 9 contradi/9ction to all o!r commodities1 its price is fix$ by ! ,/ate4 ,x 0 errone\sly ?\ght t ! giv+ ( reckon+ names to def9ite weights ( gold is ! same ?+ z fix+ ! value ( ^? weights4#dg ,9 s f> z gold s]ves z "o ( ! elem5ts 9 det]m9+ price1 i4 e41 :]e x p]=ms ! function ( money ( acc\nt1 x n only has no fix$ price1 b has no price :atev]4 ,9 ord] to h a price1 i4 e41 9 ord] to express itself 9 a specific commodity z a univ]sal equival5t t o!r commodity w\ld h to play ! same exclusive role 9 ! process ( circulation z gold4 ,b two commodities exclud+ all o!r commodities mutually exclude ea* o!r4 ,!re=e1 :]ev] gold & silv] h by law be5 made to p]=m side by side ! function ( money or ( a measure ( value x has always be5 tri$1 b 9 va91 to treat !m z "o & ! same mat]ial4 ,to assume t !re is an inv>iable ratio betwe5 ! quantities ( gold & silv] 9 :i* a giv5 quantity ( labor-"t is incorporat$1 is to assume1 9 fact1 t gold & silv] are ( "o & ! same mat]ial1 & t a giv5 mass ( ! less valuable metal1 silv]1 is a con/ant fraction ( a giv5 mass ( gold4 ,f ! reign ( ,edw>d ,,iii to ! "t ( ,george ,,ii1 ! hi/ory ( money 9 ,engl& consi/s ( "o long s]ies ( p]turbations caus$ by ! cla%+ ( ! legally fix$ ratio betwe5 ! values ( gold & silv]1 ) ! fluctuations 9 _! real values4 ,at "o "t gold 0 too high2 at ano!r1 silv]4 ,! metal t = ! "t be+ 0 e/imat$ bel[ its value 0 )drawn f circulation1 melt$ & export$4 ,! ratio betwe5 ! two metals 0 !n aga9 alt]$ by law1 b ! new nom9al ratio soon came into conflict aga9 ) ! real "o4 ,9 our own times1 ! slight & transi5t fall 9 ! value ( gold comp>$ ) silv]1 :i* 0 a consequ5ce ( ! ,indo-,*9ese dem& = silv]1 produc$ on a f> m ext5d$ scale 9 ,france ! same ph5om5a1 export ( silv]1 & its expulsion f circulation by gold4 ,dur+ ! ye>s #ahee1 #ahef & #aheg1 ! excess 9 ,france ( gold imports ov] gold exports am\nt$ to #da1ehj1jjj1 :ile ! excess ( silv] exports ov] silv] imports 0 #ad1gjd1jjj4 ,9 fact1 9 ^? c\ntries 9 :i* bo? metals are legally measures ( value1 & !re=e bo? legal t5d]1 s t e "o has ! option ( pay+ 9 ei!r metal1 ! metal t rises 9 value is at a premium1 &1 l e o!r commodity1 measures its price 9 ! ov]-e/imat$ metal :i* alone s]ves 9 reality z ! /&>d ( value4 ,! result ( all exp]i5ce & hi/ory ) reg>d to ?is "q is simply t1 :]e two commodities p]=m by law ! functions ( a measure ( value1 9 practice "o alone ma9ta9s t position4#dh ,b4 ,,!ories ,,( ,,! ,,unit ,,( ,,measure ,,( ,,money4 ,! circum/ance t commodities are conv]t$ into gold only 9 ideas z prices & t gold is !re=e turn$ into money only 9 idea1 gave rise to ! !ory ( ! ideal unit ( measure ( money4 ,s9ce1 9 ! det]m9ation ( prices1 gold & silv] s]ve only ideally z money ( acc\nt1 x 0 ass]t$ t ! names p\nd1 %ill+1 p5ce1 ?al]1 franc1 etc41 in/ead ( d5ot+ c]ta9 weights ( gold & silv] or labor incorporat$ 9 "s way1 /ood r = ideal atoms ( value4 ,?us1 if1 e4 g41 ! value ( an ounce ( silv] %\ld rise x w\ld conta9 m su* atoms & w\ld !re=e h to be e/imat$ & co9$ 9 a great] numb] ( %ill+s4 ,?is doctr9e1 reviv$ aga9 dur+ ! la/ comm]cial crisis 9 ,engl& & ev5 voic$ 9 ,p>liam5t 9 two sep>ate reports atta*$ to ! report ( ! select ,committee on ! ,bank ,acts sitt+ 9 ,july1 #aheh1 dates f ! end ( ! sev5te5? c5tury4 ,at ! "t ( ! accession ( ,william ,,iii41 ! ,engli% m9t-price ( an ounce ( silv] 0 #es4 #b;d41 or #a-fb ( an ounce ( silv] 0 equal to a p5ny2 #ab ( ^! p5ce 7 call$ a %ill+4 ,accord+ to t /&>d1 a piece ( silv] weigh+1 say1 #f ounces1 w\ld be co9$ into ?irty-"o co9s1 ea* call$ a %ill+4 ,b ! m>ket price ( an ounce ( silv] rose above its m9t price1 f #es4 #b;d4 to #fs4 #c;d41 or1 9 ord] to buy an ounce ( silv] bullion #fs4 #c;d4 _h to be paid4 ,h[ c\ld ! m>ket price ( an ounce ( silv] rise above its m9t price1 :5 ! m9t price is m]ely a reckon+ "n = aliquot p>ts ( an ounce ( silv]8 ,! riddle 0 easily solv$4 ,out ( #e1fjj1jjj ( silv] money :i* 0 9 circulation at t "t1 f\r millions 7 worn out1 clipp$ & debas$4 ,a trial disclos$ t #eg1jjj ( silv] :i* 7 suppos$ to weigh #bbj1jjj ounces1 weigh$ only #ada1jjj ounces4 ,! m9t w5t on co9+ accord+ to ! same /&>d1 b light-weight$ %ill+s 9 actual circulation repres5t$ small] p>ts ( an ounce ?an _! "n impli$4 ,h5ce1 a great] quantity ( ^! light-weight$ %ill+s _h to be paid 9 ! m>ket = an ounce ( silv] bullion4 ,:5 a g5]al reco9age 0 decid$ ^u 9 consequ5ce ( ! d]angem5t t _h be5 produc$1 ,,l[ndes1 ! ,secret>y ( ! ,treasury1 decl>$ t ! value ( an ounce ( silv] _h ris5 & !re=e x mu/ h5ce=? be co9$ into #fs4 #c;d4 in/ead ( into #es4 #b;d4 z h]et(ore4 ,8 argum5t practically am\nt$ to ! ass]tion t ! rise 9 ! value ( ! ounce caus$ a fall 9 ! value ( its aliquot p>ts4 ,8 false !ory1 h[ev]1 s]v$ m]ely z an embelli%m5t = a j1 practical purpose4 ,! gov]nm5t debts 7 contract$ 9 light %ill+s1 7 !y to be paid 9 heavy ones8 ,in/ead ( say+ pay back f\r ounces ( silv]1 :5 y _h receiv$ nom9ally five ounces b virtually only f\r1 he said pay back nom9ally five ounces b r$uce ! metallic cont5ts to f\r ounces & call a %ill+ :at y _h call$ f\r-fif?s ( a %ill+ h]et(ore4 ,?us ,l[ndes practically adh]$ to ! metallic weight :ile !oretically he clung to ! reckon+ "n4 ,8 adv]s>ies :o clung only to ! "n & !re=e decl>$ ! #be to #ej p] c5t4 light] %ill+ to be id5tical ) ! full-weight %ill+ ma9ta9$ on ! contr>y t !y adh]$ to ! metallic weight4 ,,john ,,locke1 :o 0 an advocate ( ! new b\rgeoisie 9 all =ms1 ! manufactur]s aga9/ ! work+ classes & paup]s1 ! comm]cial class aga9/ ! old fa%ion$ usur]s1 ! f9ancial ari/ocracy aga9/ ! /ate debtors1 & :o w5t s f> z to prove 9 8 own "w t ! b\rgeois reason is ! normal human reason1 also took up ! *all5ge aga9/ ,l[ndes4 ,john ,locke c>ri$ ! day & money borr[$ at t5 or f\rte5 %ill+s to a gu9ea 0 repaid 9 gu9eas ( tw5ty %ill+s4#di ,,sir ,,james ,,/eu>t sums up ! entire transaction z foll[s3 8 444 ! /ate ga9$ consid]ably ^u ! score ( taxes1 z well z ! cr$itors ^u _! capitals & int]e/2 & ! nation1 :i* 0 ! pr9cipal los]1 0 pleas$2 because _! /&>d 7,! /&>d ( _! own value7 0 n debas$40#ej ,/eu>t ?\ght t ! nation w\ld prove m al]t ) ! fur!r developm5t ( comm]ce4 ,he 0 mi/ak54 ,ab\t #abj ye>s lat] ! same quid pro quo 0 repeat$4 ,x 0 j 9 ! ord] ( ?+s t ,bi%op ,,b]keley1 ! repres5tative ( a my/ical idealism 9 ,engli% philosophy1 %\ld h giv5 a !oretical turn to ! doctr9e ( ! ideal unit ( measure ( money1 some?+ :i* ! practical 8,secret>y to ! ,treasury0 _h fail$ to d4 ,he asks3 8,:e!r ! t]ms ,cr[n1 ,livre1 ,p\nd ,/]l+1 etc41 are n to be consid]$ z ,expon5ts or ,d5om9ations ( su* ,proportion8 namely proportions ( ab/ract value z su*4 ,& :e!r ,gold1 ,silv]1 & ,pap] are n ,tickets or ,c\nt]s = ,reckon+1 ,record+ & ,transf]r+ !re(8 7( ! proportion ( value74 ,:e!r ,p[] to comm& ! ,indu/ry ( o!rs be n real ,weal?8 ,& :e!r ,money be n 9 ,tru?1 ,tickets or ,tok5s = convey+ & record+ su* ,p[]1 & :e!r x be ( great consequ5ce :at ,mat]ials ! ,tickets are made (80#ea ,"h we f9d a confusion1 fir/ ( ! measure ( value & ! /&>d ( price1 & secondly ( gold & silv] z measures on ! "o h& & m$iums ( circulation on ! o!r4 ,because preci\s metals c be replac$ by tok5s 9 ! process ( circulation ,b]keley comes to ! conclusion t ^! tok5s repres5t no?+1 i4 e41 only ! ab/ract idea ( value4 ,,sir ,,james ,,/eu>t _h s fully develop$ ! !ory ( ! ideal unit ( measure ( money1 t 8 successorsunconsci\s successors s9ce !y d n "k himh add$ to x nei!r a new v]sion nor ev5 a new example4 8,money1 :i* ,i call ( acc\nt1 is no m ?an an arbitr>y scale ( equal p>ts1 inv5t$ = measur+ ! respective value ( ?+s v5dible4 ,money ( acc\nt1 !re=e1 is q a diff]5t ?+ f money co91 :i* is price#eb & might exi/1 al?\gh !re 0 no su* ?+ 9 ! _w z any sub/ance :i* c\ld become an adequate & proportional equival5t1 = e commodity4444 ,money ( acc\nt 444 p]=ms ! same (fice ) reg>d to ! value ( ?+s1 t degrees1 m9utes1 seconds1 etc41 d ) reg>d to angles1 or z scales d to geographical maps1 or to plans ( any k9d4 ,9 all ^! inv5tions1 !re is con/antly "s d5om9ation tak5 = ! unit4 444 ,! usefulness ( all ^? inv5tions be+ solely conf9$ to ! m>k+ ( proportion4 ,j s ! unit 9 money c h no inv>iable det]m9ate proportion to any "p ( value1 t is to say1 x _c be fix$ to any p>ticul> quantity ( gold1 silv]1 or any o!r commodity :atsoev]4 ,! unit once fix$1 we c1 by multiply+ x1 asc5d to ! greate/ value4444 ,! value ( commodities1 !re=e1 dep5d+ ^u a g5]al comb9ation ( circum/ances relative to !mselves & to ! fancies ( m51 _! value ought to be consid]$ z *ang+ only ) respect to "o ano!r2 consequ5tly1 any?+ :i* tr\bles or p]plexes ! asc]ta9+ ^? *anges ( proportion by ! means ( a g5]al1 det]m9ate & inv>iable scale1 mu/ be hurtful to trade4444 ,money 444 is an ideal scale ( equal p>ts4 ,if x be dem&$ :at ought to be ! /&>d value ( "o "p8 ,i answ] by putt+ ano!r "q3 ,:at is ! /&>d l5g? ( a degree1 a m9ute1 a second8 ,x has none 444 b s soon z "o "p becomes det]m9$ by ! nature ( a scale1 all ! re/ mu/ foll[ 9 proportion4 ,( ?is k9d ( money 444 we h two examples4 ,! bank ( ,am/]dam pres5ts u ) ! "o1 ! coa/ ( ,angola ) ! o!r40#ec ,/eu>t speaks "h simply ( ! "p money plays 9 circulation z ! /&>d ( price & money ( acc\nt4 ,if diff]5t commodities are m>k$ 9 ! price-li/ at #aes41 #bjs41 #cfs41 respectively1 !n ,i c>e1 9 fact1 nei!r = ! silv] sub/ance1 nor = ! "n ( ! %ill+ :5 comp>+ ! magnitudes ( _! values4 ,! ratios betwe5 ! numb]s #ae1 #bj1 #cf1 tell ev]y?+1 & ! numb] #a has become ! only unit ( measure4 ,only ! ab/ract proportion ( numb]s c at all s]ve z a purely ab/ract expression ( proportion4 ,9 ord] to be consi/5t1 ,/eu>t %\ld h dropp$ n only gold & silv]1 b _! legal baptismal names z well4 ,s9ce he does n und]/& ! nature ( ! trans=mation ( ! measure ( value into a /&>d ( price1 he naturally believes t ! def9ite quantity ( gold :i* s]ves z a unit ( measure relates z a measure n to o!r quantities ( gold1 b to values z su*4 ,s9ce commodities appe> z quantities ( ! same d5om9ation ?r\gh ! conv]sion ( _! ex*ange values into prices1 he d5ies t prop]ty ( ! measure :i* r$uces !m to "o d5om9ation2 & s9ce 9 ?is comp>ison ( diff]5t quantities ( gold ! quantity ( gold :i* s]ves z a unit ( measure is conv5tional1 he does n see ! necessity ( fix+ x at all4 ,in/ead ( call+ #a-cfj "p ( a circle degree1 he might give t "n to #a-ahj? "p2 ! "r angle w\ld !n be measur$ by #de degrees in/ead ( #ij1 & acute & obtuse angles w\ld be measur$ accord+ly4 ,nev]!less1 ! measure ( ! angle w\ld rema91 !n1 z be=e1 fir/ a qualitatively def9ite ma!matical figure1 ! circle1 & second a quantitatively def9ite "p ( ! circle4 ,z = ,/eu>t's economic illu/rations1 he refutes 8 own argum5t ) "o & does n prove any?+ ) ! o!r4 ,! bank money ( ,am/]dam 01 9 fact1 m]ely ! reckon+ "n = ,spani% d\bloons1 :i* reta9$ _! full weight by ly+ idly 9 ! bank vaults1 :ile ! circulat+ co9s became ?9n] f h>d rubb+ aga9/ ! out] _w4 ,& z = ! ,african ideali/s we h to ab&on !m to _! fate until critical travel]s w tell u m ab\t !m4#ed ,! ,fr5* assignat c\ld be call$ an almo/ ideal money 9 ,/eu>t's s5se3 8,national prop]ty4 ,assignation ( #ajj francs40 ,to be sure1 ! use-value :i* ! assignation 0 suppos$ to repres5t1 namely1 ! confiscat$ l&1 0 indicat$ "h1 b ! quantitative def9ition ( ! unit ( measure 0 =gott5 & 8! franc0 became a mean+less ^w4 ,h[ mu* or h[ little l& ! assignation franc repres5t$ dep5d$ on ! results ( ! public auctions4 ,9 practice1 h[ev]1 ! assignation franc circulat$ z a tok5 ( value ( silv] money & its depreciation 01 !re=e1 measur$ by ?is silv] /&>d4 ,! p]iod ( ! susp5sion ( ca% paym5ts by ! ,bank ( ,engl& 0 h>dly m fruitful ( w>-bullet9s ?an ( money !ories4 ,! depreciation ( bank notes & ! rise ( ! m>ket price ( gold above its m9t price call$ =? aga9 ! doctr9e ( ! ideal unit ( money on ! "p ( "s ( ! advocates ( ! ,bank4 ,"l ,ca/l]eagh f\nd ! classical confus$ expression = ! confus$ idea by speak+ ( ! unit ( measure ( money z 8a s5se ( value 9 ref]5ce to curr5cy z comp>$ ) commodities40 ,:5 a few ye>s aft] ! peace ( ,p>is conditions p]mitt$ ! resumption ( ca% paym5ts1 ! same "q :i* _h be5 /irr$ up by ,l[ndes "u ,william ,,iii41 came up1 h>dly *ang$ 9 =m4 ,an enorm\s gov]nm5t debt1 z well z a mass ( private debts1 accumulat$ 9 tw5ty ye>s1 fix$ obligations1 etc41 _h be5 contract$ on ! basis ( depreciat$ bank notes4 ,7 !y to be paid back 9 bank notes ( :i* #dfgb1 #ajs4 nom9al1 actually repres5t$ #ajj p\nds ( #bb c>at gold8 ,,?omas ,,attwood1 a bank] ( ,birm+ham1 came =? z ,l[ndes r$ivivus4 ,! cr$itors 7 to receive nom9ally z _m %ill+s z _h be5 nom9ally borr[$1 b if ab\t #a-gh ( an ounce ( gold con/itut$ a %ill+ accord+ to ! old /&>d ( co9age1 !n say #a-ij ( an ounce %\ld n[ be *ri/5$ a %ill+4 ,attwood's adh]5ts are kn[n z ! ,birm+ham s*ool ( 8little %ill+m540 ,! controv]sy ov] ! ideal money unit1 :i* _h />t$ 9 #ahai1 /ill w5t on 9 #ahde betwe5 ,sir ,rob]t ,peel & ,attwood1 ^: own wisdom1 z f> z ! function ( money z a measure is conc]n$1 is exhau/ively summ$ up 9 ! foll[+ passage1 9 :i*1 ref]r+ to ,sir ,rob]t ,peel's controv]sy ) ! ,birm+ham ,*amb] ( ,comm]ce1 he says3 8,! sub/ance ( y\r qu]ies is 444 9 :at s5se is ! ^w p\nd to be us$8444 ,to :at w ! sum "o p\nd be equival5t8444 ,be=e ,i v5ture a reply ,i mu/ enquire :at con/itutes a /&>d ( value8444 ,is #c #ags4 #aj-a_/b;d4 an ounce ( gold1 or is x only ( ! value ( an ounce ( gold8 ,if #c #ags4 #aj-a_/b;d4 be an ounce ( gold1 :y n call ?+s by _! prop] names1 &1 dropp+ ! t]ms p\nds1 %ill+s & p5ce1 say ounces1 p5nyweights & gra9s8444 ,if we adopt ! t]ms ounces1 p5nyweights & gra9s ( gold1 z our monet>y sy/em1 we %\ld pursue a direct sy/em ( b>t]4444 ,b if gold be e/imat$ z ( ! value ( #c #ags4 #aj-a_/b;d4 p] ounce 444 h[ is ?is 444 t mu* difficulty has be5 exp]i5c$ at diff]5t p]iods to *eck gold f ris+ to #e #ds4 p] ounce1 & we n[ notice t gold is quot$ at #c #ags4 #i;d4 p] ounce8444 ,! expression p\nd has ref]5ce to value1 b n a fix$ /&>d value4444 ,! t]m p\nd is ! ideal unit4444 ,lab\r is ! p>5t ( co/ & gives ! relative value to gold or iron4 ,:atev] d5om9ation ( words are us$ to express ! daily or weekly lab\r ( a man1 su* words express ! co/ ( ! commodity produc$40#ee ,9 ! la/ words ! hazy conception ( ! ideal money measure melts away & its real mean+ breaks ?r\gh4 ,! reckon+ names ( gold1 p\nd /]l+1 %ill+1 etc41 %\ld be names = def9ite quantities ( labor-"t4 ,s9ce labor-"t con/itutes ! sub/ance & ! intr9sic measure ( values1 ^! names w\ld !n actually repres5t def9ite proportions ( value4 ,9 o!r words1 labor-"t is ma9ta9$ to be ! true unit ( measure ( money4 ,) ?is we leave ! ,birm+ham s*ool1 b %\ld add 9 pass+ t ! doctr9e ( ! ideal measure ( money acquir$ new importance 9 ! controv]sy ov] ! "q ( ! conv]tibility or non-conv]tibility ( bank notes4 ,if pap] receives its "n f gold or silv]1 !n ! conv]tibility ( a note or its ex*angeability = gold or silv] rema9s an economic law1 no matt] :at ! civil law may be4 ,?us a ,prussian pap] ?al]1 al?\gh legally inconv]tible1 w\ld imm$iately depreciate if x 7 wor? less ?an a silv] ?al] 9 ord9>y trade1 i4 e41 if x 7 n practically conv]tible4 ,! consi/5t advocates ( inconv]tible pap] money 9 ,engl&1 !re=e1 s\ght refuge 9 ! ideal measure ( money4 ,if ! reckon+ names ( money1 1 s41 etc41 are names ( c]ta9 quantities ( atoms ( value1 ( :i* a commodity absorbs or loses n[ m1 n[ less 9 ex*ange = o!r commodities1 !n an ,engli% #e note1 e4 g41 is j z indep5d5t ( its relation to gold z ( t to iron & cotton4 ,s9ce its title w\ld no m imply its !oretical equality ) a c]ta9 quantity ( gold or any o!r commodity1 ! dem& = its conv]tibility1 i4 e41 = its practical equality ) a def9ite quantity ( a specifi$ ?+ w\ld be exclud$ by ! v conception ( ! note4 ,! !ory ( labor-"t z ! direct measure ( money 0 fir/ sy/ematically develop$ by ,,john ,,gray4#ef ,he makes a ,national ,c5tral ,bank asc]ta9 ?r\gh its bran*es ! labor-"t consum$ 9 ! production ( v>i\s commodities4 ,! produc] receives an (ficial c]tificate ( value 9 ex*ange = 8 commodity4 i4 e41 he gets a receipt = z mu* labor-"t z 8 commodity conta9s1#eg & ^! bank notes ( "o week's labor1 "o day's labor1 "o h\r's labor1 etc41 s]ve at ! same "t z a *eck = an equival5t 9 all o!r commodities /or$ 9 ! bank w>eh\ses4#eh ,?is is ! fundam5tal pr9ciple c>efully work$ out 9 detail & bas$ ?r\gh\t on exi/+ ,engli% in/itutions4 ,"u ?is sy/em1 says ,gray1 8to sell = money may be r5d]$1 at all times1 precisely z easy z x n[ is to buy ) money2 444 production w\ld become ! uni=m & nev]-fail+ cause ( dem&40#ei ,! preci\s metals w\ld lose _! 8privilege0 z aga9/ o!r commodities & 8take _! prop] place 9 ! m>ket beside butt] & eggs1 & clo? & calico1 & !n ! value ( ! preci\s metals w conc]n u j z little 444 z ! value ( ! diamond40#fj 8,%all we reta9 our fictiti\s /&>d ( value1 gold1 & ?us keep ! productive res\rces ( ! c\ntry 9 bondage8 or1 %all we resort to ! natural /&>d ( value1 lab\r1 & !reby set our productive res\rces free80#fa ,labor-"t be+ ! intr9sic measure ( value1 :y %\ld !re be ano!r ext]nal measure side by side ) x8 ,:y does ex*ange value develop into price8 ,:y d all commodities e/imate _! value 9 "o exclusive commodity1 :i* is ?us conv]t$ into a special embodim5t ( ex*ange value into money8 ,t 0 ! problem :i* ,gray _h to solve4 ,in/ead ( solv+ x1 he imag9$ t commodities c\ld be relat$ directly to ea* o!r z products ( social labor4 ,b !y c relate to ea* o!r only 9 _! capacity ( commodities4 ,commodities are ! direct products ( isolat$ indep5d5t private labors1 :i* h to be realiz$ z univ]sal social labor ?r\gh _! ali5ation 9 ! process ( private ex*ange1 t is to say1 labor bas$ on ! production ( commodities becomes social labor only ?r\gh univ]sal ali5ation ( individual labors4 ,b by assum+ t ! labor-"t conta9$ 9 commodities is directly social labor-"t1 ,gray assumes x to be common labor-"t or labor-"t ( directly associat$ individuals4 ,"u su* conditions a specific commodity l gold or silv] c\ld n confront o!r commodities z ! inc>nation ( univ]sal labor1 & ex*ange value w\ld n be turn$ into price2 b1 on ! o!r h&1 use-value w\ld n become ex*ange value1 products w\ld n become commodities & ?us ! v f\ndation ( ! capitali/ic sy/em ( production w\ld be remov$4 ,b t is n :at ,gray has 9 m9d4 ,products are to be produc$ z commodities1 b are n to be ex*ang$ z commodities4 ,he entru/s a national bank ) ! c>ry+ out ( ?is pi\s wi%4 ,on ! "o h&1 society1 ?r\gh ! bank1 makes individuals indep5d5t ( ! conditions ( private ex*ange1 & on ! o!r1 x all[s !m to g on produc+ on ! basis ( private ex*ange4 ,! logic ( ?+s1 h[ev]1 compels ,gray to d away ) "o condition ( capitali/ic production aft] ano!r1 al?\gh he wi%es to 8re=m0 only ! money sy/em :i* results f ! ex*ange ( commodities4 ,?us he trans=ms capital into national capital1#fb l& into national prop]ty1#fc & if 8 bank is to be wat*$ closely1 x w be f\nd t x n only receives commodities ) "o h& & issues c]tificates = "w deliv]$ ) ! o!r1 b t x regulates production z well4 ,9 8 la/ "w1 8,lectures on ,money10 9 :i* ,gray is anxi\s to demon/rate t 8 labor-money is a purely b\rgeois re=m1 he gets tangl$ up 9 ev5 m gl>+ contradictions4 ,e commodity is directly money4 ,t 0 ,gray's !ory d$uct$ f 8 incomplete &1 !re=e1 false analysis ( commodities4 ,! 8organic0 /ructure ( 8labor money10 ! 8national bank0 & ! 8w>e-docks0 are m]e fanta/ic visions 9 :i* ! dogma is made by a leg]dema9 to appe> to u z a univ]sal law4 ,! dogma t a commodity is money or t ! isolat$ labor ( ! individual conta9$ 9 x is direct social labor1 w ( c\rse n become true ?r\gh ! m]e fact t a bank believes 9 x & c>ries on op]ations accord+ly4 ,x is m likely t bankruptcy w\ld play 9 t case ! "p ( ! practical critic4 ,:at rema9s conceal$ 9 ,gray's writ+s & hidd5 f himself z well1 namely1 t labor-money is a well-s\nd+ economic phrase = ! pi\s wi% to get rid ( money1 & ) money1 ( ex*ange value1 & ) ex*ange value1 ( commodities1 & ) commodities1 ( ! capitali/ic mode ( production1 0 cle>ly express$ by "s ,engli% sociali/s ( :om a few prec$$ & o!rs foll[$ ,gray4#fd ,b x rema9$ = ,mr4 ,pr\dhon & 8 s*ool to prea* 9 all e>ne/ ! degradation ( money & ! exaltation ( ! commodity z ! gi/ ( socialism & ?us to r$uce socialism to an elem5t>y misconception ( ! necess>y connection betwe5 commodity & money4#fe #b4 ,,! ,,m$ium ,,( ,,circulation4 ,aft] ! commodity has receiv$ 9 ! process ( price det]m9ation ! =m 9 :i* x becomes capable ( circulation1 & aft] gold has acquir$ ! "* ( money 9 ! same process1 circulation w bo? pres5t & solve ! contradictions :i* are inh]5t 9 ! process ( ex*ange ( commodities4 ,! actual ex*ange ( commodities1 i4 e41 ! social int]*ange ( matt] consi/s ( a *ange ( =m 9 :i* is unfold$ ! d\ble "* ( ! commodity z use-value & ex*ange value1 & at ! same "t its own *ange ( =m is cry/alliz$ 9 di/9ct =ms ( money4 ,to describe ?is *ange ( =m is to describe circulation4 ,z we h se51 giv5 a _w ( commodities & ) x a sy/em ( division ( labor1 commodity is b a develop$ =m ( ex*ange value2 9 ! same mann]1 circulation implies a /eady /ream ( ex*ange transactions :i* are be+ cont9ually r5ew$ on all sides4 ,! second assumption we make is t commodities ent] ! process ( ex*ange ) a def9ite price or t !y appe> to ea* o!r 9 t process 9 a d\ble capacity1 really z use-values1 ideally9 pricez ex*ange values4 ,! livelie/ /reets ( ,london are cr[d$ ) /ores ^: %[ w9d[s are fill$ ) ! ri*es ( ! _w1 ,indian %awls1 ,am]ican revolv]s1 ,*9ese porcela91 ,p>isian corsets1 ,russian furs & tropical spices1 b all ( ^! ?+s ( joy be> fatal :ite labels m>k$ ) ,arabian figures ) ! laconic *>act]s 1 s41 d4 ,su* is ! picture ( ! commodity appe>+ 9 circulation4 a4 ,,! ,,metamorphosis ,,( ,,commodities4 ,on close exam9ation ! process ( circulation is se5 to consi/ ( two di/9ct cycles4 ,if we d5ote commodity by ! lett] ,c & money by ! lett] ,m we c express ^! two =ms z foll[s3 ,c,m,c ,m,c,m4 ,9 ?is *apt] we are int]e/$ exclusively 9 ! fir/ =m1 i4 e41 9 ! =m :i* s]ves z ! direct expression ( ! circulation ( commodities4 ,! process ,c,m,c consi/s ( ! movem5t ,c,m1 ! ex*ange ( ! commodity = money1 or sell+2 ! opposite movem5t ,m,c1 ex*ange ( money = a commodity1 or buy+2 & ( ! unity ( ! two movem5ts ,c,m,c1 ex*ange ( ! commodity = money 9 ord] to ex*ange ! money = a commodity1 or sell+ 9 ord] to buy4 ,b ! result :i* m>ks ! end ( ! process is ,c,c1 ex*ange ( commodity = commodity1 real int]*ange ( matt]4 ,if we look at x f ! extreme end ( ! fir/ commodity1 ,c,m,c repres5ts its trans=mation into gold & its retrans=mation f gold into a commodity2 a movem5t 9 :i* ! commodity exi/s fir/ z a p>ticul> use-value1 !n dive/s itself ( t "*1 acquires ! "* ( ex*ange value or univ]sal equival5t1 9 :i* capacity x has no?+ 9 common ) its natural =m1 !n ?r[s (f ! la/ =m z well to rema9 f9ally an actual use-value = ! satisfaction ( p>ticul> wants4 ,9 ?is la/ =m x falls out ( ! sph]e ( circulation into t ( consumption4 ,! entire process ( circulation ,c,m,c ?us includes ! comb9$ s]ies ( metamorphoses1 :i* e s+le commodity und]goes 9 ord] to become a direct use-value to its possessor4 ,! fir/ metamorphosis is accompli%$ 9 ! fir/ phase ( ! circulation process1 ,c,m2 ! second 9 ! la/ phase1 ,m,c2 & ! entire process con/itutes ! curriculum vitae ( ! commodity4 ,b ! process ,c,m,c repres5ts ! comb9$ metamorphosis ( a s+le commodity & con/itutes at ! same "t ! sum ( c]ta9 "o-sid$ metamorphoses ( o!r commodities1 s9ce e metamorphosis ( ! fir/ commodity con/itutes its trans=mation into ano!r commodity & !re=e ! trans=mation ( ! o!r commodity into x2 h5ce x con/itutes a tw(old trans=mation :i* takes place at ! same /age ( circulation4 ,we mu/ !n consid] sep>ately ea* ( ! two processes ( ex*ange into :i* circulation ,c,m,c breaks up4 ,c,m or sale3 commodity ,c ent]s ! process ( circulation n only z a p>ticul> use-value1 e4 g41 a ton ( iron1 b z a use-value ( a c]ta9 price1 say1 #c #ags4 #aj-a_/b;d41 or an ounce ( gold4 ,:ile ?is price is on ! "o h& ! expon5t ( ! quantity ( labor-"t conta9$ 9 a ton ( iron1 i4 e41 ( ! magnitude ( its value1 x at ! same "t expresses ! pi\s wi% ( ! iron to become gold1 i4 e41 to give to ! labor-"t x conta9s ! aspect ( univ]sal social labor-"t4 ,unless ?is trans-sub/antiation takes place1 ! ton ( iron n only ceases to be a commodity1 b ev5 a product1 = x is a commodity only because x is a non-use-value to its own]2 t is to say1 8 labor c\nts z actual labor only 9 s f> z x is labor useful to o!rs1 & ! ?+ is useful to him only z ab/ract univ]sal labor4 ,x is1 !re=e1 ! bus9ess ( iron1 or ( its own]1 to f9d t po9t 9 ! _w ( commodities :]e iron attracts gold4 ,b ?is difficulty1 ! salto mortale ( ! commodity1 is ov]come :5 ! sale actually takes place1 z is assum$ "h on ! analysis ( simple circulation4 ,:5 ! ton ( iron is realiz$ z a use-value ?r\gh its ali5ation1 i4 e41 by pass+ f ! h&s 9 :i* x is a non-use-value to h&s 9 :i* x is a use-value1 x at ! same "t realizes its price & f m]e imag9>y gold x becomes real gold4 ,9 place ( ! "n "o ounce ( gold or #c #ags4 #aj-a_/b;d41 an ounce ( real gold has appe>$1 b ! ton ( iron has cle>$ t place4 ,n only does ! commodity:i* 9 its price _h be5 ideally conv]t$ into goldactually turn into gold ?r\gh ! sale ,c,m1 b gold1 :i* z a measure ( value _h be5 only ideal money & 9 fact figur$ m]ely z a money "n ( commoditiesis n[ turn$ into actual money#ff by ! same process4 ,j z gold became ! ideal univ]sal equival5t1 because all commodities measur$ _! values by x1 s does x n[ become ! absolutely ali5able commodity1 real money1 because x is ! product ( ! univ]sal ali5ation ( commodities = x& ! sale ,c,m is ! process by means ( :i* t univ]sal ali5ation takes place4 ,b gold becomes real money only ?r\gh sale1 because ! ex*ange values ( commodities 7 already ideal gold 9 _! prices4 ,9 ! sale ,c,m1 z well z 9 ! pur*ase ,m,c1 two commodities1 entities ( ex*ange value & use-value1 confront ea* o!r1 b ! ex*ange value ( ! commodity exi/s only ideally z price2 :ile z reg>ds gold1 al?\gh x is really a use-value1 its use-value is conf9$ only to its be+ ! be>] ( ex*ange value & is1 !re=e1 m]ely a =mal use-value1 hav+ no relation to a real individual want4 ,! anti!sis ( use-value & ex*ange value is ?us di/ribut$ at ! two extreme poles ( ,c,m1 s t ! commodity confronts gold z a use-value :i* has yet to realize 9 gold its ex*ange value or its price1 :ile gold confronts ! commodity z an ex*ange value1 ^: =mal use-value is yet to be realiz$ 9 ! commodity4 ,only ?r\gh ?is duplication ( ! commodity z commodity & gold1 &1 fur!r1 ?r\gh ! tw(old & pol> relation by virtue ( :i* ea* extreme repres5ts b ideally :at its opposite is 9 reality & is 9 reality :at its opposite is only ideally9 %ort1 only ?r\gh ! appe>ance ( commodities z two-sid$ pol> opposites are ! contradictions solv$ t are inh]5t 9 ! process ( ex*ange4 ,s f> we h consid]$ ,c,m z sale1 z ! conv]sion ( commodity into money4 ,b if we look at x f ! o!r end1 ! same process w assume ! =m ,m,c1 or pur*ase1 i4 e41 ! conv]sion ( money into commodity4 ,sale is necess>ily its opposite at ! same "t2 x is ! =m] if we look at ! process f "o end1 & ! latt] if we reg>d ! process f ! o!r end4 ,9 practice ?is process diff]s only 9 t ! initiative 9 ,c,m orig9ates at ! commodity end or ) ! sell]1 :ile 9 ,m,c x comes f ! money end or ! buy]4 ,9 describ+ ! fir/ metamorphosis ( ! commodity1 its conv]sion into money z a result ( ! completion ( ! fir/ phase ( circulation ,c,m1 we assume at ! same "t t ano!r commodity has be5 conv]t$ into money & is n[ 9 its second phase ( circulation1 ,m,c4 ,?us we get into a vici\s circle ( assumptions4 ,circulation itself con/itutes su* a vici\s circle4 ,if we did n consid] ,m 9 ,m,c z ! result ( a metamorphosis ( ano!r commodity1 we w\ld !reby take ex*ange out ( ! process ( circulation4 ,b outside ( ! latt] ! =m ,c,m disappe>s & only two diff]5t ,cs confront ea* o!r1 say iron & gold1 ! ex*ange ( :i* does n con/itute a "p ( ! process ( circulation1 be+ direct b>t]4 ,gold1 at ! s\rce ( its production1 is a commodity l any o!r commodity4 ,its relative value & t ( iron or ( any o!r commodity is express$ "h 9 quantities 9 :i* !y are mutually ex*ang$4 ,b 9 ! process ( circulation ?is op]ation is impli$1 ! value ( gold be+ already giv5 9 ! prices ( commodities4 ,no?+ c1 !re=e1 be m errone\s ?an ! idea t gold & commodity ent] into ! relation ( direct b>t] )9 ! process ( circulation & t _! relative values are asc]ta9$ ?r\gh _! ex*ange z simple commodities4 ,! illusion t gold is b>t]$ z a simple commodity = o!r commodities 9 ! process ( circulation is due to ! fact t prices repres5t equations 9 :i* c]ta9 quantities ( commodities are made equal to c]ta9 quantities ( gold1 i4 e41 t ! commodities are made to relate to gold 9 its capacity ( money1 z a univ]sal equival5t1 &1 !re=e1 appe> to be directly ex*angeable = x4 ,9 s f> z ! price ( a commodity is realiz$ 9 gold1 x is ex*ang$ = gold z a commodity1 z a p>ticul> embodim5t ( labor-"t2 b 9 s f> z x is ! price t is realiz$ 9 gold1 ! commodity is ex*ang$ = gold 9 its capacity ( money & n ( a commodity1 i4 e41 x is ex*ang$ = gold z a univ]sal embodim5t ( labor-"t4 ,b 9 ei!r case ! quantity ( gold = :i* ! commodity is ex*ang$ 9 ! process ( circulation is n det]m9$ by ex*ange1 b ! ex*ange is det]m9$ by ! price ( ! commodity1 i4 e41 by its ex*ange value e/imat$ 9 gold4#fg ,)9 ! process ( circulation gold appe>s 9 ev]ybody's h&s z ! result ( sale ,c,m4 ,b s9ce ,c,m1 sale1 is at ! same "t ,m,c1 pur*ase1 x is app>5t t :ile ,c1 ! commodity f :i* ! process />ts1 is pass+ ?r\gh its fir/ metamorphosis1 ano!r commodity1 :i* confronts x z ! opposite pole ,m1 is complet+ its second metamorphosis & is1 !re=e1 pass+ ?r\gh ! second phase ( circulation1 :ile ! fir/ commodity is /ill 9 ! fir/ phase ( its c\rse4 ,z a result ( ! fir/ phase ( circulation1 ! sale1 we get money :i* is ! />t+ po9t ( ! second phase4 ,9 place ( ! commodity 9 its fir/ =m appe>s its gold5 equival5t4 ,?is result may n[ =m a re/+ po9t1 s9ce ! commodity 9 ?is second =m possesses a la/+ exi/5ce ( its own4 ,! commodity1 a non-use-value 9 ! h&s ( its possessor1 is n[ on h& 9 an always useful1 s9ce always ex*angeable1 =m1 & x dep5ds ^u circum/ances :5 & at :at po9t ( ! surface ( ! commodity _w x w aga9 ent] circulation4 ,its =mation into a gold *rysalis con/itutes an indep5d5t p]iod 9 its life :i* may la/ a great] or less l5g? ( "t4 ,:ile 9 ! case ( b>t] ! ex*ange ( "o p>ticul> use-value is directly b\nd up ) ! ex*ange ( ano!r p>ticul> use-value1 ! univ]sal "* ( labor :i* creates ex*ange value is manife/$ 9 ! sep>ation & lack ( co9cid5ce ( acts ( pur*ase & sale4 ,m,c1 pur*ase1 is ! inv]t$ movem5t ( ,c,m & at ! same "t ! second or f9al metamorphosis ( ! commodity4 ,z gold1 i4 e41 9 ! =m ( ! univ]sal equival5t1 ! commodity c be directly repres5t$ 9 ! use-values ( all o!r commodities2 ! latt] aspire to gold z _! h]eaft]1 b at ! same "t indicate 9 _! prices ! key 9 :i* x mu/ s\nd 9 ord] t _! bodies1 _! use-values1 may take ! place ( money1 :ile _! s\ls1 _! ex*ange-values1 may ent] gold4 ,! univ]sal product ( ! ali5ation ( commodities is ! absolutely ali5able commodity4 ,!re is no qualitative & only a quantitative limit to ! trans=mation ( gold into commodity1 namely1 ! limit ( its own quantity or magnitude ( its value4 8,ev]y?+ is to be _h = ca%40 ,:ile 9 ! movem5t ,c,m1 ! commodity1 ?r\gh its ali5ation z a use-value1 realizes its own price & ! use-value ( somebody else's money2 x realizes 9 ! movem5t ,m,c1 ?r\gh its ali5ation z an ex*ange value1 its own use-value & ! price ( ! o!r commodity4 ,:ile ?r\gh ! realization ( its price ! commodity trans=ms gold into actual money1 x turns gold into its m]ely fleet+ money-=m1 ?r\gh its own retrans=mation4 ,s9ce ! circulation ( commodities implies an ext5sive division ( labor & consequ5tly a div]sity ( wants on ! "p ( individuals1 a div]sity :i* be>s an inv]se ratio to ! specialization ( _! own products1 ! pur*ase ,m,c may appe> z an equation ) "o commodity equival5t or split up into a s]ies ( commodity-equival5ts limit$ by ! v>iety ( ! dem&s ( ! pur*as] & by ! am\nt ( money 9 8 possession4 ,j z a sale is a pur*ase1 s is a pur*ase a sale4 ,m,c is at ! same "t ,c,m1 b ! initiative belongs 9 ?is case to gold or ! pur*as]4 ,com+ back n[ to ,c,m,c1 or to circulation z a :ole1 x is app>5t t x conta9s ! comb9$ s]ies ( metamorphoses ?r\gh :i* a commodity passes4 ,b at ! same "t z "o commodity ent]s ! fir/ phase ( its circulation & completes its fir/ metamorphosis1 ano!r commodity ent]s ! second phase ( circulation1 completes its second metamorphosis & falls out ( circulation2 ! fir/ commodity ent]s at ! same "t ! second phase ( circulation completes its second metamorphosis & falls out ( circulation1 :ile a ?ird commodity ent]s circulation1 passes ?r\gh ! fir/ phase ( its c\rse complet+ ! fir/ metamorphosis4 ,?us1 ! comb9$ circulation ,c,m,c1 z a complete metamorphosis ( a commodity always con/itutes at ! same "t ! end ( ! complete metamorphosis ( ano!r commodity & ! beg9n+ ( a complete metamorphosis ( a ?ird commodity1 i4 e41 a s]ies )\t beg9n+ or end4 ,to illu/rate ?is let u call ,c 9 ei!r extreme ,c' & ,c0 respectively1 9 ord] to di/+ui% ! commodities1 ! s]ies read+ ?us3 ,c',m,c04 ,! fir/ memb]1 ,c',m1 presupposes 9 fact t ,m is ! result ( ano!r transaction ,c,m1 & is ?us itself m]ely ! la/ memb] ( a s]ies ,c,m,c'1 :ile ! second "p ,m,c0 is m]ely a result ( ,c0,m1 or appe>s z ! fir/ "p ( ,c0,m,c'01 & s on4 ,fur!rmore1 al?\gh ,m is ! result ( only "o sale1 x appe>s t ! la/ "p ,m,c1 may be repres5t$ z ,m,c' ,m,c0 ,m,c'01 etc41 i4 e41 x may be split up into a numb] ( pur*ases1 & consequ5tly a numb] ( sales1 or into a numb] ( fir/ memb]s ( new complete metamorphoses ( commodities4 ,s9ce ! complete metamorphosis ( a s+le commodity ?us appe>s z a l9k n only ( "o endless *a9 ( metamorphoses1 b ( _m su* *a9s1 ! process ( circulation 9 ! _w ( commodities pres5ts a hopeless confusion ( int]tw9$ movem5ts con/antly end+ & />t+ anew at a c\ntless numb] ( po9ts4 ,b e s+le sale or pur*ase /&s z an indep5d5t isolat$ act1 ^: supplem5tal act may be sep>at$ f x 9 "t & place1 & !re=e does n ne$ to foll[ x directly z its cont9uation4 ,e sep>ate process ( circulation1 ,c,m or ,m,c1 z a trans=mation ( "o commodity into use-value & ( ano!r into money1 i4 e41 z ! fir/ & second phases ( circulation respectively =ms an indep5d5t halt+ po9t f ei!r direction2 b1 on ! o!r h&1 all commodities comm5ce _! second metamorphosis 9 ! common =m ( ! univ]sal equival5t1 gold1 & /op at ! />t+ po9t ( ! second phase ( circulation2 = t1 reason any ,m,c dovetails 9 actual circulation ) any ,c,m2 ! second *apt] 9 ! life-c\rse ( "o commodity ) ! fir/ *apt] ( t ( ano!r commodity4 ,a1 e4 g41 sells #b wor? ( iron4 ,he ?us completes ! transaction ,c,m or ! fir/ metamorphosis ( commodity iron1 b po/pones 8 pur*ase until "s o!r "t4 ,at ! same "t ,b1 :o sold #b qu>t]s ( :eat = #f a =tnight s9ce1 buys ) ! same #f a coat & tr\s]s ( ,moses ,son1 ?us complet+ ,m,c or ! second metamorphosis ( ! commodity1 :eat4 ,! two transactions ,m,c & ,c,m appe> "h m]ely z l9ks ( "o *a91 because a commodity express$ 9 gold looks l any o!r commodity1 & "o _c tell by ! looks ( ! gold :e!r x is trans=m$ iron or trans=m$ :eat4 ,c,m,c appe>s1 !re=e1 9 ! actual process ( circulation z a jumble ( c\ntless accid5tally co9cid+ or successively foll[+ memb]s ( diff]5t complete metamorphoses4 ,! actual process ( circulation ?us appe>s n z a complete metamorphosis ( a commodity1 n z its movem5t ?r\gh opposite phases1 b z a m]e agglom]ation ( _m accid5tally co9cid+ or successive pur*ases & sales4 ,! process ?us loses all cle>ness ( outl9e :i* is s mu* m ! case s9ce e s+le act ( circulation1 e4 g41 sale1 is at ! same "t its opposite1 pur*ase1 & vice v]sa4 ,on ! o!r h&1 ! process ( circulation is no?+ b ! movem5t ( metamorphoses 9 ! _w ( commodities &1 !re=e1 mu/ reflect !m also 9 its movem5t z a :ole4 ,h[ t reflection takes place we %all consid] 9 ! foll[+ *apt]4 ,x may be add$ "h t 9 ,c,m,c ! two extreme ,cs con/itute two =ms ( commodities :i* d n be> ! same relation to ,m4 ,! fir/ ,c relates to money z a commodity ( a special class to a univ]sal commodity1 :ile money relates to ! second ,c z a univ]sal commodity to an individual commodity4 ,c,m,c c1 !re=e1 be r$uc$ by ab/ract logic to ! f9al =m ,s,u,i 9 :i* ,s1 /&+ = species1 =ms ! fir/ extreme2 ,u1 signify+ univ]sality1 =ms ! connect+ m$ium1 & ,i1 individuality1 con/itutes ! la/ extreme4 ,! own]s ( commodities ent]$ ! sph]e ( circulation simply z gu>dians ( commodities4 ,)9 t sph]e !y confront ea* o!r 9 ! opposite roles ( buy] & sell]1 "o z a p]sonifi$ sug>-loaf1 ! o!r z p]sonifi$ gold4 ,z soon z ! sug>-loaf is turn$ into gold1 ! sell] becomes a buy]4 ,^! def9ite social functions are no outgr[?s ( human nature1 b are ! products ( relations ( ex*ange betwe5 m5 :o produce _! goods 9 ! =m ( commodities4 ,!y are s f> f be+ purely individual relations betwe5 buy] & sell] t bo? ent] ?is relation only to ! ext5t t _! individual labor is disreg>d$ & is turn$ into money z labor ( no individual4 ,j z x is1 !re=e1 *ildi% to consid] ^! economic b\rgeois roles ( buy] & sell] z et]nal social =ms ( human individuality1 s x is on ! o!r h&1 prepo/]\s to lam5t 9 !m ! ext9ction ( individuality4#fh ,!y are ! necess>y manife/ations ( individuality at a c]ta9 /age ( ! social sy/em ( production4 ,moreov]1 9 ! opposition ( buy] & sell] ! antagoni/ic nature ( capitali/ic production is express$ z yet s sup]ficially & z m]e matt] ( =m1 t ?is opposition belongs also to precapitali/ic =ms ( society1 s9ce x m]ely requires t ! mutual relations ( individuals %\ld be ^? ( own]s ( commodities4 ,n[1 if we consid] ! result ( ,c,m,c1 x comes d[n to m]e int]*ange ( matt]1 ,c,c4 ,a commodity has be5 ex*ang$ = a commodity1 a use-value = a use-value1 & ! trans=mation ( ! commodity into money1 or ! commodity 9 its =m ( money1 s]ves m]ely z a means ( effect+ ?is int]*ange ( matt]4 ,money ?us appe>s m]ely z a m$ium ( ex*ange ( commodities2 n z a m$ium ( ex*ange 9 g5]al1 b z a means ( ex*ange 9 ! sph]e ( circulation1 i4 e41 a m$ium ( circulation4#fi ,we h se5 t ! process ( circulation ( commodities comes to a completion 9 ,c,c1 appe>+ z m]e b>t] c>ri$ on by means ( money2 fur!r1 t ,c,m,c repres5ts 9 g5]al n only two isolat$ processes1 b _! dynamic union z well2 b to draw f t ! conclusion t pur*ase & sale =m an indivisible unit1 is a mode ( ?9k+ ! criticism ( :i* belongs to ! doma9 ( logic1 & n to t ( economics4 ,! sep>ation ( pur*ase & sale 9 ! process ( ex*ange de/roys all local1 primitive1 patri>*al & naively g5ial b>ri]s to int]*ange ( matt] 9 society4 ,x is1 moreov]1 ! g5]al =m ( ! sep>ation ( ! po9ts ( co9cid5ce & opposition 9 ?is int]*ange1 c>ry+ )9 x ! possibility ( comm]cial crises1 because ! antagonism ( commodity & money is ! ab/ract & g5]al =m ( all antagonisms ) :i* ! capitali/ic sy/em ( labor is pregnant4 ,h5ce1 circulation ( money is possible )\t crises1 b crises c n occur )\t money circulation4 ,9 o!r words1 :]e labor bas$ on ! sy/em ( private ex*ange has n rea*$ ! /age m>k$ by ! exi/5ce ( money1 x is less capable ( produc+ ^? ph5om5a :i* presuppose ! full developm5t ( ! capitali/ic mode ( production4 ,be>+ ?is 9 m9d we c appreciate ! dep? ( ! criticism :i* proposes to d away ) ! 8%ortcom+s0 ( capitali/ic production by aboli%+ ! 8privilege0 enjoy$ by ! preci\s metals & introduc+ a s-call$ 8rational monet>y sy/em40 ,z a sample ( economic def5ce ( an opposite "* may s]ve ! foll[+ piece ( reason+ :i* has be5 proclaim$ exce$+ly ke54 ,,james ,,mill1 ! fa!r ( ! well-kn[n ,engli% economi/1 ,john ,/u>t ,mill1 says3 8,:atev] 444 be ! am\nt ( ! annual produce1 x nev] c exce$ ! am\nt ( ! annual dem&4444 ,( two m5 :o p]=m an ex*ange1 ! "o does n come ) only a supply1 ! o!r ) only a dem&2 ea* ( !m comes ) bo? a dem& & a supply4444 ,! supply :i* he br+s is ! in/rum5t ( 8 dem&2 & 8 dem& & supply are ( c\rse exactly equal to "o ano!r4 ,x is !re=e1 impossible t !re %\ld ev] be 9 any c\ntry a commodity or commodities 9 quantity great] ?an ! dem&1 )\t !re be+1 to an equal am\nt1 "s o!r commodity or commodities 9 quantity less ?an ! dem&40#gj ,mill re/ores ! balance by turn+ ! process ( circulation into direct b>t] & !n smuggl+ into direct b>t] ! "* ( buy] & sell] borr[$ by him f ! process ( circulation4 ,to put x 9 8 own confus$ language1 dur+ c]ta9 p]iods :5 all commodities are unsaleable !re are really m buy]s ?an sell]s ( "o commodity1 money1 & m sell]s ?an buy]s ( all o!r money1 commodities2 su* 01 e4 g41 ! case at c]ta9 mom5ts dur+ ! comm]cial crisis ( #aheg-eh 9 ,london & ,hamburg4 ,! metaphysical balance ( pur*ases & sales am\nts to ?is1 t e pur*ase is a sale & e sale is a pur*ase1 :i* is a poor consolation to ! gu>dian ( ! commodity :o c n br+ ab\t its sale & !re=e c n buy4#ga ,! sep>ation ( sale & pur*ase makes possible a l>ge numb] ( fictiti\s transactions side by side ) g5u9e trade be=e ! f9al ex*ange betwe5 ! produc] & ! consum] ( commodities takes place4 ,x enables a ho/ ( p>asites to p5etrate ! process ( production & exploit ! sep>ation4 ,b ?is1 aga91 means t ) money z ! univ]sal =m ( labor "u ! capitali/ sy/em1 !re is ! possibility ( ! developm5t ( its contradictions4 b4 ,,! ,,circulation ,,( ,,money4 ,actual circulation appe>s at fir/ sight z a mass ( pur*ases & sales accid5tally tak+ place side by side4 ,9 buy+ z 9 sell+1 commodities & money always /& 9 ! same mutual relation3 ! sell]1 on ! side ( ! commodity2 ! buy]1 on t ( money4 ,money z a m$ium ( circulation always appe>s !re=e z a means ( pur*ase2 & 9 t way ! diff]5ce 9 its de/9ations 9 ! opposite phases ( ! metamorphosis ( ! commodity becomes indi/+ui%able4 ,money passes into ! h&s ( ! sell] 9 ! same transaction 9 :i* ! commodity passes into ! h&s ( ! buy]4 ,commodities & money ?us fl[ 9 opposite directions & ?is *ange ( place 9 :i* ! commodity passes ov] to "o side & money to ! o!r side1 occurs simultane\sly at an indef9itely l>ge numb] ( po9ts on ! entire surface ( b\rgeois society4 ,b ! fir/ /ep :i* ! commodity makes 9 ! sph]e ( circulation is also its la/ /ep4#gb ,:e!r x leaves its place on acc\nt ( its attraction = gold 7,c,m71 or on acc\nt ( its attraction by gold 7,m,c71 ) "o move1 ) "o *ange ( place x falls out ( ! sph]e ( circulation into t ( consumption4 ,circulation is a cont9u\s fl[ ( commodities1 b diff]5t commodities all ! "t1 s9ce ea* commodity makes b "o move4 ,e commodity ent]s ^u ! second phase ( its circulation n z ! same commodity1 b z ano!r commodity1 gold4 ,h5ce ! movem5t ( a metamorphos$ commodity is ! movem5t ( gold4 ,! same piece ( gold or ! id5tical gold co9 :i* *ang$ places ) "o commodity 9 ! act ,c,m1 reappe>s f ! opposite end z ! />t+ po9t = ,m,c & ?us *anges places = ! second "t ) ano!r commodity4 ,j z x pass$ f ! h&s ( buy] ,b into ^? ( sell] ,a1 x n[ leaves ,a's h&s :o has become a buy] & passes into ,c's h&s4 ,! pa? describ$ by a commodity 9 its trans=mation into money & its retrans=mation f money1 i4 e41 ! movem5t ( a complete metamorphosis ( a commodity assumes ! aspect ( an app>5t movem5t ( ! same co9 t *anges places twice ) two diff]5t commodities4 ,no matt] 9 h[ scatt]$ & haphaz>d fa%ion pur*ases & sales may take place ne> ea* o!r1 !re is always 9 actual circulation a sell] = ea* buy] & ! money :i* moves into ! place ( ! commodity sold1 be=e x came into ! h&s ( ! buy]1 mu/ h already *ang$ places ) ano!r commodity4 ,soon] or lat] x aga9 leaves ! h&s ( ! sell]1 :o turns buy]1 to pass into ! h&s ( a new sell] & ?is frequ5tly repeat$ *ange ( place =ms ! int]lac+ ( ! metamorphoses ( commodities4 ,! same co9s are mov+1 "s m1 o!rs less frequ5tly1 f "o place 9 ! sph]e ( circulation to ano!r1 always 9 ! direction opposite to t ( ! commodities mov$1 ?us describ+ a long] or %ort] circulation-curve4 ,! diff]5t movem5ts ( ! same co9 c foll[ ea* o!r 9 po9t ( "t only1 & on ! contr>y1 ! _m scatt]$ pur*ases & sales :i* appe> z s _m sep>ate *anges ( place betwe5 commodities & money1 occur simultane\sly sep>at$ only 9 po9t ( space4 ,! circulation ( commodities ,c,m,c 9 its elem5t>y =m is completely describ$ 9 ! transition ( money f ! h&s ( ! buy] into ^? ( ! sell] & f ! h&s ( ! latt]1 z soon z he has turn$ buy]1 into ^? ( a new sell]4 ,?is completes ! metamorphosis ( ! commodity & ) x ! movem5t ( money 9 s f> z t movem5t is ! expression ( ! metamorphosis4 ,b s9ce new use-values are cont9ually produc$ 9 ! %ape ( new commodities & mu/ ?us be con/antly ?r[n anew into circulation1 ! process ,c,m,c is repeat$ly r5ew$ by ! same commodity own]s4 ,! money :i* !y h sp5t z buy]s gets back into _! h&s z soon z !y appe> aga9 z v5dors ( commodities4 ,! con/ant r5ewal ( ! circulation ( commodities f9ds its reflection 9 ! cont9ual circulation ov] ! entire surface ( b\rgeois society ( a quantity ( money :i*1 pass+ f h& to h&1 describes at ! same "t a numb] ( diff]5t small cycles />t+ f numb]less po9ts & return+ ea* to its own />t+ po9t1 to repeat ! same movem5t ov] aga94 ,! *ange ( =m on ! "p ( commodities appe>s z a m]e *ange ( place on ! "p ( money & ! cont9uity ( ! circulation movem5t is all on ! side ( money1 s9ce ! commodity always makes b "o /ep 9 ! direction opposite to money1 :ile ! latt] makes 9 ea* case ! second /ep = ! commodity2 ! entire movem5t seems1 !re=e1 to proce$ f money1 al?\gh 9 ! case ( a sale ! commodity draws money out ( its place1 i4 e41 x circulates money z mu* z x is circulat$ by ! latt] 9 ! case ( a pur*ase4 ,fur!rmore1 ow+ to ! fact t money always confronts commodities 9 its capacity ( a means ( pur*ase1 & 9 t capacity moves commodities only by realiz+ _! price1 ! entire movem5t ( circulation appe>s z a *ange ( place betwe5 money & commodities1 ! =m] realiz+ ! prices ( ! latt] ei!r by sep>ate acts ( circulation tak+ place simultane\sly & side by side1 or by successive transactions :5 ! same co9 realizes ! prices ( diff]5t commodities "o aft] ano!r4 ,if we consid]1 e4 g41 ! s]ies ,c,m,c',m,c0,m,c'01 etc41 )\t reg>d to ! qualitative aspects :i* become indi/+ui%able 9 ! process ( circulation1 we witness ! same monoton\s op]ation4 ,aft] realiz+ ! price ( ,c1 ,m successively realizes ^? ( ,c'1 ,c01 etc41 & commodities ,c'1 ,c01 ,c'01 etc41 con/antly take ! place :i* money has left4 ,money ?us appe>s to keep commodities 9 circulation by realiz+ _! prices4 ,9 dis*>g+ ?is function ( realization ( prices1 money is itself con/antly circulat+1 n[ *ang+ its place1 n[ describ+ a curve ( circulation1 n[ complet+ a small circuit :]e ! />t+ & return+ po9ts co9cide4 ,z a m$ium ( circulation1 money is subject to a circulation ( its own4 ,! *ange ( =m ( ! circulat+ commodities appe>s1 !re=e1 z a movem5t ( money :i* fur!rs ! ex*ange ( commodities1 motionless 9 !mselves4 ,! movem5t ( ! circulation process ( commodities ?us takes on ! =m ( ! movem5t ( gold z a m$ium ( circulation1 i4 e4 ( ! circulation ( money4 ,s9ce own]s ( commodities give ! products ( _! individual labor ! appe>ance ( products ( social labor by turn+ "o object1 viz4 gold1 into ! direct expression ( univ]sal labor-"t & !re=e into money1 _! own movem5t by :i* all ( !m effect ! int]*ange ( ! mat]ial products ( _! labor n[ appe>s to !m z ! direct movem5t ( t "o object1 z ! circulation ( gold4 ,! social movem5t itself appe>s to ! own]s ( commodities p>tly z an outw>d necessity & p>tly z a m]e =mal int]m$i>y process :i* enables e individual :o puts any use-value into circulation to get o!r use-values out ( x ( an equal value4 ,! use-value ( commodities comes into play ) _! disappe>ance f ! sph]e or circulation1 :ile ! use-value ( money z a m$ium ( circulation is 9 its v circulation4 ,! movem5t ( a commodity 9 ! sph]e ( circulation is ( a transitory k9d1 :ile ceaseless motion 9 t sph]e con/itutes ! function ( money4 ,?r\gh ?is special function :i* x p]=ms )9 ! sph]e ( circulation money acquires a new capacity1 :i* we h to consid] n[ m closely4 ,9 ! fir/ place1 we see t ! circulation ( money =ms an endlessly split up movem5t1 s9ce x reflects ! splitt+ up ( ! process ( circulation into an inf9itely l>ge numb] ( pur*ases & sales & ! indep5d5t sep>ation ( ! mutually supplem5t>y phases ( metamorphoses ( commodities4 ,9 ! small cycles describ$ by money1 :]e ! />t+ & return+ po9ts co9cide1 we d f9d a return movem5t1 i4 e41 an actual circul> movem5t1 b ! fact t !re are z _m />t+ po9ts z !re are commodities & t ! numb] ( ^! cycles is inf9itely l>ge puts !m beyond all control1 measurem5t1 or computation4 ,! "t betwe5 ! />t & ! return ( a commodity is j z indef9ite4 ,moreov]1 x is immat]ial :e!r or n su* a circuit has be5 actually describ$ 9 a giv5 case4 ,no economic fact is m g5]ally kn[n ?an t "o c sp5d money ) "o h& )\t gett+ x back ) ! o!r4 ,money proce$s f an endless numb] ( po9ts & returns to z _m diff]5t po9ts1 b ! co9cid5ce ( ! />t+ & return+ po9ts is a matt] ( *ance1 because 9 ! movem5t ,c,m,c ! turn+ ( ! buy] aga9 into a sell] is n a necess>y condition4 ,/ill less does ! circulation ( money resemble a movem5t radiat+ f a common c5tre to all po9ts ( ! p]iph]y & back f ! p]iph]al po9ts to ! c5tre4 ,! s-call$ cycle describ$ by money1 z x is pictur$1 am\nts simply to ?is1 t at all po9ts we obs]ve its appe>ance & disappe>ance1 its nev] ceas+ transition f place to place4 ,9 a high]1 m involv$ =m ( money circulation1 e4 g4 bank-note circulation1 we %all f9d t ! conditions ( emission ( money include ^? = its return4 ,b 9 ! simple money circulation x is a matt] ( *ance = ! same buy] to become aga9 a sell]4 ,:]e we really see con/ant cycle motions tak+ place1 !y are only reflections ( deep] =ces 9 ! sph]e ( production1 e4 g41 ! manufactur] draws money f 8 bank] on ,friday1 pays x out to 8 work+-m5 on ,saturday1 ! m5 imm$iately pay out ! great] "p ( x to ! /orekeep]s1 etc41 & ! latt] turn x 9 on ,monday back to ! bank]4 ,we h se5 t money realizes simultane\sly a c]ta9 numb] ( prices 9 ! v>iegat$ pur*ases & sales :i* take place side by side at ! same "t4 ,on ! o!r h&1 9 s f> z its movem5t repres5ts ! movem5t ( ! comb9$ metamorphoses ( commodities & ! int]lac+ ( ^! metamorphoses1 ! same co9 realizes ! prices ( diff]5t commodities & ?us makes a l>g] or small] numb] ( moves4 ,if we take ! circulation ( a c\ntry = a giv5 l5g? ( "t1 say a day1 ! quantity ( gold requir$ = ! realization ( prices &1 consequ5tly1 = ! circulation ( commodities1 w be det]m9$ by two conditions3 fir/1 ! sum total ( ! prices2 second1 ! av]age numb] ( moves made by "o co94 ,?is numb] ( moves or ! rapidity ( circulation ( money is 9 its turn det]m9$ by or expresses ! av]age rapidity ) :i* commodities g ?r\gh ! diff]5t phases ( _! metamorphoses1 ! rapidity ) :i* ^! metamorphoses succe$ "o ano!r1 & ) :i* ^? commodities t h gone ?r\gh _! metamorphoses are replac$ by new commodities 9 ! process ( circulation4 ,we h se5 t 9 ! process ( ! det]m9ation ( prices ! ex*ange value ( all commodities is ideally conv]t$ into a c]ta9 quantity ( gold ( ! same value & t ! same am\nt ( value is pres5t 9 a d\ble =m 9 ei!r ( ! isolat$ acts ( circulation ,m,c & ,c,m1 fir/ embodi$ 9 ! commodity1 & second1 9 gold2 yet gold enjoys ! capacity ( a m$ium ( circulation n by virtue ( its isolat$ relation to sep>ate commodities 9 a /ate ( re/1 b ow+ to its active pres5ce 9 ! dynamic _w ( commodities1 viz41 its function ( express+ ! *ange ( =m ( commodities by its *ange ( place & express+ ! rapidity ( _! *ange ( =m by ! rapidity ( its *ange ( place4 ,! ext5t to :i* x is pres5t 9 ! sph]e ( circulation1 i4 e41 ! actual quantity ( gold 9 circulation1 is ?us det]m9$ by ! ext5t to :i* x is dis*>g+ its function ?r\gh\t ! entire process4 ,! circulation ( money implies ! circulation ( commodities2 money circulates commodities :i* h prices1 i4 e41 :i* are be=eh& ideally equat$ to c]ta9 quantities ( gold4 ,9 ! det]m9ation ( ! prices ( commodities1 ! value ( ! quantity ( gold :i* s]ves z a unit ( measure1 or ! value ( gold1 is assum$ to be giv54 ,"u t assumption ! quantity ( gold necess>y = circulation is det]m9$ fir/ ( all by ! sum total ( ! prices ( commodities t are to be realiz$4 ,b ?is sum is itself det]m9$3 #a4 ,by ! level ( prices1 ! relatively high or l[ ex*ange value ( commodities e/imat$ 9 gold2 & #b4 ,by ! mass ( commodities circulat+ at fix$ prices1 i4 e4 by ! numb] ( pur*ases & sales at giv5 prices4#gc ,if "o qu>t] ( :eat is wor? #fj %ill+s1 !n twice z mu* gold is requir$ to circulate x or to realize its price z w\ld be ! case if x 7 wor? only #cj %ill+s4 ,to circulate #ejj qu>t]s ( :eat at #fj %ill+s1 twice z mu* gold is necess>y z = ! circulation ( #bej qu>t]s at ! same price4 ,f9ally1 to circulate #aj qu>t]s at #ajj %ill+s only half z mu* money is necess>y z :5 circulat+ #dj qu>t]s at #ej %ill+s4 ,x foll[s t ! quantity ( gold requir$ = circulation may fall 9 spite ( a rise 9 price1 if ! mass ( commodities 9 circulation decl9es 9 a great] ratio ?an ! rise ( ! comb9$ sum ( prices2 &1 inv]sely1 ! quantity ( ! circulat+ m$ium may rise 9 spite ( a decl9e ( ! mass ( commodities 9 circulation1 if ! sum total ( prices rises 9 a great] ratio4 ,?or\gh & m9ute ,engli% inve/igations h demon/rat$ e4 g4 t 9 ! e>ly /ages ( a de>? ( gra9 9 ,engl& ! quantity ( money 9 circulation increases1 because ! total price ( ! dim9i%$ supply ( gra9 is great] ?an ! =m] total price ( a l>g] supply ( gra91 :ile ! circulation ( ! o!r commodities cont9ues undi/urb$ = "s "t at _! old prices4 ,at a lat] /age ( ! de>? ( gra91 !re is a decl9e 9 ! quantity ( circulat+ money1 ei!r because less goods are sold at old prices besides gra91 or ! same quantity ( ^? goods is sold at l[] prices4 ,b1 z we h se51 ! quantity ( money 9 circulation is det]m9$ n only by ! sum total ( prices ( commodities t are to be realiz$1 b also by ! rapidity ) :i* money circulates or ) :i* x completes ?is "w ( realization4 ,if ! same sov]eign makes t5 pur*ases a day1 ea* ( a commodity hav+ a price ( "o sov]eign1 & ?us *anges h&s t5 times1 x does z mu* "w z w\ld be accompli%$ by t5 sov]eigns ea* p]=m+ b a s+le act ( circulation a day4#gd ,consequ5tly1 rapidity ( gold circulation c make up = its quantity1 or ! pres5ce ( gold 9 ! sph]e ( circulation is det]m9$ n only by its pres5ce z an equival5t ( a commodity side by side ) x1 b also by its p>ticipation 9 ! movem5t ( metamorphoses ( commodities4 ,! rapidity ( ! circulation ( money1 h[ev]1 c s]ve z a sub/itute = its quantity only to a limit$ ext5t1 s9ce at any giv5 mom5t an endless numb] ( isolat$ pur*ases & sales takes places 9 diff]5t localities4 ,if ! total price ( ! commodities 9 circulation rises1 b 9 a small] ratio ?an ! increase 9 ! rapidity ( circulation ( money1 ! volume ( ! circulat+ m$ium w dim9i%4 ,if on ! contr>y ! rapidity ( circulation decreases 9 a great] ratio ?an ! total price ( ! commodities 9 circulation1 ! volume ( curr5cy w increase4 ,an increas+ volume ( curr5cy comb9$ ) a g5]al fall ( prices or a dim9i%+ volume ( curr5cy 9 connection ) a g5]al rise ( prices is "o ( ! be/ kn[n ph5om5a 9 ! hi/ory ( prices4 ,b ! consid]ation ( ! causes :i* br+ ab\t a simultane\s rise 9 ! level ( prices & a /ill great] rise 9 ! rate ( velocity ( circulation ( money1 or ! opposite ph5om5on1 falls outside ( ! sph]e ( simple circulation4 ,by way ( illu/ration1 x may be m5tion$ t 9 p]iods ( prevail+ cr$it1 ! rapidity ( circulation ( money gr[s fa/] ?an ! prices ( commodities1 :ile 9 times ( decl9+ cr$it ! prices ( commodities fall sl[] ?an ! rapidity ( circulation4 ,! %all[ & artificial "* ( ! simple circulation ( money is manife/$ 9 ! fact t all ! elem5ts :i* h a det]m9+ influ5ce on ! volume ( curr5cy1 su* z ! volume ( commodities 9 circulation1 prices1 ! rise or fall ( prices1 ! numb] ( simultane\s pur*ases & sales1 ! rapidity ( ! circulation ( money1dep5d on ! metamorphic process :i* takes place 9 ! _w ( commodities1 & t aga9 dep5ds on ! g5]al "* ( ! me?ods ( production1 ! size ( population1 ! relation betwe5 city & c\ntry1 ! developm5t ( ! means ( transportation1 ! great] or less division ( labor1 cr$it1 etc42 9 %ort1 on circum/ances all ( :i* lie outside ( ! sph]e ( simple circulation ( money & are only reflect$ 9 x4 ,! rapidity ( circulation be+ giv51 ! volume ( curr5cy is simply det]m9$ by ! prices ( commodities4 ,h5ce1 prices are n high or l[1 because !re is m or less money 9 circulation1 b on ! contr>y1 !re is m or less money 9 circulation1 because prices are high or l[4 ,?is is "o ( ! mo/ important laws1 ^: demon/ration 9 detail by means ( ! hi/ory ( prices con/itutes p]haps ! only m]it ( ! po/-,ric>dian ,engli% ,political ,economy4 ,if exp]i5ce %[s1 t ! level ( metallic circulation or ! mass ( gold & silv] 9 circulation 9 a giv5 c\ntry is subject to tempor>y ebbs & tides & v viol5t ones at times1#ge b on ! :ole rema9s /ation>y = long p]iods1 ! deviations =m+ b small oscillations ab\t ! av]age level1 ?is is expla9$ by ! antagoni/ic nature ( ! circum/ances :i* det]m9e ! quantity ( money 9 circulation4 ,_! simultane\s modifications neutralize _! effects & leave ev]y?+ :]e x 0 be=e4 ,! law1 t ) a giv5 rapidity ( circulation ( money & a giv5 total sum ( prices ( commodities ! quantity ( ! circulat+ m$ium is det]m9$1 may also be express$ z foll[s4 ,if ! ex*ange values ( commodities & ! av]age rapidity ( _! metamorphoses are giv51 ! quantity ( gold 9 circulation dep5ds on its own value4 ,if1 !re=e1 ! value ( gold1 i4 e4 ! labor-"t necess>y = its production1 %\ld rise or fall1 ! prices ( commodities w rise or fall 9 inv]se ratio1 & correspond+ to t rise or fall ( prices1 ! rapidity ( circulation rema9+ ! same1 a l>g] or small] quantity ( gold w\ld be requir$ to keep ! same volume ( commodities 9 circulation4 ,! same *ange w\ld occur1 if ! old /&>d ( value 7 sup]s$$ by a m or less valuable metal4 ,?us1 ,holl& requir$ f f\rte5 to fifte5 times z mu* silv] z x _h previ\sly requir$ gold1 9 ord] to circulate ! same volume ( commodities1 :5 out ( t5d] reg>d = ! gov]nm5t cr$itors & out ( fe> ( ! effects ( ! discov]ies 9 ,cali=nia & ,au/ralia x sub/itut$ silv] = gold money4 ,f ! fact t ! quantity ( gold 9 circulation dep5ds on ! v>iable sum total ( prices ( commodities & ! v>y+ rapidity ( circulation1 x foll[s t ! volume ( ! circulat+ m$ium mu/ be capable ( contraction & expansion2 9 %ort1 t accord+ to ! requirem5ts ( circulation1 gold mu/ n[ ent]1 n[ leave ! sph]e ( circulation 9 its capacity ( a m$ium ( circulation4 ,h[ ! circulation process itself realizes ^! conditions1 we %all see lat] on4 ,c4 ,,co9 ,,& ,,symbols ,,( ,,value4 ,9 its capacity ( a m$ium ( circulation1 gold acquires a %ape ( its own1 x becomes co94 ,9 ord] to prev5t any te*nical difficulties 9 ! way ( its circulation1 x is co9$ accord+ to ! /&>d ( ! money ( acc\nt4 ,gold pieces ^: impr9ts & leg5ds %[ t !y conta9 c]ta9 weights ( gold correspond+ to ! reckon+ names ( money1 1 s41 etc41 are co9s4 ,! e/abli%m5t ( a m9t-price1 z well z ! te*nical "w ( co9+1 are ! bus9ess ( ! /ate4 ,bo? z money ( acc\nt & z co91 money acquires a local & political "*2 x speaks diff]5t languages & we>s diff]5t national uni=ms4 ,! sph]e 9 :i* money circulates z co91 is di/+ui%$ z an int]nal sph]e ( circulation :i* is sep>at$ f ! univ]sal sph]e ( circulation 9 ! commodity _w by national b\nd>ies4 ,yet1 ! only diff]5ce betwe5 gold bullion & gold co9 is t betwe5 co9 d5om9ation & weight d5om9ation4 ,:at seems to be a diff]5ce 9 "n 9 ! latt] case appe>s z a diff]5ce 9 %ape 9 ! =m]4 ,gold co9 c be ?r[n into ! melt+-pot & ?us be conv]t$ aga9 into gold sans phrase1 j z1 on ! contr>y1 gold b>s only h to be s5t to ! m9t to receive ! %ape ( co9s4 ,! conv]sion & reconv]sion f "o =m into ano!r appe>s to be a purely te*nical matt]4 ,= #ajj p\nds or #abjj ounces troy ( #bb c>at gold "o c get #d1fgb-a_/b or gold sov]eigns at ! ,engli% m9t2 if ^! sov]eigns be put on "o side ( ! weigh+ scale & "o hundr$ p\nds ( gold bullion on ! o!r1 ! two w balance ea* o!r1 :i* proves t ! sov]eign is no?+ b a piece ( gold ( c]ta9 weight be>+ ?is "n 9 ,engli% co9age & hav+ a %ape & /amp ( its own4 ,! #d1fgb-a_/b sov]eigns are put into circulation at diff]5t po9ts1 & once 9 its grasp !y make a c]ta9 numb] ( moves p] day1 "s sov]eigns m1 o!rs less4 ,if ! av]age numb] ( moves p] day ( ea* ounce be t51 ! #abjj ounces ( gold w\ld realize #ab1jjj ounces or #df1gbe sov]eigns z ! total price ( commodities4 ,y may turn & toss an ounce ( gold 9 any way y l1 & x w nev] weigh t5 ounces4 ,b "h 9 ! process ( circulation "o ounce practically does weigh t5 ounces4 ,! "w p]=m$ by a co9 9 ! sph]e ( circulation is equival5t to ! quantity ( gold x conta9s multipli$ by ! numb] ( its moves4 ,besides ! actual importance :i* a co9 possesses by virtue ( its be+ an individual piece ( gold ( a def9ite weight1 x acquires an ideal significance due to its function4 ,b :e!r ! sov]eign circulates once or t5 times1 9 ea* p>ticul> pur*ase or sale x acts only z "o sov]eign4 ,x is l a g5]al :o by timely appe>ance at t5 diff]5t po9ts on ! battle field does ! "w ( t5 g5]als1 b /ill rema9s ! same id5tical g5]al at ea* po9t4 ,! idealization ( ! means ( circulation :i* is due to ! supplant+ ( quantity by rapidity 9 money circulation1 affects only ! function ( ! co9 )9 ! sph]e ( circulation1 b n ! nature ( ! individual co94 ,! circulation ( money is a movem5t ?r\gh ! outside _w1 & ! sov]eign1 ?\gh x non olet1 keeps r mix$ company4 ,9 ! c\rse ( its friction aga9/ all k9ds ( h&s1 p\*es1 pockets1 purses1 money-belts1 bags1 *e/s & /rong-boxes1 ! co9 rubs (f1 loses "o gold atom "h & ano!r "o !re & ?us1 z x we>s (f 9 its w&]+s ov] ! _w1 x loses m & m ( its intr9sic sub/ance4 ,by be+ us$ x gets us$ up4 ,let u take up a sov]eign at ! mom5t :5 its natural1 inborn "* has be5 slightly affect$4 ,a bak]1 says ,dodd1#gf :o receives f ! bank to-day a br& new sov]eign & pays x tomorr[ to ! mill]1 does n pay ! same v]itable sov]eign2 ! latt] has become light] ?an x 0 at ! "t he receiv$ x4 ,x is cle>1 says an anonym\s writ]1#gg t 9 ! v nature ( ?+s1 co9s mu/ depreciate "o by "o z a result ( ord9>y & unavoidable friction4 ,x is a physical impossibility to entirely exclude light co9s f circulation at any "t1 ev5 = "o day4 ,jacob e/imates t ( ! #chj million p\nds /]l+ :i* 7 9 exi/5ce 9 ,europe 9 #ahji1 n9ete5 million p\nds /]l+ entirely disappe>$ by #ahbi1 i4 e41 )9 a p]iod ( tw5ty ye>s4#gh ,?us1 :ile a commodity at its fir/ /ep into ! sph]e ( circulation1 falls out ( x1 a co91 aft] a c\ple ( /eps )9 t sph]e repres5ts m metal ?an x actually conta9s4 ,! long] a co9 rema9s 9 circulation1 ! rapidity ( circulation rema9+ ! same1 or ! great] its rapidity ( circulation )9 ! same p]iod ( "t1 ! great] ! discrepancy betwe5 its =m z co9 & its actual gold or silv] sub/ance4 ,:at rema9s is magni nom9is umbra4 ,! body ( ! co9 becomes b a %ad[4 ,if at fir/ x became heavi] ?r\gh ! process ( circulation1 x n[ becomes light] on acc\nt ( x1 b cont9ues to repres5t ! orig9al quantity ( gold 9 ea* s+le pur*ase or sale4 ,! sov]eign1 z a fictiti\s sov]eign1 z fictiti\s gold1 cont9ues to p]=m ! function ( a legitimate co94 ,:ile o!r be+s lose _! idealism 9 contact ) ! out] _w1 ! co9 is idealiz$ by practice1 be+ gradually trans=m$ into a m]e phantom ( its gold5 or silv] body4 ,?is second idealization ( metal money spr++ f ! v process ( circulation1 or f ! discrepancy betwe5 its nom9al weight & its real weight is exploit$ 9 all k9ds ( co9 c\nt]feit+ practic$ p>tly by gov]nm5ts1 p>tly by private adv5tur]s4 ,! entire hi/ory ( co9age f ! beg9n+ ( ! middle ages until late 9 ! eighte5? c5tury is no?+ b a hi/ory ( ^! tw(old & antagoni/ic adult]ations1 & ,cu/odi's volum9\s collection ( writ+s ( ,italian economi/s turns mo/ly ab\t ?is po9t4 ,b ! fictiti\s importance ( gold due to its function1 comes 9 conflict ) its real sub/ance4 ,"o gold co9 has lo/ m1 ano!r1 less ( its metal sub/ance 9 ! c\rse ( circulation1 & "o ( !m is1 z a matt] ( fact1 wor? m n[ ?an ! o!r4 ,b s9ce 9 ! dis*>ge ( _! function ( co9s !y are tak5 at ! same value1 ! sov]eign weigh+ a qu>t] ( an ounce pass+ = no m ?an ! sov]eign :i* only /&s = a qu>t] ( an ounce1 ! full-weight sov]eigns are subject$ 9 ! h&s ( unscrupul\s own]s to surgical op]ations :i* produce artificially :at ! circulation process has caus$ 9 a natural way to _! m light-weight$ bro!rs4 ,!y are clipp$ & r$uc$ & ! sup]flu\s gold fat l&s 9 ! melt+ pot4 ,if #d1fgb-a_/b gold sov]eigns :5 put on "o side ( ! weigh+ scale weigh on an av]age only #hjj ounces in/ead ( #abjj1 !y w buy :5 br\ght to ! gold m>ket only #hjj ounces ( gold2 t is1 ! m>ket price ( gold w\ld rise above its m9t price4 ,e co91 ev5 if ( full weight w\ld pass 9 its m9t =m = less ?an 9 bullion =m4 ,! full weight sov]eigns w\ld be reconv]t$ into bullion1 a =m 9 :i* a great] quantity ( gold is always wor? m ?an a small] quantity4 ,z soon z ?is decl9e ( metallic weight w\ld affect a suffici5tly l>ge numb] ( sov]eigns to br+ ab\t a p]man5t rise ( ! m>ket price ( gold above its m9t price1 ! reckon+ names ( ! co9s1 ?\gh rema9+ ! same1 w\ld beg9 to d5ote a small] quantity ( gold4 ,t is to say1 ! /&>d ( money w\ld *ange & gold w\ld be co9$ 9 ! future accord+ to ?is new /&>d4 ,by virtue ( its idealization z a m$ium ( circulation1 gold w\ld react ^u & *ange ! legally det]m9$ ratios "u :i* x act$ z ! /&>d ( price4 ,! same revolution w\ld be repeat$ aft] a c]ta9 l5g? ( "t & ?us gold w\ld be subject to con/ant *ange bo? z a /&>d ( price & z a m$ium ( circulation1 a *ange "u "o ( ^! =ms lead+ to a *ange "u ! o!r & vice v]sa4 ,?is expla9s ! ph5om5on m5tion$ above1 namely t 9 ! hi/ory ( all mod]n nations ! same money-"n /&s = a con/antly dim9i%+ quantity ( metal4 ,! contradiction betwe5 gold z co9 & gold z /&>d ( price becomes also "o betwe5 gold z co9 & gold z ! univ]sal equival5t2 9 ! latt] capacity x circulates n only )9 ! limits ( national b\nd>ies1 b 9 ! _w m>ket4 ,z a measure ( value gold 0 always ( full weight1 because x s]v$ only z ideal gold4 ,9 its capacity ( equival5t 9 ! isolat$ transaction ,c,m x passes at once f a /ate ( motion to a /ate ( re/2 b 9 its capacity ( co9 its natural sub/ance comes 9 con/ant conflict ) its function4 ,! trans=mation ( ! gold sov]eign into fictiti\s gold c n be :olly avoid$1 b legislation seeks to prev5t its unlimit$ circulation z co9 by prescrib+ its )drawal f circulation z soon z its %ortage ( metallic sub/ance rea*es a c]ta9 degree4 ,accord+ to ! ,engli% law1 e4 g41 a sov]eign :i* lacks m ?an #j4gdg gra9s ( its weight ceases to be legal t5d]4 ,! ,bank ( ,engl& :i* weigh$ =ty-eight million gold sov]eigns 9 ! %ort p]iod betwe5 #ahdd & #ahdh1 possesses 9 ,mr4 ,cotton's gold weigh+ scale a ma*9e :i* n only detects a diff]5ce ( #a-ajj "p ( a gra9 betwe5 two sov]eigns1 b l a s5sible be+1 imm$iately ?r[s out ! light-weight co9 on a bo>d :]e x l&s "u ano!r ma*9e :i* cuts x up ) ori5tal cruelty4 ,t be+ ! case1 gold co9s c\ld n circulate at all 7 n _! circulation conf9$ to def9ite sph]es 9 :i* !y d n we> (f s rapidly4 ,9 s f> z a gold co9 weigh+ only "o-fif? ( an ounce passes 9 circulation = a qu>t] ( an ounce ( gold1 x is practically m]ely a sign or a symbol = "o-tw5tie? ( an ounce ( gold1 & 9 t way all gold co9s are trans=m$ by ! v process ( circulation into m or less ( a m]e sign or symbol ( _! sub/ance4 ,b no ?+ c be its own symbol4 ,pa9t$ grapes are no symbol ( real grapes1 !y are imag9>y grapes4 ,/ill less c a light-weight sov]eign be a symbol ( a full-weight$ "o1 j z a lean horse c n s]ve z a symbol ( a fat "o4 ,s9ce gold ?us becomes a symbol ( its own self1 b at ! same "t c n s]ve 9 t capacity1 x receives a symbolical1 silv] or copp] sub/itute 9 ^? sph]es ( circulation 9 :i* x is mo/ subject to we> & te>1 namely :]e pur*ases & sales are con/antly tak+ place on ! smalle/ scale4 ,9 ^! sph]es1 ev5 if n ! same id5tical co9s1 /ill a c]ta9 "p ( ! entire supply ( gold money w\ld con/antly circulate z co94 ,to t ext5t gold is sub/itut$ by silv] or copp] tok5s4 ,?us1 :ile only a specific commodity c p]=m 9 a giv5 c\ntry ! function ( a measure ( value & !re=e ( money1 diff]5t commodities c s]ve z co9 side by side ) gold4 ,^! subsidi>y m$iums ( circulation1 su* z silv] or copp] co9s1 repres5t def9ite fractions ( a gold co9 )9 ! sph]e ( circulation4 ,_! own silv] or copp] weight is1 !re=e1 n det]m9$ by ! proportions ( ! respective values ( silv] & copp] to t ( gold1 b is arbitr>ily fix$ by law4 ,!y may be issu$ only 9 su* quantities 9 :i* ! dim9utive fractions ( gold co9 :i* !y repres5t w\ld con/antly circulate ei!r = purposes ( *ange = gold co9s ( high] d5om9ations1 or = realiz+ equally small prices ( commodities4 ,9 retail trade silv] & copp] tok5s belong to di/9ct sph]es ( circulation4 ,9 ! nature ( ?+s1 ! rapidity ( _! circulation is 9 inv]se ratio to ! price :i* !y realize 9 ea* sep>ate pur*ase or sale1 or to ! size ( ! fraction ( gold co9 :i* !y repres5t4 ,if we consid] h[ imm5se ! volume ( ! daily retail trade 9 a c\ntry l ,engl& is1 we w und]/& f ! comp>atively insignificant proportions ( its comb9$ volume h[ rapid & /eady ! circulation ( ! subsidi>y co9 mu/ be4 ,f a p>liam5t>y report ( rec5t date we see1 e4 g41 t 9 #aheg ! ,engli% m9t co9$ #d1hei1jjj wor? ( gold1 #gcc1jjj ( silv] nom9al value :i* conta9$ metal actually wor? #cfc1jjj4 ,! total am\nt ( gold co9$ 9 ! t5 ye>s end+ ,decemb] #ca1 #aheg1 0 #ee1bci1jjj1 & ( silv] only #b1dcd1jjj4 ,! supply ( copp] co9 9 #aheg am\nt$ only to #f1gbj nom9al value conta9+ #c1dib wor? ( copp]2 ( ?is #c1acf 0 9 p5nies1 #b1dfd 9 half-p5nies1 & #a1abj 9 f>?+s4 ,! total value ( copp] co9$ 9 ! t5 ye>s 0 #ada1dgg nom9al1 ! metallic value be+ #gc1ejc4 ,j z gold co9 is prev5t$ f p]man5tly reta9+ its function ( co9 by ! legal provision ( ! loss ( weight :i* demonetizes x1 s are ! silv] & copp] tok5s prev5t$ f pass+ f _! sph]es ( circulation into t ( gold co9 & acquir+ ! "* ( money by ! provision ( ! maximum am\nt = :i* !y are legal t5d]4 ,9 ,engl& e4 g4 copp] is legal t5d] only to ! am\nt ( six p5ce & silv] up to =ty %ill+s4 ,if silv] & copp] tok5s 7 to be issu$ 9 great] quantities ?an ! requirem5ts ( _! sph]es ( circulation call =1 prices ( commodities w\ld n rise z a result1 b ! accumulation ( ^! tok5s 9 ! h&s ( retail deal]s w\ld rea* su* an ext5t t !y w\ld be f9ally compell$ to sell !m z metal4 ,?us 9 #agih ,engli% copp] co9s1 issu$ by private individuals1 accumulat$ 9 ! h&s ( small trad]s to ! am\nt ( #bj1cej :i* !y tri$ 9 va9 to put aga9 9 circulation1 be+ f9ally compell$ to ?r[ !m z metal on ! copp] m>ket4#gi ,! silv] & copp] tok5s :i* repres5t gold co9 9 c]ta9 sph]es ( circulation 9 ! int]ior ( ! c\ntry1 conta9 a def9ite quantity ( silv] & copp] prescrib$ by law1 b aft] !y get into circulation1 !y we> (f l gold co9s & become ev5 m rapidly m]e phantoms1 accord+ to ! rapidity & /ead9ess ( _! circulation4 ,to draw aga9 a l9e ( demonetization beyond :i* silv] & copp] tok5s w\ld lose _! "* ( co9s1 !y w\ld h to be replac$ 9 turn )9 c]ta9 sph]es ( _! own circulation by "s o!r symbolic money1 say iron & lead1 & su* repres5tation ( "o k9d ( symbolic money by ano!r k9d w\ld =m an endless process4 ,9 all c\ntries ) a well develop$ circulation ! v requirem5ts ( money circulation make x necess>y t ! "* ( silv] & copp] tok5s z money be made indep5d5t ( any loss ( weight 9 ^? co9s4 ,?us1 z x 0 9 ! nature ( ?+s1 x appe>s t !y s]ve z symbols ( gold co9 n because !y are symbols made ( silv] or copp]1 n because !y h c]ta9 value1 b only 9 s f> z !y h no value4 ,relatively wor?less ?+s1 su* z pap]1 c consequ5tly p]=m ! function ( symbols ( gold money4 ,t subsidi>y curr5cy consi/s ( metal tok5s1 su* z silv]1 copp]1 etc41 is ma9ly due to ! fact t 9 mo/ c\ntries ! less valuable metals su* z silv] 9 ,engl&1 copp] 9 anci5t ,rome1 ,sw$51 ,scotl&1 etc41 _h circulat$ z money be=e !y 7 degrad$ by ! process ( circulation to ! rank ( small *ange & replac$ by a m preci\s metal4 ,besides1 x is natural t ! money symbol :i* gr[s directly out ( metallic circulation1 %\ld itself be a metal4 ,j z t portion ( gold :i* w\ld always h to circulate z small *ange1 is replac$ by metal tok5s2 s c ! o!r portion ( gold :i* is con/antly absorb$ z co9 by circulation 9 ! int]ior ( ! c\ntry &1 !re=e1 mu/ cont9ually circulate1 be replac$ ) wor?less tok5s4 ,! level bel[ :i* ! mass ( circulat+ co9 nev] s9ks is det]m9$ 9 ea* c\ntry by exp]i5ce4 ,?us1 ! orig9ally imp]ceptible diff]5ce betwe5 ! nom9al weight & ! metallic weight ( a metal co9 c gr[ apace until x rea*es ! po9t ( absolute sep>ation4 ,! m9t "n ( money p>ts company ) its sub/ance & exi/s outside ( x 9 wor?less slips ( pap]4 ,j z ! ex*ange value ( commodities is cry/alliz$ by _! process ( ex*ange into gold money1 s is gold money sublimat$ 9 its curr5cy into its own symbol fir/ 9 ! =m ( worn co91 !n 9 ! =m ( subsidi>y metal curr5cy1 & f9ally 9 ! =m ( a wor?less tok51 pap]1 m]e sign ( value4 ,gold co9 has produc$ its sub/itutes1 fir/ metallic & !n pap]1 only because 9 spite ( its loss ( metallic weight x cont9u$ to p]=m ! function ( co94 ,x did n circulate because ( its we> & te>2 on ! contr>y1 x wore out to a symbol because x cont9u$ to circulate4 ,only 9 s f> z gold money becomes simply a tok5 ( its own value 9 ! process ( circulation1 c m]e tok5s ( value take its place4 ,9 s f> z ! movem5t ,c,m,c repres5ts a dynamic unity ( two processes ,c,m & ,m,c :i* pass directly "o into ! o!r1 or 9 s f> z a commodity passes ?r\gh ! complete process ( its metamorphosis1 x express its ex*ange value 9 price & 9 money only to disc>d t =m at once & to become aga9 a commodity or1 r1 a use-value4 ,t is to say1 x develops only an app>5t ass]tion ( ! indep5d5ce ( its ex*ange value4 ,on ! o!r h&1 we h se5 t gold1 9 s f> z x p]=ms ! function ( co9 or 9 s f> z x cont9ually circulates1 actually =ms only a connect+ l9k betwe5 ! metamorphoses ( commodities & con/itutes b _! transitory money =m2 fur!rmore1 t x realizes ! price ( "o set ( commodities only 9 ord] to realize t ( ano!r1 b 9 no case does x con/itute a /able =m ( ex*ange value or appe> itself z a commodity 9 a /ate ( re/4 ,! reality :i* ! ex*ange value ( commodities acquires 9 ! process & :i* is repres5t$ by gold 9 its circulation1 is ! reality ( an electric sp>k4 ,al?\gh real gold1 x plays ! "p ( fictiti\s gold1 & c1 !re=e1 be replac$ 9 ?is function by a tok5 ( itself4 ,! tok5 ( value1 say pap]1 :i* plays ! "p ( co91 is ! tok5 ( a quantity ( gold express$ 9 its curr5cy "n1 i4 e41 x is a gold tok54 ,j z a c]ta9 quantity ( gold does n 9 itself express a value ratio1 s is t true ( ! tok5 :i* takes its place4 ,9 s f> z a c]ta9 quantity ( gold1 z embodi$ labor-"t1 has a value ( a c]ta9 magnitude1 ! gold tok5 repres5ts value4 ,b ! magnitude ( ! value :i* x repres5ts dep5ds all ! "t on ! value ( ! quantity ( gold = :i* x /&s4 ,z reg>ds commodities ! tok5 ( value expresses ! reality ( _! price1 x is signum pretii & sign ( _! value only because _! value is express$ 9 _! price4 ,9 ! process ,c,m,c1 9 s f> z x repres5ts ! dynamic unity or direct alt]nation ( ! two metamorphoses& t is ! aspect x assumes 9 ! sph]e ( circulation 9 :i* ! tok5 ( value dis*>ges its function! ex*ange value ( commodities acquires 9 price only an ideal expression & 9 money only an imag9>y symbolic exi/5ce4 ,ex*ange value ?us acquires only an imag9>y ?\gh mat]ial expression1 b x has no real exi/5ce except 9 ! commodities !mselves1 9 s f> z a c]ta9 quantity ( labor-"t is embodi$ 9 !m4 ,x appe>s1 !re=e1 t ! tok5 ( value repres5ts directly ! value ( commodities1 by figur+ n z a tok5 ( gold b z a tok5 ( ! value :i* exi/s 9 ! commodity alone & is only express$ 9 price4 ,b x is a false appe>ance4 ,! tok5 ( value is directly only a tok5 ( price1 i4 e41 a tok5 ( gold1 & only indirectly a tok5 ( value ( a commodity4 ,unlike ,pet] ,%lemihl1 gold has n sold its %ad[1 b buys ) its %ad[4 ,! tok5 ( value op]ates only 9 s f> z x repres5ts ! price ( "o commodity z aga9/ t ( ano!r )9 ! sph]e ( circulation1 or 9 s f> z x repres5ts gold to e own] ( commodities4 ,a c]ta9 comp>atively wor?less object su* z a piece ( lea!r1 a slip ( pap]1 etc41 becomes by =ce ( cu/om a tok5 ( money mat]ial1 b ma9ta9s its exi/5ce 9 t capacity only s long z its "* z a symbol ( money is gu>ante$ by ! g5]al acquiesc5ce ( ! own]s ( commodities1 i4 e41 s long z x enjoys a legally e/abli%$ conv5tional exi/5ce & compulsory circulation4 ,pap] money issu$ by ! /ate & circulat+ z legal t5d] is ! p]fect$ =m ( ! tok5 ( value1 & ! only =m ( pap] money1 :i* has its imm$iate orig9 9 metallic circulation or ev5 9 ! simple circulation ( commodities4 ,cr$it money belongs to a high] sph]e ( ! social process ( production & is gov]n$ by entirely diff]5t laws4 ,symbolic pap] money does n 9 fact1 diff] 9 ! lea/ f subsidi>y metal co91 except t x rea*es wid] sph]es ( circulation4 ,we h se5 t ! m]e te*nical developm5t ( ! /&>d ( price or ( ! m9t price & lat] ! %ap+ ( gold bullion into co9 h call$ =? ! int]f]5ce ( ! /ate2 ?is circum/ance br\ght ab\t a visible sep>ation ( national circulation f ! _w circulation ( commodities3 ?is sep>ation is complet$ by ! evolution ( co9 into a tok5 ( value4 ,z a m]e m$ium ( circulation money c assume an indep5d5t exi/5ce only )9 ! sph]e ( national circulation4#hj ,our pres5tation has %[n t ! co9 =m ( gold z a tok5 ( value diff]5tiat$ f ! gold sub/ance itself1 has its direct orig9 9 ! process ( circulation & n 9 any agreem5t or /ate int]f]5ce4 ,russia (f]s a /rik+ example ( ! natural orig9 ( ! tok5 ( value4 ,at ! "t :5 hides & furs play$ !re ! "p ( money1 ! conflict betwe5 ! p]i%able & bulky nature ( ! mat]ial & its function z a m$ium ( circulation result$ 9 ! cu/om ( replac+ x by small pieces ( /amp$ lea!r :i* ?us became a k9d ( draft payable 9 hides & furs4 ,lat] on !y became "u ! "n ( copecs m]e tok5s = fractions ( ! silv] r\ble & rema9$ 9 use 9 "s p>ts until #agjj1 :5 ,pet] ! ,great ord]$ _! )drawal 9 ex*ange = small copp] co9s issu$ by ! /ate4 ,anci5t writ]s :o c\ld obs]ve ! ph5om5a ( exclusively metallic circulation1 already took ! view ( co9 z a symbol or tok5 ( value4 ,t is true bo? ( ,plato#ha & ,ari/otle4#hb ,9 c\ntries :]e cr$it is n develop$1 z e4 g4 9 ,*9a1 legal t5d] pap] money is f\nd at an e>ly date#hc4 ,e>ly advocates ( pap] money expressly po9t out ! fact t metallic co9 is trans=m$ into a tok5 ( value 9 ! v process ( circulation4 ,s ,b5jam9 ,frankl9#hd & ,bi%op ,b]keley4#he ,h[ _m reams ( pap] cut up into bills c circulate z money8 ,put 9 t way1 ! "q w\ld be absurd4 ,! wor?less tok5s are signs ( value only 9 s f> z !y repres5t gold )9 ! sph]e ( circulation & !y repres5t x only to ! ext5t to :i* x w\ld itself be absorb$ z co9 by ! process ( circulation2 ?is quantity is det]m9$ by its own value1 ! ex*ange values ( ! commodities & ! rapidity ( _! metamorphoses be+ giv54 ,bills ( a d5om9ation ( #e c\ld circulate 9 a quantity five times less ?an ^? ( #a d5om9ation1 & if all paym5ts 7 made 9 %ill+ bills1 !n tw5ty times z _m %ill+ bills w\ld h to be 9 circulation z are "o p\nd bills4 ,if ! gold curr5cy 7 repres5t$ by bills ( diff]5t d5om9ations1 e4 g4 five p\nd1 "o p\nd & t5 %ill+ bills1 !n ! quantity ( ^! diff]5t tok5s ( value w\ld be det]m9$ n only by ! quantity ( gold necess>y = circulation z a :ole1 b also by t requir$ 9 ! sph]e ( circulation ( ea* k9d ( bills4 ,if f\rte5 million p\nds /]l+ 7?is is ! provision ( ! ,engli% ,bank ,law1 n = ! entire curr5cy b only = cr$it money7 7 ! level bel[ :i* ! circulation ( a c\ntry nev] sank1 !n f\rte5 million pap] bills1 ea* a tok5 ( value ( "o p\nd1 c\ld circulate4 ,if ! value ( gold fell or rose because ! labor-"t necess>y = its production _h fall5 or ris51 !n1 ! ex*ange value ( ! same volume ( commodities rema9+ ! same1 ! numb] ( "o p\nd bills 9 circulation w\ld rise or fall 9 inv]se ratio to ! *ange 9 ! value ( gold4 ,if gold 7 replac$ by silv] z a measure ( value1 ! ratio ( ! respective values ( silv] & gold be+ #a3ae1 & if ea* bill 7 to repres5t n[ ! same quantity ( silv] z x repres5t$ gold be=e1 !n !re w\ld be #baj million "o p\nd bills 9 circulation in/ead ( ! previ\s f\rte5 million4 ,! numb] ( pap] bills is ?us det]m9$ by ! quantity ( gold money :i* !y repres5t 9 circulation1 & s9ce !y are tok5s ( value only 9 s f> z !y repres5t x1 _! value is simply det]m9$ by _! quantity4 ,?us1 :ile ! quantity ( gold 9 circulation is det]m9$ by ! prices ( commodities1 ! value ( ! pap] bills 9 circulation1 on ! contr>y1 dep5ds exclusively on _! own quantity4 ,! int]f]5ce ( ! /ate :i* issues pap] money z legal t5d]& we are treat+ ( pap] money ( t k9d onlyseems to d away ) ! economic law4 ,! /ate :i* 9 its m9t price gave a c]ta9 "n to a piece ( gold ( c]ta9 weight1 & 9 ! act ( co9age only impress$ its /amp on gold1 seems n[ to turn pap] into gold by ! magic ( its /amp4 ,s9ce pap] bills are legal t5d]1 no "o c prev5t ! /ate f =c+ z l>ge a quantity ( !m z x desires into circulation & f impress+ ^u x any co9 d5om9ation1 su* z #a1 #e1 #bj4 ,! bills :i* h once gott5 into circulation c n be remov$1 s9ce on ! "o h& _! c\rse is hemm$ 9 by ! fronti] po/s ( ! c\ntry & on ! o!r !y lose all value1 use-value1 z well z ex*ange-value1 outside ( circulation4 ,take away f !m _! function & !y become wor?less rags ( pap]4 ,yet ?is p[] ( ! /ate is a m]e fiction4 ,x may ?r[ into circulation any desir$ quantity ( pap] bills ( :atev] d5om9ation1 b ) ?is me*anical act its control ceases4 ,once 9 ! grip ( circulation & ! tok5 ( value or pap] money becomes subject to its intr9sic laws4 ,if f\rte5 million p\nds /]l+ 7 ! quantity ( gold requir$ = ! circulation ( commodities & if ! /ate 7 to put into circulation two hundr$ & t5 million bills ea* ( ! d5om9ation ( #a1 !n ^! two hundr$ & t5 millions w\ld become ! repres5tatives ( gold to ! am\nt ( f\rte5 million p\nds /]l+4 ,x w\ld be ! same z if ! /ate 7 to make ! "o p\nd bills repres5t a fifte5 times less valuable metal or a fifte5 times small] weight ( gold4 ,no?+ w\ld be *ang$ b ! nom5clature ( ! /&>d ( price1 :i* by its v nature is conv5tional1 no matt] :e!r su* *ange takes place z a direct result ( a *ange ( ! m9t /&>d or indirectly ow+ to an increase ( pap] bills to an ext5t requir$ by a new l[] /&>d4 ,s9ce ! "n w\ld /& n[ = a fifte5 times small] quantity ( gold1 ! prices ( all commodities w\ld increase fifte5 times & two hundr$ & t5 million "o p\nd bills w\ld n[ be actually z necess>y z f\rte5 million _h be5 be=e4 ,to ! same ext5t to :i* ! comb9$ quantity ( tok5s ( value w\ld increase n[1 ! quantity ( gold :i* ea* ( !m repres5ts w\ld decrease4 ,! rise ( prices w\ld con/itute b a reaction on ! "p ( ! process ( circulation :i* =cibly equates ! tok5s ( value to ! quantity ( gold :i* !y are suppos$ to replace4 ,9 ! hi/ory ( ! debasem5t ( money 9 ,engl& & ,france by _! gov]nm5ts1 we f9d repeat$ly t prices _h n ris5 9 ! same proportion 9 :i* ! silv] co9age _h be5 debas$4 ,t 0 simply due to ! fact t ! proportion 9 :i* ! curr5cy 0 increas$ did n correspond to ! proportion 9 :i* x _h be5 debas$2 t is to say1 because an inadequate quantity ( co9s ( ! poor] metallic composition 0 issu$1 if ! ex*ange values ( commodities 7 to be e/imat$ 9 ! future 9 ! new co9 z a measure ( value & be realiz$ 9 co9s correspond+ to ?is small] unit ( measure4 ,?is solves ! difficulty left unsettl$ 9 ! controv]sy betwe5 ,locke & ,l[ndes4 ,! ratio :i* a tok5 ( value1 :e!r made ( pap] or ( debas$ gold or silv]1 be>s to c]ta9 weights ( gold or silv] e/imat$ accord+ to ! m9t price1 dep5ds n on its own composition b on ! quantity 9 :i* x is f\nd 9 circulation4 ,! difficulty 9 und]/&+ ?is is due to ! fact t money 9 its two functions ( a measure ( value & a m$ium ( circulation is subject to two n only opposite b app>5tly contradictory laws correspond+ to ! diff]5ce 9 ! two functions4 ,9 ! dis*>ge ( its function ( a measure ( value :]e money s]ves m]ely z money ( acc\nt & gold only z ideal gold1 ev]y?+ dep5ds on ! natural sub/ance ( money4 ,e/imat$ 9 silv] or express$ 9 silv] prices ex*ange values are naturally e/imat$ q diff]5tly ?an :5 measur$ 9 gold or z gold prices4 ,on ! contr>y1 9 its function ( a m$ium ( circulation1 :]e gold is n only imag9$ b is actually pres5t side by side ) o!r commodities1 its sub/ance is immat]ial & ev]y?+ dep5ds on its quantity4 ,= ! unit ( measure ! det]m9+ factor is :e!r x consi/s ( a p\nd ( gold1 silv] or copp]2 :ile 9 ! case ( co91 no matt] :at its own composition is1 x w become ! embodim5t ( ea* ( ^! units ( measure 9 accordance ) its quantity4 ,b x goes aga9/ common s5se t 9 ! case ( m]e imag9>y money ev]y?+ %\ld dep5d on its mat]ial sub/ance1 :ile 9 t ( ! palpably pres5t co9 all %\ld be det]m9$ by an ideal ratio ( numb]s4 ,! rise or fall ( prices ( commodities foll[+ a rise or fall ( ! quantity ( pap] notes! latt] only :]e pap] curr5cy con/itutes ! exclusive m$ium ( circulationis ?us no?+ b an ass]tion ?r\gh ! process ( circulation ( a law me*anically violat$ f )\t2 namely1 t ! quantity ( gold 9 circulation is det]m9$ by ! prices ( commodities1 & ! quantity ( tok5s ( value 9 circulation is det]m9$ by ! quantity ( gold co9 :i* x repres5ts4 ,= t reason any desir$ numb] ( pap] notes w be absorb$ & equally dige/$ by ! process ( circulation1 because ! tok5 ( value1 no matt] ) :at gold title x may ent] circulation1 w be compress$ )9 ! latt] to a tok5 ( t quantity ( gold :i* c\ld actually circulate 9 its place4 ,9 ! case ( ! circulation ( tok5s ( value all laws p]ta9+ to ! circulation ( real money appe> to be rev]s$ & /&+ on _! heads4 ,:ile gold circulates because x has value1 pap] has value because x circulates4 ,:ile ) a giv5 ex*ange value ( commodities1 ! quantity ( gold 9 circulation dep5ds on its own value1 ! value ( pap] dep5ds on its own quantity 9 circulation4 ,:ile ! quantity ( gold 9 circulation rises or falls ) ! rise or fall ( prices ( commodities1 ! prices ( commodities seem to rise or fall ) ! *ange 9 ! quantity ( pap] 9 circulation4 ,:ile ! circulation ( commodities c absorb only a def9ite quantity ( gold co9 & z a result ( t ! alt]nat+ contraction & expansion ( ! curr5cy appe>s z a necess>y law1 pap] money seems to ent] circulation 9 any desir$ am\nt4 ,:ile ! /ate is guilty ( debas+ gold & silv] co9 & ( di/urb+ _! function ( a m$ium ( circulation1 if x turns out a co91 only #a-ajj ( a gra9 bel[ its nom9al weight2 x p]=ms a p]fectly prop] op]ation by issu+ absolutely wor?less pap] notes :i* conta9 no?+ ( ! metal except its m9t d5om9ation4 ,:ile gold co9 app>5tly repres5ts ! value ( commodities only 9 s f> z t value is itself e/imat$ 9 gold or is express$ 9 price1 ! tok5 ( value seems to repres5t directly ! value ( commodities4 ,x is1 !re=e1 cle> :y /ud5ts :o exam9$ "o-sid$ly ! ph5om5a ( circulation ( money by conf9+ _! obs]vations to ! circulation ( legal t5d] pap] money1 %\ld h fail$ to grasp ! intr9sic laws gov]n+ ! circulation ( money4 ,z a matt] ( fact1 ^! laws appe> n only rev]s$ b ext9ct 9 ! circulation ( tok5s ( value1 s9ce pap] curr5cy1 if issu$ 9 ! "r quantity1 goes ?r\gh c]ta9 movem5ts :i* are n 9 its nature z a tok5 ( value1 :ile its prop] movem5t in/ead ( gr[+ directly out ( ! metamorphosis ( commodities1 spr+s f ! violation ( its prop] proportion to gold4 #c4 ,,money4 ,money z di/+ui%$ f co91 ! result ( ! circulation process ,c,m,c1 =ms ! />t+ po9t ( ! circulation process ,m,c,m1 i4 e4 ! ex*ange ( money = commodity 9 ord] to ex*ange commodity = money4 ,9 ! =m ,c,m,c1 commodity =ms ! />t+ & f9al po9ts ( ! movem5t2 9 ! =m ,m,c,m1 money plays t "p4 ,9 ! =m] case money is ! m$ium ( ex*ange ( commodities1 9 ! latt] ! commodity helps money to become money4 ,money :i* appe>s m]ely z a means ( circulation 9 ! fir/ =m becomes an end 9 ! second =m2 :ile commodity :i* appe>$ fir/ z ! end1 n[ becomes b a means4 ,s9ce money is itself ! result ( circulation ,c,m,c1 ! result ( circulation appe>s at ! same "t z its />t+ po9t 9 ! =m ,m,c,m4 ,:ile 9 ! case ( ,c,m,c ! int]*ange ( matt] con/itut$ ! real import ( ! process1 ! =m ( ! commodity result+ f ?is fir/ process con/itutes ! import ( ! second process ,m,c,m4 ,9 ! =m ,c,m,c ! two extreme memb]s are commodities ( ! same value1 b qualitatively diff]5t use-values4 ,_! mutual ex*ange ,c,c con/itutes actual int]*ange ( matt]4 ,9 ! =m ,m,c,m ! two extremes are gold & at ! same "t gold ( equal value4 ,to ex*ange gold = a commodity 9 ord] to ex*ange ! commodity = gold1 or if we consid] ! f9al result ,m,m1 to ex*ange gold = gold1 seems absurd4 ,b if we translate ! =mula ,m,c,m into ! expression3 to buy 9 ord] to sell1 :i* means no?+ b to ex*ange gold = gold ?r\gh an int]v5+ movem5t1 we recognize at once ! prevail+ =m ( capitali/ production4 ,9 actual practice1 h[ev]1 p d n buy 9 ord] to sell1 b !y buy *eap 9 ord] to sell de>4 ,money is ex*ang$ = a commodity 9 ord] to ex*ange ! same commodity = a l>g] am\nt ( money1 s t ! extremes ,m1 ,m are1 if n qualitatively1 !n quantitatively diff]5t4 ,su* a quantitative diff]5ce presupposes ! ex*ange ( non-equival5ts1 yet commodity & money z su* are only opposite =ms ( ! same commodity1 i4 e4 !y are diff]5t =ms ( ! same magnitude ( value4 ,! circuit ,m,c,m ?us conceals "u ! =ms ( money & commodity m highly develop$ relations ( production1 & is b a reflection )9 ! sph]e ( simple circulation ( a movem5t ( a m advanc$ "*4 ,money1 z di/+ui%$ f ! m$ium ( circulation1 mu/ !re=e be develop$ f ! direct =m ( circulation ( commodities1 ,c,m,c4 ,gold1 i4 e41 ! specific commodity :i* s]ves z a measure ( value & a m$ium ( circulation1 becomes money )\t any fur!r assi/ance on ! "p ( society4 ,9 ,engl&1 :]e silv] is nei!r ! measure ( value nor ! prevail+ m$ium ( circulation1 x does n become money1 j z gold 9 ,holl&1 z soon z x _h be5 de?ron$ z a measure ( value1 ceas$ to be money4 ,a commodity ?us becomes money only 9 its comb9$ capacity ( a measure ( value & m$ium ( circulation2 or1 ! unity ( ! measure ( value & m$ium ( circulation is money4 ,z su* a unity1 h[ev]1 gold has a sep>ate exi/5ce indep5d5t ( its exi/5ce 9 ! two functions4 ,z a measure ( value x is only ideal money & ideal gold2 z a m]e m$ium ( circulation x is symbolic money & symbolic gold2 b 9 its pla9 metallic bodily =m gold is money or money is real gold4 ,let u n[ consid] = a mom5t ! commodity gold :5 x is 9 a /ate ( re/1 & plays ! "p ( money 9 its relation to o!r commodities4 ,all commodities repres5t 9 _! prices a c]ta9 quantity ( gold1 t is to say1 !y are m]ely imag9>y gold or imag9>y money1 repres5tatives ( gold1 j z1 on ! o!r h&1 money 9 ! =m ( a tok5 ( value appe>$ z a m]e repres5tative ( prices ( commodities4#hf ,s9ce all commodities are ?us b imag9>y money1 money is ! only real commodity4 ,contr>y to commodities1 :i* only repres5t ! indep5d5tly exi/+ ex*ange value1 i4 e41 univ]sal social labor1 or ab/ract weal?1 gold is ! mat]ial =m ( ab/ract weal?4 ,?r\gh its use-value1 e commodity1 by its relation to "s p>ticul> want1 expresses only "o aspect ( mat]ial weal?1 b "o side ( weal?4 ,money1 h[ev]1 satisfies e want s9ce x c be directly conv]t$ into ! object ( any want4 ,its own use-value is realiz$ 9 ! endless s]ies ( use-values :i* =m its equival5ts4 ,9 its virg9 metallic /ate x holds lock$ up all ! mat]ial weal? :i* lies unfold$ 9 ! _w ( commodities4 ,?us1 :ile commodities repres5t 9 _! prices ! univ]sal equival5t or ab/ract weal?1 viz41 gold1 ! latt] repres5ts 9 its use-value ! use-values ( all commodities4 ,gold is1 !re=e1 ! bodily repres5tative ( mat]ial weal?4 ,x is ! 8precis de t\tes les *oses0 7,boisguilleb]t71 ! comp5dium ( ! weal? ( society4 ,at "o & ! same "t1 x is ! direct inc>nation ( univ]sal labor 9 its =m1 & ! aggregate ( all concrete labor 9 its sub/ance4 ,x is univ]sal weal? individualiz$4#hg ,z a m$ium ( circulation x und]w5t all k9ds ( injury1 0 clipp$1 & ev5 r$uc$ to ! condition ( a m]e symbolic pap] rag4 ,z money x is re/or$ to its gold5 glory4#hh ,f a s]ve x becomes a "l4 ,f a m]e und]/rapp] x rises to ! position ( ,"l ( commodities4#hi a4 ,,ho>d+4 ,gold sep>ates itself z money f ! process ( circulation :5ev] a commodity int]rupts ! process ( its metamorphosis & rema9s 9 its =m ( a gold *rysalis4 ,?is occurs e "t a sale is n imm$iately foll[$ by pur*ase4 ,! indep5d5t isolation ( gold z money is1 ?us1 a mat]ial expression ( ! dis9tegration ( ! process ( circulation1 or ( ! metamorphosis ( commodities1 into two sep>ate acts indep5d5t ( ea* o!r4 ,! co9 itself becomes money z soon z its c\rse is int]rupt$4 ,9 ! h&s ( ! sell] :o takes x 9 ex*ange = 8 commodity1 x is money & n co92 z soon z x passes out ( 8 h&s x is aga9 co94 ,ev]ybody is a sell] ( ! "o commodity :i* he produces1 b a buy] ( all o!r commodities :i* he ne$s = 8 exi/5ce 9 society4 ,:ile 8 sell+ is det]m9$ by ! labor-"t requir$ = ! production ( 8 commodity1 8 buy+ is det]m9$ by ! cont9ual r5ewal ( ! wants ( life4 ,9 ord] to be able to buy )\t hav+ sold any?+1 he mu/ sell )\t buy+4 ,9 fact1 ! circulation process ,c,m,c is a dynamic unity ( sale & pur*ase only 9 s f> z x con/itutes at ! same "t ! con/ant process ( its sep>ation4 ,9 ord] t money %\ld fl[ cont9u\sly z co91 co9 mu/ con/antly coagulate z money4 ,! cont9u\s fl[ ( co9 dep5ds on its con/ant accumulations 9 ! =m ( res]ve-funds ( co9 :i* spr+ up ?r\gh\t ! sph]e ( circulation & =m s\rces ( supply2 ! =mation1 di/ribution1 disappe>ance1 & re=mation ( ^! res]ve funds is con/antly *ang+1 _! exi/5ce con/antly disappe>s1 _! disappe>ance con/antly exi/s4 ,adam ,smi? express$ ?is nev]-ceas+ trans=mation ( co9 into money & ( money into co9 by say+ t e own] ( commodities mu/ always keep 9 supply besides ! p>ticul> commodity :i* he sells1 a c]ta9 quantity ( ! univ]sal commodity ) :i* he buys4 ,we saw1 t 9 ! process ,c,m,c ! second memb] ,m,c splits up into a s]ies ( pur*ases :i* d n take place at once1 b at int]vals ( "t1 s t "o "p ( ,m circulates z money :ile ! o!r re/s z money4 ,money is 9 t case only susp5d$ co9 & ! sep>ate p>ts ( ! circulat+ mass ( co9s appe> n[ 9 "o =m1 n[ 9 ano!r1 con/antly *ang+4 ,?is fir/ trans=mation ( ! m$ium ( circulation into money repres5ts1 !re=e1 b a te*nical aspect ( money circulation4#ij ,! primitive =m ( weal? is t ( a surplus or sup]abundance1 i4 e41 t "p ( ! products :i* are n imm$iately requir$ z use-values1 or ! possession ( su* products ^: use-value falls outside ! sph]e ( m]e necess>ies4 ,:5 consid]+ ! transition ( commodity into money we saw t ?is surplus or sup]abundance ( products con/itutes ! prop] sph]e ( ex*ange at a l[ /age ( developm5t ( production4 ,sup]flu\s products become ex*angeable products or commodities4 ,! adequate =m ( ?is surplus is gold & silv]1 ! fir/ =m 9 :i* weal? z ab/ract social weal? is pres]v$4 ,commodities c n only be /or$ up 9 ! =m ( gold & silv]1 i4 e41 9 ! sub/ance ( money1 b gold & silv] are weal? 9 pres]v$ =m4 ,:ile e use-value p]=ms its s]vice z su* by be+ consum$1 i4 e41 de/roy$1 ! use-value ( gold z money consi/s 9 its be+ ! be>] ( ex*ange value1 9 embody+ univ]sal labor-"t z a %apeless raw mat]ial4 ,z %apeless metal1 ex*ange value possesses an inde/ructible =m4 ,gold or silv] ?us br\ght to re/ z money1 =ms a ho>d4 ,among nations ) an exclusively metallic circulation1 su* z ! anci5ts 71 ho>d+ is practic$ univ]sally f ! individual to ! /ate :i* gu>ds its /ate ho>d4 ,9 m anci5t times1 9 ,asia & ,egypt1 ^! ho>ds "u ! protection ( k+s & prie/s appe> r z a m>k ( _! p[]4 ,9 ,greece & ,rome x 0 "p ( public policy to accumulate /ate ho>ds z ! safe/ & mo/ available =m ( surplus4 ,! quick transf] ( su* ho>ds by conqu]ors f "o c\ntry to ano!r & ! sudd5 outp\r ( a "p ( ^! ho>ds into ! g5]al circulation con/itute a peculi> feature ( anci5t economy4 ,z ! inc>nation ( labor-"t gold is a pl$ge = its own value1 & s9ce x is ! embodim5t ( univ]sal labor-"t1 ! process ( circulation pl$ges gold its con/ant rle ( ex*ange value4 ,ow+ to ! m]e fact t ! own] ( commodities c reta9 8 commodity 9 ! =m ( ex*ange value or reta9 ! ex*ange-value z a commodity1 ! ex*ange ( commodities = ! purpose ( reta9+ !m 9 ! trans=m$ %ape ( gold becomes circulation's own motive4 ,! metamorphosis ,c,m takes place = ! sake ( ! metamorphosis1 i4 e41 9 ord] to trans=m x f p>ticul> natural weal? into univ]sal social weal?4 ,in/ead ( *ange ( matt]1 *ange ( =m becomes its own purpose4 ,f a m]e =m ( ! movem5t ex*ange value becomes its sub/ance4 ,commodity is pres]v$ z weal?1 z commodity1 only 9 s f> z x keeps )9 ! sph]e ( circulation1 & x keeps 9 t flu5t /ate only 9 s f> z x solidifies 9 ! =m ( silv] & gold4 ,x rema9s 9 ! /ream ( circulation z its cry/al4 ,at ! same "t gold & silv] !mselves become money only 9 s f> z !y d n play ! "p ( m$iums ( circulation4 ,z non-m$iums ( circulation !y become money4 ,! )drawal ( a commodity f circulation 9 ! =m ( gold is !re=e ! only means ( keep+ x con/antly )9 ! sph]e ( circulation4 ,! own] ( commodities c receive money f circulation only 9 return = a commodity :i* he gives to x4 ,con/ant sell+1 cont9ual ?r[+ ( commodities into circulation is1 !re=e1 ! fir/ condition ( ho>d+ f ! /&po9t ( ! circulation ( commodities4 ,on ! o!r h&1 money z a m$ium ( circulation con/antly disappe>s 9 ! v process ( circulation by be+ realiz$ all ! "t 9 use-values & becom+ dissolv$ 9 fleet+ pleasures4 ,x mu/1 !re=e1 be tak5 out ( ! all-consum+ /ream ( circulation or ! commodity mu/ be kept up 9 its fir/ metamorphosis1 s t money is prev5t$ f p]=m+ its function ( a means ( pur*ase4 ,! commodity own] :o has n[ become a ho>d]1 mu/ sell z mu* z possible & buy z little z possible1 z old ,cato _h taught3 8patrem familias v5dacem1 non emacem esse40 ,:ile indu/ry con/itutes ! positive condition ( ho>d+1 sav+ =ms ! negative "o4 ,! less ! equival5t ( a commodity is )drawn f circulation 9 ! =m ( p>ticul> commodities or use-values1 ! m x is )drawn 9 ! %ape ( money or ex*ange value4#ia ,! acquisition ( weal? 9 its univ]sal =m ?us requires ab/95ce f weal? 9 its mat]ial reality4 ,?us ! /imulat+ impulse = ho>d+ is gre$1 ! objects ( :i* are n commodities z use-values1 b ex*ange value z commodity4 ,9 ord] to get possession ( ! surplus 9 its univ]sal =m1 ! p>ticul> wants mu/ be treat$ z s mu* luxury & excess4 ,?us ! ,cortes pres5t$ a report to ,philipp ,,ii41 9 #aeic1 9 :i*1 among o!r ?+s1 0 said3 8,! ,cortes ( ,valladolid 9 ! ye> #aehf petition$ ,y\r ,maje/y n to all[ ! fur!r importation into ! ,k+dom ( c&les1 glassw>e1 jewelry1 knives & simil> articles2 ^! ?+s useless to human life come f abroad to be ex*ang$ = gold1 z ?\gh ! ,spani>ds 7 ,indians40 ,! ho>d] despises ! worldly1 tempor>y & transitory enjoym5ts 9 8 hunt aft] ! et]nal treasure1 :i* nei!r mo? nor ru/ c eat1 :i* is p]fectly cele/ial & e>?ly at ! same "t4 8,! g5]al remote cause ( our want ( money is ! great excess ( ?is ,k+dom 9 consum+ ! ,commodities ( ,=re9e ,c\ntries1 :i* prove to u discommodities1 9 h9d]+ u ( s mu* treasure1 :i* o!rwise w\ld bee br\ght 91 9 lieu ( ^? toyes4444 ,wee 444 consume among/ u1 t great abundance ( ! ,w9es ( ,spa9e1 ( ,france1 ( ! ,rh5e1 ( ! ,levant 444 ! ,rais9s ( ,spa9e1 ! ,cor9ts ( ! ,levant1 ! ,lawnes & ,cambricks ( ,hannaults 444 ! ,silkes ( ,italie1 ! ,sug]s & ,tobaco ( ! ,we/ ,indies1 ! ,spices ( ! ,ea/ ,indies3 ,all :i* are ( no necessetie unto u & yet are b\ght ) ready mony40#ib ,9 ! =m ( gold & silv]1 weal? is inde/ructible1 bo? because ex*ange value is pres]v$ 9 ! %ape ( inde/ructible metal1 &1 especially1 because gold & silv] are prev5t$ f becom+1 z m$iums ( circulation1 m]e vani%+ money =ms ( ! commodity4 ,! de/ructible sub/ance is ?us sacrific$ = ! inde/ructible =m4 8,if money be tak5 7by means ( taxation7 f him1 :o sp5de? ! same 444 ^u eat+ & dr9k+1 or any o!r p]i%+ ,commodity2 & ! same transf]r$ to "o t be/[e? x on ,cloa?s2 ,i say t ev5 9 ?is case ! ,commonweal? ha? "s little advantage2 because ,cloa?s d n altoge!r p]i% s soon z ,meats & ,dr9ks4 ,b if ! same be sp5t 9 ,furniture ( ,h\ses1 ! advantage is yet a little m2 if 9 ,build+ ( ,h\ses1 yet m2 if 9 improv+ ( ,l&s1 work+ ( ,m9es1 ,fi%+1 etc41 yet m2 b mo/ ( all1 9 br++ ,gold & ,silv] into ! ,c\ntry2 because ^? ?+s are n only n p]i%able1 b are e/eem$ = ,weal? at all times & ev]y:]e2 :]eas o!r ,commodities :i* are p]i%able1 or ^: value dep5ds ^u ! ,fa%ion2 or :i* are cont+5tly sc>ce & pl5tiful1 are ,weal?1 b pro hic et nunc40#ic ,! )drawal ( money f ! /ream ( circulation & ! sav+ ( x f ! social int]*ange ( matt] rea*es its extreme =m 9 ! bury+ ( money1 s t social weal? is br\ght z an und]gr\nd inde/ructible treasure into a p]fectly secret private relation ) ! own] ( commodities4 ,dr4 ,b]ni]1 :o /ay$ = "s "t at ! c\rt ( ,aur5zeb at ,delhi1 tells u h[ ! m]*ants1 especially ! ,mohamm$an hea!ns1 :o control ne>ly all ! trade & all money1 secretly bury _! money deep 9 ! gr\nd1 8be+ imbu$ ) ! fai? t ! gold & silv] :i* !y put away dur+ _! lives w s]ve !m aft] dea? 9 ! next _w40#id ,h[ev]1 9 s f> z ! asceticism ( ! ho>d] is comb9$ ) active indu/ry1 he is r a ,prote/ant by religion & /ill m a ,puritan4 8,x c n be d5i$ t buy+ & sell+ are necess>y1 t "o c n get along )\t !m1 & t "o c buy l a ,*ri/ian especially ?+s t s]ve 9 ne$ & 9 honor2 = ! patri>*s _h also b\ght & sold cattle1 wool1 gra91 butt]1 milk & o!r goods4 ,!y are gifts ( ,god :i* ,he gives out ( ! e>? & divides among m54 ,b =eign trade :i* br+s ov] f ,calcutta1 ,india & o!r su* places commodities consi/+ ( co/ly silks1 & gold w>e1 & spices :i* only s]ve = luxury & are ( no use1 dra9+ ! l& & ! p ( _! money1 %\ld n be tol]at$ if we b _h a gov]nm5t ( pr9ces4 ,yet ,i d n wi% to write ( t n[1 = ,i believe x w h to /op ( itself1 :5 we h no money any long]2 & s w luxury & gluttony2 = no writ+ or tea*+ w help until want & pov]ty w =ce u40#ie ,9 times ( di/urbance 9 ! process ( ! social int]*ange ( matt]1 ! bury+ ( money takes place ev5 9 b\rgeois societies :i* are at a high /age ( developm5t4 ,! social bond 9 its compact =m is be+ sav$ f ! social movem5t 7) ! own] ( commodities ?is bond is ! commodity & ! adequate =m ( ! commodity is money74 ,! social n]vus r]um is buri$ next to ! body ^: n]ve x is4 ,! ho>d w\ld n[ become m]e useless metal1 its money s\l w\ld dep>t f x & x w\ld rema9 z ! burnt a%es ( circulation1 z its caput mortuum1 if x did n con/antly t5d to get back into circulation4 ,money1 or cry/alliz$ ex*ange value1 is1 accord+ to its nature1 ! =m ( ab/ract weal?2 b1 on ! o!r h&1 any giv5 sum ( money is a quantitatively limit$ magnitude ( value4 ,! quantitative limitation ( ex*ange value is 9 contradiction ) its qualitative univ]sality & ! ho>d] conceives 9 x a b>ri] :i* turns1 9 fact1 into a qualitative b>ri] z well & makes ( ! ho>d m]ely a limit$ repres5tative ( mat]ial weal?4 ,money1 9 its capacity ( a univ]sal equival5t1 appe>s1 z we h se51 z a memb] ( an equation1 ! o!r memb] ( :i* consi/s ( an endless s]ies ( commodities4 ,x dep5ds on ! magnitude ( ! ex*ange value to :at ext5t money w be realiz$ 9 su* an endless s]ies1 i4 e41 to :at degree x corresponds to ! conception ( x z an ex*ange value4 ,! automatic movem5t ( ex*ange value z ex*ange value c only t5d to its pass+ beyond its quantitative limits4 ,b by exce$+ ! quantitative limits ( ! ho>d a new limit is creat$ :i* mu/ be remov$ 9 its turn4 ,!re is no def9ite limit :i* appe>s z a b>ri] to fur!r ho>d+1 e limit plays t "p4 ,ho>d accumulation has1 !re=e1 no inh]5t limits1 no inh]5t measure2 x is an endless process :i* f9ds 9 ea* successive result an impulse = a new beg9n+4 ,:ile ! ho>d is increas$ only by be+ pres]v$1 x is pres]v$ only by be+ increas$4 ,money is n only an object ( ! passion = ri*es2 x is ! object ( t passion4 ,! latt] is ess5tially auri sacra fames4 ,! passion = ri*es1 contr>y to t = special k9ds ( natural weal? or use-values1 su* z clo?+1 ornam5ts1 h]ds1 etc41 is possible only :5 univ]sal weal? has be5 individualiz$ z su* 9 a p>ticul> object & c1 !re=e1 be reta9$ 9 ! =m ( a s+le commodity4 ,money appe>s !n no less z an object ?an z a s\rce ( ! passion = ri*es4#if ,! und]ly+ fact ( ! matt] is t ex*ange value z su* & ) x its increase become ! f9al aim4 ,gre$ holds ! ho>d fa/ by n all[+ ! money to become a m$ium ( circulation1 b ! ?ir/ = gold saves ! money s\l ( ! ho>d by keep+ up ! la/+ aff9ity ( gold = circulation4 ,to sum up1 ! activity by :i* ho>ds are built up resolves itself into )drawal ( money f circulation by cont9ually repeat$ sales1 & simple ho>d+ or accumulation4 ,9 fact1 x is only 9 ! sph]e ( simple circulation &1 especially1 9 ! =m ( ho>d+1 t accumulation ( weal? z su* takes place1 :ile1 z we %all see lat]1 9 ! case ( o!r s-call$ =ms ( accumulation x is only a misnom] to call !m by t "n 9 m]e recollection ( ! simple accumulation ( money4 ,all o!r commodities are ho>d$ ei!r z use-values1 9 :i* case ! mann] ( /or+ !m up is det]m9$ by ! peculi>ities ( _! use-value3 ! /or+ ( gra91 e4 g41 requires special equipm5t2 ! accumulation ( %eep makes "o a %eph]d2 ! accumulation ( slaves & l& creates relations ( ma/] & s]vant1 etc42 ! accumulation ( p>ticul> k9ds ( weal? requires special processes diff]5t f ! simple act ( ho>d+1 & develops special individual traits4 ,or1 weal? 9 ! =m ( commodities is ho>d$ z ex*ange-value & 9 t case ho>d+ appe>s z a comm]cial or a specific economic op]ation4 ,! "o :o c>ries on su* op]ations becomes a deal] 9 corn1 9 cattle1 etc4 ,gold & silv] are money n ?r\gh "s activity ( ! individual :o accumulates x1 b z cry/als ( ! process ( circulation :i* goes on )\t any aid on 8 "p4 ,he has no?+ to d b to put !m aside1 add+ new weights ( metal to 8 ho>d1 a p]fectly s5seless op]ation :i*1 if appli$ to all o!r commodities1 w\ld deprive !m ( all value4#ig ,our ho>d] appe>s z a m>tyr ( ex*ange value1 a holy ascetic cr[n+ ! metal pill>4 ,he c>es = weal? only 9 its social =m & !re=e he buries x away f society4 ,he wants to h ! commodity 9 ! =m 9 :i* x is always capable ( ent]+ circulation & !re=e he )draws x f circulation4 ,he dreams ( ex*ange value & !re=e does n ex*ange4 ,! fluid =m ( weal? & its petrification1 ! elixir ( life & ! /one ( wisdom madly haunt ea* o!r 9 al*emic fa%ion4 ,9 8 imag9>y unlimit$ passion = enjoym5t he d5ies himself all enjoym5t4 ,because he wi%es to satisfy all social wants1 he b>ely satisfies 8 elem5t>y natural wants4 ,:ile hold+ fa/ to 8 weal? 9 its metallic bodily =m1 ! latt] escapes him z a phantom4 ,z a matt] ( fact1 h[ev]1 ! ho>d+ ( money = ! sake ( money is ! b>b>ic =m ( production = production's sake1 i4 e41 ! developm5t ( ! productive =ces ( social labor beyond ! limits ( ord9>y wants4 ,! less ! production ( commodities is develop$1 ! m important is ! fir/ cry/allization ( ex*ange value into money1 or ho>d+1 :i* plays1 !re=e1 an important "p among ! anci5t nations1 9 ,asia until ! pres5t day1 & among mod]n agricultural nations :]e ex*ange value has n z yet tak5 hold ( all ! relations ( production4 ,be=e tak+ up ! consid]ation ( ! specific economic function ( ho>d+ )9 ! sph]e ( metallic circulation1 let u m5tion ano!r =m ( ho>d+4 ,q ap>t f _! ae/hetic prop]ties1 silv] & gold commodities are conv]tible into money1 s9ce ! mat]ial ( :i* !y are made is a money mat]ial2 &1 inv]sely1 gold money & gold bullion c be conv]t$ into commodities4 ,because gold & silv] con/itute ! mat]ial ( ab/ract weal?1 ! greate/ display ( weal? consi/s ( ! utilization ( ^! metals z concrete use-values1 & if ! own] ( commodities hides 8 treasure at c]ta9 /ages ( production1 he is v anxi\s to appe> be=e o!r own]s ( commodities z rico hombre :5ev] he c d s ) safety4 ,he gilds himself & 8 h\se4#ih ,9 ,asia1 especially 9 ,india1 :]e1 unlike "u ! capitali/ sy/em1 ! ho>d+ ( weal? appe>s n z a subord9ate function ( ! sy/em ( production1 b z an end 9 itself1 gold & silv] commodities are practically b ae/hetic =ms ( ho>ds4 ,9 m$iaeval ,engl& gold & silv] commodities 7 consid]$ be=e ! law z m]e =ms ( treasure1 s9ce _! value 0 b slightly increas$ by ! crude labor sp5t ^u !m4 ,!y 7 de/9$ to re-ent] circulation & _! f95ess 0 !re=e prescrib$ 9 ! same mann] z t ( co94 ,! increas+ use ( gold & silv] z objects ( luxury ) ! gr[? ( weal? is su* a simple matt] t x 0 p]fectly cle> to ! anci5ts1#ii :ile mod]n economi/s h advanc$ ! errone\s proposition t ! use ( silv] & gold articles increases n 9 proportion to ! gr[? ( weal?1 b 9 proportion to ! fall 9 value ( ! preci\s metals4 ,_! o!rwise accurate ref]5ces to ! use ( ,cali=nian & ,au/ralian gold are inconclusive1 s9ce ! increas$ consumption ( gold z a raw mat]ial does n f9d ju/ification1 accord+ to _! !ory1 9 any correspond+ decl9e 9 its value4 ,f #ahaj to #ahcj1 9 consequ5ce ( ! /ruggle ( ! ,am]ican colonies aga9/ ,spa9 & ! int]ruption ( m9+ caus$ by revolutions1 ! annual av]age production ( preci\s metals decl9$ by m ?an "o-half4 ,! decl9e ( co9 9 circulation 9 ,europe am\nt$ to ne>ly "o-six?1 comp>+ ! ye>s #ahbi & #ahji4 ,al?\gh ! quantity produc$ _h ?us decl9$ & ! co/ ( production1 if x _h *ang$ at all1 _h increas$1 yet ! consumption ( preci\s metals z objects ( luxury increas$ to an extraord9>y ext5t 9 ,engl& dur+ ! v w> & on ! cont95t aft] ! ,peace ( ,p>is4 ,! consumption increas$ ) ! g5]al gr[? ( weal?4#ajj ,x may be /at$ z a g5]al law t ! conv]sion ( gold & silv] money into articles ( luxury prevails 9 times ( peace1 :ile _! reconv]sion into bullion or ev5 co9 takes place 9 /ormy p]iods4#aja ,h[ consid]able ! proportion is ( ! gold & silv] treasure 9 ! =m ( articles ( luxury to ! quantity ( preci\s metals s]v+ z money may be se5 f ! fact t 9 #ahbi ! proportion 9 ,engl&1 accord+ to ,jacob1 0 two to "o1 & 9 entire ,europe & ,am]ica ! preci\s metals 9 ! =m ( articles ( luxury exce$$ ^? 9 ! =m ( money by "o-f\r?4 ,we h se5 t ! circulation ( money is b ! manife/ation ( ! metamorphoses ( commodities1 or ( ! =m "u :i* ! social int]*ange ( matt] takes place4 ,) ! *ange 9 ! total price ( commodities 9 circulation or 9 ! volume ( _! simultane\s metamorphoses1 ! rapidity ( _! *ange ( =m 9 ea* case be+ giv51 ! total quantity ( gold 9 circulation mu/ always exp& or contract4 ,t is possible only "u ! condition t ! total quantity ( money 9 ! c\ntry cont9ually be> a v>y+ ratio to ! quantity ( money 9 circulation4 ,?is condition is met by ! process ( ho>d+4 ,) a fall 9 prices or rise 9 ! rapidity ( circulation1 ! ho>d-res]voirs absorb t "p ( money :i* is ?r[n out ( circulation2 ) a rise 9 price or a decl9e 9 ! rapidity ( circulation1 ! ho>ds op5 up & return a "p ( _! cont5ts to ! /ream ( circulation4 ,! solidification ( circulat+ money into ho>ds & ! outp\r+ ( ho>ds into circulation is a con/antly oscillat+ movem5t 9 :i* ! preval5ce ( ! "o or ! o!r t5d5cy is det]m9$ exclusively by fluctuations 9 ! circulation ( commodities4 ,ho>ds ?us s]ve z conduits = ! supply & )drawal ( money to or f circulation1 s t e "t only t quantity ( money circulates z co9 :i* is requir$ by ! imm$iate ne$s ( circulation4 ,if ! volume ( ! entire circulation sudd5ly exp&s & ! flu5t unity ( sale & pur*ase assumes su* dim5sions t ! total sum ( prices to be realiz$ increases m rapidly ?an ! rapidity ( ! circulation ( money1 ! ho>ds decrease p]ceptibly2 b :5 ! comb9$ movem5t slack5s to an unusual ext5t1 or ! movem5t ( buy+ & sell+ /eadies itself1 ! m$ium ( circulation solidifies into money 9 l>ge measure1 & ! treasure res]voirs fill up f> above _! av]age level4 ,9 c\ntries ) an exclusively metallic circulation or :]e production is at a l[ /age ( developm5t1 ! ho>ds are endlessly split up & scatt]$ all ov] ! l&1 :ile 9 c\ntries :]e ! capitali/ sy/em is develop$ !y are conc5trat$ 9 bank res]voirs4 ,ho>ds are n to be conf\nd$ ) co9 res]voirs1 :i* =m a con/itu5t "p ( ! total supply ( money 9 circulation1 :ile ! int]action betwe5 ho>ds & curr5cy implies ! decl9e or rise ( its total supply4 ,gold & silv] commodities =m1 z we h se51 bo? conduits = ! )drawal ( preci\s metals1 z well z s\rces ( _! supply4 ,9 ord9>y times only _! =m] function is ( importance to ! economy ( metallic circulation4#ajb b4 ,,means ,,( ,,paym5t4 ,! two =ms :i* h s f> di/+ui%$ money f ! circulat+ m$ium are ^? ( susp5d$ co9 & ( ! ho>d4 ,! tempor>y trans=mation ( co9 into money 9 ! case ( ! =m] means t ! second phase ( ,c,m,c1 namely pur*ase ,m,c1 mu/ break up )9 a c]ta9 sph]e ( circulation into a s]ies ( successive pur*ases4 ,z to ho>d+1 x is simply bas$ on ! isolation ( ! act ,c,m :5 x does n imm$iately pass into ,m,c1 or is b an indep5d5t developm5t ( ! fir/ metamorphosis ( a commodity2 x repres5ts money z ! result ( ! ali5ation ( all commodities 9 contradi/9ction to ! m$ium ( circulation z ! embodim5t ( commodities 9 _! always ali5able =m4 ,co9 res]ves & ho>ds are money only z non-circulat+ m$iums & are non-circulat+ m$iums only because !y d n circulate4 ,9 ! capacity 9 :i* we consid] money n[1 x circulates or ent]s circulation1 b does n p]=m ! function ( a circulat+ m$ium4 ,z a m$ium ( circulation money is always a means ( pur*ase1 n[ x does n act 9 t capacity4 ,z soon z money develops ?r\gh ! process ( ho>d+ into ! embodim5t ( ab/ract social weal? & ! tangible repres5tative ( mat]ial weal?1 x assumes 9 t capacity special functions )9 ! process ( circulation4 ,if money circulates m]ely z a m$ium ( circulation & !re=e z a means ( pur*ase1 x is und]/ood t commodity & money confront ea* o!r at ! same "t1 i4 e41 t ! same value is pres5t 9 a d\ble =m3 at "o pole1 z a commodity 9 ! h&s ( ! sell]2 at ! o!r pole z money 9 ! h&s ( ! buy]4 ,?is simultane\s exi/5ce ( ! two equival5ts at opposite poles & _! simultane\s *ange ( places or mutual ali5ation presupposes 9 its turn t sell] & buy] ent] into relations z own]s ( equival5ts t are on h&4 ,b 9 ! c\rse ( "t1 ! process ( ! metamorphosis ( commodities :i* produces ! diff]5t =ms ( money1 trans=ms also ! own]s ( commodities or *anges ! "* 9 :i* !y appe> be=e ea* o!r 9 ! community4 ,9 ! process ( metamorphosis ( ! commodity ! gu>dian ( ! latt] *anges 8 sk9 z (t5 z ! commodity *anges place or z ! money assumes new =ms4 ,?us1 ! own]s ( commodities orig9ally confront$ ea* o!r only z commodity own]s1 b lat] on !y became "o a buy]1 ! o!r a sell]2 !n ea* became alt]nately buy] & sell]1 !n ho>d]s1 & f9ally ri* m54 ,9 t mann]1 ! own]s ( commodities d n come out ( ! process ( circulation ! same m5 t !y ent]$4 ,9 fact ! diff]5t =ms :i* money assumes 9 ! process ( circulation are b cry/alliz$ *anges ( =m ( ! commodities !mselves1 :i* 9 _! turn are b concrete expressions ( ! *ang+ social relations 9 :i* commodity own]s c>ry on ! int]*ange ( matt] ) "o ano!r4 ,new trade relations spr+ up 9 ! process ( circulation1 &1 z repres5tatives ( ^! *ang$ relations1 commodity own]s assume new economic roles4 ,j z gold becomes idealiz$ )9 ! process ( circulation & pla9 pap]1 9 its capacity ( a repres5tative ( gold1 p]=ms ! function ( money1 s does ! same process ( circulation l5d ! weight ( actual sell] & buy] to ! buy] & sell] :o ent] x m]ely z repres5tatives ( future money & future commodities4 ,all ! =ms 9 :i* gold develops into money1 are b ! unfold+ ( pot5tialities :i* ! metamorphosis ( commodities be>s )9 itself4 ,^! =ms did n become di/9ctly diff]5tiat$ 9 ! process ( simple money circulation :]e money appe>s z co9 & ! movem5t ,c,m,c =ms a dynamic unity2 at mo/1 !y appe>$ z m]e pot5tialities z1 e4 g41 9 ! case ( ! break 9 ! metamorphosis ( a commodity4 ,we h se5 t 9 ! process ,c,m ! relations betwe5 ! commodity & money 7 ^? ( an actual use-value & ideal ex*ange-value to an actual ex*ange value & only ideal use-value4 ,by ali5at+ 8 commodity z a use-value ! sell] realiz$ its own ex*ange value & ! use-value ( money4 ,on ! contr>y1 ! buy]1 by ali5at+ 8 money z ex*ange value1 realiz$ its own use-value & ! price ( ! commodity4 ,commodity & money *ang$ places accord+ly4 ,:5 x comes to a realization 9 actual life ( ?is bi-pol> contra/1 a new break occurs4 ,! sell] actually ali5ates 8 commodity1 b realizes its price only 9 idea3 he has sold 8 commodity at its price1 :i* is to be realiz$1 h[ev]1 only subsequ5tly1 at a "t agre$ ^u4 ,! pur*as] buys z ! repres5tative ( future money1 :ile ! v5d] sells z ! own] ( pres5t goods4 ,on ! "p ( ! v5d]1 ! commodity z use-value is actually ali5at$1 )\t ! price be+ actually realiz$2 on ! "p ( ! pur*as]1 money is actually realiz$ 9 ! use-value ( ! commodity1 )\t be+ actually ali5at$ z ex*ange value4 ,in/ead ( a tok5 ( value repres5t+ money symbolically z 0 ! case be=e1 ! pur*as] himself p]=ms t "p n[4 ,& j z 9 ! =m] case ! symbolic nature ( ! tok5 ( value call$ =? ! gu>antee ( ! /ate :i* has made x legal t5d]1 s does ! p]sonal symbolism ( ! buy] br+ ab\t legally en=cible private contracts among commodity own]s4 ,! contr>y may happ5 9 ! process ,m,c1 :]e ! money c be ali5at$ z a real means ( pur*ase1 & 9 t way ! price ( ! commodity c be realiz$ be=e ! use-value ( ! money is realiz$ & ! commodity actually deliv]$4 ,?is occurs con/antly "u ! ev]yday =m ( pre-paym5ts4 ,& x is "u ?is =m t ! ,engli% gov]nm5t pur*ases opium f ! ryots ( ,india1 or1 =eign m]*ants resid+ 9 ,russia mo/ly buy agricultural products4 ,9 ^! cases1 h[ev]1 ! money always acts 9 its well kn[n role ( a means ( pur*ase & !re=e1 does n assume any new =ms4#ajc ,we ne$ n dwell1 !re=e1 on ?is case any long]2 b ) ref]5ce to ! *ang$ =m :i* ! two processes ,m,c & ,c,m assume n[1 we may note t ! diff]5ce betwe5 pur*ase & sale :i* appe>$ b imag9>y 9 ! direct process ( circulation1 n[ becomes a real diff]5ce1 s9ce 9 ! =m] case only ! money is pres5t & 9 ! latt] only ! commodity1 & 9 ei!r case only t extreme is pres5t f :i* ! initiative comes4 ,besides1 ! two =ms h ?is 9 common3 t 9 ei!r1 "o ( ! equival5ts is pres5t only 9 ! common w ( ! buy] & sell]1a w t is b9d+ on bo? & assumes def9ite legal =ms4 ,sell] & buy] become cr$itor & debtor4 ,:ile ! commodity own] look$ comical z ! gu>dian ( a treasure1 he n[ becomes awe-inspir+1 s9ce he no long] id5tifies himself b 8 neighbor ) a c]ta9 sum ( money & makes him & n himself a m>tyr ( ex*ange value4 ,f a believ] he becomes a cr$itor1 = religion he sub/itutes law4 8,i /ay "h on my bond60 ,?us1 9 ! modifi$ =m ,c,m 9 :i* ! commodity is pres5t & money is only repres5t$1 money plays fir/ ( all ! "p ( a measure ( value4 ,! ex*ange value ( ! commodity is e/imat$ 9 money z its measure2 b z ex*ange value1 e/abli%$ by contract1 price exi/s n only 9 ! m9d ( ! sell]1 b also z a measure ( obligation on ! "p ( ! buy]4 ,besides s]v+ z a measure ( value1 money plays "h ! "p ( a means ( pur*ase1 al?\gh 9 t capacity x only ca/s ahead ! %ad[ ( its future exi/5ce4 ,x attracts ! commodity f its position 9 ! h& ( ! sell] into t ( ! buy]4 ,z soon z ! t]m ( ! contract expires1 money ent]s circulation1 s9ce x *anges its position by pass+ f ! h&s ( ! =m] buy] into ^? ( ! =m] sell]4 ,b x does n ent] circulation z a circulat+ m$ium or z a means ( pur*ase4 ,x p]=m$ ^? functions be=e x 0 pres5t & x appe>s aft] x has ceas$ to p]=m !m4 ,x n[ ent]s circulation z ! only adequate equival5t ( ! commodity1 z ! absolute =m ( exi/5ce ( ex*ange value1 z ! la/ ^w ( ! process ( ex*ange1 9 %ort z money1 & money 9 its di/9ct role ( a univ]sal means ( paym5t4 ,9 ?is capacity ( a means ( paym5t money appe>s z ! absolute commodity1 b )9 ! sph]e ( circulation & n )\t x z 0 ! case ) ho>ds4 ,! diff]5ce betwe5 ! means ( pur*ase & ! means ( paym5t makes itself unpleasantly felt 9 p]iods ( comm]cial crises4#ajd ,orig9ally1 ! conv]sion ( ! product into money 9 ! sph]e ( circulation appe>s only z an individual necessity = ! commodity own] 9 s f> z 8 own product has no use-value to him1 b has to acquire x fir/ by be+ ali5at$4 ,b 9 ord] to pay at ! expiration ( ! contract1 he mu/ h sold commodities be=e t4 ,?us1 entirely ap>t f 8 individual wants1 ! movem5t ( ! circulation process makes sell+ a social necessity ) e own] ( commodities4 ,z a =m] buy] ( a commodity he is compell$ to become a sell] ( ano!r commodity 9 ord] to get money n z a means ( pur*ase b z a means ( paym5t1 z ! absolute =m ( ex*ange value4 ,! conv]sion ( commodity into money z a f9al act1 or ! fir/ metamorphosis ( a commodity z an end 9 itself :i* 9 ! case ( ho>d+ seem$ to be a matt] ( caprice on ! "p ( ! commodity own]1 becomes n[ an economic function4 ,! motive & ess5ce ( sale = ! sake ( paym5t becomes f a m]e =m ( ! process ( circulation its self emanat+ sub/ance4 ,9 ?is =m ( sale ! commodity completes its *ange ( position2 x circulates :ile x po/pones its fir/ metamorphosis1 viz4 its trans=mation into money4 ,on ! contr>y1 on ! "p ( ! buy] ! second metamorphosis is complet$1 i4 e4 money is reconv]t$ into a commodity be=e ! fir/ metamorphosis has tak5 place1 i4 e41 be=e ! commodity has be5 turn$ into money4 ,! fir/ metamorphosis ?us takes place aft] ! second 9 po9t ( "t2 & !reby1 money i4 e4 ! =m ( ! commodity 9 its fir/ metamorphosis1 acquires a new de/9ation4 ,money or ! spontane\s developm5t ( ex*ange value1 is no long] a m]e int]m$i>y =m ( ! circulation ( commodities1 b its f9al result4 ,t su* "t sales 9 :i* ! two poles ( ! sale are sep>at$ 9 po9t ( "t1 h _! natural orig9 9 ! simple circulation ( commodities1 requires no elaborate pro(4 ,9 ! fir/ place1 ! developm5t ( circulation leads to a cont9ual repetition ( ! mutual transactions betwe5 ! same commodity own]s :o confront ea* o!r z sell] & buy]4 ,! repetition is n accid5tal2 on ! contr>y1 goods are ord]$1 let u say1 = a c]ta9 date 9 ! future :5 !y are to be deliv]$ & paid =4 ,9 t case ! sale is ideal1 i4 e4 x is legally accompli%$ )\t ! actual pres5ce ( ! goods & money4 ,bo? =ms ( money1 ^? ( a m$ium ( circulation & ( a means ( paym5t /ill co9cide "h1 s9ce 9 ! fir/ place1 commodity & money *ange places simultane\sly1 & secondly1 ! money does n buy ! commodity1 b realizes ! price ( ! commodity pur*as$ be=e4 ,9 ! second place1 ! nature ( a great _m use-values makes ! simultane\s ali5ation & deliv]y ( ! goods impossible1 & deliv]y has to be po/pon$ = a c]ta9 "t2 e4 g41 :5 ! use ( a h\se is sold = "o mon?1 ! use-value ( ! h\se is deliv]$ only at ! expiration ( ! mon?1 al?\gh x *anges h&s at ! beg9n+ ( ! mon?4 ,s9ce ! actual transf] ( ! use-value & its virtual ali5ation are sep>at$ "h 9 po9t ( "t1 ! realization ( its price occurs also aft] its *ange ( place4 ,f9ally1 ! diff]5ce 9 ! seasons & 9 ! l5g? ( "t requir$ = ! production ( v>i\s commodities br+s ab\t a situation :]e "o tries to sell 8 goods1 :ile ! o!r is n ready to buy2 & ) ! repeat$ pur*ases & sales betwe5 ! same commodity own]s ! two ends ( sale fall ap>t accord+ to ! conditions ( production ( ! respective commodities4 ,?us arises a relation ( cr$itor & debtor betwe5 ! own]s ( commodities :i*1 ?\gh con/itut+ ! natural f\ndation ( ! cr$it sy/em1 may be fully develop$ be=e ! latt] comes into exi/5ce4 ,x is cle> t ) ! ext5sion ( ! cr$it sy/em1 &1 consequ5tly1 ) ! developm5t ( ! capitali/ sy/em ( production 9 g5]al1 ! function ( money z a means ( paym5t w ext5d at ! exp5se ( its function z a means ( pur*ase &1 /ill m1 z an elem5t ( ho>d+4 ,9 ,engl&1 e4 g41 money z co9 has be5 almo/ completely bani%$ into ! sph]e ( retail & petty trade betwe5 produc]s & consum]s1 :ile x dom9ates ! sph]e ( l>ge comm]cial transactions z a means ( paym5t4#aje ,z ! univ]sal means ( paym5t money becomes ! univ]sal commodity ( all contracts1 at fir/ only 9 ! sph]e ( circulation ( commodities4#ajf ,b ) ! developm5t ( ?is function ( money1 all o!r =ms ( paym5t are gradually conv]t$ into money paym5ts4 ,! ext5t to :i* money is develop$ z ! exclusive means ( paym5t indicates ! degree to :i* ex*ange value has tak5 hold ( production 9 its dep? & bread?4#ajg ,! volume ( money 9 circulation1 z a means ( paym5t1 is det]m9$ 9 ! fir/ place1 by ! am\nt ( paym5ts1 i4 e4 by ! sum total ( ! prices ( ! commodities ali5at$1 b n ab\t to be ali5at$1 z 9 ! case ( ! simple circulation ( money4 ,! quantity ?us det]m9$ is subject1 h[ev]1 to two modifications4 ,! fir/ modification is due to ! rapidity ) :i* ! same piece ( money repeats ! same function1 i4 e4 ) :i* ! sev]al paym5ts succe$ "o ano!r4 ,a pays ,b1 :]eupon ,b pays ,c1 & s =?4 ,! rapidity ) :i* ! same co9 repeats its function z a means ( paym5t1 dep5ds fir/1 ^u ! cont9uity ( ! relation ( cr$itor & debtor among ! own]s ( commodities1 ! same commodity own] be+ ! cr$itor ( "o p]son & ! debtor ( ano!r1 etc41 & secondly1 ^u ! int]val :i* sep>ates ! times ( v>i\s paym5ts4 ,?is *a9 ( paym5ts or ( supplem5t>y fir/ metamorphoses ( commodities is qualitatively diff]5t f ! *a9 ( metamorphoses :i* is =m$ by ! circulation ( money z a circulat+ m$ium4 ,! latt] n only makes its appe>ance gradually1 b is ev5 =m$ 9 t mann]4 ,a commodity is fir/ conv]t$ into money1 !n aga9 into a commodity1 !reby enabl+ ano!r commodity to become money1 etc42 or1 sell] becomes buy]1 :]eby ano!r commodity own] turns sell]4 ,?is successive connection is accid5tally =m$ 9 ! v process ( ! ex*ange ( commodities4 ,b :5 ! money :i* ,a has paid to ,b is pass$ on f ,b to ,c1 f ,c to ,d1 etc41 & t1 too1 at int]vals rapidly succe$+ "o ano!r1 !n ?is ext]nal connection reveals b an already exi/+ social connection4 ,! same money passes ?r\gh diff]5t h&s n because x appe>s z a means ( paym5t2 x passes z a means ( paym5t because ! diff]5t h&s h already clasp$ ea* o!r4 ,! rapidity ) :i* money circulates z a means ( paym5t ?us %[s t individuals h be5 drawn into ! process ( circulation mu* deep] ?an w\ld be indicat$ by ! same rapidity ( ! circulation ( money z co9 or z a means ( pur*ase4 ,! sum total ( prices made up by all ! pur*ases & sales tak+ place at ! same "t1 &1 !re=e1 side by side1 con/itutes ! limit = ! sub/itution ( ! volume ( co9 by ! rapidity ( its circulation4 ,if ! paym5ts t are to be made simultane\sly are conc5trat$ at "o place:i* naturally arises at fir/ at po9ts :]e ! circulation ( commodities is l>ge/! paym5ts balance ea* o!r z negative & positive quantities3 ,a is "u obligations to pay ,b1 :ile he has to be paid by ,c4 etc4 ,! quantity ( money requir$ z a means ( paym5t w1 !re=e1 be det]m9$ n by ! total am\nt ( paym5ts :i* h to be made simultane\sly1 b by ! great] or less conc5tration ( ! same & by ! magnitude ( ! balance rema9+ aft] _! mutual neutralization z negative & positive quantities4 ,special arrangem5ts are made = settlem5ts ( ?is k9d ev5 :]e ! cr$it sy/em is n develop$ at all1 z 0 ! case e4 g4 9 anci5t ,rome4 ,! consid]ation ( ^! arrangem5ts1 h[ev]1 z well z t ( ! g5]al "t limits ( paym5t1 :i* are ev]y:]e e/abli%$ among c]ta9 elem5ts 9 ! community1 does n belong "h4 ,we may add t ! specific influ5ce :i* ^! "t settlem5ts ex]t on ! p]iodic fluctuations 9 ! quantity ( money 9 circulation1 has be5 sci5tifically inve/igat$ b lately4 ,9 s f> z ! paym5ts mutually balance z positive & negative quantities1 no money actually appe>s on ! sc5e4 ,x figures "h only 9 its capacity ( a measure ( value3 fir/1 9 ! prices ( commodities1 & second1 9 ! magnitude ( mutual obligations4 ,aside f its ideal =m1 ex*ange value does n exi/ "h indep5d5tly1 n ev5 9 ! =m ( a tok5 ( value2 t is to say1 money plays "h only ! "p ( ideal money ( acc\nt4 ,! function ( money z a means ( paym5t ?us implies a contradiction4 ,on ! "o h&1 9 s f> z paym5ts balance1 x s]ves only ideally z a measure ( value4 ,on ! o!r h&1 9 s f> z a paym5t has actually to be made1 money ent]s circulation n z a transi5t circulat+ m$ium1 b z ! f9al re/+ =m ( ! univ]sal equival5t1 z ! absolute commodity1 9 a ^w1 z money4 ,!re=e1 :5ev] su* a ?+ z a *a9 ( paym5ts & an artificial sy/em ( settl+ !m1 is develop$1 money sudd5ly *anges its vision>y nebul\s %ape z a measure ( value1 turn+ into h>d ca% or means ( paym5t1 z soon z "s %ock causes a viol5t int]ruption ( ! fl[ ( paym5ts & di/urbs ! me*anism ( _! settlem5t4 ,?us1 "u conditions ( fully develop$ capitali/ production1 :]e ! commodity own] has long become a capitali/1 kn[s 8 ,adam ,smi?1 & condesc5d+ly laughs at ! sup]/ition t gold & silv] alone con/itute money or t money diff]s at all f o!r commodities z ! absolute commodity1 money sudd5ly reappe>s n z a m$ium ( circulation1 b z ! only adequate =m ( ex*ange value1 z ! only =m ( weal?1 exactly z x is look$ ^u by ! ho>d]4 ,9 its capacity ( su* an exclusive =m ( weal?1 x reveals itself1 unlike "u ! monet>y sy/em1 n 9 m]e imag9>y1 b 9 actual depreciation & wor?lessness ( all mat]ial weal?4 ,t is :at con/itutes ! p>ticul> phase ( crises ( ! _w m>ket :i* is kn[n z a money crisis4 ,! summum bonum = :i* ev]ybody is cry+ at su* times z = ! only =m ( weal?1 is ca%1 h>d ca%2 & by ! side ( x all o!r commodities j because !y are use-values1 appe> useless l s _m trifles & toys1 or1 z our ,dr4 ,m>t9 ,lu!r says1 z m]e objects ( ornam5t & gluttony4 ,?is sudd5 rev]sion f a sy/em ( cr$it to a sy/em ( h>d ca% heaps !oretical fright on top ( ! practical panic2 & ! deal]s by ^: ag5cy circulation is affect$ %udd] be=e ! imp5etrable my/]y 9 :i* _! own economical relations are involv$4#ajh ,paym5ts1 9 _! turn1 require ! =mation ( res]ve funds1 ! accumulation ( money z a means ( paym5t4 ,! build+ up ( res]ve funds appe>s no long] z a practice c>ri$ on outside ( ! sph]e ( circulation1 z 9 ! case ( ho>d+2 nor z a m]e te*nical accumulation ( co91 z 9 ! case ( co9 res]ves2 on ! contr>y1 money mu/ n[ be gradually accumulat$ to be available on c]ta9 future dates :5 paym5ts become due4 ,:ile ho>d+1 9 its ab/ract =m z a means ( enri*m5t1 decl9es ) ! developm5t ( ! capitali/ sy/em ( production1 t species ( ho>d+ :i* is directly call$ = by ! process ( production1 increases2 or1 to put x diff]5tly1 a "p ( ! treasure :i* is g5]ally =m$ 9 ! sph]e ( circulation ( commodities1 is absorb$ z a res]ve fund ( means ( paym5t4 ,! m develop$ ! capitali/ sy/em ( production1 ! m ^! res]ve funds are limit$ to ! necess>y m9imum4 ,locke1 9 8 "w 8,on ! ,l[]+ ( ,int]e/0#aji furni%es int]e/+ data ) ref]5ce to ! size ( ^! res]ve funds 9 8 "t4 ,!y %[ :at a consid]able "p ( ! total money 9 circulation ! res]voirs = means ( paym5t absorb$ 9 ,engl& j at ! "t :5 bank+ began to develop4 ,! law z to quantity ( money 9 circulation1 z x has be5 =mulat$ 9 ! analysis ( ! simple circulation ( money1 receives an ess5tial modification :5 ! circulation ( ! means ( paym5t is tak5 into acc\nt4 ,! rapidity ( ! circulation ( money :e!r z circulat+ m$ium or z means ( paym5tbe+ giv51 ! total am\nt ( money 9 circulation at a giv5 "t w be det]m9$ by ! sum total ( ! prices ( commodities to be realiz$1 plus ! total am\nt ( paym5ts fall+ due at ! same "t1 m9us ! am\nt ( paym5ts balanc+ ea* o!r4 ,! g5]al law t ! volume ( money 9 circulation dep5ds on ! prices ( commodities is n affect$ by ?is 9 ! lea/1 s9ce ! ext5t ( ! paym5ts is itself det]m9$ by ! prices /ipulat$ 9 contracts4 ,:at is1 h[ev]1 /rik+ly demon/rat$1 is t ev5 if ! rapidity ( circulation & ! economy ( paym5ts be assum$ to rema9 ! same1 ! sum total ( ! prices ( ! commodities circulat+ 9 a giv5 p]iod ( "t1 say "o day1 & ! volume ( money 9 circulation on ! same day are by no means equal1 because !re is a l>ge numb] ( commodities 9 circulation ^: prices h yet to be realiz$ 9 money at a future date1 & !re is a quantity ( money 9 circulation :i* con/itutes ! paym5t = commodities :i* h long gone out ( circulation4 ,! latt] am\nt w dep5d on ! sum ( paym5ts fall+ due on ! same day al?\gh contract$ = at entirely diff]5t p]iods4 ,we h se5 t a *ange 9 ! values ( gold & silv] does n affect _! function z measures ( value or money ( acc\nt4 ,b ?is *ange is ( decisive importance = money z a ho>d1 s9ce ) ! rise or fall ( value ( gold & silv]1 ! total value ( a gold or silv] ho>d w also rise or fall4 ,( /ill great] importance is ! effect ( ?is *ange on money z a means ( paym5t4 ,! paym5t takes place aft] ! sale ( ! commodity1 or ! money s]ves 9 two diff]5t capacities at two diff]5t p]iods2 fir/1 z a measure ( value1 !n z a means ( paym5t correspond+ to ! measurem5t4 ,if1 dur+ ?is int]val1 ! value ( ! preci\s metals or ! labor-"t necess>y = _! production und]goes a *ange1 ! same quantity ( gold or silv] w be wor? m or less :5 x appe>s z a means ( paym5t ?an :at x 0 :5 x s]v$ z a measure ( value1 i4 e41 :5 ! contract 0 conclud$4 ,! function ( a p>ticul> commodity1 l gold or silv]1 to s]ve z money or indep5d5t ex*ange value comes "h 9 conflict ) ! nature ( ! p>ticul> commodity ^: magnitude ( value dep5ds on *anges 9 ! co/ ( its production4 ,! great social revolution :i* caus$ ! fall 9 value ( ! preci\s metals 9 ,europe1 is z well kn[n z ! revolution ( an opposite "* :i* _h be5 br\ght ab\t at an e>ly p]iod 9 ! hi/ory ( ! anci5t ,roman republic by ! rise 9 value ( copp] 9 t]ms ( :i* ! debts ( ! plebeians _h be5 contract$4 ,)\t attempt+ "h to foll[ any fur!r ! fluctuations ( value ( ! preci\s metals & _! effect on ! sy/em ( b\rgeois political economy1 x is at once app>5t t a fall 9 ! value ( ! preci\s metals favors ! debtors at ! exp5se ( ! cr$itors1 :ile a rise 9 _! value favors ! cr$itors at ! exp5se ( ! debtors4 c4 ,,_w ,,money4 ,gold becomes money z di/+ui%$ f co9 only aft] x is )drawn f circulation 9 ! %ape ( a ho>d2 x !n ent]s circulation z a non-m$ium ( circulation1 & f9ally breaks ?r\gh ! b>ri]s ( home circulation to assume ! "p ( a univ]sal equival5t 9 ! _w ( commodities4 ,x becomes _w money4 ,:ile ! g5]al measures ( weight ( ! preci\s metals s]v$ z _! orig9al measures ( value1 ! rev]se process takes place n[ 9 ! _w m>ket1 & ! reckon+ names ( money are turn$ back into correspond+ weight names4 ,9 ! same way1 :ile %apeless crude metal 7aes rude7 0 ! orig9al =m ( ! m$ium ( circulation & ! co9 =m con/itut$ b ! (ficial /amp c]tify+ t a giv5 piece ( metal 0 ( a c]ta9 weight1 n[ ! preci\s metal 9 its capacity ( a _w co9 ?r[s (f its /amp & %ape & reassumes ! indi/+ui%able bullion =m2 & ev5 if national co9s1 su* z ,russian imp]ials1 ,mexican doll>s1 & ,engli% sov]eigns1 d circulate abroad1 _! "n is ( no importance1 & only _! cont5ts c\nt4 ,f9ally1 z int]national money1 ! preci\s metals come aga9 to p]=m _! orig9al function ( m$iums ( ex*ange1 :i*1 l ! ex*ange ( commodities1 arose fir/ n )9 ! v>i\s primitive communities1 b at _! po9ts ( contact ) "o ano!r4 ,z _w money1 money ?us reassumes its primitive =m4 ,on leav+ ! sph]e ( home circulation1 x /rips (f ! p>ticul> =ms :i* x has acquir$ 9 ! c\rse ( ! developm5t ( ! process ( ex*ange )9 t p>ticul> national sph]e1 ^? local g>bs ( /&>d ( price1 ( co91 ( auxili>y co91 & ( tok5 ( value4 ,we h se5 t 9 ! home circulation ( a c\ntry1 only "o commodity s]ves z a measure ( value4 ,s9ce1 h[ev]1 t function is p]=m$ by gold 9 "s c\ntries & by silv] 9 o!rs1 !re is a d\ble /&>d ( value 9 ! _w m>ket & money assumes two =ms 9 all its o!r functions4 ,! translation ( ! values ( commodities f gold prices into silv] prices & vice v]sa dep5ds 9 ea* case ^u ! relative value ( ! two metals1 :i* is con/antly *ang+ &1 !re=e1 appe>s to be con/antly 9 ! process ( det]m9ation4 ,commodity own]s 9 e national sph]e ( circulation h to use gold & silv] alt]nately = =eign circulation & ?us to ex*ange ! metal :i* is accept$ z money at home = ! metal :i* !y happ5 to ne$ z money abroad4 ,e nation is1 !re=e1 utiliz+ bo? metals1 gold & silv]1 z _w money4 ,9 ! int]national circulation ( commodities1 gold & silv] appe> n z m$iums ( circulation1 b z univ]sal m$iums ( ex*ange4 ,! univ]sal m$ium ( ex*ange p]=ms its function only "u its two develop$ =ms ( a means ( pur*ase & ( a means ( paym5t1 ^: mutual relation 9 ! _w m>ket is ! v rev]se ( :at x is at home4 ,9 ! sph]e ( home circulation1 money 9 ! =m ( co91 play$ exclusively ! "p ( a means ( pur*ase1 ei!r z ! int]m$i>y 9 ! dynamic unity ,c,m,c or z ! repres5tative ( ! transi5t =m ( ex*ange value 9 ! unceas+ *ange ( positions by commodities4 ,9 ! _w m>ket x is j ! contr>y4 ,gold & silv] appe> "h z a means ( pur*ase :5 ! ex*ange ( matt] is b "o-sid$1 & pur*ase & sale d n co9cide4 ,! fronti] trade at ,kia*ta e4 g4 is bo? actually & accord+ to treaty1 "o ( b>t]1 9 :i* silv] plays only ! "p ( a measure ( value4 ,! w> ( #aheg-eh compell$ ! ,*9ese to sell )\t buy+4 ,silv] sudd5ly appe>$ n[ z a means ( pur*ase4 ,out ( reg>d to ! lett] ( ! treaty1 ! ,russians made up ! ,fr5* five frank co9s into crude silv] commodities1 :i* 7 made to s]ve z a means ( ex*ange4 ,silv] has always s]v$ z a means ( pur*ase betwe5 ,europe & ,am]ica on "o side & ,asia on ! o!r1 :]e x settles d[n 9 ! =m ( ho>ds4 ,fur!rmore1 ! preci\s metals s]ve z int]national means ( pur*ase :5ev] ! ord9>y balance ( ex*ange ( matt] betwe5 two nations is sudd5ly upset1 z e4 g4 :5 a failure ( crops =ces "o ( !m to buy on an extraord9>y scale4 ,f9ally1 ! preci\s metals are int]national means ( pur*ase 9 ! h&s ( gold & silv] produc+ c\ntries1 9 :i* case !y directly con/itute a product & commodity & n m]ely a conv]t$ =m ( a commodity4 ,! m ! ex*ange ( commodities betwe5 diff]5t national sph]es ( circulation is develop$1 ! m important becomes ! function ( _w money to s]ve z a means ( paym5t = ! settlem5t ( int]national balances4 ,l home circulation1 int]national circulation requires a con/antly *ang+ quantity ( gold & silv]4 ,a "p ( ! accumulat$ ho>ds s]ves !re=e1 9 ea* c\ntry z a res]ve fund ( _w money1 :i* n[ decl9es1 n[ rises1 accord+ to ! fluctuations ( ! ex*ange ( commodities4#aaj ,besides ! special movem5ts :i* take place betwe5 national sph]es ( circulation1 _w-money possesses a univ]sal movem5t1 ^: />t+ po9ts are at ! s\rces ( production f :i* gold & silv] /reams spread out 9 diff]5t directions all ov] ! _w m>ket4 ,"h gold & silv] ent] ! _w circulation z commodities & are ex*ang$ = commodity equival5ts 9 proportion to ! labor-"t conta9$ 9 !m1 be=e !y p5etrate national sph]es ( circulation4 ,9 ! latt]1 !y appe> n[ ) a giv5 magnitude ( value4 ,e fall or rise 9 ! co/ ( _! production equally affects1 !re=e1 _! relative value ?r\gh\t ! _w m>ket2 on ! o!r h&1 t value is entirely indep5d5t ( ! ext5t to :i* ! diff]5t national sph]es ( circulation absorb gold or silv]4 ,! "p ( ! metal /ream :i* is caught up by e sep>ate sph]e 9 ! _w ( commodities1 p>tly ent]s directly ! home circulation ( money to make up = worn out co92 p>tly is damm$ up 9 ! diff]5t res]voirs conta9+ ho>ds ( co91 means ( paym5t & _w-money2 p>tly is turn$ into articles ( luxury1 :ile ! re/ simply =ms a treasure4 ,at an advanc$ /age ( developm5t ( ! capitali/ sy/em ( production ! =mation ( ho>ds is r$uc$ to ! m9imum requir$ by ! v>i\s processes ( circulation = ! free play ( _! me*anism4 ,! ho>d z su* becomes idle weal?1 unless x appe>s z a tempor>y =m ( a surplus result+ f a favorable balance ( paym5ts or z ! result ( an int]rupt$ ex*ange ( matt]1 i4 e4 z ! solidification ( a commodity 9 its fir/ metamorphosis4 ,gold & silv]1 9 _! capacity ( money1 be+ by conception univ]sal commodities1 assume 9 _! capacity ( _w money ! =m adapt$ to a univ]sal commodity4 ,to ! ext5t to :i* all commodities are ex*ang$ = !m1 !y become ! trans=m$ imp]sonation ( all commodities &1 !re=e1 univ]sally ali5able commodities4 ,_! function ( s]v+ z ! embodim5t ( univ]sal labor-"t is realiz$ m & m z ! int]*ange ( matt] produc$ by concrete labor embraces increas+ p>ts ( ! _w4 ,!y become univ]sal equival5ts to ! ext5t to :i* ! s]ies ( p>ticul> equival5ts :i* con/itute _! sph]es ( ex*ange1 increases4 ,s9ce 9 ! sph]e ( _w circulation commodities unfold _! own ex*ange value on a univ]sal scale1 !y assume ! =m ( _w money :5 trans=m$ into gold & silv]4 ,z commodity own+ nations are ?us turn+ gold into money by _! div]sifi$ indu/ry & univ]sal trade1 indu/ry & trade appe> to !m only z a means ( gett+ money out ( ! _w m>ket 9 ! %ape ( gold & silv]4 ,gold & silv]1 z _w money1 are1 !re=e1 z mu* products ( ! univ]sal circulation ( commodities z !y are means ( wid5+ its sph]e4 ,l *emi/ry :i* grew up beh9d ! backs ( ! al*emi/s :o tri$ to f9d a way ( mak+ gold1 s d ! s\rces ( _w indu/ry & _w trade spr+ up beh9d ! backs ( ! own]s ( commodities1 :ile !y are hunt+ = ! commodity 9 its magic =m4 ,gold & silv] help to create ! _w m>ket by anticipat+ its exi/5ce 9 _! conception ( money4 ,t ?is magic effect ( ! preci\s metals is by no means conf9$ to ! p]iod ( infancy ( capitali/ society b is a necess>y outgr[? ( ! p]v]se conception :i* ! repres5tatives ( ! commodity _w h ( _! own "w 9 society1 is %[n by ! extraord9>y influ5ce ex]t$ 9 ! middle ( ! n9ete5? c5tury by ! discov]y ( new gold fields4 ,j z money develops into _w-money1 s ! commodity own] develops into a cosmopolitan4 ,! cosmopolitan relation ( m5 is orig9ally only a relation ( commodity own]s4 ,! commodity z su* rises above all religi\s1 political1 national1 & language b>ri]s4 ,price is its univ]sal language & money1 its common =m4 ,b ) ! developm5t ( _w-money z di/+ui%$ f national co91 !re develops ! cosmopolitanism ( ! commodity own] z ! fai? ( practical reason oppos$ to traditional1 religi\s1 national & o!r prejudices :i* h9d] ! int]*ange ( matt] among mank9d4 ,z ! id5tical gold t l&s 9 ,engl& 9 ! =m ( ,am]ican eagles1 turns !re into sov]eigns & ?ree days lat] circulates 9 ,p>is 9 ! =m ( ,napoleons1 only to em]ge 9 ,v5ice 9 a few weeks z s _m ducats1 reta9+ all ! :ile ! same value1 x becomes cle> to ! commodity own] t nationality 8is b ! gu9ea's /amp40 ,! l(ty idea :i* he conceives ( ! entire _w is t ( a m>ket1 ! _w m>ket4#aaa #d4 ,,! ,,preci\s ,,metals4 ,! process ( capitali/ production fir/ ( all takes hold ( ! metallic circulation z ( a ready1 transmitt$ organ :i*1 ?\gh und]go+ a gradual trans=mation1 always reta9s its fundam5tal /ructure4 ,! "q z to :y gold & silv] & n o!r commodities s]ve z money mat]ial falls outside ! limits ( ! capitali/ sy/em4 ,we %all1 !re=e1 conf9e ourselves to summ+ up ! mo/ ess5tial po9ts4 ,s9ce univ]sal labor-"t admits ( quantitative diff]5ces only1 ! object :i* is to s]ve z its specific inc>nation mu/ be capable ( repres5t+ purely quantitative diff]5ces1 i4 e41 x mu/ be homog5e\s & uni=m 9 quality ?r\gh\t4 ,t is ! fir/ condition a commodity mu/ satisfy to p]=m ! function ( a measure ( value4 ,if commodities 7 e/imat$ 9 ox51 hides1 gra91 etc41 !y w\ld really h to be e/imat$ 9 an ideal av]age ox1 or av]age hide1 s9ce !re are qualitative diff]5ces betwe5 an ox & an ox1 gra9 & gra91 hide & hide4 ,on ! contr>y1 gold & silv]1 z elem5t>y sub/ances1 are always ! same1 & equal quantities ( !m repres5t1 !re=e1 values ( equal magnitude4#aab ,! o!r condition :i* a commodity t is to s]ve z a univ]sal equival5t mu/ satisfy & :i* foll[s directly f its function ( repres5t+ purely quantitative diff]5ces1 is t x mu/ be capable ( be+ divid$ & re-unit$ at w1 s t money ( acc\nt may be repres5t$ mat]ially z well4 ,gold & silv] possess ^! prop]ties to a sup]ior degree4 ,z m$iums ( circulation1 gold & silv] h ?is advantage ov] o!r commodities1 t _! high specific gravity :i* cond5ses mu* weight 9 little space1 corresponds to _! economic specific gravity :i* cond5ses relatively mu* labor-"t1 i4 e4 a great quantity ( ex*ange value 9 a small volume4 ,?is insures facility ( transport1 ( transition f h& to h& & f "o c\ntry to ano!r1 ! ability to appe> z rapidly z to disappe>1 9 %ort1 t mat]ial mobility :i* con/itutes ! s9e qua non ( ! commodity t is to s]ve z ! p]petuum mobile ( ! process ( circulation4 ,! high specific value ( ! preci\s metals1 _! durability1 comp>ative inde/ructibility1 insusceptibility ( oxidation ?r\gh ! action ( ! air1 9 ! case ( gold insolubility 9 acids except 9 aqua regia1all ^! natural prop]ties make ! preci\s metals ! natural mat]ial = ho>d+4 ,pet] ,m>tyr :o seems to h be5 a great lov] ( *ocolate1 rem>ks1 !re=e1 ( ! cacao-bags :i* =m$ a species ( ,mexican gold3 8,o felicem monetam1 quae suavem utilemque praebet humano g5]i potum1 et a t>t>ea pe/e av>itiae suos immunes s]vat possessores1 quod suffodi aut diu s]v>i nequeat40#aac ,! great importance ( metals 9 g5]al 9 ! direct process ( production is due to ! "p !y play z in/rum5ts ( production4 ,ap>t f _! sc>city1 ! great s(tness ( gold & silv] z comp>$ ) iron & ev5 copp] 79 ! h>d5$ /ate 9 :i* x 0 us$ by ! anci5ts71 makes !m unfit = t application & deprives !m1 !re=e1 to a great ext5t1 ( t prop]ty on :i* ! use-value ( metals is g5]ally bas$4 ,useless z !y are 9 ! direct process ( production1 !y are easily disp5s$ ) z means ( exi/5ce1 z articles ( consumption4 ,= t reason any desir$ quantity ( !m may be absorb$ by ! social process ( circulation )\t di/urb+ ! processes ( direct production & consumption4 ,_! individual use-value does n come 9 conflict ) _! economic function4 ,fur!rmore1 gold & silv] are n only negatively sup]flu\s1 i4 e4 disp5sable articles1 b _! ae/hetic prop]ties make !m ! natural mat]ial ( luxury1 ornam5tation1 spl5dor1 fe/ive occasions1 9 %ort1 ! positive =m ( abundance & weal?4 ,!y appe>1 9 a way1 z spontane\s light br\ght out f ! und]gr\nd _w1 s9ce silv] reflects all rays ( light 9 _! orig9al comb9ation1 & gold only ! color ( highe/ int5sity1 viz4 r$ light4 ,! s5sation ( color is1 g5]ally speak+1 ! mo/ popul> =m ( ae/hetic s5se4 ,! etymological connection betwe5 ! names ( ! preci\s metals1 & ! relations ( colors1 9 ! diff]5t ,indo-,g]manic languages has be5 e/abli%$ by ,jacob ,grimm 7see 8 ,hi/ory ( ! ,g]man ,language74 ,f9ally1 ! susceptibility ( gold & silv] ( be+ turn$ f co9 into bullion1 f bullion into articles ( luxury & vice v]sa1 i4 e4 ! advantage !y possess z aga9/ o!r commodities 9 n be+ ti$ d[n to a def9ite1 exclusive =m 9 :i* !y c be us$1 makes !m ! natural mat]ial ( money1 :i* mu/ con/antly *ange f "o =m to ano!r4 ,nature no m produces money ?an x does bank]s or disc\nt rates4 ,b s9ce ! capitali/ sy/em ( production requires ! cry/allization ( weal? z a feti* 9 ! =m ( a s+le article1 gold & silv] appe> z its appropriate inc>nation4 ,gold & silv] are n money by nature1 b money is by nature gold & silv]4 ,9 ! fir/ place1 ! silv] or gold money cry/al is n only ! product ( ! process ( circulation1 b 9 fact its only f9al product4 ,9 ! second place1 gold & silv] are ready & direct products ( nature1 n di/+ui%$ by any diff]5ce ( =m4 ,! univ]sal product ( ! social process or ! social process itself z a product is a peculi> natural product1 a metal hidd5 9 ! b[els ( ! e>? & extract$ !refrom4#aad ,we h se5 t gold & silv] are unable to fulfill ! requirem5ts :i* !y are expect$ to meet 9 _! capacity ( money1 viz4 to rema9 values ( unv>y+ magnitude4 ,/ill1 z ,ari/otle _h already obs]v$1 !y possess a m con/ant value ?an ! av]age ( o!r commodities4 ,ap>t f ! univ]sal effect ( an appreciation or depreciation ( ! preci\s metals1 ! fluctuations 9 ! ratio betwe5 ! values ( gold & silv] has a special importance1 s9ce bo? s]ve side by side 9 ! _w m>ket z money mat]ial4 ,! purely economic causes ( ?is *ange ( value mu/ be trac$ to ! *ange 9 ! labor-"t requir$ = ! production ( ^! metals2 conque/s & o!r political upheavals :i* ex]cis$ a great influ5ce on ! value ( metals 9 ! anci5t _w1 h n[adays only a local & transitory effect4 ,! labor-"t requir$ = ! production ( ! metals w dep5d on ! degree ( _! natural sc>city1 z well z on ! great] or less difficulty ) :i* !y c be obta9$ 9 a purely metallic /ate4 ,z a matt] ( fact1 gold is ! fir/ metal discov]$ by man4 ,?is is due to ! fact t nature itself furni%es x p>tly 9 pure cry/all9e =m1 individualiz$1 free f *emical comb9ation ) o!r sub/ances1 or1 z ! al*emi/s us$ to say1 9 a virg9 /ate2 & s f> z x does n appe> 9 t /ate1 nature does ! te*nical "w 9 ! great gold wa%]ies ( riv]s4 ,only ! crude/ k9d ( labor is ?us requir$ ( man 9 ! extraction ( gold1 ei!r f riv]s or f alluvial deposits2 :ile ! extraction ( silv] presupposes ! developm5t ( m9+ & a comp>atively high degree ( te*nical skill g5]ally4 ,= t reason ! value ( silv] is orig9ally great] ?an t ( gold 9 spite ( ! less] absolute sc>city ( ! =m]4 ,/rabo's ass]tion t a c]ta9 ,arabian tribe gave t5 p\nds ( gold = "o p\nd ( iron & two p\nds ( gold = "o p\nd ( silv]1 seems by no means incr$ible4 ,b z ! productive p[]s ( labor 9 society are develop$ & ! product ( unskill$ labor rises 9 value z comp>$ ) ! product ( skill$ labor2 z ! e>?'s cru/ is m ?or\ghly brok5 up & ! orig9al sup]ficial s\rces ( gold supply give out1 ! value ( silv] beg9s to fall 9 proportion to t ( gold4 ,at a giv5 /age ( developm5t ( eng9e]+ & ( ! means ( communication1 ! discov]y ( new gold or silv] fields become ! decisive factor4 ,9 anci5t ,asia ! ratio ( gold to silv] 0 #f to #a or #h to #a2 ! latt] ratio prevail$ 9 ,*9a & ,japan z late z ! beg9n+ ( ! n9ete5? c5tury2 #aj to #a1 ! ratio 9 ,x5ophon's "t1 may be consid]$ z ! av]age ratio ( ! middle p]iod ( antiquity4 ,! exploitation ( ! ,spani% silv] m9es by ,c>?age & lat] by ,rome _h ab\t ! same effect 9 antiquity1 z ! discov]y ( ! ,am]ican m9es 9 mod]n ,europe4 ,= ! p]iod ( ! ,roman empire #ae or #af to #a may be assum$ z a r\gh av]age1 al?\gh we frequ5tly f9d cases ( /ill great] depreciation ( silv] 9 ,rome4 ,! same movem5t beg9n+ ) ! relative depreciation ( gold & conclud+ ) ! fall 9 ! value ( silv]1 is repeat$ 9 ! foll[+ epo* :i* has la/$ f ! ,middle ,ages to ! pres5t "t4 ,z 9 ,x5ophon's times ! av]age ratio 9 ! ,middle ,ages 0 #aj to #a1 *ang+ to #af or #ae to #a 9 consequ5ce ( ! discov]y ( ! ,am]ican m9es4 ,! discov]y ( ! ,au/ralian1 ,cali=nian & ,columbian gold s\rces makes a new fall 9 ! value ( gold probable4#aae ,c4 ,,!ories ,,( ,,! ,,m$ium ,,( ,,circulation ,,& ,,( ,,money4 ,z ! univ]sal ?ir/ = gold prompt$ nations & pr9ces 9 ! sixte5? & sev5te5? c5turies1 ! p]iod ( infancy ( mod]n b\rgeois society1 to crusades beyond ! sea 9 se>* ( ! gold5 grail1#aaf ! fir/ int]pret]s ( ! mod]n _w1 ! f\nd]s ( ! monet>y sy/em1 ( :i* ! m]cantile sy/em is b a v>iation1 proclaim$ gold & silv]1 i4 e4 money1 z ! only ?+ t con/itutes weal?4 ,!y 7 q "r :51 f ! po9t ( view ( ! simple circulation ( commodities1 !y decl>$ t ! mission ( b\rgeois society 0 to make money1 i4 e4 to build up ev]la/+ treasures :i* nei!r mo? nor ru/ c\ld eat4 ,x is no argum5t ) ! monet>y sy/em to say t a ton ( iron ^: price is #c con/itutes a value ( ! same magnitude z #c wor? ( gold4 ,! po9t "h is n ! magnitude ( ! ex*ange value1 b z to :at con/itutes its adequate =m4 ,if ! monet>y & m]cantile sy/ems s+le out int]national trade & ! p>ticul> bran*es ( national indu/ry directly connect$ ) t trade z ! only true s\rces ( weal? or money1 x mu/ be borne 9 m9d1 t 9 t p]iod ! great] "p ( national production 0 /ill c>ri$ on "u =ms ( feudalism & 0 ! s\rce f :i* produc]s drew directly _! means ( subsi/5ce4 ,products1 z a rule1 7 n turn$ into commodities nor1 !re=e1 into money2 !y did n ent] into ! g5]al social int]*ange ( matt]2 did n1 !re=e1 appe> z embodim5ts ( univ]sal ab/ract labor2 & did n1 9 fact1 con/itute b\rgeois weal?4 ,money z ! end & object ( circulation is ex*ange value or ab/ract weal?1 b x is no mat]ial elem5t ( weal? & does n =m ! direct+ goal & impell+ motive ( production4 ,true to ! conditions z !y prevail$ 9 t primitive /age ( b\rgeois production1 ^? unrecogniz$ prophets held fa/ to ! pure1 tangible1 & respl5d5t =m ( ex*ange value1 to its =m ( a univ]sal commodity z aga9/ all special commodities4 ,! prop] b\rgeois economic sph]e ( t p]iod 0 ! sph]e ( ! circulation ( commodities4 ,h5ce1 !y judg$ ! entire complex process ( b\rgeois production f ! po9t ( view ( t elem5t>y sph]e & conf\nd$ money ) capital4 ,! unceas+ w> ( mod]n economi/s aga9/ ! monet>y & m]cantile sy/em is mo/ly due to ! fact t ?is sy/em blabs out 9 brutally naive fa%ion1 ! secret ( b\rgeois production1 viz4 its subjection to ! dom9ation ( ex*ange value4 ,ric>do1 ?\gh wrong 9 ! application he makes ( x1 rem>ks some:]e t ev5 9 times ( fam9e1 gra9 is import$ n because ! nation is />v+1 b because ! gra9 deal] is mak+ money4 ,9 its criticism ( ! monet>y & m]cantile sy/em1 political economy1 by attack+ t sy/em z a m]e illusion & z a false !ory1 fails to recognize 9 x ! b>b>ic =m ( its own fundam5tal pr9ciples4 ,fur!rmore1 ?is sy/em has n only an hi/oric ju/ification1 b )9 c]ta9 sph]es ( mod]n economy reta9s until n[ ! full rights ( citiz5%ip4 ,at all /ages ( ! b\rgeois sy/em ( production 9 :i* weal? assumes ! elem5t>y =m ( a commodity1 ex*ange value assumes ! elem5t>y =m ( money & 9 all phases ( ! process ( production weal? reassumes = a mom5t ! univ]sal elem5t>y commodity =m4 ,ev5 at ! mo/ advanc$ /age ( b\rgeois economy1 ! specific functions ( gold & silv] to s]ve z money1 9 contradi/9ction to _! function ( m$iums ( circulationa function :i* di/+ui%es !m f all o!r commoditiesis n done away )1 b only limit$1 h5ce ! monet>y & m]cantile sy/em reta9s its "r ( citiz5%ip4 ,! ,ca?olic fact t gold & silv] are contra/$ ) o!r pr(ane commodities z ! direct inc>nation ( social labor1 t is z ! expression ( ab/ract weal?1 naturally (f5ds ! ,prote/ant po9t d'honneur ( b\rgeois economy1 & out ( fe> ( ! prejudices ( ! monet>y sy/em x _h lo/ = a long "t its grasp ( ! ph5om5a ( money circulation1 z w be %[n pres5tly4 ,x 0 q natural t1 contr>y to ! monet>y & m]cantile sy/em :i* knew money only 9 its =m ( a cry/alliz$ product ( circulation1 classical political economy %\ld h conceiv$ money fir/ ( all 9 its flu5t =m ( ex*ange value aris+ & disappe>+ )9 ! process ( ! metamorphosis ( commodities4 ,& s9ce ! circulation ( commodities is reg>d$ exclusively 9 ! =m ( ,c,m,c & ! latt] 9 its turn1 exclusively 9 its aspect ( a dynamic unity ( sale & pur*ase1 money comes to be reg>d$ 9 its capacity ( a m$ium ( circulation z oppos$ to its capacity ( money4 ,& :5 t m$ium ( circulation is isolat$ 9 its function ( co91 x turns1 z we h se51 into a tok5 ( value4 ,b s9ce classical political economy _h to deal ) metallic circulation z ! prevail+ =m ( circulation1 x def9$ metallic money z co91 & metallic co9 z a m]e tok5 ( value4 ,9 accordance ) ! law gov]n+ ! circulation ( tok5s ( value1 ! proposition 0 advanc$ t ! prices ( commodities dep5d on ! quantity ( money 9 circulation in/ead ( ! opposite pr9ciple t ! quantity ( money 9 circulation dep5ds on ! prices ( commodities4 ,we f9d ?is view m or less cle>ly express$ by ! ,italian economi/s ( ! sev5te5? c5tury2 ,,locke n[ ass]ts1 n[ d5ies t pr9ciple2 x is cle>ly elaborat$ 9 ! 8,spectator0 7( ,octob] #ai1 #agaa7 by ,,montesquieu ,,& ,,hume4 ,s9ce ,hume 0 by f> ! mo/ important repres5tative ( ?is !ory 9 ! eighte5? c5tury1 we %all comm5ce our review ) him4 ,"u c]ta9 assumptions1 an increase or decrease 9 ! quantity ei!r ( ! metallic money 9 circulation1 or ( ! tok5s ( value 9 circulation seems to affect uni=mly ! prices ( commodities4 ,) ea* fall or rise ( ! value ( gold or silv] 9 :i* ! ex*ange values ( commodities are e/imat$ z prices1 !re is a rise or fall ( prices1 because ( ! *ange 9 _! measure ( value2 z a result ( ! rise or fall ( prices1 a great] or small] quantity ( gold & silv] is circulat+ z co94 ,b ! app>5t ph5om5on is ! fall 9 prices! ex*ange value ( commodities rema9+ ! sameaccompani$ by an increas$ or dim9i%$ quantity ( ! m$ium ( circulation4 ,on ! o!r h&1 if ! quantity ( tok5s ( value rises above or falls bel[ its requir$ level1 x is =cibly r$uc$ to ! latt] by a fall or rise ( prices4 ,9 ei!r case ! same effect seems to be br\ght ab\t by ! same cause1 & ,hume holds fa/ to ?is semblance4 ,e sci5tific inquiry into ! relation betwe5 ! volume ( ! circulat+ m$ium & ! movem5t ( prices mu/ assume ! value ( ! money mat]ial z giv54 ,hume1 on ! contr>y1 consid]s exclusively p]iods ( revolution 9 ! value ( ! preci\s metals1 i4 e4 revolutions 9 ! measure ( value4 ,! rise ( prices :i* occurr$ simultane\sly ) ! increase ( metallic money aft] ! discov]y ( ! ,am]ican m9es =ms ! hi/orical backgr\nd ( 8 !ory1 :ile 8 polemic aga9/ ! monet>y & m]cantile sy/em furni%es its practical motive4 ,! importation ( preci\s metals c naturally increase :ile _! co/ ( production rema9s ! same4 ,on ! o!r h&1 a decrease 9 _! value1 i4 e4 9 ! labor-"t requir$ = _! production w reveal itself fir/ ( all 9 _! increas$ imports4 ,h5ce1 said ! lat] foll[]s ( ,hume1 a decrease 9 ! value ( ! preci\s metals1 reveals itself 9 an increas$ volume ( ! circulat+ m$ium1 & ! increas$ volume ( ! latt] is %[n 9 ! rise ( prices4 ,z a matt] ( fact1 h[ev]1 ! rise 9 price affects only export$ commodities1 :i* are ex*ang$ = gold & silv] z commodities & n z m$iums ( circulation4 ,?us1 ! prices ( ^! commodities1 :i* are n[ e/imat$ 9 gold & silv] ( l[] value1 rise z comp>$ ) ! prices ( all o!r commodities ^: ex*ange value cont9ues to be e/imat$ 9 gold or silv] accord+ to ! /&>d ( _! old co/ ( production4 ,?is tw(old appraisem5t ( ! ex*ange values ( commodities 9 ! same c\ntry c naturally be only tempor>y1 & ! gold & silv] prices mu/ become equaliz$ 9 ! proportions det]m9$ by ! ex*ange values !mselves1 s t f9ally ! ex*ange values ( all commodities come to be e/imat$ accord+ to ! new value ( ! money mat]ial4 ,! developm5t ( ?is process1 z well z ! ways & means 9 :i* ! ex*ange value ( commodities ass]ts itself )9 ! limits ( ! fluctuations ( m>ket prices1 d n fall )9 ! scope ( ?is "w4 ,b t ?is equalization takes place b gradually 9 ! e>ly p]iods ( developm5t ( b\rgeois production & ext5ds ov] long p]iods ( "t1 nev] keep+ pace ) ! increase ( ca% 9 circulation1 has be5 /rik+ly demon/rat$ by new critical inve/igations ( ! movem5t ( prices ( commodities 9 ! sixte5? c5tury4#aag ,! favorite ref]5ces ( ,hume's foll[]s to ! rise ( prices 9 anci5t ,rome 9 consequ5ce ( ! conque/s ( ,mac$onia1 ,egypt & ,asia ,m9or1 are q irrelevant4 ,! *>act]i/ic me?od ( antiquity ( sudd5ly transf]r+ ho>d$ treasures f "o c\ntry to ano!r1 :i* 0 accompli%$ by viol5ce & ?us br\ght ab\t a tempor>y r$uction ( ! co/ ( production ( preci\s metals 9 a c]ta9 c\ntry by ! simple process ( plund]1 affects j z little ! intr9sic laws ( money circulation1 z ! gratuit\s di/ribution ( ,egyptian & ,sicilian gra9 9 ,rome affect$ ! univ]sal law gov]n+ ! price ( gra94 ,hume1 z well z all o!r writ]s ( ! eighte5? c5tury1 0 n 9 possession ( ! mat]ial necess>y = ! detail$ obs]vation ( ! circulation ( money4 ,?is mat]ial1 :i* fir/ becomes available ) ! full developm5t ( bank+1 includes 9 ! fir/ place a critical hi/ory ( prices ( commodities1 & 9 ! second1 (ficial & curr5t /ati/ics relat+ to ! expansion & contraction ( ! circulat+ m$ium1 ! imports & exports ( ! preci\s metals1 etc4 ,hume's !ory ( circulation may be summ$ up 9 ! foll[+ propositions3 #a4 ,! prices ( commodities 9 a c\ntry are det]m9$ by ! quantity ( money exi/+ !re 7real or symbolic money72 #b4 ,! money curr5t 9 a c\ntry repres5ts all ! commodities to be f\nd !re4 ,9 proportion 8z !re is m or less ( ?is repres5tation10 i4 e4 ( money1 8!re goes a great] or less quantity ( ! ?+ repres5t$ to ! same quantity ( x02 #c4 ,if commodities increase 9 quantity1 _! price falls or ! value ( money rises4 ,if money increases 9 quantity1 !n1 on ! contr>y1 ! price ( commodities rises & ! value ( money decl9es4#aah 8,! de>ness ( ev]y?+10 says ,hume1 8f pl5ty ( money1 is a disadvantage1 :i* att5ds an e/abli%$ comm]ce1 & sets b\nds to x 9 e c\ntry1 by enabl+ ! poor] /ates to und]sell ! ri*] 9 all =eign m>kets40#aai 8,:]e co9 is 9 great] pl5ty2 z a great] quantity ( x is requir$ to repres5t ! same quantity ( goods2 x c h no effect1 ei!r good or bad1 tak+ a nation )9 itself2 any m ?an x w\ld make an alt]ation on a m]*ant's books1 if1 in/ead ( ! ,arabian me?od ( notation1 :i* requires few *>act]s1 he %\ld make use ( ! ,roman1 :i* requires a great _m4 ,nay1 ! great] quantity ( money1 l ! ,roman *>act]s1 is r inconv5i5t1 & requires great] tr\ble bo? to keep & transport x40#abj ,9 ord] to prove any?+1 ,hume %\ld h %[n t "u a giv5 sy/em ( notation ! quantity ( *>act]s us$ does n dep5d on ! magnitude ( ! numb]s1 b t on ! contr>y1 ! magnitude ( ! numb]s dep5ds on ! quantity ( ! *>act]s us$4 ,x is p]fectly true t !re is no advantage 9 e/imat+ or 8c\nt+0 values ( commodities 9 depreciat$ gold & silv]1 & t is ! reason :y nations h always f\nd x m conv5i5t ) ! gr[? ( ! value ( ! commodities 9 circulation to c\nt 9 silv] 9 pref]5ce to copp]1 & 9 gold r ?an 9 silv]4 ,9 proportion z ! nations became ri*]1 !y conv]t$ ! less valuable metals into subsidi>y co9 & ! m valuable ones into money4 ,fur!rmore1 ,hume =gets t 9 ord] to c\nt values 9 gold & silv]1 x is n necess>y t ei!r gold or silv] %\ld be 8on h&40 ,money ( acc\nt & ! m$ium ( circulation are id5tical ) him & bo? are 8co940 ,hume concludes t a rise or fall ( prices dep5ds on ! quantity ( money 9 circulation1 because a *ange 9 ! value ( ! measure ( value1 i4 e4 ( ! preci\s metals :i* s]ve z money ( acc\nt1 causes a rise or fall ( prices &1 consequ5tly1 also a *ange 9 ! am\nt ( money 9 circulation1 ! rapidity ( ! latt] rema9+ ! same4 ,t n only ! quantity ( gold & silv] increas$ 9 ! sixte5? & sev5te5? c5turies1 b t ! co/ ( _! production _h decl9$ at ! same "t1 ,hume c\ld "k f ! clos+ up ( ! ,european m9es4 ,9 ! sixte5? & sev5te5? c5turies ! prices ( commodities increas$ 9 ,europe ) ! influx ( ! mass ( ,am]ican gold & silv]2 h5ce ! prices ( commodities 9 e l& are det]m9$ by ! mass ( gold & silv] to be f\nd !re4 ,?is 0 ,hume's fir/ 8necess>y consequ5ce40#aba ,9 ! sixte5? & sev5te5? c5turies prices _h n ris5 uni=mly ) ! increase ( ! quantity ( preci\s metals2 m ?an half a c5tury pass$ be=e any *ange 9 prices became p]ceptible1 & ev5 !n x took a long "t be=e ! ex*ange values ( commodities came to be g5]ally e/imat$ accord+ to ! depreciat$ value ( gold & silv]1 i4 e4 be=e ! revolution affect$ ! g5]al price level4 ,h5ce1 concludes ,hume1 :o1 q contr>y to ! pr9ciples ( 8 philosophy1 g5]alizes indiscrim9ately f imp]fectly obs]v$ facts1 prices ( commodities or ! value ( money dep5d n on ! total am\nt ( money to be f\nd 9 ! c\ntry1 b r on ! quantity ( gold & silv] :i* is actually 9 circulation2 b 9 ! long run all ! gold & silv] 9 ! c\ntry mu/ be absorb$ by circulation 9 ! =m ( co94#abb ,x is cle> t if gold & silv] h a value ( _! own1 !n1 ap>t f all o!r laws ( circulation1 only a def9ite quantity ( gold & silv] c circulate z ! equival5t ( commodities ( a giv5 value4 ,if1 !re=e1 e quantity ( gold & silv] :i* happ5s to be 9 a c\ntry mu/ ent] ! sph]e ( ex*ange ( commodities z a m$ium ( circulation )\t reg>d to ! total value ( ! commodities1 !n gold & silv] h no intr9sic value & are 9 fact no real commodities4 ,t is ,hume's ?ird 8necess>y consequ5ce40 ,he makes commodities ent] ! process ( circulation )\t price & gold & silv] )\t value4 ,t is ! reason :y he nev] speaks ( ! value ( commodities & ( gold1 b only ( _! relative quantities4 ,locke _h already said t gold & silv] _h m]ely an imag9>y or conv5tional value2 ! fir/ brutal expression ( opposition to ! ass]tion ( ! monet>y 8sy/em0 t gold & silv] alone h true value4 ,t gold & silv] owe _! "* ( money to ! function !y p]=m 9 ! social process ( ex*ange is int]pret$ to ! effect t !y owe _! own value & !re=e ! magnitude ( _! value to a social function4#abc ,gold & silv] are ?us wor?less ?+s1 :i*1 h[ev]1 acquire a fictiti\s value )9 ! sph]e ( circulation z repres5tatives ( commodities4 ,!y are conv]t$ by ! process ( circulation n into money1 b into value4 ,?is value ( !irs is det]m9$ by ! proportion betwe5 _! own volume & t ( ! commodities1 s9ce ! two mu/ balance ea* o!r4 ,?us1 ,hume makes gold & silv] ent] ! _w ( commodities z non-commodities2 b z soon z !y appe> 9 ! =m ( co91 he turns !m1 on ! contr>y1 into m]e commodities1 :i* mu/ be ex*ang$ = o!r commodities by simple b>t]4 ,9 t mann]1 if ! _w ( commodities consi/$ ( b "o commodity1 say "o million qu>t]s ( gra91 ! idea w\ld "w itself out v simply2 viz41 "o qu>t] ( gra9 w\ld be ex*ang$ = two ounces ( gold if !re 7 altoge!r two million ounces ( gold1 & = tw5ty ounces ( gold1 if !re 7 a total ( tw5ty million ounces1 ! price ( ! commodity & ! value ( money ris+ or fall+ 9 inv]se ratio to ! quantity ( gold 9 exi/5ce4#abd ,b ! _w ( commodities consi/s ( an endless v>iety ( use-values1 ^: relative values are by no means det]m9$ by _! relative quantities4 ,h[1 !n1 does ,hume conceive ?is ex*ange ( ! volume ( commodities = ! volume ( gold8 ,he cont5ts himself ) ! mean+less1 holl[ idea t e commodity is ex*ang$ z an aliquot "p ( ! entire volume ( commodities = a correspond+ aliquot "p ( ! volume ( gold4 ,! process ( ! movem5t ( commodities due to ! antagonism betwe5 ex*ange value & use-value :i* commodities be> )9 !mselves1 & :i* manife/s itself 9 ! circulation ( money1 becom+ cry/alliz$ 9 diff]5t =ms ( ! latt]1 is ?us done away )1 giv+ place to ! imag9>y me*anical equalization process betwe5 ! quantity ( preci\s metals to be f\nd 9 a c\ntry & ! volume ( commodities exi/+ !re at ! same "t4 ,,sir ,,james ,,/eu>t op5s 8 inquiry into ! nature ( co9 & money ) an elaborate criticism ( ,hume & ,montesquieu4#abe ,he is really ! fir/ to ask ?is "q3 is ! quantity ( curr5t money det]m9$ by ! prices ( commodities1 or are ! prices ( commodities det]m9$ by ! quantity ( curr5t money8 ,al?\gh 8 analysis is obscur$ by 8 fanta/ic conception ( ! measure ( value1 8 vacillat+ view ( ex*ange value & by rem9isc5ces ( ! m]cantile sy/em1 he discov]s ! ess5tial =ms ( money & ! g5]al laws ( ! circulation ( money1 because he makes no attempt at a me*anical sep>ation ( commodities f money1 b proce$s to develop its diff]5t functions f ! diff]5t aspects ( ! ex*ange ( commodities4 ,money is us$1 he says1 = two pr9cipal purposes3 = ! paym5t ( debts & = ! pur*ase ( :at "o ne$s2 ! two toge!r =m 8ready money dem&s40 ,! /ate ( trade & indu/ry1 ! mode ( liv+1 ! cu/om>y exp5ditures ( ! p1 tak5 all toge!r regulate & det]m9e ! volume ( 8ready money dem&s10 i4 e4 ! numb] ( 8ali5ations40 ,9 ord] to effect ?is multitude ( paym5ts1 a c]ta9 proportion ( money is requir$4 ,?is proportion may increase or decrease accord+ to circum/ances1 ev5 :ile ! numb] ( ali5ations rema9s ! same4 ,at any rate1 ! circulation ( a c\ntry c absorb only a def9ite quantity ( money4#abf 8,x is ! complicat$ op]ations ( dem& & competition :i* det]m9es ! /&>d price ( ev]y?+02 ! latt] 8does n 9 ! lea/ dep5d on ! quantity ( gold & silv] 9 ! c\ntry40#abg ,:at !n w become ( ! gold & silv] t is n requir$ z co98 ,!y are ho>d$ or us$ 9 ! manufacture ( articles ( luxury4 ,if ! quantity ( gold & silv] fall bel[ ! level requir$ = circulation1 symbolic money or o!r sub/itutes take its place4 ,if a favorable rate ( ex*ange br+s ab\t a surplus ( money 9 ! c\ntry & cuts (f at ! same "t ! dem& = its %ipm5t abroad1 x w accumulate 9 /rong-boxes1 :]e ! 8ri*es w rema9 )\t produc+ m effect ?an if !y _h rema9$ 9 ! m9e40 ,! second law discov]$ by ,/eu>t is t ( ! reflux ( cr$it circulation to its />t+ po9t4 ,f9ally1 he works out ! effects :i* ! disp>ity ( ! rates ( int]e/ 9 diff]5t c\ntries produces ^u ! int]national export & import ( preci\s metals4 ,! la/ two po9ts we m5tion "h only = ! sake ( complet5ess1 s9ce !y h b a remote be>+ on ! subject ( our discussion4#abh ,symbolic money or cr$it money,/eu>t does n z yet di/+ui% betwe5 ! two =ms ( moneymay take ! place ( preci\s metals z a means ( pur*ase or means ( paym5t 9 ! sph]e ( home circulation1 b nev] 9 ! _w m>ket4 ,pap] notes are !re=e 8money ( ! society10 :ile gold & silv] are 8money ( ! _w40#abi ,x is *>act]i/ic ( nations ) an 8hi/orical0 developm5t1 9 ! s5se 9 :i* ! t]m is us$ by ! hi/orical s*ool ( law1 to keep =gett+ _! own hi/ory4 ,al?\gh ! controv]sy z to ! relation ( prices ( commodities to ! volume ( ! circulat+ m$ium has be5 cont9ually agitat+ ,p>liam5t = ! la/ half a c5tury1 & has precipitat$ 9 ,engl& ?\s&s ( pamphlets1 l>ge & small1 ,/eu>t has rema9$ ev5 m ( a 8dead dog0 ?an ,sp9oza seem$ to be to ,moses ,m5delson 9 ,less+'s "t4 ,ev5 ! late/ writ] on ! hi/ory ( 8curr5cy10 ,macl>51 makes ,adam ,smi? ! orig9al au?or ( ,/eu>t's !ory1 & ,ric>do ( ,hume's !ory4#acj ,:ile ,ric>do elaborat$ ,hume's !ory1 ,adam ,smi? regi/]$ ! results ( ,/eu>t's inve/igations z dead facts4 ,adam ,smi? appli$ ! ,scot* say+ t 8mony mickles mak a muckle0 ev5 to 8 spiritual weal?1 & !re=e conceal$ ) petty c>e ! s\rces to :i* he ow$ ! little out ( :i* he tri$ to make s mu*4 ,m ?an once he pref]s to break (f ! po9t ( ! discussion1 :5ev] he feels t an attempt on 8 "p cle>ly to =mulate ! "q w\ld compel him to settle 8 acc\nts ) 8 pr$ecessors4 ,s 9 ! case ( ! money !ory4 ,he tacitly adopts ,/eu>t's !ory :5 he says t ! gold & silv] exi/+ 9 a c\ntry is p>tly utiliz$ z co92 p>tly accumulat$ 9 ! =m ( res]ve funds = m]*ants 9 c\ntries )\t banks1 or ( bank res]ves 9 c\ntries ) a cr$it curr5cy2 p>tly s]ves z a ho>d = ! settl+ ( int]national paym5ts2 p>tly is turn$ into articles ( luxury4 ,he passes ov] )\t rem>k ! "q z to ! quantity ( co9 9 circulation1 treat+ money q wrongly z a m]e commodity4#aca ,8 vulg>iz]1 ! dull ,j4 ,b4 ,say1 :om ! ,fr5* h proclaim$ pr9ce de la sci5cel ,johann ,*ri/oph ,gotts*$1 :o proclaim$ 8 ,s*nai* a ,hom] & himself a ,pietro ,aret9o to ! t]ror pr9cipum & lux mundihas ) great pomp rais$ ?is n altoge!r innoc5t ov]sight ( ,adam ,smi? to a dogma4#acb ,x mu/ be said1 h[ev]1 t 8 ho/ile attitude to ! illusions ( ! m]cantile sy/em prev5t$ ,adam ,smi? f tak+ an objective view ( ! ph5om5a ( metallic circulation1 :ile 8 views on cr$it money are orig9al & deep4 ,z 9 ! eighte5? c5tury petrification !ories !re is always felt ! pres5ce ( an und]curr5t :i* spr+s f ei!r a critical or apologetic attitude t[>d ! biblical tradition ( ! flood1 s !re is conceal$ beh9d all ! money !ories ( ! eighte5? c5tury a secret /ruggle ) ! monet>y sy/em1 ! gho/ :i* _h /ood gu>d ov] ! cradle ( b\rgeois economy & cont9u$ to ?r[ its %ad[ ov] legislation4 ,9 ! n9ete5? c5tury1 inquiries into ! nature ( money 7 n prompt$ directly by ph5om5a ( metallic circulation1 b r by ^? ( bank-note circulation4 ,! =m] 0 t\*$ ^u only 9 ord] to discov] ! laws gov]n+ ! latt]4 ,! susp5sion ( specie paym5ts by ! ,bank ( ,engl& 9 #agig1 ! rise ( prices ( _m commodities :i* foll[$ x1 ! fall ( ! m9t price ( gold bel[ its m>ket price1 ! depreciation ( bank-notes1 especially s9ce #ahji1 furni%$ ! direct practical occasion = a p>ty /ruggle 9 p>liam5t & a !oretical t\rnam5t outside ( x1 bo? conduct$ ) l passion4 ,! hi/orical backgr\nd = ! controv]sy 0 furni%$ by ! hi/ory ( pap] money dur+ ! eighte5? c5tury3 ! fiasco ( ,law's bank2 ! depreciation ( ! prov9cial bank-notes ( ! ,engli% ,colonies 9 ,nor? ,am]ica f ! beg9n+ to ! middle ( ! eighte5? c5tury :i* w5t h& 9 h& ) ! increase 9 ! numb] ( tok5s ( value2 fur!r1 ! ,cont95tal bills issu$ z legal t5d] by ! ,am]ican gov]nm5t dur+ ! ,w> ( ,indep5d5ce2 & f9ally1 ! exp]im5t ) ! ,fr5* assignats c>ri$ out on a /ill l>g] scale4 ,mo/ ( ! ,engli% writ]s ( t p]iod conf\nd ! circulation ( bank-notes1 :i* is gov]n$ by q diff]5t laws1 ) ! circulation ( tok5s ( value or gov]nm5t legal t5d] pap] money2 & :ile !y claim to expla9 ! ph5om5a ( ?is legal t5d] circulation by ! laws ( metallic circulation1 !y proce$1 z a matt] ( fact1 j ! opposite way1 viz41 d$uct+ laws = ! latt] f ph5om5a obs]v$ 9 connection ) ! =m]4 ,we omit all ! num]\s writ]s ( ! p]iod ( #ahjj-ahji & turn directly to ,,ric>do1 bo? because he embodies ! views ( 8 pr$ecessors1 :i* he =mulates ) great] precision1 & because ! %ape he gave to ! !ory ( money gov]ns ,engli% bank legislation until ?is mom5t4 ,ric>do1 l 8 pr$ecessors1 conf\nds ! circulation ( bank-notes1 or cr$it money1 ) ! circulation ( m]e tok5s ( value4 ,! fact :i* impresses him mo/ is ! depreciation ( pap] curr5cy accompani$ by ! rise ( prices ( commodities4 ,:at ! ,am]ican m9es _h be5 to ,hume1 ! pap]-bill presses 9 ,?readne$le /reet 7 to ,ric>do1 & he himself expressly id5tifies ! two factors at "s place 9 8 works4 ,8 fir/ writ+s1 :i* dealt exclusively ) ! money "q belong to ! "t ( ! mo/ viol5t controv]sy betwe5 ! ,bank ( ,engl&1 :i* _h on its side ! m9i/]s & ! w> p>ty1 & its oppon5ts ab\t :om 7 c5t]$ ! p>liam5t>y opposition1 ! ,:igs & ! ,peace p>ty4 ,!y appe>$ z imm$iate =]unn]s ( ! fam\s ,report ( ! ,bullion ,committee ( #ahaj1 9 :i* ,ric>do's views 7 adopt$4#acc ,! s+ul> circum/ance1 t ,ric>do & 8 adh]5ts1 :o held money to be m]ely a tok5 ( value1 are call$ bullioni/s1 is due n only to ! "n ( t committee1 b also to ! nature ( _! !ory4 ,9 8 "w on political economy1 ,ric>do repeat$ & develop$ fur!r ! same views1 b n[h]e has he inve/igat$ ! nature ( money z su*1 z he _h done 9 ! case ( ex*ange value1 pr(it1 r5t1 etc4 ,to beg9 )1 ,ric>do det]m9es ! value ( gold & silv]1 l t ( all o!r commodities1 by ! quantity ( labor-"t embodi$ 9 !m4#acd ,by means ( !m1 z commodities ( a giv5 value1 ! values ( all o!r commodities are measur$4#ace ,! volume ( ! circulat+ m$ium 9 a c\ntry is det]m9$ by ! value ( ! unit ( measure ( money on ! "o h&1 & by ! sum total ( ! ex*ange values ( commodities1 on ! o!r4 ,?is quantity is modifi$ by economy 9 ! me?od ( paym5t4#acf ,s9ce ! quantity ( money1 ( a giv5 value1 :i* c be absorb$ by circulation1 is ?us det]m9$ & s9ce ! value ( money )9 ! sph]e ( circulation manife/s itself only 9 its quantity1 x foll[s t m]e tok5s ( value1 if issu$ 9 proportions det]m9$ by ! value ( money1 may replace x 9 circulation1 & 9 fact1 8a curr5cy is 9 its mo/ p]fect /ate :5 x consi/s :olly ( pap] money1 b ( pap] money ( an equal value ) ! gold :i* x pr(esses to repres5t40#acg ,s f> ,ric>do det]m9es ! volume ( ! circulat+ m$ium by ! prices ( commodities1 assum+ ! value ( money to be giv52 money z a tok5 ( value means ) him a tok5 ( a def9ite quantity ( gold & n a m]e wor?less repres5tative ( commodities z 0 ! case ) ,hume4 ,:5 ,ric>do sudd5ly gets (f ! /raight pa? ( 8 pres5tation & takes ! v opposite view1 he does s to turn 8 att5tion to ! int]national circulation ( preci\s metals & ?us br+s confusion into ! problem by introduc+ consid]ations t are =eign to ! subject4 ,let u foll[ 8 own c\rse ( reason+1 &1 9 ord] to remove ev]y?+ t is artificial & incid5tal1 let u assume t ! gold & silv] m9es are locat$ 9 ! int]ior ( ! c\ntries 9 :i* ! preci\s metals circulate z money4 ,! only inf]5ce :i* foll[s f ,ric>do's reason+ z s f> develop$1 is t1 ! value ( gold be+ giv51 ! quantity ( money 9 circulation w be det]m9$ by ! prices ( commodities4 ,?us1 at a giv5 mom5t1 ! quantity ( gold 9 circulation 9 a c\ntry is simply det]m9$ by ! ex*ange value ( ! commodities 9 circulation4 ,let u suppose n[ t ! sum total ( ^! ex*ange values has decl9$ ei!r because !re are less commodities produc$ at ! old ex*ange values1 or because1 9 consequ5ce ( an increas$ productivity ( labor1 ! same quantity ( commodities has a small] value4 ,or1 we may assume on ! contr>y t ! sum total ( ex*ange values has increas$1 ei!r because ! quantity ( commodities has increas$ :ile ! co/ ( _! production has rema9$ ! same1 or because ! value ( ! same or ( a small] quantity ( commodities has ris5 9 consequ5ce ( a dim9i%$ productivity ( labor4 ,:at becomes 9 ei!r case ( ! giv5 quantity ( metal 9 circulation8 ,if gold is money m]ely because x is curr5t z a m$ium ( circulation2 if x is compell$ to rema9 9 circulation l gov]nm5t legal t5d] pap] money 7& t is :at ,ric>do has 9 m9d71 !n ! quantity ( money 9 circulation w rise above ! normal level1 z det]m9$ by ! ex*ange value ( ! metal1 9 ! =m] case1 & fall bel[ t level 9 ! latt]4 ,al?\gh possess+ a value ( its own1 gold w become 9 ! =m] case a tok5 ( a metal ( l[] ex*ange value ?an its own1 & 9 ! latt]1 a tok5 ( a metal ( high] value4 ,9 ! =m] case x w rema9 z a tok5 ( value less ?an its own1 9 ! latt] great] ?an its own 7aga9 an ab/ract d$uction f legal t5d] pap] money74 ,9 ! =m] case x is ! same z ?\gh commodities 7 e/imat$ 9 a metal ( l[] value ?an gold1 9 ! latt]1 z ?\gh !y 7 e/imat$ 9 a metal ( high] value4 ,9 ! =m] case1 prices ( commodities w\ld rise !re=e1 9 ! latt] !y w\ld fall4 ,9 ei!r case ! movem5t ( prices1 _! rise or fall1 w\ld appe> z ! effect ( a relative expansion or contraction ( ! volume ( gold 9 circulation above or bel[ ! level correspond+ to its own value1 i4 e4 above or bel[ ! normal quantity :i* is det]m9$ by ! proportion betwe5 its own value & t ( ! commodities 9 circulation4 ,! same process w\ld take place if ! sum total ( ! prices ( ! commodities 9 circulation rema9$ un*ang$1 :ile ! volume ( gold 9 circulation came to be bel[ or above ! "r level3 ! =m] 9 case ! gold co9 worn out 9 ! c\rse ( circulation 7 n replac$ by ! production ( a correspond+ quantity ( gold 9 ! m9es2 ! latt]1 if ! output ( ! m9es exce$$ ! requirem5ts ( circulation4 ,9 ei!r case x is assum$ t ! co/ ( production ( gold or its value rema9 ! same4 ,to sum up3 ! money 9 circulation is at its normal level1 :5 its volume is det]m9$ by its own bullion value1 ! ex*ange value ( commodities be+ giv54 ,x rises above t level1 br++ ab\t a fall 9 ! value ( gold bel[ its own bullion value & a rise ( prices ( commodities1 :5ev] ! sum total ( ! ex*ange values ( commodities decl9es1 or ! output ( gold f ! m9es increases4 ,x s9ks bel[ its "r level1 lead+ to a rise ( gold above its own bullion value & to a fall ( prices ( commodities1 :5ev] ! sum total ( ! ex*ange values ( ! commodities or ! gold output ( ! m9es is n suffici5t to replace ! quantity ( outworn gold4 ,9 ei!r case ! gold 9 circulation becomes a tok5 ( value great] or small] ?an t x really possesses4 ,x may become an appreciat$ or depreciat$ tok5 ( itself4 ,z soon z all commodities w\ld come to be e/imat$ 9 gold ( ?is new value & ! g5]al price level w\ld accord+ly rise or fall1 ! quantity ( curr5t gold w\ld aga9 answ] ! requirem5ts ( circulation 7a consequ5ce :i* ,ric>do emphasizes ) great pleasure71 b w\ld be at v>iance ) ! co/ ( production ( ! preci\s metals &1 !re=e1 ) _! relation z commodities to all o!r commodities4 ,accord+ to ! g5]al ,ric>dian !ory ( ex*ange value1 ! rise ( gold above its ex*ange value1 i4 e41 above ! value z det]m9$ by ! labor-"t conta9$ 9 x1 w\ld cause an increase 9 ! production ( gold until ! increas$ output ( x w\ld r$uce its value to ! prop] magnitude4 ,& 9 ! same mann]1 a fall ( gold bel[ its value w\ld cause a decl9e 9 its production until its value rose aga9 to its prop] magnitude4 ,by ^! opposite movem5ts ! discrepancy betwe5 ! bullion value ( gold & its value z a m$ium ( circulation w\ld disappe>1 ! normal level ( ! volume ( gold 9 circulation w\ld be re/or$1 & ! price level w\ld aga9 correspond to ! measure ( value4 ,^! fluctuations 9 ! value ( gold 9 circulation w\ld to ! same ext5t affect gold 9 ! =m ( bullion1 because by assumption1 all gold t is n utiliz$ z an article ( luxury1 is suppos$ to be 9 circulation4 ,s9ce gold itself may become1 bo? z co9 & bullion1 a tok5 ( value ( great] or small] magnitude ?an its bullion value1 x is self und]/ood t conv]tible bank-notes 9 circulation h to %>e ! same fate4 ,al?\gh bank-notes are conv]tible1 i4 e4 _! real value & nom9al value agree1 8! aggregate curr5cy consi/+ ( metal & ( conv]tible notes0 may appreciate or depreciate accord+ z to :e!r x rises or falls1 = reasons already /at$1 above or bel[ ! level det]m9$ by ! ex*ange value ( ! commodities 9 circulation & ! bullion value ( gold4 ,inconv]tible pap] money1 has1 f ?is po9t ( view1 only t advantage z aga9/ conv]tible pap] money1 t x may depreciate 9 a tw(old mann]4 ,x may fall bel[ ! value ( ! metal :i* x is suppos$ to repres5t1 because x has be5 issu$ 9 too great quantity1 or x may depreciate because ! metal x repres5ts has itself fall5 9 value4 ,?is depreciation1 n ( pap] z comp>$ ) gold1 b ( gold & pap] toge!r1 or ( ! aggregate curr5cy ( a c\ntry1 is "o ( ! pr9cipal discov]ies ( ,ric>do1 :i* ,"l ,ov]/one & ,co4 press$ into _! s]vice & made a fundam5tal pr9ciple ( ,sir ,rob]t ,peele's ,bank legislation ( #ahdd & #ahde4 ,:at %\ld h be5 prov5 0 t ! price ( commodities or ! value ( gold dep5ds on ! quantity ( gold 9 circulation4 ,! pro( consi/s 9 ! assumption ( :at is to be prov51 viz4 t any quantity ( ! preci\s metal employ$ z money mu/ become a m$ium ( circulation or co91 & !reby a tok5 ( value = ! commodities 9 circulation1 no matt] 9 :at proportion to its own intr9sic value & no matt] :at ! total value ( ^? commodities may be4 ,to put x diff]5tly1 ! pro( consi/s 9 ov]look+ all ! o!r functions :i* money p]=ms besides its function ( a m$ium ( circulation4 ,:5 h>d press$1 z 9 8 controv]sy ) ,bosanquet1 ,ric>do1 completely "u ! influ5ce ( ! ph5om5on ( depreciat$ tok5s ( value caus$ by _! quality1 takes rec\rse to dogmatic assurances4#ach ,if ,ric>do _h built up ?is !ory by ab/ract reason+1 z we h done x "h1 )\t introduc+ concrete facts & incid5tal matt]s :i* only di/ract 8 att5tion f ! ma9 "q1 its holl[ness w\ld be /rik+4 ,b he takes up ! entire subject 9 its int]national aspect4 ,x w be easy to prove1 h[ev]1 t ! app>5t magnitude ( scale does n make 8 fundam5tal ideas less dim9utive4 ,8 fir/ proposition 0 z foll[s3 ! volume ( metallic curr5cy is normal :5 x is det]m9$ by ! total value ( ! commodities 9 circulation e/imat$ 9 its bullion value4 ,express$ s z to apply to int]national conditions1 x reads ?us3 9 a normal /ate ( circulation e c\ntry possesses a quantity ( money 8accord+ to ! /ate ( its comm]ce & weal?40 ,money circulates at a value correspond+ to its real value or to its co/ ( production1 i4 e4 x has ! same value 9 all c\ntries4#aci ,t be+ ! case1 8!re c\ld be no temptation (f]$ to ei!r = _! importation or exportation40#adj ,!re w\ld ?us be e/abli%$ a balance ( curr5cies betwe5 ! diff]5t c\ntries4 ,! normal level ( a national curr5cy is n[ express$ 9 t]ms ( an int]national balance ( curr5cies1 :i* practically am\nts to ! /atem5t t nationality does n *ange any?+ 9 a univ]sal economic law4 ,we h rea*$ aga9 ! same fatal po9t z be=e4 ,h[ is ! normal level di/urb$8 ,or1 speak+ 9 t]ms ( ! new t]m9ology1 h[ is ! int]national balance ( curr5cies di/urb$8 ,or1 h[ does money cease to h ! same value 9 all c\ntries8 ,or1 f9ally1 h[ does x cease to pass at its own value 9 e c\ntry8 ,we h se5 t ! normal level 0 di/urb$ by an increase or decrease ( ! volume ( money 9 circulation :ile ! total value ( commodities rema9$ ! same2 or1 because ! quantity ( money 9 circulation rema9$ ! same :ile ! ex*ange values ( commodities rose or fell4 ,9 ! same mann]1 ! int]national level1 det]m9$ by ! value ( ! metal itself1 is di/urb$ by an increase 9 ! quantity ( gold 9 a c\ntry br\ght ab\t by ! discov]y ( new gold m9es1#ada or by an increase or decrease ( ! total ex*ange-value ( ! circulat+ commodities 9 any p>ticul> c\ntry4 ,j z 9 ! =m] case ! output ( ! preci\s metals decreas$ or increas$ accord+ z to :e!r x 0 necess>y to contract or exp& ! curr5cy & !reby to l[] or raise prices1 s are ! same effects produc$ n[ by export & import f "o c\ntry to ano!r4 ,9 ! c\ntry 9 :i* prices w\ld rise or ! value ( gold w\ld fall bel[ ! bullion value 9 consequ5ce ( a r$undant curr5cy1 gold w\ld be depreciat$1 & ! prices ( commodities w\ld rise z comp>$ ) o!r c\ntries4 ,gold w\ld1 !re=e1 be export$1 :ile commodities w\ld be import$1 & vice v]sa4 ,j z 9 ! =m] case ! output ( gold1 s n[ ! import or export ( gold &1 ) x1 ! rise or fall ( prices ( commodities w\ld cont9ue until1 z we w\ld h said be=e1 ! "r value relation w\ld be re/or$ betwe5 ! metal & commodities1 or z we %all say n[1 ! int]national balance ( curr5cies w\ld be re/or$4 ,j z 9 ! =m] case ! production ( gold increas$ or decreas$ because gold /ood above or bel[ its value1 s n[ ! int]national migration ( gold w\ld take place = ! same reason4 ,j z 9 ! =m] case1 e *ange 9 ! production ( ! circulat+ metal affect$ its quantity &1 !reby1 prices1 s w\ld ! same effect be produc$ n[ by int]national import & export4 ,z soon z ! relative values ( gold & commodities or ! normal quantity ( curr5cy w\ld be re/or$1 no fur!r production w\ld take place 9 ! =m] case1 & no fur!r export or import 9 ! latt]1 except 9 s f> z w\ld be necess>y to replace outworn co9 & to meet ! dem& ( manufactur]s ( articles ( luxury4 ,x foll[s 8t ! temptation to export money 9 ex*ange = goods1 or :at is t]m$ an unfavorable balance ( trade1 nev] arises b f a r$undant curr5cy40#adb 8,! exportation ( ! co9 is caus$ by its *eapness1 & is n ! effect1 b ! cause ( an unfav\rable balance40#adc ,s9ce ! increase or decrease 9 ! production ( gold 9 ! =m] case & ! importation or exportation ( gold 9 ! latt]1 take place only :5ev] its volume rises above or s9ks bel[ its normal level1 i4 e4 :5ev] gold appreciates or depreciates 9 comp>ison ) its bullion value1 or :5ev] prices ( commodities are too high or too l[2 x foll[s t e su* movem5t works z a corrective1#add s9ce1 ?r\gh ! resultant expansion or contraction ( ! curr5cy1 prices are re/or$ to _! true level3 9 ! =m] case ?is level repres5ts ! balance betwe5 ! respective values ( gold & ( commodities2 9 ! latt]1 ! int]national balance ( curr5cies4 ,to put x 9 o!r words3 money circulates 9 diff]5t c\ntries only 9 s f> z x circulates z co9 9 e c\ntry4 ,money is b co9 & all ! gold exi/+ 9 a c\ntry mu/ !re=e ent] circulation1 i4 e4 x c rise above or fall bel[ its value z a tok5 ( value4 ,?us we safely l& aga91 by ! r\nd-ab\t way ( ?is int]national complication1 at ! simple dogma :i* con/itut$ our />t+ po9t4 ,) :at viol5ce to actual facts ,ric>do has to expla9 !m 9 ! s5se ( 8 ab/ract !ory1 a few illu/rations w suffice to %[4 ,he ma9ta9s1 e4 g4 t 9 ye>s ( poor crops1 :i* happ5$ frequ5tly 9 ,engl& dur+ #ahjj-ahbj1 gold is export$ n because corn is ne$$ & gold z money is at all times an effectual means ( pur*ase 9 ! _w m>ket1 b because gold is 9 su* cases depreciat$ 9 its value z comp>$ ) o!r commodities &1 !re=e1 ! curr5cy ( ! c\ntry 9 :i* !re has be5 a failure ( crops is depreciat$ ) respect to o!r national curr5cies4 8,9 consequ5ce ( a bad h>ve/1 a c\ntry hav+ be5 depriv$ ( a "p ( its commodities 444 ! curr5cy :i* 0 be=e at its j level 444 become7s7 r$undant10 & prices ( all commodities rise 9 consequ5ce4#ade ,contr>y to ?is p>adoxical int]pretation x has be5 prov5 /ati/ically t f #agic to ! pres5t "t1 :5ev] ,engl& _h a bad h>ve/ ! available supply ( curr5cy n only did n become sup]abundant1 b became inadequate & t1 !re=e1 m money circulat$ & _h to circulate on su* occasions4#adf ,9 ! same mann]1 ,ric>do ma9ta9$1 ) ref]5ce to ,napoleon's ,cont95tal ,sy/em & ! ,engli% ,blockade ,decree1 t ! ,engli% export$ gold in/ead ( commodities to ! ,cont95t1 because _! money 0 depreciat$ ) respect to ! money on ! ,cont95t1 t _! commodities 71 !re=e1 m high pric$1 :i* made x a m pr(itable comm]cial speculation to export gold ?an goods4 ,accord+ to him ,engl& 0 a m>ket 9 :i* commodities 7 de> & money 0 *eap1 :ile on ! ,cont95t commodities 7 *eap & money 0 de>4 ,! tr\ble1 accord+ to an ,engli% writ]1 0 8! ru9\sly l[ prices ( our manufactures & ( our colonial productions "u ! op]ation 444 ( ! #8,cont95tal ,sy/em' dur+ ! la/ six ye>s ( ! w>4444 ,! prices ( sug> & c(fee1 = in/ance1 on ! ,cont95t1 comput$ 9 gold1 7 f\r or five times high] ?an _! prices 9 ,engl&1 comput$ 9 bank-notes4 ,i am speak+ 444 ( ! times 9 :i* ! ,fr5* *emi/s discov]$ sug> 9 beet-root1 & a sub/itute = c(fee 9 *icory2 & :5 ! ,engli% grazi] tri$ exp]im5ts ^u fatt5+ ox5 ) treacle & molasses( ! times :5 we took possession ( ! isl& ( ,heligol&1 9 ord] to =m !re a depot ( goods to facilitate1 if possible1 ! smuggl+ ( !m into ! nor? ( ,europe2 & :5 ! light] descriptions ( ,briti% manufactures f\nd _! way into ,g]many ?r\gh ,turkey4444 ,almo/ all ! m]*&ise ( ! _w accumulat$ 9 our w>eh\ses1 :]e !y became imp\nd$1 except :5 "s small quantity 0 releas$ by a ,fr5* ,lic5se1 = :i* ! m]*ants at ,hamburgh & ,am/]dam _h1 p]haps1 giv5 ,napoleon su* a sum z =ty or fifty ?\s& p\nds4 ,!y mu/ h be5 /range m]*ants 444 to h paid s l>ge a sum = lib]ty to c>ry a c>go ( goods f a de> m>ket to a *eap "o4 ,:at 0 ! o/5sible alt]native ! m]*ant _h8444 ,ei!r to buy c(fee at #f;d4 a p\nd 9 bank-notes1 & s5d x to a place :]e x w\ld in/antly sell at #cs4 or #ds4 a p\nd 9 gold1 or to buy gold ) bank-notes at #e an ounce1 & s5d x to a place :]e x w\ld be receiv$ at #c #ags4 #aj-a_/b;d4 an ounce4444 ,x is too absurd1 ( c\rse1 to say 444 t ! gold 0 remitt$ in/ead ( ! c(fee1 z a pref]able m]cantile op]ation4444 ,!re 0 n a c\ntry 9 ! _w 9 :i* s l>ge a quantity ( desirable goods c\ld be obta9$1 9 return = an ounce ( gold1 z 9 ,engl&4444 ,bonap>te 444 0 con/antly exam9+ ! ,engli% ,price ,curr5t4444 ,s long z he saw t gold 0 de> & c(fee 0 *eap 9 ,engl&1 he 0 satisfi$ t 8 #8,cont95tal ,sy/em' work$ well40#adg ,at ! v "t :5 ,ric>do fir/ =mulat$ 8 !ory ( money1 & ! ,bullion ,committee embodi$ x 9 its p>liam5t>y report1 namely 9 #ahaj1 a ru9\s fall ( prices ( all ,engli% commodities z comp>$ ) ^? ( #ahjh & #ahji took place1 :ile gold rose 9 value accord+ly4 ,only agricultural products =m$ an exception1 because _! importation f abroad met ) ob/acles & _! dome/ic supply 0 decimat$ by unfavorable crop conditions4#adh ,ric>do s utt]ly fail$ to compreh5d ! rle ( preci\s metals z an int]national means ( paym5t1 t 9 8 te/imony be=e ! ,committee ( ! ,h\se ( ,lords 9 #ahai he c\ld say 8t dra9s = exportation w\ld cease altoge!r s soon z ca% paym5ts %\ld be resum$1 & ! curr5cy be re/or$ to its metallic level40 ,he di$ j 9 "t1 on ! v eve ( ! crisis ( #ahbe1 :i* beli$ 8 prophesies4 ,! "t :5 ,ric>do wrote 0 g5]ally little adapt$ = ! obs]vation ( ! function ( preci\s metals z _w money4 ,be=e ! introduction ( ! ,cont95tal ,sy/em1 ! balance ( trade _h almo/ always be5 9 favor ( ,engl&1 & :ile t sy/em la/$1 ! comm]cial int]c\rse ) ! ,european cont95t 0 too insignificant to affect ! ,engli% rate ( ex*ange4 ,! money transmissions 7 mo/ly ( a political nature & ,ric>do seems to h utt]ly fail$ to grasp ! "p :i* subsidy paym5ts play$ at t "t 9 ,engli% gold exports4#adi ,among ! contempor>ies ( ,ric>do :o =m$ ! s*ool :i* adopt$ 8 economic pr9ciples1 ,,james ,,mill 0 ! mo/ important "o4 ,he attempt$ to "w out ,ric>do's !ory ( money on ! basis ( simple metallic circulation1 )\t ! irrelevant int]national complications :i* s]v$ ,ric>do to hide ! inadequacy ( 8 !ory1 & )\t any controv]sial reg>d = ! op]ations ( ! ,bank ( ,engl&4 ,8 ma9 argum5ts are z foll[s3 8,by value ( money1 is "h to be und]/ood ! proportion 9 :i* x ex*anges = o!r commodities1 or ! quantity ( x :i* ex*anges = a c]ta9 quantity ( o!r ?+s4444 ,x is ! total quantity ( ! money 9 any c\ntry1 :i* det]m9es :at portion ( t quantity %all ex*ange = a c]ta9 portion ( ! goods or commodities ( t c\ntry4 ,if we suppose t all ! goods ( ! c\ntry are on "o side1 all ! money on ! o!r1 & t !y are ex*ang$ at once aga9/ "o ano!r1 x is evid5t 444 t ! value ( money w\ld dep5d :olly ^u ! quantity ( x4 ,x w appe> t ! case is precisely ! same 9 ! actual /ate ( ! facts4 ,! :ole ( ! goods ( a c\ntry are n ex*ang$ at once aga9/ ! :ole ( ! money2 ! goods are ex*ang$ 9 portions1 (t5 9 v small portions1 & at diff]5t times1 dur+ ! c\rse ( ! :ole ye>4 ,! same piece ( money :i* is paid 9 "o ex*ange to-day1 may be paid 9 ano!r ex*ange tomorr[4 ,"s ( ! pieces w be employ$ 9 a great _m ex*anges1 "s 9 v few1 & "s1 :i* happ5 to be ho>d$1 9 none at all4 ,!re w1 amid all ^! v>ieties1 be a c]ta9 av]age numb] ( ex*anges1 ! same :i*1 if all ! pieces _h p]=m$ an equal numb]1 w\ld h be5 p]=m$ by ea*2 t av]age we may suppose to be any numb] we please2 say1 = example1 t54 ,if ea* ( ! pieces ( ! money 9 ! c\ntry p]=m t5 pur*ases1 t is exactly ! same ?+ z if all ! pieces 7 multipli$ by t51 & p]=m$ only "o pur*ase ea*4 ,! value ( all ! goods 9 ! c\ntry is equal to t5 times ! value ( all ! money4444 ,if ! quantity ( money in/ead ( p]=m+ t5 ex*anges 9 ! ye>1 7 t5 times z great1 & p]=m$ only "o ex*ange 9 ! ye>1 x is evid5t t :atev] addition 7 made to ! :ole quantity1 w\ld produce a proportional dim9ution ( value1 9 ea* ( ! m9or quantities tak5 sep>ately4 ,z ! quantity ( goods1 aga9/ :i* ! money is all ex*ang$ at once1 is suppos$ to be ! same1 ! value ( all ! money is no m1 aft] ! quantity is augm5t$1 ?an be=e x 0 augm5t$4 ,if x is suppos$ to be augm5t$ "o-t5?1 ! value ( e "p1 t ( an ounce = example1 mu/ be dim9i%$ "o-t5?4444 ,9 :atev] degree1 !re=e1 ! quantity ( money is increas$ or dim9i%$1 o!r ?+s rema9+ ! same1 9 t same proportion1 ! value ( ! :ole1 & ( e "p1 is reciprocally dim9i%$ or increas$4 ,?is1 x is evid5t1 is a proposition univ]sally true4 ,:5ev] ! value ( money has ei!r ris5 or fall5 7! quantity ( goods aga9/ :i* x is ex*ang$ & ! rapidity ( circulation rema9+ ! same71 ! *ange mu/ be ow+ to a correspond+ dim9ution or increase ( ! quantity2 & c be ow+ to no?+ else4 ,if ! quantity ( goods dim9i%1 :ile ! quantity ( money rema9s ! same1 x is ! same ?+ z if ! quantity ( money _h be5 increas$20 & vice v]sa4444 8,simil> *anges are produc$ by any alt]ation 9 ! rapidity ( circulation4444 ,an increase 9 ! numb] ( ^! pur*ases has ! same effect z an increase 9 ! quantity ( money2 a dim9ution ! rev]se4444 ,if !re is any portion ( ! annual produce :i* is n ex*ang$ at all1 z :at is consum$ by ! produc]2 or :i* is n ex*ang$ = money2 t is n tak5 into ! acc\nt1 because :at is n ex*ang$ = money is 9 ! same /ate ) respect to ! money1 z if x did n exi/4444 ,:5ev] ! co9+ ( money 444 is free1 its quantity is regulat$ by ! value ( ! metal4444 ,gold & silv] are 9 reality commodities4444 ,x is co/ ( production 444 :i* det]m9es ! value ( ^!1 z ( o!r ord9>y productions40#aej ,! :ole wisdom ( ,mill resolves itself into a s]ies ( arbitr>y & absurd assumptions4 ,he wi%es to prove t ! price ( commodities or ! value ( money is det]m9$ by 8! total quantity ( ! money 9 any c\ntry40 ,assum+ t ! quantity & ! ex*ange value ( ! commodities 9 circulation rema9 un*ang$ & t ! same be true ( ! rapidity ( circulation & ( ! value ( preci\s metals z det]m9$ by ! co/ ( production1 & assum+ at ! same "t t ! quantity ( ! metallic curr5cy increases or decreases 9 proportion to ! quantity ( money exi/+ 9 a c\ntry1 x becomes really 8evid5t0 t :at 0 to h be5 prov5 has be5 assum$4 ,mill falls1 moreov]1 into ! same error z ,hume by assum+ t use-values & n commodities ) a giv5 ex*ange value are 9 circulation1 & t vitiates 8 /atem5t1 ev5 if we grant all ( 8 8assumptions40 ,! rapidity ( circulation may rema9 ! same2 ?is may also be true ( ! value ( ! preci\s metals & ( ! quantity ( commodities 9 circulation2 & yet a *ange 9 ! ex*ange value ( ! latt] may require n[ a l>g] & n[ a small] quantity ( money = _! circulation4 ,mill sees t a "p ( ! money 9 a c\ntry is 9 circulation1 :ile ano!r is idle4 ,) ! aid ( a mo/ absurd av]age calculation he assumes t1 al?\gh x really appe>s to be diff]5t1 yet all ! gold 9 a c\ntry does circulate4 ,assum+ t t5 million silv] ?al]s circulate 9 a c\ntry twice a ye>1 !re c\ld be tw5ty million su* co9s 9 circulation1 if ea* circulat$ b once4 ,& if ! entire quantity ( silv] to be f\nd 9 a c\ntry 9 any =m am\nts to "o hundr$ million ?al]s1 x may be suppos$ t ! entire "o hundr$ million c ent] circulation1 if ea* piece ( money %\ld circulate once 9 five ye>s4 ,"o c\ld z well assume t all ! money ( ! _w circulate 9 ,hemp/ead1 b t ea* piece ( money in/ead ( be+ employ$ ?ree times a ye>1 is employ$ once 9 #c1jjj1jjj ye>s4 ,! "o assumption is z relevant z ! o!r = ! purpose ( det]m9+ ! relation betwe5 ! sum total ( prices ( commodities & ! volume ( curr5cy4 ,mill feels t x is a matt] ( decisive importance to him to br+ ! commodities 9 direct contact n ) ! money 9 circulation1 b ) ! entire supply ( money exi/+ 9 a c\ntry4 ,he admits t 8! :ole ( ! goods ( a c\ntry are n ex*ang$ at once aga9/ ! :ole ( ! money10 b t ! goods are ex*ang$ 9 diff]5t portions & at diff]5t times ( ! ye> = diff]5t portions ( money4 ,to d away ) ?is difficulty he assumes t x does n exi/4 ,moreov]1 ?is entire idea ( direct contact ( commodities & money & direct ex*ange is a m]e ab/raction f ! movem5t ( simple pur*ase & sale or ! function ( money z a means ( pur*ase4 ,already 9 ! movem5t ( money z a means ( paym5t1 commodity & money cease to appe> simultane\sly4 ,! comm]cial crises ( ! n9ete5? c5tury1 namely1 ! great crises ( #ahbe & #ahcf1 did n result 9 any new developm5ts 9 ! ,ric>dian !ory ( money1 b !y did furni% new applications = x4 ,!y 7 no long] isolat$ economic ph5om5a1 su* z ! depreciation ( ! preci\s metals 9 ! sixte5? & sev5te5? c5turies :i* int]e/$ ,hume1 or ! depreciation ( pap] money 9 ! eighte5? & e>ly n9ete5? c5turies :i* confront$ ,ric>do2 !y 7 ! great /orms ( ! _w m>ket 9 :i* ! conflict ( all ! elem5ts ( ! capitali/ process ( production dis*>ge !mselves1 & ^: orig9 & rem$y 7 s\ght 9 ! mo/ sup]ficial & ab/ract sph]e ( ?is process1 ! sph]e ( money circulation4 ,! !oretical assumption f :i* ! s*ool ( economic wea!r prophets proce$s1 comes d[n 9 ! end to ! illusion t ,ric>do discov]$ ! laws gov]n+ ! circulation ( purely metallic curr5cy4 ,! only ?+ t rema9$ = !m to d 0 to subject to ! same laws ! circulation ( cr$it & bank-note curr5cy4 ,! mo/ g5]al & mo/ palpable ph5om5on 9 comm]cial crises is ! sudd51 g5]al decl9e ( prices foll[+ a prolong$ g5]al rise4 ,! g5]al decl9e ( prices ( commodities may be express$ z a rise 9 ! relative value ( money ) respect to all commodities1 & ! g5]al rise ( prices z a decl9e ( ! relative value ( money4 ,9 ei!r expression ! ph5om5on is describ$ b n expla9$4 ,:e!r ,i put ! "q ?us3 expla9 ! g5]al p]iodic rise ( prices foll[$ by a g5]al decl9e ( ! same1 or =mulate ! same problem by say+3 expla9 ! p]iodic decl9e & rise ( ! relative value ( money ) respect to commodities2 ! diff]5t word+ leaves ! problem z little *ang$ z w\ld its translation f ,g]man into ,engli%4 ,ric>do's !ory ( money 0 exce$+ly conv5i5t1 because x l5ds a tautology ! semblance ( a /atem5t ( causal connection4 ,:5ce comes ! p]iodic g5]al fall ( prices8 ,f ! p]iodic rise ( ! relative value ( money4 ,:5ce ! g5]al p]iodic rise ( prices8 ,f ! p]iodic decl9e ( ! relative value ( money4 ,x might h be5 /at$ ) equal tru? t ! p]iodic rise & fall ( prices is due to _! p]iodic rise & fall4 ,! problem itself is /at$ "u ! assumption t ! intr9sic value ( money1 i4 e41 its value z det]m9$ by ! co/ ( production ( preci\s metals rema9s un*ang$4 ,if x is m ?an a tautology !n x is bas$ on a misconception ( ! mo/ elem5t>y pr9ciples4 ,if ! ex*ange value ( ,a measur$ 9 t]ms ( ,b1 decl9es1 we "k t ?is may be caus$ by a decl9e ( ! value ( ,a z mu* z by a rise ( ! value ( ,b2 ! same be+ true ( ! case ( a rise ( ! ex*ange value ( ,a measur$ 9 t]ms ( ,b4 ,! tautology once admitt$ z a /atem5t ( cause1 ! re/ foll[s easily4 ,a rise ( prices ( commodities is caus$ by a decl9e ( ! value ( money & a decl9e ( ! value ( money is caus$1 z we "k f ,ric>do1 by a r$undant curr5cy1 i4 e41 by a rise ( ! volume ( curr5cy ov] ! level det]m9$ by its own intr9sic value & ! intr9sic value ( ! commodities4 ,9 ! same mann]1 ! g5]al decl9e ( prices ( commodities is expla9$ by ! rise ( ! value ( money above its intr9sic value 9 consequ5ce ( an inadequate curr5cy4 ,?us1 prices rise & fall p]iodically1 because !re is p]iodically too mu* or too little money 9 circulation4 ,%\ld a rise ( prices happ5 to co9cide ) a contract$ curr5cy1 & a fall ( prices ) an exp&$ "o1 x may be ass]t$ 9 spite ( ^? facts t 9 consequ5ce ( a contraction or expansion ( ! volume ( commodities 9 ! m>ket1 :i* c n be prov5 /ati/ically1 ! quantity ( money 9 circulation has1 al?\gh n absolutely1 yet relatively increas$ or decl9$4 ,we h se5 t accord+ to ,ric>do ^! univ]sal fluctuations mu/ take place ev5 ) a purely metallic curr5cy1 b t !y balance ea* o!r ?r\gh _! alt]nations2 ?us1 e4 g41 an inadequate curr5cy causes a fall ( prices1 ! fall ( prices leads to ! export ( commodities abroad1 ?is export causes aga9 an import ( gold f abroad1 :i*1 9 its turn1 br+s ab\t a rise ( prices2 ! opposite movem5t tak+ place 9 case ( a r$undant curr5cy1 :5 commodities are import$ & money is export$4 ,b1 s9ce 9 spite ( ^! univ]sal fluctuations ( prices :i* are 9 p]fect accord ) ,ric>do's !ory ( metallic curr5cy1 _! acute & viol5t =m1 _! crisis-=m1 belongs to ! p]iod ( advanc$ cr$it1 x is p]fectly cle> t ! issue ( bank-notes is n exactly regulat$ by ! laws ( metallic curr5cy4 ,metallic curr5cy has its rem$y 9 ! import & export ( preci\s metals :i* imm$iately ent] circulation & ?us1 by _! influx or efflux1 cause ! prices ( commodities to fall or rise4 ,! same effect on prices mu/ n[ be ex]t$ by banks by ! artificial imitation ( ! laws ( metallic curr5cy4 ,if gold is com+ 9 f abroad x proves t ! curr5cy is inadequate1 t ! value ( money is too high & ! prices ( commodities too l[1 &1 consequ5tly1 t bank notes mu/ be put 9 circulation 9 proportion to ! newly import$ gold4 ,on ! contr>y1 notes h to be )drawn f circulation 9 proportion to ! export ( gold f ! c\ntry4 ,t is to say1 ! issue ( bank notes mu/ be regulat$ by ! import & export ( ! preci\s metals or by ! rate ( ex*ange4 ,ric>do's false assumption t gold is only co91 & t !re=e all import$ gold swells ! curr5cy1 caus+ prices to rise1 :ile all export$ gold r$uces ! curr5cy lead+ to a fall ( prices1 ?is !oretical assumption is turn$ into a practical exp]im5t ( putt+ 9 e case an am\nt ( curr5cy 9 circulation equal to ! am\nt ( gold 9 exi/5ce4 ,"l ,ov]/one 7! bank] ,jones ,loyd71 ,colonel ,torr5s1 ,norman1 ,clay1 ,arbu?not & a ho/ ( o!r writ]s1 kn[n 9 ,engl& z ! adh]5ts ( ! 8curr5cy pr9ciple10 n only prea*$ ?is doctr9e1 b ) ! aid ( ,sir ,rob]t ,peel succe$$ 9 #ahdd & #ahde 9 mak+ x ! basis ( ! pres5t ,engli% & ,scot* bank legislation4 ,its ignom9\s failure1 !oretical z well z practical1 foll[+ ^u exp]im5ts on ! l>ge/ national scale1 c be treat$ only aft] we take up ! !ory ( cr$it4#aea ,s mu* c be se51 h[ev]1 t ! !ory ( ,ric>do :i* isolates money 9 its flu5t =m ( curr5cy1 ends by ascrib+ to ! ebbs & tides 9 ! supply ( preci\s metals an influ5ce on b\rgeois economy su* z ! believ]s 9 ! sup]/itions ( ! monet>y sy/em _h nev] dreamt (4 ,?us did ,ric>do1 :o proclaim$ pap] curr5cy z ! mo/ p]fect =m ( money1 become ! prophet ( ! bullioni/s4 ,aft] ,hume's !ory or ! ab/ract opposition to ! monet>y sy/em 0 ?us develop$ to its ultimate conclusions1 ,/eu>t's concrete conception ( money 0 f9ally re/or$ to its rights by ,,?omas ,,tooke4#aeb ,tooke arrives at 8 pr9ciples n f any !ory1 b by a consci5ti\s analysis ( ! hi/ory ( prices ( commodities f #agic to #ahef4 ,9 ! fir/ edition ( 8 ,hi/ory ( ,prices :i* appe>$ 9 #ahbc1 ,tooke is /ill "u ! complete influ5ce ( ! ,ric>dian !ory1 & va9ly tries to reconcile x ) actual facts4 ,8 pamphlet 8,on ! ,curr5cy10 :i* appe>$ aft] ! crisis ( #ahbe might ev5 be consid]$ z ! fir/ consi/5t pres5tation ( ! views :i* 7 lat] giv5 ! =ce ( law by ,ov]/one4 ,cont9u$ /udies 9 ! hi/ory ( prices =c$ him1 h[ev]1 to ! conclusion t ! direct connection betwe5 prices & ! volume ( curr5cy1 z x is pictur$ by ! !ory1 is a m]e illusion2 t ! expansion & contraction ( curr5cy :i* takes place :ile ! value ( ! preci\s metals rema9s un*ang$1 is always ! effect b nev] ! cause ( price fluctuations2 t ! circulation ( money is 9 any ev5t b a second>y movem5t2 & t money assumes q diff]5t =ms 9 ! actual process ( production 9 addition to t ( a circulat+ m$ium4 ,8 detail$ inve/igations belong to a sph]e outside ( t ( simple metallic circulation & c be discuss$ "h z little z ! inve/igations ( ,,wilson & ,,full>ton :i* belong to ! same class4#aec ,none ( ^! writ]s takes a "o-sid$ view ( money1 b treat x 9 its v>i\s aspects2 ! treatm5t1 h[ev]1 is me*anical1 )\t an attempt to e/abli% an organic connection ei!r betwe5 ^! v>i\s aspects !mselves1 or betwe5 !m & ! comb9$ sy/em ( economic categories4 ,!y fall1 !re=e1 into ! error ( confus+ money z di/+ui%$ f m$ium ( circulation ) capital or ev5 ) commodity1 al?\gh !y are =c$ else:]e to diff]5tiate x f bo?4#aed ,:5 gold1 e4 g41 is %ipp$ abroad1 x practically means t capital is s5t abroad1 b ! same ?+ takes place :5 iron1 cotton1 gra91 or any o!r commodity is export$4 ,bo? are capital & are di/+ui%$ n z capital1 b z money & commodity4 ,! function ( gold z ! int]national m$ium ( ex*ange spr+s1 !re=e1 n f its be+ capital1 b f its specific "* ( money4 ,simil>ly1 :5 gold1 or bank notes 9 its place1 circulate 9 ! home trade z means ( paym5t1 !y con/itute capital at ! same "t4 ,b !y c\ld n be replac$ by capital 9 ! =m ( commodities1 z has be5 demon/rat$ v palpably by crises1 = in/ance4 ,t is to say1 x is ! fact t gold is di/+ui%$ f commodities 9 its capacity ( money & n 9 t ( capital1 t makes x ! means ( paym5t4 ,ev5 :5 capital is export$ directly z capital1 z1 e4 g41 :5 x is done = ! purpose ( l5d+ abroad a c]ta9 am\nt on int]e/1 x dep5ds on circum/ances1 :e!r x w be export$ 9 ! =m ( commodities or 9 t ( gold1 & if 9 ! latt] =m1 x is due to ! specific de/9ation ( ! preci\s metals z di/+ui%$ f commodities to s]ve z money4 ,9 g5]al1 ^! writ]s d n consid] money 9 its ab/ract =m1 z x is develop$ )9 ! sph]e ( simple circulation ( commodities1 & z x spontane\sly gr[s out ( ! relation ( ! circulat+ commodities4 ,z a result1 !y con/antly vacillate betwe5 ! ab/ract =ms ( money :i* di/+ui% x f commodity & ^? =ms ( x b5ea? :i* are conceal$ concrete relations1 su* z capital1 rev5ue1 etc4#aee ,introduction to ! ,critique ( ,political ,economy4#aef #a4 ,,production ,,9 ,,g5]al4 ,! subject ( our discussion is fir/ ( all mat]ial production by individuals z det]m9$ by society1 naturally con/itutes ! />t+ po9t4 ,! individual & isolat$ hunt] or fi%] :o =ms ! />t+ po9t ) ,smi? & ,ric>do1 belongs to ! insipid illusions ( ! eighte5? c5tury4 ,!y are ,rob9sonades :i* d n by any means repres5t1 z /ud5ts ( ! hi/ory ( civilization imag9e1 a reaction aga9/ ov]-ref9em5t & a return to a misund]/ood natural life4 ,!y are no m bas$ on su* a naturalism ?an is ,rosseau's 8contrat social10 :i* makes naturally indep5d5t individuals come 9 contact & h mutual int]c\rse by contract4 ,!y are ! fiction & only ! ae/hetic fiction ( ! small & great ,rob9sonades4 ,!y are1 moreov]1 ! anticipation ( 8b\rgeois society10 :i* _h be5 9 c\rse ( developm5t s9ce ! sixte5? c5tury & made gigantic /rides t[>ds maturity 9 ! eighte5?4 ,9 ?is society ( free competition ! individual appe>s free f ! bonds ( nature1 etc41 :i* 9 =m] epo*s ( hi/ory made him a "p ( a def9ite1 limit$ human conglom]ation4 ,to ! prophets ( ! eighte5? c5tury1 on ^: %\ld]s ,smi? & ,ric>do are /ill /&+1 ?is eighte5? c5tury individual1 con/itut+ ! jo9t product ( ! dissolution ( ! feudal =m ( society & ( ! new =ces ( production :i* _h develop$ s9ce ! sixte5? c5tury1 appe>s z an ideal ^: exi/5ce belongs to ! pa/2 n z a result ( hi/ory1 b z its />t+ po9t4 ,s9ce t individual appe>$ to be 9 con=mity ) nature & correspond$ to _! conception ( human nature1 he 0 reg>d$ n z a product ( hi/ory1 b ( nature4 ,?is illusion has be5 *>act]i/ic ( e new epo* 9 ! pa/4 ,/eu>t1 :o1 z an ari/ocrat1 /ood m firmly on hi/orical gr\nd1 contr>y to ! _s ( ! eighte5? c5tury1 escap$ ?is simplicity ( view4 ,! fur!r back we g into hi/ory1 ! m ! individual &1 !re=e1 ! produc+ individual seems to dep5d on & con/itute a "p ( a l>g] :ole3 at fir/ x is1 q naturally1 ! family & ! clan1 :i* is b an enl>g$ family2 lat] on1 x is ! community gr[+ up 9 its diff]5t =ms out ( ! cla% & ! amalgamation ( clans4 ,x is b 9 ! eighte5? c5tury1 9 8b\rgeois society10 t ! diff]5t =ms ( social union confront ! individual z a m]e means to 8 private ends1 z an outw>d necessity4 ,b ! p]iod 9 :i* ?is view ( ! isolat$ individual becomes preval5t1 is ! v "o 9 :i* ! int]relations ( society 7g5]al f ?is po9t ( view7 h rea*$ ! highe/ /ate ( developm5t4 ,man is 9 ! mo/ lit]al s5se ( ! ^w a zoon politikon1 n only a social animal1 b an animal :i* c develop into an individual only 9 society4 ,production by isolat$ individuals outside ( societysome?+ :i* might happ5 z an exception to a civiliz$ man :o by accid5t got into ! wild]ness & already dynamically possess$ )9 himself ! =ces ( societyis z great an absurdity z ! idea ( ! developm5t ( language )\t individuals liv+ toge!r & talk+ to "o ano!r4 ,we ne$ n dwell on ?is any long]4 ,x w\ld n be necess>y to t\* ^u ?is po9t at all1 7 n ! vag>y :i* _h its ju/ification & s5se ) ! p ( ! eighte5? c5tury transplant$ 9 all e>ne/ into ! field ( political economy by ,ba/iat1 ,c>ey1 ,pr\dhon & o!rs4 ,pr\dhon & o!rs naturally f9d x v pleasant1 :5 !y d n "k ! hi/orical orig9 ( a c]ta9 economic ph5om5on1 to give x a quasi hi/orico-philosopohical explanation by go+ into my?ology4 ,adam or ,prome!us hit ^u ! s*eme cut & dri$1 :]eupon x 0 adopt$1 etc4 ,no?+ is m t$i\sly dry ?an ! dream+ locus communis4 ,:5ev] we speak1 !re=e1 ( production1 we always h 9 m9d production at a c]ta9 /age ( social developm5t1 or production by social individuals4 ,h5ce1 x might seem t 9 ord] to speak ( production at all1 we mu/ ei!r trace ! hi/orical process ( developm5t ?r\gh its v>i\s phases1 or decl>e at ! outset t we are deal+ ) a c]ta9 hi/orical p]iod1 z1 e4 g41 ) mod]n capitali/ic production :i*1 z a matt] ( fact1 con/itutes ! subject prop] ( ?is "w4 ,b all /ages ( production h c]ta9 l&m>ks 9 common1 common purposes4 ,production 9 g5]al is an ab/raction1 b x is a rational ab/raction1 9 s f> z x s+les out & fixes ! common features1 !reby sav+ u repetition4 ,yet ^! g5]al or common features discov]$ by comp>ison con/itute some?+ v complex1 ^: con/itu5t elem5ts h diff]5t de/9ations4 ,"s ( ^! elem5ts belong to all epo*s1 o!rs are common to a few4 ,"s ( !m are common to ! mo/ mod]n z well z to ! mo/ anci5t epo*s4 ,no production is conceivable )\t !m2 b :ile ev5 ! mo/ completely develop$ languages h laws & conditions 9 common ) ! lea/ develop$ ones1 :at is *>act]i/ic ( _! developm5t are ! po9ts ( dep>ture f ! g5]al & common4 ,! conditions :i* g5]ally gov]n production mu/ be diff]5tiat$ 9 ord] t ! ess5tial po9ts ( diff]5ce be n lo/ sight ( 9 view ( ! g5]al uni=mity :i* is due to ! fact t ! subject1 mank9d1 & ! object1 nature1 rema9 ! same4 ,! failure to rememb] ?is "o fact is ! s\rce ( all ! wisdom ( mod]n economi/s :o are try+ to prove ! et]nal nature & h>mony ( exi/+ social conditions4 ,?us !y say1 e4 g41 t no production is possible )\t "s in/rum5t ( production1 let t in/rum5t be only ! h&2 t none is possible )\t pa/ accumulat$ labor1 ev5 if t labor consi/ ( m]e skill :i* has be5 accumulat$ & conc5trat$ 9 ! h& ( ! savage by repeat$ ex]cise4 ,capital is1 among o!r ?+s1 also an in/rum5t ( production1 also pa/ imp]sonal labor4 ,h5ce capital is a univ]sal1 et]nal natural ph5om5on2 :i* is true if we disreg>d ! specific prop]ties :i* turn an 8in/rum5t ( production0 & 8/or$ up labor0 into capital4 ,! entire hi/ory ( production appe>s to a man l ,c>ey1 e4 g41 z a malici\s p]v]sion on ! "p ( gov]nm5ts4 ,if !re is no production 9 g5]al1 !re is also no g5]al production4 ,production is always "s special bran* ( production or an aggregate1 z1 e4 g41 agriculture1 /ock rais+1 manufactures1 etc4 ,b political economy is n te*nology4 ,! connection betwe5 ! g5]al de/9ations ( production at a giv5 /age ( social developm5t & ! p>ticul> =ms ( production1 is to be develop$ else:]e 7lat] on74 ,f9ally1 production is n only ( a special k9d4 ,x is always a c]ta9 body politic1 a social p]sonality t is engag$ on a l>g] or small] aggregate ( bran*es ( production4 ,! connection betwe5 ! real process & its sci5tific pres5tation also falls outside ( ! scope ( ?is treatise4 ,we mu/ ?us di/+ui% betwe5 production 9 g5]al1 special bran*es ( production & production z a :ole4 ,x is ! fa%ion ) economi/s to op5 _! works ) a g5]al introduction1 :i* is entitl$ 8production0 7see1 e4 g41 ,john ,/u>t ,mill7 & deals ) ! g5]al 8requisites ( production40 ,?is g5]al introductory "p treats or is suppos$ to treat3 #a4 ,( ! conditions )\t :i* production is impossible1 i4 e41 ( ! mo/ ess5tial conditions ( production4 ,z a matt] ( fact1 h[ev]1 x dw9dles d[n1 z we %all see1 to a few v simple def9itions1 :i* flatt5 out into %all[ tautologies2 #b4 ,( conditions :i* fur!r production m or less1 z1 e4 g41 ,adam ,smi?'s discussion ( a progressive & /agnant /ate ( society4 ,9 ord] to give sci5tific value to :at s]ves ) him z a m]e summ>y1 x w\ld be necess>y to /udy ! degree ( productivity by p]iods 9 ! developm5t ( individual nations2 su* a /udy falls outside ( ! scope ( ! pres5t subject1 & 9 s f> z x does belong "h is to be br\ght out 9 connection ) ! discussion ( competition1 accumulation1 etc4 ,! commonly accept$ view ( ! matt] gives a g5]al answ] to ! effect t an indu/rial nation is at ! height ( its production at ! mom5t :5 x rea*es its hi/orical climax 9 all respects4 ,or1 t c]ta9 races1 climates1 natural conditions1 su* z di/ance f ! sea1 f]tility ( ! soil1 etc41 are m favorable to production ?an o!rs4 ,t aga9 comes d[n to ! tautology t ! facility ( creat+ weal? dep5ds on ! ext5t to :i* its elem5ts are pres5t bo? subjectively & objectively4 ,z a matt] ( fact a nation is at its indu/rial height s long z its ma9 object is n ga91 b ! process ( ga9+4 ,9 t respect ! ,yankees /& above ! ,engli%4 ,b all t is n :at ! economi/s are really aft] 9 ! g5]al introductory "p4 ,_! object is r to repres5t production 9 contradi/9ction to di/ributionsee ,mill1 e4 g4z subject to et]nal laws indep5d5t ( hi/ory1 & !n to sub/itute b\rgeois relations1 9 an und]h& way1 z immutable natural laws ( society 9 ab/racto4 ,?is is ! m or less consci\s aim ( ! entire proce$+4 ,on ! contr>y1 :5 x comes to di/ribution1 mank9d is suppos$ to h indulg$ 9 all sorts ( arbitr>y action4 ,q ap>t f ! fact t !y viol5tly break ! ties :i* b9d production & di/ribution toge!r1 s mu* mu/ be cle> f ! outset3 t1 no matt] h[ greatly ! sy/ems ( di/ribution may v>y at diff]5t /ages ( society1 x %\ld be possible "h1 z 9 ! case ( production1 to discov] ! common features & to conf\nd & elim9ate all hi/orical diff]5ces 9 =mulat+ g5]al human laws4 ,e4 g41 ! slave1 ! s]f1 ! wage-work]all receive a quantity ( food1 :i* enables !m to exi/ z slave1 s]f1 & wage-work]4 ,! conqu]or1 ! (ficial1 ! l&lord1 ! monk1 or ! levite1 :o respectively live on tribute1 taxes1 r5t1 alms1 & ! ti!1all receive a "p ( ! social product :i* is det]m9$ by laws diff]5t f ^? :i* det]m9e ! "p receiv$ by ! slave1 etc4 ,! two ma9 po9ts :i* all economi/s place "u ?is head1 are3 fir/1 prop]ty2 second1 ! protection ( ! latt] by ! adm9i/ration ( ju/ice1 police1 etc4 ,! objections to ^! two po9ts c be /at$ v briefly4 #a4 ,all production is appropriation ( nature by ! individual )9 & ?r\gh a def9ite =m ( society4 ,9 t s5se x is a tautology to say t prop]ty 7appropriation7 is a condition ( production4 ,b x becomes ridicul\s1 :5 f t "o jumps at once to a def9ite =m ( prop]ty1 e4 g4 private prop]ty 7:i* implies1 besides1 z a pr]equisite ! exi/5ce ( an opposite =m1 viz4 abs5ce ( prop]ty74 ,hi/ory po9ts r to common prop]ty 7e4 g4 among ! ,h9doos1 ,slavs1 anci5t ,celts1 etc47 z ! primitive =m1 :i* /ill plays an important "p at a mu* lat] p]iod z communal prop]ty4 ,! "q z to :e!r weal? gr[s m rapidly "u ?is or t =m ( prop]ty1 is n ev5 rais$ "h z yet4 ,b t !re c be no su* a ?+ z production1 nor1 consequ5tly1 society1 :]e prop]ty does n exi/ 9 any =m1 is a tautology4 ,appropriation :i* does n appropriate is a contradictio 9 subjecto4 #b4 ,protection ( prop]ty1 etc4 ,r$uc$ to _! real mean+1 ^! commonplaces express m ?an :at _! prea*]s "k1 namely1 t e =m ( production creates its own legal relations1 =ms ( gov]nm5t1 etc4 ,! crudity & ! %ortcom+s ( ! conception lie 9 ! t5d5cy to see b an accid5tal reflective connection 9 :at con/itutes an organic union4 ,! b\rgeois economi/s h a vague notion t x is bett] to c>ry on production "u ! mod]n police1 ?an x 01 e4 g4 "u club-law4 ,!y =get t club law is also law1 & t ! "r ( ! /rong] cont9ues to exi/ 9 o!r =ms ev5 "u _! 8gov]nm5t ( law40 ,:5 ! social conditions correspond+ to a c]ta9 /age ( production are 9 a /ate ( =mation or disappe>ance1 di/urbances ( production naturally arise1 al?\gh diff]+ 9 ext5t & effect4 ,to sum up3 all ! /ages ( production h c]ta9 de/9ations 9 common1 :i* we g5]alize 9 ?\ght2 b ! s-call$ g5]al conditions ( all production are no?+ b ab/ract conceptions :i* d n g to make up any real /age 9 ! hi/ory ( production4 #b4 ,,! ,,g5]al ,,relation ,,( ,,production ,,to ,,di/ribution1 ,,ex*ange1 ,,& ,,consumption4 ,be=e go+ into a fur!r analysis ( production1 x is necess>y to look at ! v>i\s divisions :i* economi/s put side by side ) x4 ,! mo/ %all[ conception is z foll[s3 ,by production1 ! memb]s ( society appropriate 7produce & %ape7 ! products ( nature to human wants2 di/ribution det]m9es ! proportion 9 :i* ! individual p>ticipates 9 ?is production2 ex*ange br+s him ! p>ticul> products into :i* he wi%es to turn ! quantity secur$ by him ?r\gh di/ribution2 f9ally1 ?r\gh consumption ! products become objects ( use & enjoym5t1 ( individual appropriation4 ,production yields goods adopt$ to our ne$s2 di/ribution di/ributes !m accord+ to social laws2 ex*ange di/ributes fur!r :at has already be5 di/ribut$1 accord+ to individual wants2 f9ally1 9 consumption ! product drops out ( ! social movem5t1 becom+ ! direct object ( ! individual want :i* x s]ves & satisfies 9 use4 ,production ?us appe>s z ! />t+ po9t2 consumption z ! f9al end2 & di/ribution & ex*ange z ! middle2 ! latt] has a d\ble aspect1 di/ribution be+ def9$ z a process c>ri$ on by society1 :ile ex*ange1 z "o proce$+ f ! individual4 ,9 production ! p]son is embodi$ 9 ?+s1 9 consumption#aeg ?+s are embodi$ 9 p]sons2 9 di/ribution1 society assumes ! "p ( g-betwe5 ( production & consumption 9 ! =m ( g5]ally prevail+ rules2 9 ex*ange ?is is accompli%$ by ! accid5tal make-up ( ! individual4 ,di/ribution det]m9es :at proportion 7quantity7 ( ! products ! individual is to receive2 ex*ange det]m9es ! products 9 :i* ! individual desires to receive 8 %>e allott$ to him by di/ribution4 ,production1 di/ribution1 ex*ange1 & consumption ?us =m a p]fect connection1 production /&+ = ! g5]al1 di/ribution & ex*ange = ! special1 & consumption = ! individual1 9 :i* all are jo9$ toge!r4 ,to be sure ?is is a connection1 b x does n g v deep4 ,production is det]m9$ accord+ to ! economi/s by univ]sal natural laws1 :ile di/ribution dep5ds on social *ance3 di/ribution c1 !re=e1 h a m or less /imulat+ effect on production3 ex*ange lies betwe5 ! two z a =mal 787 social movem5t1 & ! f9al act ( consumption :i* is consid]$ n only z a f9al purpose1 b also z a f9al aim1 falls1 prop]ly1 outside ( ! scope ( economics1 except 9 s f> z x reacts on ! />t+ po9t & causes ! entire process to beg9 all ov] aga94 ,! oppon5ts ( ! economi/s:e!r economi/s !mselves or n:o reproa* !m ) te>+ ap>t1 l b>b>ians1 :at is an organic :ole1 ei!r /& on common gr\nd ) !m or are bel[ !m4 ,no?+ is m common ?an ! *>ge t ! economi/s h be5 consid]+ production z an end 9 itself1 too mu* to ! exclusion ( ev]y?+ else4 ,! same has be5 said ) reg>d to di/ribution4 ,?is accusation is itself bas$ on ! economic conception t di/ribution exi/s side by side ) production z a self-conta9$1 indep5d5t sph]e4 ,or !y are accus$ t ! v>i\s factors are n treat$ by !m 9 _! connection z a :ole4 ,z ?\gh x 7 ! text books t impress ?is sep>ation ^u life & n life ^u ! text books2 & ! subject at issue 7 a dialectic balanc+ ( conceptions & n an analysis ( real conditions4 a4 ,production is at ! same "t also consumption4 ,tw(old consumption1 subjective & objective4 ,! individual :o develops 8 faculties 9 production1 is also exp5d+ !m1 consum+ !m 9 ! act ( production1 j z procreation is 9 its way a consumption ( vital p[]s4 ,9 ! second place1 production is consumption ( means ( production :i* are us$ & us$ up & p>tly 7z e4 g4 9 burn+7 r$uc$ to _! natural elem5ts4 ,! same is true ( ! consumption ( raw mat]ials :i* d n rema9 9 _! natural =m & /ate1 be+ greatly absorb$ 9 ! process4 ,! act ( production is1 !re=e1 9 all its aspects an act ( consumption z well4 ,b ?is is admitt$ by economi/s4 ,production z directly id5tical ) consumption1 consumption z directly co9cid5t ) production1 !y call productive consumption4 ,?is id5tity ( production & consumption f9ds its expression 9 ,sp9oza's proposition1 ,det]m9atio e/ negatio4 ,b ?is def9ition ( productive consumption is resort$ to j = ! purpose ( di/+ui%+ betwe5 consumption z id5tical ) production & consumption prop]1 :i* is def9$ z its de/ructive c\nt]p>t4 ,let u !n consid] consumption prop]4 ,consumption is directly also production1 j z 9 nature ! consumption ( ! elem5ts & ( *emical matt] con/itutes production ( plants4 ,x is cle>1 t 9 nutrition1 e4 g41 :i* is b "o =m ( consumption1 man produces 8 own body2 b x is equally true ( e k9d ( consumption1 :i* goes to produce ! human be+ 9 "o way or ano!r4 ,x is consumptive production4 ,b1 say ! economi/s1 ?is production :i* is id5tical ) consumption1 is a second production result+ f ! de/ruction ( ! product ( ! fir/4 ,9 ! fir/1 ! produc] trans=ms himself into ?+s2 9 ! second1 ?+s are trans=m$ into human be+s4 ,consequ5tly1 ?is consumptive productional?\gh con/itut+ a direct unity ( production & consumptiondiff]s ess5tially f production prop]4 ,! direct unity 9 :i* production co9cides ) consumption & consumption ) production1 does n int]f]e ) _! direct duality4 ,production is ?us at ! same "t consumption1 & consumption is at ! same "t production4 ,ea* is directly its own c\nt]p>t4 ,b at ! same "t an int]m$i>y movem5t goes on betwe5 ! two4 ,production fur!rs consumption by creat+ mat]ial = ! latt] :i* o!rwise w\ld lack its object4 ,b consumption 9 its turn fur!rs production1 by provid+ = ! products ! individual = :om !y are products4 ,! product receives its la/ f9i%+ t\*es 9 consumption4 ,a railroad on :i* no "o rides1 :i* is1 consequ5tly n us$ up1 n consum$1 is b a pot5tial railroad1 & n a real "o4 ,)\t production1 no consumption2 b1 on ! o!r h&1 )\t consumption1 no production2 s9ce production w\ld !n be )\t a purpose4 ,consumption produces production 9 two ways4 ,9 ! fir/ place1 9 t ! product fir/ becomes a real product 9 consumption2 e4 g41 a g>m5t becomes a real g>m5t only ?r\gh ! act ( be+ worn2 a dwell+ :i* is n inhabit$1 is really no dwell+2 consequ5tly1 a product z di/+ui%$ f a m]e natural object1 proves to be su*1 fir/ becomes a product 9 consumption4 ,consumption gives ! product ! f9i%+ t\* by annihilat+ x1 s9ce a product is ! result ( production n only z ! mat]ial embodim5t ( activity1 b also z a m]e object = ! active subject4 ,9 ! second place1 consumption produces production by creat+ ! necessity = new production1 i4 e4 by provid+ ! ideal1 inw>d1 impell+ cause :i* con/itutes ! pr]equisite ( production4 ,consumption furni%es ! impulse = production z well z its object1 :i* plays 9 production ! "p ( its guid+ aim4 ,x is cle> t :ile production furni%es ! mat]ial object ( consumption1 consumption provides ! ideal object ( production1 z its image1 its want1 its impulse & its purpose4 ,x furni%es ! object ( production 9 its subjective =m4 ,no wants1 no production4 ,b consumption reproduces ! want4 ,9 its turn1 production3 ,fir/1 furni%es consumption#aeh ) its mat]ial1 its object4 ,consumption )\t an object is no consumption1 h5ce production works 9 ?is direction by produc+ consumption4 ,second4 ,b x is n only ! object t production provides = consumption4 ,x gives consumption its def9ite outl9e1 its "*1 its f9i%4 ,j z consumption gives ! product its f9i%+ t\* z a product1 production puts ! f9i%+ t\* on consumption4 ,= ! object is n simply an object 9 g5]al1 b a def9ite object1 :i* is consum$ 9 a c]ta9 def9ite mann] prescrib$ 9 its turn by production4 ,hung] is hung]2 b ! hung] t is satisfi$ ) cook$ meat eat5 ) =k & knife is a diff]5t k9d ( hung] f ! "o t dev\rs raw meat ) ! aid ( h&s1 nails1 & tee?4 ,n only ! object ( consumption1 b also ! mann] ( consumption is produc$ by production2 t is to say1 consumption is creat$ by production n only objectively1 b also subjectively4 ,production ?us creates ! consum]s4 ,?ird4 ,production n only supplies ! want ) mat]ial1 b supplies ! mat]ial ) a want4 ,:5 consumption em]ges f its fir/ /age ( natural crud5ess & directness& its cont9uation 9 t /ate w\ld 9 itself be ! result ( a production /ill rema9+ 9 a /ate ( natural crud5essx is itself fur!r$ by its object z a mov+ spr+4 ,! want ( x :i* consumption exp]i5ces is creat$ by its appreciation ( ! product4 ,! object ( art1 z well z any o!r product1 creates an arti/ic & beauty-enjoy+ public4 ,production ?us produces n only an object = ! individual1 b also an individual = ! object4 ,production ?us produces consumption3 fir/1 by furni%+ ! latt] ) mat]ial2 second1 by det]m9+ ! mann] ( consumption2 ?ird1 by creat+ 9 consum]s a want = its products z objects ( consumption4 ,x ?us produces ! object1 ! mann]1 & ! mov+ spr+ ( consumption4 ,9 ! same mann]1 consumption creates ! disposition ( ! produc] by sett+ 787 him up z an aim & by /imulat+ wants4 ,! id5tity ( consumption & production ?us appe>s to be a ?ree fold "o4 ,fir/1 direct id5tity3 production is consumption2 consumption is production4 ,consumptive production4 ,productive consumption4 ,economi/s call bo? productive consumption1 b make "o di/9ction by call+ ! =m] reproduction1 & ! latt] productive consumption4 ,all inquiries into ! =m] deal ) productive & unproductive labor2 ^? into ! latt] treat ( productive & unproductive consumption4 ,second4 ,ea* appe>s z ! means ( ! o!r & z be+ br\ght ab\t by ! o!r1 :i* is express$ z _! mutual int]dep5d5ce2 a relation1 by virtue ( :i* !y appe> z mutually connect$ & indisp5sable1 yet rema9+ outside ( ea* o!r4 ,production creates ! mat]ial z ! outw>d object ( consumption2 consumption creates ! want z ! inw>d object1 ! purpose ( production4 ,)\t production1 no consumption2 )\t consumption1 no production2 ?is maxim figures 787 9 political economy 9 _m =ms4 ,?ird4 ,production is n only directly consumption & consumption directly production2 nor is production m]ely a means ( consumption & consumption ! purpose ( production4 ,9 o!r words1 n only does ea* furni% ! o!r ) its object2 production1 ! mat]ial object ( consumption2 consumption1 ! ideal object ( production4 ,on ! contr>y1 ei!r "o is n only directly ! o!r1 n 787 only a means ( fur!r+ ! o!r1 b :ile x is tak+ place1 creates ! o!r z su* = itself 7874 ,consumption completes ! act ( production by giv+ ! f9i%+ t\* to ! product z su*1 by de/roy+ ! latt]1 by break+ up its indep5d5t mat]ial =m2 by br++ to a /ate ( read9ess1 ?r\gh ! necessity ( repetition1 ! disposition to produce develop$ 9 ! fir/ act ( production2 t is to say1 x is n only ! conclud+ act ?r\gh :i* ! product becomes a product1 b also ! "o ?r\gh :i* ! produc] becomes a produc]4 ,on ! o!r h&1 production produces consumption1 by det]m9+ ! mann] ( consumption1 & fur!r1 by creat+ ! inc5tive = consumption1 ! v ability to consume1 9 ! =m ( want4 ,?is latt] id5tity m5tion$ "u po9t #c1 is mu* discuss$ 9 political economy 9 connection ) ! treatm5t ( ! relations ( dem& & supply1 ( objects & wants1 ( natural wants & ^? creat$ by society4 ,h5ce1 x is ! simple/ matt] ) a ,hegelian to treat production & consumption z id5tical4 ,& ?is has be5 done n only by sociali/ writ]s ( fiction b ev5 by economi/s1 e4 g4 ,say2 ! latt] ma9ta9$ t if we consid] a nation z a :ole1 or mank9d 9 ab/ractoh] production is at ! same "t h] consumption4 ,/or* po9t$ out ,say's error by call+ att5tion to ! fact t a nation does n entirely consume h] product1 b also creates means ( production1 fix$ capital1 etc4 ,to consid] society z a s+le individual is moreov] a false mode ( speculative reason+4 ,) an individual1 production & consumption appe> z diff]5t aspects ( "o act4 ,! important po9t to be emphasiz$ "h is t if production & consumption be consid]$ z activities ( "o individual or ( sep>ate individuals1 !y appe> at any rate z aspects ( "o process 9 :i* production =ms ! actual />t+ po9t & is1 !re=e1 ! pr$om9at+ factor4 ,consumption1 z a natural necessity1 z a want1 con/itutes an int]nal factor ( productive activity1 b ! latt] is ! />t+ po9t ( realization &1 !re=e1 its pr$om9at+ factor1 ! act into :i* ! entire process resolves itself 9 ! end4 ,! individual produces a c]ta9 article & turns aga9 into himself by consum+ x2 b he returns z a productive & a self-reproduc+ individual4 ,consumption ?us appe>s z a factor ( production4 ,9 society1 h[ev]1 ! relation ( ! produc] to 8 product1 z soon z x is complet$1 is an outw>d "o1 & ! return ( ! product to ! individual dep5ds on 8 relations to o!r individuals4 ,he does n take imm$iate possession ( x4 ,nor does ! direct appropriation ( ! product con/itute 8 purpose1 :5 he produces 9 society4 ,betwe5 ! produc] & ! product di/ribution /eps 91 :i* det]m9es by social laws 8 %>e 9 ! _w ( products2 t is to say1 di/ribution /eps 9 betwe5 production & consumption4 ,does di/ribution =m an indep5d5t sph]e /&+ side by side ) & outside ( production8 b4 ,production & ,di/ribution4 ,9 p]us+ ! common treatises on economics "o c n help be+ /ruck ) ! fact t ev]y?+ is treat$ !re twice2 e4 g41 "u di/ribution1 !re figure r5t1 wages1 int]e/1 & pr(it2 :ile "u production we f9d l&1 labor1 & capital z ag5ts ( production4 ,z reg>ds capital1 x is at once cle> t x is c\nt$ twice3 fir/1 z an ag5t ( production2 second1 z a s\rce ( income2 z det]m9+ factors & def9ite =ms ( di/ribution1 int]e/ & pr(it figure z su* also 9 production1 s9ce !y are =ms1 9 :i* capital increases & gr[s1 & are consequ5tly factors ( its own production4 ,int]e/ & pr(it1 z =ms ( di/ribution1 imply ! exi/5ce ( capital z an ag5t ( production4 ,!y are =ms ( di/ribution :i* h = _! pr]equisite capital z an ag5t ( production4 ,!y are also =ms ( reproduction ( capital4 ,9 ! same mann]1 wages is wage-labor :5 consid]$ "u ano!r head2 ! def9ite "* :i* labor has 9 "o case z an ag5t ( production1 appe>s 9 ! o!r z a =m ( di/ribution4 ,if labor 7 n fix$ z wage-labor1 its mann] ( p>ticipation 9 di/ribution#aei w\ld n appe> z wages1 z is ! case e4 g4 "u slav]y4 ,f9ally1 r5tto take at once ! mo/ develop$ =m ( di/ributionby means ( :i* l&$ prop]ty receives its %>e ( ! products1 implies ! exi/5ce ( l>ge l&$ prop]ty 7prop]ly speak+1 agriculture on a l>ge scale7 z an ag5t ( production1 & n simply l&1 no m ?an wages repres5ts simply labor4 ,! relations & me?ods ( di/ribution appe>1 !re=e1 m]ely z ! rev]se sides ( ! ag5ts ( production4 ,an individual :o p>ticipates 9 production z a wage labor]1 receives 8 %>e ( ! products1 i4 e4 ( ! results ( production1 9 ! =m ( wages4 ,! subdivisions & organization ( di/ribution are det]m9$ by ! subdivisions & organization ( production4 ,di/ribution is itself a product ( production1 n only 9 s f> z ! mat]ial goods are conc]n$1 s9ce only ! results ( production c be di/ribut$2 b also z reg>ds its =m1 s9ce ! def9ite mann] ( p>ticipation 9 production det]m9es ! p>ticul> =m ( di/ribution1 ! =m "u :i* p>ticipation 9 di/ribution takes place4 ,x is q an illusion to place l& "u production1 r5t "u di/ribution1 etc4 ,economi/s1 l ,ric>do1 :o are accus$ above all ( hav+ paid exclusive att5tion to production1 def9e di/ribution1 !re=e1 z ! exclusive subject ( political economy1 because !y in/9ctively#afj reg>d ! =ms ( di/ribution z ! cle>e/ =ms 9 :i* ! ag5ts ( production f9d expression 9 a giv5 society4 ,to ! s+le individual di/ribution naturally appe>s z a law e/abli%$ by society det]m9+ 8 position 9 ! sph]e ( production1 )9 :i* he produces1 & ?us ant$at+ production4 ,at ! outset ! individual has no capital1 no l&$ prop]ty4 ,f 8 bir? he is assign$ to wage-labor by ! social process ( di/ribution4 ,b ?is v condition ( be+ assign$ to wage-labor is ! result ( ! exi/5ce ( capital & l&$ prop]ty z indep5d5t ag5ts ( production4 ,f ! po9t ( view ( society z a :ole1 di/ribution seems to ant$ate & to det]m9e production 9 ano!r way z well1 z a pre-economic fact1 s to say4 ,a conqu]+ p divides ! l& among ! conqu]ors e/abli%+ !reby a c]ta9 division & =m ( l&$ prop]ty & det]m9+ ! "* ( production2 or1 x turns ! conqu]$ p into slaves & ?us makes slave labor ! basis ( production4 ,or1 a nation1 by revolution1 breaks up l>ge e/ates into small p>cels ( l& & by ?is new di/ribution imp>ts to production a new "*4 ,or1 legislation p]petuates l& own]%ip 9 l>ge families or di/ributes labor z an h]$it>y privilege & ?us fixes x 9 ca/es4 ,9 all ( ^! cases1 & !y are all hi/oric1 x is n di/ribution t seems to be organiz$ & det]m9$ by production1 b on ! contr>y1 production by di/ribution4 ,9 ! mo/ %all[ conception ( di/ribution1 ! latt] appe>s z a di/ribution ( products & to t ext5t z fur!r remov$ f & quasi-indep5d5t ( production4 ,b be=e di/ribution means di/ribution ( products1 x is fir/1 a di/ribution ( ! means ( production1 & second1 :at is practically ano!r word+ ( ! same fact1 x is a di/ribution ( ! memb]s ( society among ! v>i\s k9ds ( production 7! subjection ( individuals to c]ta9 conditions ( production74 ,! di/ribution ( products is manife/ly a result ( ?is di/ribution1 :i* is b\nd up ) ! process ( production & det]m9es ! v organization ( ! latt]4 ,to treat ( production ap>t f ! di/ribution :i* is compris$ 9 x1 is pla9ly an idle ab/raction4 ,conv]sely1 we "k ! "* ( ! di/ribution ( products ! mom5t we are giv5 ! nature ( t o!r di/ribution :i* =ms orig9ally a factor ( production4 ,ric>do1 :o 0 conc]n$ ) ! analysis ( production z x is organiz$ 9 mod]n society & :o 0 ! economi/ ( production p> excell5ce1 = t v reason decl>es n production b di/ribution z ! subject prop] ( mod]n economics4 ,we h "h ano!r evid5ce ( ! insipidity ( ! economi/s :o treat production z an et]nal tru?1 & bani% hi/ory to ! doma9 ( di/ribution4 ,:at relation to production ?is di/ribution1 :i* has a det]m9+ influ5ce on production itself1 assumes1 is pla9ly a "q :i* falls )9 ! prov9ce ( production4 ,%\ld x be ma9ta9$ t at lea/ to ! ext5t t production dep5ds on a c]ta9 di/ribution ( ! in/rum5ts ( production1 di/ribution 9 t s5se prec$es production & con/itutes its pr]equisite2 x may be repli$ t production has 9 fact its pr]equisite conditions1 :i* =m factors ( x4 ,^! may appe> at fir/ to h a natural orig94 ,by ! v process ( production !y are *ang$ f natural to hi/orical1 & if !y appe> dur+ "o p]iod z a natural pr]equisite ( production1 !y =m$ at o!r p]iods its hi/orical result4 ,)9 ! sph]e ( production itself !y are und]go+ a con/ant *ange4 ,e4 g41 ! application ( ma*9]y produces a *ange 9 ! di/ribution ( ! in/rum5ts ( production z well z 9 t ( products1 & mod]n l& own]%ip on a l>ge scale is z mu* ! result ( mod]n trade & mod]n indu/ry1 z t ( ! application ( ! latt] to agriculture4 ,all ( ^! que/ions resolve !mselves 9 ! la/ in/ance to ?is3 ,h[ d g5]al hi/orical conditions affect production & :at "p does x play at all 9 ! c\rse ( hi/ory8 ,x is evid5t t ?is "q c be tak5 up only 9 connection ) ! discussion & analysis ( production4 ,yet 9 ! trivial =m 9 :i* ^! que/ions are rais$ above1 !y c be answ]$ j z briefly4 ,9 ! case ( all conque/s ?ree ways lie op54 ,! conqu]+ p may impose its own me?ods ( production ^u ! conqu]$ 7e4 g4 ! ,engli% 9 ,irel& 9 ! n9ete5? c5tury1 p>tly also 9 ,india72 or1 x may all[ ev]y?+ to rema9 z x 0 cont5t+ itself ) tribute 7e4 g4 ! ,turks & ! ,romans72 or1 ! two sy/ems by mutually modify+ ea* o!r may result 9 some?+ new1 a syn!sis 7:i* p>tly result$ f ! ,g]manic conque/s74 ,9 all ( ^! conque/s ! me?od ( production1 be x ( ! conqu]ors1 ! conqu]$1 or ! "o result+ f a comb9ation ( bo?1 det]m9es ! nature ( ! new di/ribution :i* comes into play4 ,al?\gh ! latt] appe>s n[ z ! pr]equisite condition ( ! new p]iod ( production1 x is 9 itself b a product ( production1 n ( production belong+ to hi/ory 9 g5]al1 b ( production relat+ to a def9ite hi/orical p]iod4 ,! ,mongols ) _! deva/ations 9 ,russia e4 g4 act$ 9 accordance ) _! sy/em ( production1 = :i* suffici5t pa/ures on l>ge un9habit$ /ret*es ( c\ntry are ! ma9 pr]equisite4 ,! ,g]manic b>b>ians1 ) :om agriculture c>ri$ on ) ! aid ( s]fs 0 ! traditional sy/em ( production & :o 7 accu/om$ to lonely life 9 ! c\ntry1 c\ld introduce ! same conditions 9 ! ,roman prov9ces s mu* easi] s9ce ! conc5tration ( l&$ prop]ty :i* _h tak5 place !re1 di$ away completely ) ! old] sy/ems ( agriculture4 ,!re is a preval5t tradition t 9 c]ta9 p]iods robb]y con/itut$ ! only s\rce ( liv+4 ,b 9 ord] to be able to plund]1 !re mu/ be some?+ to plund]1 i4 e4 !re mu/ be production4#afa ,& ev5 ! me?od ( plund] is det]m9$ by ! me?od ( production4 ,a /ockjobb+ nation#afb e4 g4 c n be robb$ 9 ! same mann] z a nation ( %eph]ds4 ,9 ! case ( ! slave ! in/rum5t ( production is robb$ directly4 ,b !n ! production ( ! c\ntry 9 ^: int]e/ he is robb$1 mu/ be s organiz$ z to admit ( slave labor1 or 7z 9 ,s\? ,am]ica1 etc47 a sy/em ( production mu/ be introduc$ adapt$ to slav]y4 ,laws may p]petuate an in/rum5t ( production1 e4 g4 l&1 9 c]ta9 families4 ,^! laws assume an economic importance if l>ge l&$ prop]ty is 9 h>mony ) ! sy/em ( production prevail+ 9 society1 z is ! case e4 g4 9 ,engl&4 ,9 ,france agriculture _h be5 c>ri$ on on a small scale 9 spite ( ! l>ge e/ates1 & ! latt] 71 !re=e1 brok5 up by ! ,revolution4 ,b h[ ab\t ! legislative attempt to p]petuate ! m9ute subdivision ( ! l&8 ,9 spite ( ^! laws l& own]%ip is conc5trat+ aga94 ,! effect ( legislation on ! ma9t5ance ( a sy/em ( di/ribution & its resultant influ5ce on production are to be det]m9$ else:]e4 c4 ,ex*ange & ,circulation4 ,circulation is b a c]ta9 aspect ( ex*ange1 or x may be def9$ z ex*ange consid]$ z a :ole4 ,s9ce ex*ange is an int]m$i>y factor betwe5 production & its dep5d5t1 di/ribution1 on ! "o h&1 & consumption1 on ! o!r2 & s9ce ! latt] appe>s b z a con/itu5t ( production1 ex*ange is manife/ly also a con/itu5t "p ( production4 ,9 ! fir/ place1 x is cle> t ! ex*ange ( activities & abilities :i* takes place 9 ! sph]e ( production falls directly )9 ! latt] & con/itutes "o ( its ess5tial elem5ts4 ,9 ! second place1 ! same is true ( ! ex*ange ( products1 9 s f> z x is a means ( complet+ a c]ta9 product1 design$ = imm$iate consumption4 ,to t ext5t ex*ange con/itutes an act includ$ 9 production4 ,?irdly1 ! s-call$ ex*ange betwe5 deal]s & deal]s#afc is by virtue ( its organization det]m9$ by production1 & is itself a species ( productive activity4 ,ex*ange appe>s to be indep5d5t ( & indiff]5t to production only 9 ! la/ /age :5 products are ex*ang$ directly = consumption4 ,b 9 ! fir/ place1 !re is no ex*ange )\t a division ( labor1 :e!r natural or z a result ( hi/orical developm5t2 secondly1 private ex*ange implies ! exi/5ce ( private production2 ?irdly1 ! int5sity ( ex*ange1 z well z its ext5t & "* are det]m9$ by ! degree ( developm5t & organization ( production1 z e4 g4 ex*ange betwe5 city & c\ntry1 ex*ange 9 ! c\ntry1 9 ! city1 etc4 ,ex*ange ?us appe>s 9 all its aspects to be directly includ$ 9 or det]m9$ by production4 ,! result we arrive at is n t production1 di/ribution1 ex*ange1 & consumption are id5tical1 b t !y are all memb]s ( "o entity1 diff]5t sides ( "o unit4 ,production pr$om9ates n only ov] production itself 9 ! opposite s5se ( t t]m1 b ov] ! o!r elem5ts z well4 ,) x ! process con/antly />ts ov] aga94 ,t ex*ange & consumption c n be ! pr$om9at+ elem5ts is self evid5t4 ,! same is true ( di/ribution 9 ! n>r[ s5se ( di/ribution ( products2 z = di/ribution 9 ! s5se ( di/ribution ( ! ag5ts ( production1 x is itself b a factor ( production4 ,a def9ite =m ( production ?us det]m9es ! =ms ( consumption1 di/ribution1 ex*ange1 & also ! mutual relations betwe5 ^! v>i\s elem5ts4 ,( c\rse1 production 9 its "o-sid$ =m is 9 its turn influ5c$ by o!r elem5ts2 e4 g4 ) ! expansion ( ! m>ket1 i4 e4 ( ! sph]e ( ex*ange1 production gr[s 9 volume & is subdivid$ to a great] ext5t4 ,) a *ange 9 di/ribution1 production und]goes a *ange2 z e4 g4 9 ! case ( conc5tration ( capital1 ( a *ange 9 ! di/ribution ( population 9 city & c\ntry1 etc4 ,f9ally1 ! dem&s ( consumption also influ5ce production4 ,a mutual int]action takes place betwe5 ! v>i\s elem5ts4 ,su* is ! case ) e organic body4 #c4 ,,! ,,me?od ,,( ,,political ,,economy4 ,:5 we consid] a giv5 c\ntry f a politico-economic /&po9t1 we beg9 ) its population1 !n analyze ! latt] accord+ to its subdivision into classes1 location 9 city1 c\ntry1 or by ! sea1 occupation 9 diff]5t bran*es ( production2 !n we /udy its exports & imports1 annual production & consumption1 prices ( commodities1 etc4 ,x seems to be ! correct proc$ure to comm5ce ) ! real & concrete aspect ( conditions z !y are2 9 ! case ( political economy1 to comm5ce ) population :i* is ! basis & ! au?or ( ! entire productive activity ( society4 ,yet1 on clos] consid]ation x proves to be wrong4 ,population is an ab/raction1 if we leave out e4 g4 ! classes ( :i* x consi/s4 ,^! classes1 aga91 are b an empty ^w1 unless we "k :at are ! elem5ts on :i* !y are bas$1 su* z wage-labor1 capital1 etc4 ,^? imply1 9 _! turn1 ex*ange1 division ( labor1 prices1 etc4 ,capital1 e4 g4 does n mean any?+ )\t wage-labor1 value1 money1 price1 etc4 ,if we />t out1 !re=e1 ) population1 we d s ) a *aotic conception ( ! :ole1 & by clos] analysis we w gradually arrive at simpl] ideas2 ?us we %all proce$ f ! imag9>y concrete to loss & less complex ab/ractions1 until we get at ! simple/ conception4 ,?is once atta9$1 we might />t on our return j\rney until we w\ld f9ally come back to population1 b ?is "t n z a *aotic notion ( an integral :ole1 b z a ri* aggregate ( _m conceptions & relations4 ,! =m] me?od is ! "o :i* political economy _h adopt$ 9 ! pa/ at its inception4 ,! economi/s ( ! sev5te5? c5tury1 e4 g41 always />t$ out ) ! liv+ aggregate3 population1 nation1 /ate1 sev]al /ates1 etc41 b 9 ! end !y inv>iably arriv$1 by means ( analysis1 at c]ta9 lead+1 ab/ract g5]al pr9ciples1 su* z division ( labor1 money1 value1 etc4 ,z soon z ^! sep>ate elem5ts _h be5 m or less e/abli%$ by ab/ract reason+1 !re arose ! sy/ems ( political economy :i* />t f simple conceptions1 su* z labor1 division ( labor1 dem&1 ex*ange value1 & conclude ) /ate1 int]national ex*ange & _w m>ket4 ,! latt] is manife/ly ! sci5tifically correct me?od4 ,! concrete is concrete1 because x is a comb9ation ( _m objects ) diff]5t de/9ations1 i4 e4 a unity ( div]se elem5ts4 ,9 our ?\ght1 x !re=e appe>s z a process ( syn!sis1 z a result1 & n z a />t+ po9t1 al?\gh x is ! real />t+ po9t &1 !re=e1 also ! />t+ po9t ( obs]vation & conception4 ,by ! =m] me?od ! complete conception passes into an ab/ract def9ition2 by ! latt]1 ! ab/ract def9itions lead to ! reproduction ( ! concrete subject 9 ! c\rse ( reason+4 ,hegel fell into ! error1 !re=e1 ( consid]+ ! real z ! result ( self-coord9at+1 self-absorb$1 & spontane\sly op]at+ ?\ght1 :ile ! me?od ( advanc+ f ! ab/ract to ! concrete is b a way ( ?9k+ by :i* ! concrete is grasp$ & is reproduc$ 9 our m9d z a concrete4 ,x is by no means1 h[ev]1 ! process :i* itself g5]ates ! concrete4 ,! simple/ economic category1 say1 ex*ange value1 implies ! exi/5ce ( population1 population t is engag$ 9 production "u c]ta9 conditions2 x also implies ! exi/5ce ( c]ta9 types ( family1 clan1 or /ate1 etc4 ,x c h no o!r exi/5ce except z an ab/ract "o-sid$ relation ( an already giv5 concrete & liv+ aggregate4 ,z a category1 h[ev]1 ex*ange value leads an ant$iluvian exi/5ce4 ,& s9ce our philosophic consci\sness is s arrang$ t only ! image ( ! man t x conceives appe>s to x z ! real man & ! _w z x conceives x1 z ! real _w2 x mi/akes ! movem5t ( categories = ! real act ( production 7:i* un=tunately 787 receives only its impetus f outside7 ^: result is ! _w2 t is true"h we h1 h[ev]1 aga9 a tautology9 s f> z ! concrete aggregate is a ?\ght aggregate1 9 s f> z ! concrete subject ( our ?\ght is 9 fact a product ( ?\ght1 ( compreh5sion2 n1 h[ev]1 9 ! s5se ( a product ( a self-emanat+ conception :i* works outside ( & /&s above obs]vation & imag9ation1 b ( a m5tal consummation ( obs]vation & imag9ation4 ,! :ole1 z x appe>s 9 our heads z a ?\ght-aggregate1 is ! product ( a ?9k+ m9d :i* grasps ! _w 9 ! only way op5 to x1 a way :i* diff]s f ! "o employ$ by ! arti/ic1 religi\s1 or practical m9d4 ,! concrete subject cont9ues to lead an indep5d5t exi/5ce aft] x has be5 grasp$1 z x did be=e1 outside ( ! head1 s long z ! head contemplates x only speculatively1 !oretically4 ,s t 9 ! employm5t ( ! !oretical me?od 9 political economy1 ! subject1 society1 mu/ con/antly be kept 9 m9d z ! premise f :i* we />t4 ,b h ^! simple categories no indep5d5t hi/orical or natural exi/5ce ant$at+ ! m concrete ones8 a dep5d4 ,= in/ance1 9 8 ,philosophy ( ,law ,hegel rightly />ts out ) possession1 z ! simple/ legal relation ( individuals4 ,b !re is no su* ?+ z possession be=e ! family or ! relations ( "l & s]f1 :i* are a great deal m concrete relations1 h come into exi/5ce4 ,on ! o!r h&1 "o w\ld be "r 9 say+ t !re are families & clans :i* only possess1 b d n own ?+s4 ,! simpl] category ?us appe>s z a relation ( simple family & clan communities ) respect to prop]ty4 ,9 e>li] society ! category appe>s z a simple relation ( a develop$ organism1 b ! concrete sub/ratum f :i* spr+s ! relation ( possession1 is always impli$4 ,"o c imag9e an isolat$ savage 9 possession ( ?+s4 ,b 9 t case possession is no legal relation4 ,x is n true t ! family came z ! result ( ! hi/orical evolution ( possession4 ,on ! contr>y1 ! latt] always implies ! exi/5ce ( ?is 8m concrete category ( law40 ,yet s mu* may be said1 t ! simple categories are ! expression ( relations 9 :i* ! less develop$ concrete entity may h be5 realiz$ )\t ent]+ into ! manifold relations & be>+s :i* are m5tally express$ 9 ! concrete category2 b :5 ! concrete entity atta9s full] developm5t x w reta9 ! same category z a subord9ate relation4 ,money may exi/ & actually _h exi/$ 9 hi/ory be=e capital1 or banks1 or wage-labor came into exi/5ce4 ,) t 9 m9d1 x may be said t ! m simple category c s]ve z an expression ( ! pr$om9ant relations ( an undevelop$ :ole or ( ! subord9ate relations ( a m develop$ :ole1 relations :i* _h hi/orically exi/$ be=e ! :ole develop$ 9 ! direction express$ 9 ! m concrete category4 ,9 s f>1 ! laws ( ab/ract reason+ :i* asc5ds f ! mo/ simple to ! complex1 correspond to ! actual process ( hi/ory4 ,on ! o!r h&1 x may be said t !re are highly develop$ b hi/orically unripe =ms ( society 9 :i* ! highe/ economic =ms are to be f\nd1 su* z co-op]ation1 advanc$ division ( labor1 etc41 & yet !re is no money 9 exi/5ce1 e4 g4 ,p]u4 ,9 ,slavic communities also1 money1 z well z ex*ange to :i* x owes its exi/5ce1 does n appe> at all or v little )9 ! sep>ate communities1 b x appe>s on _! b\nd>ies 9 _! int]-communal traffic2 9 g5]al1 x is errone\s to consid] ex*ange z a con/itu5t elem5t orig9at+ )9 ! community4 ,x appe>s at fir/ m 9 ! mutual relations betwe5 diff]5t communities1 ?an 9 ^? betwe5 ! memb]s ( ! same community4 ,fur!rmore1 al?\gh money beg9s to play its "p ev]y:]e at an e>ly /age1 x plays 9 antiquity ! "p ( a pr$om9ant elem5t only 9 "o-sid$ly develop$ nations1 viz4 trad+ nations1 & ev5 9 mo/ cultur$ antiquity1 9 ,greece & ,rome1 x atta9s its full developm5t1 :i* con/itutes ! pr]equisite ( mod]n b\rgeois society1 only 9 ! p]iod ( _! decay4 ,?us1 ?is q simple category atta9$ its culm9ation 9 ! pa/ only at ! mo/ advanc$ /ages ( society4 ,ev5 !n x did n p]vade 787 all economic relations2 9 ,rome e4 g4 at ! "t ( its highe/ developm5t taxes & paym5ts 9 k9d rema9$ ! basis4 ,z a matt] ( fact1 ! money sy/em 0 fully develop$ !re only s f> z ! army 0 conc]n$2 x nev] came to dom9ate ! entire sy/em ( labor4 ,?us1 al?\gh ! simple category may h exi/$ hi/orically be=e ! m concrete "o1 x c atta9 its complete int]nal & ext]nal developm5t only 9 complex 787 =ms ( society1 :ile ! m concrete category has rea*$ its full developm5t 9 a less advanc$ =m ( society4 ,labor is q a simple category4 ,! idea ( labor 9 t s5se1 z labor 9 g5]al1 is also v old4 ,yet1 8labor0 ?us simply def9$ by political economy is z mu* a mod]n category1 z ! conditions :i* h giv5 rise to ?is simple ab/raction4 ,! monet>y sy/em1 e4 g4 def9es weal? q objectively1 z a ?+ 787#afd 9 money4 ,comp>$ ) ?is po9t ( view1 x 0 a great /ep =w>d1 :5 ! indu/rial or comm]cial sy/em came to see ! s\rce ( weal? n 9 ! object b 9 ! activity ( p]sons1 viz4 9 comm]cial & indu/rial labor4 ,b ev5 ! latt] 0 ?us consid]$ only 9 ! limit$ s5se ( a money produc+ activity4 ,! physiocratic sy/em m>ks /ill fur!r progress 9 t x consid]s a c]ta9 =m ( labor1 viz4 agriculture1 z ! s\rce ( weal?1 & weal? itself n 9 ! disguise ( money1 b z a product 9 g5]al1 z ! g5]al result ( labor4 ,b correspond+ to ! limitations ( ! activity1 ?is product is /ill only a natural product4 ,agriculture is productive1 l& is ! s\rce ( production p> excell5ce4 ,x 0 a trem5d\s advance on ! "p ( ,adam ,smi? to ?r[ aside all limitations :i* m>k weal?-produc+ activity & to def9e x z labor 9 g5]al1 nei!r indu/rial1 nor comm]cial1 nor agricultural1 or "o z mu* z ! o!r4 ,along ) ! univ]sal "* ( weal?-creat+ activity we h n[ ! univ]sal "* ( ! object def9$ z weal?1 viz4 product 9 g5]al1 or labor 9 g5]al1 b z pa/ incorporat$ labor4 ,h[ difficult & great 0 ! transition1 is evid5t f ! way ,adam ,smi? himself falls back f "t to "t into ! physiocratic sy/em4 ,n[1 x might seem z ?\gh ?is am\nt$ simply to f9d+ an ab/ract expression = ! simple/ relation into :i* m5 h be5 mutually ent]+ z produc]s f times ( yore1 no matt] "u :at =m ( society4 ,9 "o s5se ?is is true4 ,9 ano!r x is n4 ,! indiff]5ce z to ! p>ticul> k9d ( labor implies ! exi/5ce ( a highly develop$ aggregate ( diff]5t species ( concrete labor1 none ( :i* is any long] ! pr$om9ant "o4 ,s d ! mo/ g5]al ab/ractions commonly arise only :]e !re is ! highe/ concrete developm5t1 :]e "o feature appe>s to be jo9tly possess$ by _m1 & to be common to all4 ,!n x c n be ?\ght ( any long] 9 "o p>ticul> =m4 ,on ! o!r h&1 ?is ab/raction ( labor is b ! result ( a concrete aggregate ( diff]5t k9ds ( labor4 ,! indiff]5ce to ! p>ticul> k9d ( labor corresponds to a =m ( society 9 :i* individuals pass ) ease f "o k9d ( "w to ano!r1 :i* makes x immat]ial to !m :at p>ticul> k9d ( "w may fall to _! %>e4 ,labor has become "h1 n only categorically b really1 a means ( creat+ weal? 9 g5]al & is no long] gr[n toge!r ) ! individual into "o p>ticul> de/9ation4 ,?is /ate ( affairs has f\nd its highe/ developm5t 9 ! mo/ mod]n ( b\rgeois societies1 ! ,unit$ ,/ates4 ,x is only "h t ! ab/raction ( ! category 8labor10 8labor 9 g5]al10 labor sans phrase1 ! />t+ po9t ( mod]n political economy1 becomes realiz$ 9 practice4 ,?us1 ! simple/ ab/raction :i* mod]n political economy sets up z its />t+ po9t1 & :i* expresses a relation dat+ back to antiquity & preval5t "u all =ms ( society1 appe>s 9 ?is ab/raction truly realiz$ only z a category ( ! mo/ mod]n society4 ,x might be said t :at appe>s 9 ! ,unit$ ,/ates z an hi/orical product1viz4 ! indiff]5ce z to ! p>ticul> k9d ( laborappe>s among ! ,russians e4 g4 z a natural disposition4 ,b x makes all ! diff]5ce 9 ! _w :e!r b>b>ians h a natural pr$isposition :i* makes !m applicable alike to ev]y?+1 or :e!r civiliz$ p apply !mselves to ev]y?+4 ,&1 besides1 ?is indiff]5ce ( ! ,russians z to ! k9d ( "w !y d1 corresponds to _! traditional practice ( rema9+ 9 ! rut ( a q def9ite occupation until !y are ?r[n out ( x by ext]nal influ5ces4 ,?is example ( labor /rik+ly %[s h[ ev5 ! mo/ ab/ract categories1 9 spite ( _! applicability to all epo*sj because ( _! ab/ract "*are by ! v def9it5ess ( ! ab/raction a product ( hi/orical conditions z well1 & are fully applicable only to & "u ^? conditions4 ,! b\rgeois society is ! mo/ highly develop$ & mo/ highly diff]5tiat$ hi/orical organization ( production4 ,! categories :i* s]ve z ! expression ( its conditions & ! compreh5sion ( its own organization enable x at ! same "t to ga9 an insight into ! organization & ! conditions ( production :i* _h prevail$ "u all ! pa/ =ms ( society1 on ! ru9s & con/itu5t elem5ts ( :i* x has aris51 & ( :i* x /ill drags along "s unsurm\nt$ remnants1 :ile :at _h =m]ly be5 m]e intimation has n[ develop$ to complete significance4 ,! anatomy ( ! human be+ is ! key to ! anatomy ( ! ape4 ,b ! intimations ( a high] animal 9 l[] ones c be und]/ood only if ! animal ( ! high] ord] is already kn[n4 ,! b\rgeois economy furni%es a key to anci5t economy1 etc4 ,?is is1 h[ev]1 by no means true ( ! me?od ( ^? economi/s :o blot out all hi/orical diff]5ces & see ! b\rgeois =m 9 all =ms ( society4 ,"o c und]/& ! nature ( tribute1 ti!s1 etc41 aft] "o has le>n$ ! nature ( r5t4 ,b !y mu/ n be consid]$ id5tical4 ,s9ce1 fur!rmore1 b\rgeois society is b a =m result+ f ! developm5t ( antagoni/ic elem5ts1 "s relations belong+ to e>li] =ms ( society are frequ5tly to be f\nd 9 x b 9 a crippl$ /ate or z a trave/y ( _! =m] self1 z e4 g4 communal prop]ty4 ,:ile x may be said1 !re=e1 t ! categories ( b\rgeois economy conta9 :at is true ( all o!r =ms ( society1 ! /atem5t is to be tak5 cum grano salis4 ,!y may conta9 ^! 9 a develop$1 or crippl$1 or c>icatur$ =m1 b always ess5tially diff]5t4 ,! s-call$ hi/orical developm5t am\nts 9 ! la/ analysis to ?is1 t ! la/ =m consid]s its pr$ecessors z /ages lead+ up to itself & p]ceives !m always "o-sid$ly1 s9ce x is v seldom & only "u c]ta9 conditions t x is capable ( self-criticism2 ( c\rse1 we d n speak "h ( su* hi/orical p]iods :i* appe> to _! own contempor>ies z p]iods ( decay4 ,! ,*ri/ian religion became capable to assi/ u to an objective view ( pa/ my?ologies z soon z x 0 ready = self-criticism to a c]ta9 ext5t1 dynamei s-to-say4 ,9 ! same way b\rgeois political economy fir/ came to und]/& ! feudal1 ! anci5t1 & ! ori5tal societies z soon z ! self-criticism ( ! b\rgeois society _h comm5c$4 ,s f> z b\rgeois political economy has n gone into ! my?ology ( purely 787 id5tify+ ! b\rgeois sy/em ) ! pa/1 its criticism ( ! feudal sy/em aga9/ :i* x /ill _h to wage w> resembl$ ,*ri/ian criticism ( ! hea!n religions or ,prote/ant criticism ( ,ca?olicism4 ,9 ! /udy ( economic categories1 z 9 ! case ( e hi/orical & social sci5ce1 x mu/ be borne 9 m9d t z 9 reality s 9 our m9d ! subject1 9 ?is case mod]n b\rgeois society1 is giv5 & t ! categories are !re=e b =ms ( expression1 manife/ations ( exi/5ce1 & frequ5tly b "o-sid$ aspects ( ?is subject1 ?is def9ite society2 & t1 !re=e1 ! orig9 ( political economy z a sci5ce does n by any means date f ! "t to :i* x is ref]r$ z su*4 ,?is is to be firmly held 9 m9d because x has an imm$iate & important be>+ on ! matt] ( ! subdivisions ( ! sci5ce4 ,= in/ance1 no?+ seems m natural ?an to />t ) r5t1 ) l&$ prop]ty1 s9ce x is b\nd up ) l&1 ! s\rce ( all production & all exi/5ce1 & ) ! fir/ =m ( production 9 all m or less settl$ communities1 viz4 agriculture4 ,b no?+ w\ld be m errone\s4 ,"u all =ms ( society !re is a c]ta9 indu/ry :i* pr$om9ates ov] all ! re/ & ^: condition !re=e det]m9es ! rank & influ5ce ( all ! re/4 ,x is ! univ]sal light ) :i* all ! o!r colors are t+$ & are modifi$ ?r\gh its peculi>ity4 ,x is a special e!r :i* det]m9es ! specific gravity ( ev]y?+ t appe>s 9 x4 ,let u take = example pa/oral nations 7m]e hunt+ & fi%+ tribes are n z yet at ! po9t f :i* real developm5t comm5ces74 ,!y engage 9 a c]ta9 =m ( agriculture1 sporadically4 ,! nature ( l&-own]%ip is det]m9$ !reby4 ,x is held 9 common & reta9s ?is =m m or less accord+ to ! ext5t to :i* ^! nations hold on to traditions2 su* e4 g4 is l&-own]%ip among ! ,slavs4 ,among nations ^: agriculture is c>ri$ on by a settl$ population! settl$ /ate con/itut+ a great advance:]e agriculture is ! pr$om9ant indu/ry1 su* z 9 anci5t & feudal societies1 ev5 ! manufactur+ indu/ry & its organization1 z well z ! =ms ( prop]ty :i* p]ta9 to x1 h m or less ! *>act]i/ic features ( ! prevail+ sy/em ( l& own]%ip2 society is !n ei!r entirely dep5d5t ^u agriculture1 z 9 ! case ( anci5t ,rome1 or1 z 9 ! middle ages1 x imitates 9 its city relations ! =ms ( organization prevail+ 9 ! c\ntry4 ,ev5 capital1 ) ! exception ( pure money capital1 has1 9 ! =m ( ! traditional work+ tool1 ! *>act]i/ics ( l& own]%ip 9 ! ,middle ,ages4 ,! rev]se is true ( b\rgeois society4 ,agriculture comes to be m & m m]ely a bran* ( indu/ry & is completely dom9at$ by capital4 ,! same is true ( r5t4 ,9 all ! =ms ( society 9 :i* l& own]%ip is ! preval5t =m1 ! influ5ce ( ! natural elem5t is ! pr$om9ant "o4 ,9 ^? :]e capital pr$om9ates ! prevail+ elem5t is ! "o hi/orically creat$ by society4 ,r5t c n be und]/ood )\t capital1 nor c capital1 )\t r5t4 ,capital is ! all dom9at+ economic p[] ( b\rgeois society4 ,x mu/ =m ! />t+ po9t z well z ! end & be develop$ be=e l&-own]%ip is4 ,aft] ea* has be5 consid]$ sep>ately1 _! mutual relation mu/ be analyz$4 ,x w\ld ?us be impractical & wrong to arrange ! economic categories 9 ! ord] 9 :i* !y 7 ! det]m9+ factors 9 ! c\rse ( hi/ory4 ,_! ord] ( sequ5ce is r det]m9$ by ! relation :i* !y be> to "o ano!r 9 mod]n b\rgeois society1 & :i* is ! exact opposite ( :at seems to be _! natural ord] or ! ord] ( _! hi/orical developm5t4 ,:at we are int]e/$ 9 is n ! place :i* economic relations occupy 9 ! hi/orical succession ( diff]5t =ms ( society4 ,/ill less are we int]e/$ 9 ! ord] ( _! succession 89 idea0 7,pr\dhon71 :i* is b a hazy 787 conception ( ! c\rse ( hi/ory4 ,we are int]e/$ 9 _! organic connection )9 mod]n b\rgeois society4 ,! %>p l9e ( dem>kation 7ab/ract precision7 :i* s cle>ly di/+ui%$ ! trad+ nations ( antiquity1 su* z ! ,ph5icians & ! ,c>?ag5ians1 0 due to t v pr$om9ance ( agriculture4 ,capital z trad+ or money capital appe>s 9 t ab/raction1 :]e capital does n con/itute z yet ! pr$om9at+ elem5t ( society4 ,! ,lomb>dians & ! ,jews occupi$ ! same position among ! agricultural nations ( ! middle ages4 ,z a fur!r illu/ration ( ! fact t ! same category plays diff]5t p>ts at diff]5t /ages ( society1 we may m5tion ! foll[+3 "o ( ! late/ =ms ( b\rgeois society1 viz4 /ock companies1 appe> also at its beg9n+ 9 ! =m ( ! great *>t]$ monopoli/ic trad+ companies4 ,! conception ( national weal? :i* is imp]ceptibly =m$ 9 ! m9ds ( ! economi/s ( ! sev5te5? c5tury1 & :i* p>tly cont9ues to be ent]ta9$ by ^? ( ! eighte5? c5tury1 is t weal? is produc$ solely = ! /ate1 b t ! p[] ( ! latt] is proportional to t weal?4 ,x 0 z yet an unconsci\sly hypocritical way 9 :i* weal? ann\nc$ itself & its own production z ! aim ( mod]n /ates consid]+ ! latt] m]ely z a means to ! production ( weal?4 ,! ord] ( treatm5t mu/ manife/ly be z foll[s3 fir/1 ! g5]al ab/ract def9itions :i* are m or less applicable to all =ms ( society1 b 9 ! s5se indicat$ above4 ,second1 ! categories :i* g to make up ! inn] organization ( b\rgeois society & con/itute ! f\ndations ( ! pr9cipal classes2 capital1 wage-labor1 l&$ prop]ty2 _! mutual relations2 city & c\ntry2 ! ?ree great social classes1 ! ex*ange betwe5 !m2 circulation1 cr$it 7private74 ,?ird1 ! organization ( b\rgeois society 9 ! =m ( a /ate1 consid]$ 9 relation to itself2 ! 8unproductive0 classes2 taxes2 public debts2 public cr$it2 population2 colonies2 emigration4 ,f\r?1 ! int]national organization ( production2 int]national division ( labor2 int]national ex*ange2 import & export2 rate ( ex*ange4 ,fif?1 ! _w m>ket & crises4 #d4 ,,production1 ,,means ,,( ,,production1 ,,& ,,conditions ,,( ,,production1 ,,! ,,relations ,,( ,,production ,,& ,,di/ribution4#afe ,,! ,,connection ,,betwe5 ,,=m ,,( ,,/ate ,,& ,,prop]ty ,,on ,,! ,,"o ,,h& ,,& ,,relations ,,( ,,production ,,& ,,di/ribution7#a7 ,,on ,,! ,,o!r4 ,,legal ,,relations4 ,,family ,,relations4 ,notes on ! po9ts to be m5tion$ "h & n to be omitt$3#aff #a4 ,w> atta9s complete developm5t be=e peace2 h[ c]ta9 economic ph5om5a1 su* z wage-labor1 ma*9]y1 etc41 are develop$ at an e>li] date ?r\gh w> & 9 armies ?an )9 b\rgeois society4 ,! connection betwe5 productive =ce & ! means ( communication is made especially pla9 9 ! case ( ! army4 #b4 ,! relation betwe5 ! ideali/ic & reali/ic me?ods ( writ+ hi/ory2 namely1 ! s-call$ hi/ory ( civilization :i* is all a hi/ory ( religion & /ates4 ,9 ?is connection some?+ may be said ( ! diff]5t me?ods hi!rto employ$ 9 writ+ hi/ory4 ,! s-call$ objective me?od4 ,! subjective4 7,! moral & o!rs74 ,! philosophic4 #c4 ,second>y & t]ti>y4 ,conditions ( production :i* h be5 tak5 ov] or transplant$2 9 g5]al1 ^? t are n orig9al4 ,"h is to be treat$ ! effect ( int]national relations4 #d4 ,objections to ! mat]iali/ic "* ( ?is view4 ,its relation to naturali/ic mat]ialism4 #e4 ,! dialectics ( ! conceptions productive =ce 7means ( production7 & relation ( production1 dialectics ^: limits are to be det]m9$ & :i* does n d away ) ! concrete diff]5ce4 #f4 ,! unequal relation betwe5 ! developm5t ( mat]ial production & art1 = in/ance4 ,9 g5]al1 ! conception ( progress is n to be tak5 9 ! s5se ( ! usual ab/raction4 ,9 ! case ( art1 etc41 x is n s important & difficult to und]/& ?is disproportion z 9 t ( practical social relations1 e4 g4 ! relation betwe5 education 9 ! ,unit$ ,/ates & ,europe4 ,! really difficult po9t1 h[ev]1 t is to be discuss$ "h is t ( ! unequal 787 developm5t ( relations ( production z legal relations4 ,z1 e4 g41 ! connection betwe5 ,roman civil law 7?is is less true ( crim9al & public law7 & mod]n production4 #g4 ,?is conception ( developm5t appe>s to imply necessity4 ,on ! o!r h&1 ju/ification ( accid5t4 ,v>ia4 7,fre$om & o!r po9ts74 7,! effect ( means ( communication74 ,_w hi/ory does n always appe> 9 hi/ory z ! result ( _w hi/ory4 #h4 ,! />t+ po9t is to be f\nd 9 c]ta9 facts ( nature embodi$ subjectively & objectively 9 clans1 races1 etc4 #d4 ,produktion1 ,produktions-mittel und ,produktionsv]hltnisse4 ,produktionsv]hltnis und ,v]kehrsv]hltnisse4 ,/aats- und ,eig5?ums=m5 im ,v]hltnis zu d5 ,produktions- und ,v]kehrsv]hltniss54 ,re*tsv]hltnisse4 ,famili5v]hltnisse4 ,notab5e 9 bezug auf ,punkte1 die hi] zu erwhn5 und ni*t v]gess5 w]d5 drf53 #a4 ,d] ,krieg i/ frh] ausgebildet1 wie d] ,fri$53 ,auszufhr5 wre die ,art1 wie dur* d5 ,krieg und 9 d5 ,arme5 etc4 gewisse konomis*e ,v]hltnisse wie ,lohn>beit1 ,mas*9]ie etc4 frh] entwickelt w]d5 als im ,inn]5 d] brg]li*5 ,gesells*aft4 ,au* das ,v]hltnis von ,produktivkraft und ,v]kehrsv]hltniss5 wird besond]s ans*auli* 9 d] ,armee4 #b4 ,v]hltnis d] bi%]ig5 ideal5 ,ges*i*tss*reibung zur real54 ,nam5tli* die sog5annte ,kulturges*i*te1 die alle ,religions-und ,/aat5ges*i*te4 ,bei d] ,geleg5heit kann au* etwas gesagt w]d5 b] die v]s*i$55 ,art5 d] bi%]ig5 ,ges*i*tss*reibung4 ,sog5annte objektive4 ,subjektive4 7,moralis*e und &]e47 ,philosophis*e4 #c4 ,sekundres und ,t]tires4 ,ueb]haupt abgeleitete1 b]trag5e1 ni*t ursprngli*e ,produktionsv]hltnisse4 ,hi] i/ das ,e9spiel5 d] int]national5 ,v]hltnisse zu beh&eln4 #d4 ,vorwrfe b] ,mat]ialismus dies] ,auffassung4 ,v]hltnis zum naturali/is*5 ,mat]ialismus4 #e4 ,dialektik d] ,begriffe ,produktivkraft 7,produktions-mittel7 und ,produktionsv]hltnis1 e9e ,dialektik1 d]5 ,gr5z5 zu be/imm5 s9d und d5 real5 ,unt]s*i$ ni*t aufhebt4 #f4 ,das unegale ,v]hltnis d] ,entwicklung d] mat]iell5 ,produktion zum ,beispiel zur kn/l]is*54 ,ueb]haupt i/ d] ,begriff des ,=ts*ritts ni*t 9 d] gewhnli*5 ,ab/raktion zu fass54 ,bei d] ,kun/ etc4 i/ diese ,disproportion no* ni*t s wi*tig und s*wi]ig zu fass5 als inn]halb praktis*-sozial] ,v]hltnisse selb/1 zum ,beispiel das ,bildungsv]hltnis d] ,v]e9igt5 ,/aat5 zu ,europa4 ,d] eig5tli* s*wi]ige ,punkt1 d] hi] zu errt]n i/ ab] d]1 wie die ,produktionsv]hltnisse als ,re*tsv]hltnisse 9 unglei*e 787 ,entwicklung tret54 ,also zum ,beispiel das ,v]hltnis des rmis*5 ,privatre*ts 7im ,krim9alre*t und ff5tli*5 i/ das w5ige d] ,fall7 zur mod]n5 ,produktion4 #g4 ,diese ,auffassung ers*e9t als no?w5dige ,entwicklung4 ,ab] ,b]e*tigung des ,zufalls4 ,v>ia4#afg 7,die ,freiheit und &]es no*47 7,e9wirkung d] ,kommunikationsmittel47 ,weltges*i*te eig5tli*#afh ni*t imm] 9 d] ,ges*i*te als weltges*i*tli*es ,resultat4 #h4 ,d] ,ausgangspunkt i/ natrli* von d] ,naturbe/imm!it zu nehm52 subjektiv und objektiv1 ,/mme1 ,rass5 etc4 ,x is well kn[n t c]ta9 p]iods ( highe/ developm5t ( art /& 9 no direct connection ) ! g5]al developm5t ( society1 nor ) ! mat]ial basis & ! skeleton /ructure ( its organization4 ,witness ! example ( ! ,greeks z comp>$ ) ! mod]n nations or ev5 ,%akespe>e4 ,z reg>ds c]ta9 =ms ( art1 z e4 g4 ! epos1 x is admitt$ t !y c nev] be produc$ 9 ! _w-epo* mak+ =m z soon z art z su* comes into exi/5ce2 9 o!r words1 t 9 ! doma9 ( art c]ta9 important =ms ( x are possible only at a l[ /age ( its developm5t4 ,if t be true ( ! mutual relations ( diff]5t =ms ( art )9 ! doma9 ( art itself1 x is f> less surpris+ t ! same is true ( ! relation ( art z a :ole to ! g5]al developm5t ( society4 ,! difficulty lies only 9 ! g5]al =mulation ( ^! contradictions4 ,no soon] are !y specifi$ ?an !y are expla9$4 ,let u take = in/ance ! relation ( ,greek art & ( t ( ,%akespe>e's "t to our own4 ,x is a well kn[n fact t ,greek my?ology 0 n only ! ars5al ( ,greek art1 b also ! v gr\nd f :i* x _h sprung4 ,is ! view ( nature & ( social relations :i* %ap$ ,greek imag9ation & ,greek art possible 9 ! age ( automatic ma*9]y1 & railways1 & locomotives1 & electric telegraphs8 ,:]e does ,vulcan come 9 z aga9/ ,rob]ts ,co42 ,jupit]1 z aga9/ ! lightn+ rod2 & ,h]mes1 z aga9/ ! ,cr$it ,mobili]8 ,all my?ology ma/]s & dom9ates & %apes ! =ces ( nature 9 & ?r\gh ! imag9ation2 h5ce x disappe>s z soon z man ga9s ma/]y ov] ! =ces ( nature4 ,:at becomes ( ! ,goddess ,fame side by side ) ,pr9t+ ,h\se ,squ>e8#afi ,greek art presupposes ! exi/5ce ( ,greek my?ology1 i4 e4 t nature & ev5 ! =m ( society are wr\ght up 9 popul> fancy 9 an unconsci\sly arti/ic fa%ion4 ,t is its mat]ial4 ,n1 h[ev]1 any my?ology tak5 at r&om1 nor any accid5tal unconsci\sly arti/ic elaboration ( nature 7includ+ "u ! latt] all objects1 h5ce also society74 ,egyptian my?ology c\ld nev] be ! soil or womb :i* w\ld give bir? to ,greek art4 ,b 9 any ev5t !re _h to be a my?ology4 ,9 no ev5t c\ld ,greek art orig9ate 9 a society :i* excludes any my?ological explanation ( nature1 any my?ological attitude t[>ds x & :i* requires f ! arti/ an imag9ation free f my?ology4 ,look+ at x f ano!r side3 is ,a*illes possible side by side ) p[d] & lead8 ,or is ! ,iliad at all compatible ) ! pr9t+ press & /eam press8 ,does n s++ & recit+ & ! muses necess>ily g out ( exi/5ce ) ! appe>ance ( ! pr9t]'s b>1 & d n1 !re=e1 disappe> ! pr]equisites ( epic poetry8 ,b ! difficulty is n 9 grasp+ ! idea t ,greek art & epos are b\nd up ) c]ta9 =ms ( social developm5t4 ,x r lies 9 und]/&+ :y !y /ill con/itute ) u a s\rce ( ae/hetic enjoym5t & 9 c]ta9 respects prevail z ! /&>d & model beyond atta9m5t4 ,a man c n become a *ild aga9 unless he becomes *ildi%4 ,b does he n enjoy ! artless ways ( ! *ild & mu/ he n /rive to reproduce its tru? on a high] plane8 ,is n ! "* ( e epo* reviv$ p]fectly true to nature 9 *ild nature8 ,:y %\ld ! social *ildhood ( mank9d1 :]e x _h obta9$ its mo/ beautiful developm5t1 n ex]t an et]nal *>m z an age t w nev] return8 ,!re are ill-br$ *ildr5 & precoci\s *ildr54 ,_m ( ! anci5t nations belong to ! latt] class4 ,! ,greeks 7 normal *ildr54 ,! *>m _! art has = u does n conflict ) ! primitive "* ( ! social ord] f :i* x _h sprung4 ,x is r ! product ( ! latt]1 & is r due to ! fact t ! unripe social conditions "u :i* ! art arose & "u :i* alone x c\ld appe> c nev] return4 7,end ( ,manuscript47 ,,footnotes3 #a ,cf4 ,seligman1 8,! ,economic ,int]pretation ( ,hi/ory40 ,mac,millan4 #aijb4 #b ,ari/otle1 d4 ,rep4 ,l4 l1 c4 #i 7edit4 ,i ,bekk]i ,oxonii1 #ahcg7 8 444 1 ' 1 4 1 ' 4 40 78,( ev]y?+ :i* we possess !re are two uses3"o is ! prop]1 & ! o!r ! improp] or second>y use ( x4 ,= example1 a %oe is us$ = we>1 & is us$ = ex*ange2 bo? are uses ( ! %oe4 ,he :o gives a %oe 9 ex*ange = money or food to him :o wants "o1 does inde$ use ! %oe z a %oe1 b ?is is n its prop] or prim>y purpose1 = a %oe is n made to be an object ( b>t]4 ,! same may be said ( all possessions40 ,! ,politics ( ,ari/otle1 translat$ into ,engli% by ,b4 ,j[ett1 ,ox=d1 #ahhe1 v4 ,i41 p4 #ae47 #c ,t is ! reason :y ,g]man compil]s are s fond ( dwell+ on use-value1 call+ x a 8good40 ,see e4 g4 ,l4 ,/e91 8,sy/em d] ,/aatswiss5s*aft510 v4 ,i41 *apt] on 8goods0 7,gtt]74 ,= intellig5t in=mation on 8goods0 "o mu/ turn to treatises on commodities4 #d ,a ridicul\s presumption has ga9$ curr5cy ( late to ! effect t common prop]ty 9 its primitive =m is specifically a ,slavonian1 or ev5 exclusively ,russian =m4 ,x is ! primitive =m :i* we c prove to h exi/$ among ,romans1 ,teutons1 & ,celts2 & ( :i* num]\s examples are /ill to be f\nd 9 ,india1 ?\gh 9 a p>tly ru9$ /ate4 ,a clos] /udy ( ! ,asiatic1 especially ( ,indian =ms ( communal own]%ip w\ld %[ h[ f ! diff]5t =ms ( primitive communism diff]5t =ms ( its dissolution h be5 develop$4 ,?us e4 g4 ! v>i\s orig9al types ( ,roman & ,teutonic private prop]ty c be trac$ back to v>i\s =ms ( ,indian communism4 #e 8,la ,ric*ezza una ragione tra due p]sone40 78,value is a relation betwe5 two p]sons07 ,galiani1 8,della ,moneta10 p4 #bbj 9 vol4 ,,ii4 ( ,cu/odi's collection ( 8,scrittori classici ,italiani di ,economia ,politica4 ,p>te ,mod]na10 ,milano1 #ahjc4 #f 8,9 its natural /ate1 matt] 444 is always de/itute ( value40 ,mc,culloch1 8,a ,disc\rse on ! ,rise1 ,progress1 ,peculi> ,objects1 & ,importance ( ,political ,economy10 #bnd edition1 ,ed9burgh1 #ahbe1 pg4 #dh4 ,x is evid5t h[ ev5 a ,mc,culloch /&s above ! feti%ism ( ,g]man 8?9k]s01 :o decl>e 8matt]0 & half a doz5 o!r =eign ?+s to be elem5ts ( value4 ,cf4 e4 g4 ,l4 ,/e91 l4 c4 v4 ,i41 p4 #aaj4 #g ,b]keley1 ,! ,qu]i/1 ,london1 #agej4 #h ,?omas ,coop]1 ,lectures on ! ,elem5ts ( ,political ,economy1 ,london1 #ahca1 p4 #ii4 #i ,f4 ,li/ c\ld nev] grasp ! diff]5ce betwe5 labor z a s\rce ( use-value & labor z ! creator ( c]ta9 social =m ( weal? or ex*ange value1 because compreh5sion 0 altoge!r =eign to 8 practical m9d2 he !re=e saw 9 ! mod]n ,engli% economi/s m]e plagi>i/s ( ,moses1 ! ,egyptian4 #aj ,x c be readily und]/ood :at k9d ( 8s]vice0 is r5d]$ by ! category 8s]vice0 to economi/s ( ! type ( ,j4 ,b4 ,say & ,f4 ,ba/iat1 ^: pond]+ sagacity1 z ,mal?us has ju/ly rem>k$1 always ab/racts f ! specially def9ite =ms ( economic relations4 #aa 8,egli proprio ancora delle misure d'av] si fatta relazione colle cose misurate1 *e 9 c]to modo la misurata divi5 misura della misurante40 ,montan>i1 ,della ,moneta1 p4 #dh 9 v4 ,,iii ( ,cu/odi's 8,scrittori classici ,italiani di ,economia ,politica4 ,p>te ,antica40 78,x is ! prop]ty ( measure to be 9 su* a relation to ! ?+s measur$1 t 9 a c]ta9 way ! ?+ measur$ becomes ! measure ( ! measur+ ?+407 #ab ,x is 9 t s5se t ,ari/otle 7see ! passage quot$ at ! beg9n+ ( ?is *apt]7 conceives ex*ange value4 #ac ,?is expression is us$ by ,g5ovesi4 #ad ,ari/otle makes ! same rem>k ) ref]5ce to ! private family z ! primitive community4 ,b ! primitive =m ( family is ! tribal family1 f ! hi/orical dissolution ( :i* ! private family develops4 7 ' 7 7namely 7 8,& 9 ! fir/ community1 :i* is ! family1 ?is art is obvi\sly ( no use40 ,j[ett's transl4 l4 c4 #ae 8,money is1 9 fact1 only ! in/rum5t = c>ry+ on buy+ & sell+ 7b1 if y please1 :at d y und]/& by buy+ & sell+87 & ! consid]ation ( x no m =ms a "p ( ! sci5ce ( political economy1 ?an ! consid]ation ( %ips1 or /eam eng9es1 or ( any o!r in/rum5t employ$ to facilitate ! production & di/ribution ( weal?40 ,?4 ,hodgsk91 ,popul> ,political ,economy1 etc4 ,london1 #ahbg1 p4 #agh1 #agi4 #af ,a comp>ative /udy ( ! writ+s & *>act]s ( ,petty & ,boisguilleb]t1 outside ( ! light :i* x w\ld ?r[ ^u ! diff]5ce ( ,fr5* & ,engli% society at ! end ( ! sev5te5? & ! beg9n+ ( ! eighte5? c5turies1 w\ld disclose ! orig9 ( ! national contra/ betwe5 ,engli% & ,fr5* ,political ,economy4 ,! same contra/ reass]ts itself 9 ,ric>do & ,sismondi4 #ag ,petty _h illu/rat$ ! productive p[] inh]5t 9 ! division ( labor on a mu* gr&] scale ?an t 0 done lat] by ,adam ,smi?4 ,see 8 8,essay conc]n+ ! multiplication ( mank9d1 etc410 #crd edition1 #afhf1 p4 #ce-cf4 ,he n only br+s out ! advantages ( ! division ( labor on ! example ( ! manufacture ( a wat*1 z ,adam ,smi? did lat] on t ( a ne$le1 b consid]s also a city & an entire c\ntry f ! po9t ( view ( a l>ge manufactur+ e/abli%m5t4 ,! ,spectator1 ( ,novemb] #bf1 #agaa1 ref]s to ?is 8illu/ration ( ! admirable ,sir ,william ,petty40 ,mc,culloch is1 !re=e1 mi/ak5 :5 he supposes t ! ,spectator conf\nd$ ,petty ) a writ] =ty ye>s 8 junior4 ,see ,mc,culloch1 8,! ,lit]ature ( ,political ,economy1 a classifi$ catalogue10 ,london1 #ahde1 p4 #aje4 ,petty is consci\s ( be+ ! f\nd] ( a new sci5ce4 ,8 me?od1 he says1 8is n yet v usual1 = in/ead ( us+ only comp>ative & sup]lative ,words1 & intellectual ,argum5ts10 he has und]tak5 to speak 89 ,t]ms ( ,numb]1 ,weight or ,measure2 to use only ,argum5ts ( ,s5se1 & to consid] only su* ,causes1 z h visible ,f\ndations 9 ,nature2 leav+ ^? t dep5d ^u ! mutable ,m9ds1 ,op9ions1 ,appetites1 & ,passions ( p>ticul> ,m51 to ! ,consid]ation ( o!rs40 7,political ,ari?metick1 etc41 ,london1 #afii4 ,preface47 7,a new edition ( 8,! ,economic ,writ+s ( ,sir ,william ,petty10 edit$ by ,*as4 ,h5ry ,hull1 has be5 publi%$ by ! ,univ]sity ,press at ,cambridge1 #ahii4 ,! above passage w be f\nd 9 vol4 ,i41 p4 #bdd4 ,! fur!r ref]5ces are giv5 to ?is new1 m accessible edition4 ,translator47 ,8 wond]ful ke5ness %[s itself e4 g4 9 ! proposal to transport 8all ! moveables & p ( ,irel&1 & ( ! ,highl&s ( ,scotl& 444 into ! re/ ( ,great ,brita940 ,!reby mu* labor-"t w\ld be sav$1 ! productivity ( labor increas$1 & 8! ,k+ & 8 ,subjects w\ld !reby become m ,ri* & ,/rong40 7,political ,ari?metick1 *4 #d1 p4 #bhe47 ,or 9 ! *apt] ( 8 ,political ,ari?metic 9 :i* he proves t ,engl&'s mission is ! conque/ ( ! _w's m>ket at a "t :5 ,holl& /ill play$ ! lead+ "p z a trad+ nation & ,france seem$ to be on ! way ( becom+ ! rul+ trad+ ,p[]3 8,t ! ,k+ ( ,engl&'s ,subjects1 h ,/ock compet5t & conv5i5t1 to drive ! ,trade ( ! :ole ,comm]cial ,_w0 7l4 c41 *4 #aj1 p4 #caa74 8,t ! ,imp$im5ts ( ,engl&'s greatness are b cont+5t & removable0 7l4 c41 *4 #e1 p4 #bih74 ,a s+ul> humor p]vades all 8 writ+s4 ,?us1 he %[s t x 0 by mat]ial means t ,holl&at t "t ! model c\ntry ) ,engli% economi/s1 j z ,engl& is ) cont95tal economi/s to-dayconqu]$ ! _w m>ket 8)\t su* ,angelical ,wits & ,judgm5ts1 z "s attribute to ! ,holl&]s0 7l4 c41 p4 #beh74 ,he advocates 8,lib]ty ( ,consci5ce0 z a condition ( trade1 because 8,diss5t]s 444 are 444 pati5t ,m51 & su* z believe t ,lab\r & ,indu/ry is _! ,duty t[>ds ,god10 & 8,!y believe t 444 = ^? :o h less ,weal?1 to ?9k !y h ! m ,wit & ,und]/&+1 especially ( ! ?+s ( ,god :i* !y ?9k *iefly belong to ! ,poor40 8,f :5ce x foll[s t ,trade is n fixt to any species ( ,religion z su*2 b r 444 to ! ,het]odox "p ( ! :ole0 7l4 c41 p4 #bfb-bfd74 ,he advocates an 8all[ance by ,publick ,tax0 = ^? 8:o live by begg+1 *eat+1 /eal+1 gam+1 borr[+ )\t int5tion ( re/or+10 because 8x 7 m = ! publick pr(it0 to tax ! c\ntry = su* p]sons 8?an to suff] !m to sp5d extravagantly1 at ! only *>ge ( c>eless1 cr$ul\s1 & good natur$ ,p0 7p4 #bfi-bgj74 ,b he is oppos$ to taxes :i* transf] ! weal? f indu/ri\s p 8to su* z d no?+ at all1 b eat & dr9k1 s+1 play1 & dance2 nay su* z /udy ! ,metaphysicks0 7ibid474 ,petty's writ+s are r>ities ( ! booksell]'s trade & are to be f\nd only 9 scatt]$ poor old editions1 :i* is ! m surpris+ s9ce ,william ,petty 0 n only ! fa!r ( ,engli% ,political ,economy1 b also ! ance/or ( ,h5ry ,petty1 alias ,m>quis ( ,lansd[ne1 ! ne/or ( ! ,engli% ,:igs4 ,h[ev]1 ! ,lansd[ne family c\ld h>dly br+ out a complete edition ( ,petty's works )\t prefac+ x ) 8 biography1 & :at c be said ( mo/ orig9s ( ! great ,:ig families holds good also 9 ?is case1 viz41 8! less said ( !m ! bett]40 ,! ke5-witt$ b cynical army surgeon :o 0 z ready to plund] 9 ,irel& "u ! %ield ( ,cromwell z to crawl be=e ,*>les ,,ii4 to get ! title ( b>on :i* he ne$$ = 8 plund]+s1 is a model h>dly fit = public exhibition4 ,besides t1 ,petty seeks to prove 9 mo/ ( 8 writ+s :i* he publi%$ 9 8 lifetime1 t ,engl&'s prosp]ity rea*$ its climax "u ,*>les ,,ii41 a het]odox view = ! h]$it>y exploit]s ( ! 8glori\s revolution40 #ah ,9 contra/ ) ! 8black art ( f9ance0 ( 8 "t1 ,boisguilleb]t says3 8,la sci5ce f9ancire n'e/ que la connaissance appr(ondie des intrts de l'agriculture et du comm]ce40 ,le ,dtail de la ,france1 #afig4 ,eugne ,daire's edition ( ,economi/es f9anci]s du ,,xviii4 sicle1 ,p>is1 #ahdc1 vol4 ,i41 p4 #bda4 #ai ,b n ,romance ,political ,economy1 s9ce ! ,italians reproduce ! contra/ betwe5 ! ,engli% & ,fr5* economi/s 9 ! two respective s*ools ( ,naples & ,milan1 :ile ! ,spani>ds ( ! e>li] p]iod are ei!r pure ,m]cantili/s2 modifi$ m]cantili/s l ,u/>iz2 or1 l ,jovellanos 7see 8 ,obras1 ,b>celona1 #ahci-dj71 hold to ! 8gold5 mean0 ) ,adam ,smi?4 #bj 8,la vritable ri*esse 444 j\issance entire1 non seulem5t des beso9s de la vie1 mais mme de t\s les sup]flus et de t\t1 ce qui peut fair plaisir la s5sualit10 ,boisguilleb]t1 8,diss]tation sur la nature de la ri*esse10 etc41 l4 c41 p4 #djc4 ,b :ile ,petty 0 a frivol\s1 rapaci\s & unpr9cipl$ adv5tur]1 ,boisguilleb]t1 ?\gh an int5dant "u ,l\is ,,xiv1 *ampion$ ! int]e/s ( ! oppress$ classes ) a d>+ t 0 equal to 8 ke5ness ( m9d4 #ba ,! ,fr5* ,socialism ( ! ,pr\dhon type suff]s f ! same national h]$it>y disease4 #bb 8,b5jam9 ,frankl91 ,! ,works (1 etc410 ed4 by ,i4 ,sp>ks1 vol4 ,,ii41 ,bo/on1 #ahcf4 8,a ,mode/ ,inquiry into ! ,nature & ,necessity ( a ,pap] ,curr5cy40 #bc ,l4 c41 p4 #bfe4 #bd ,l4 c41 p4 #bfg4 #be ,l4 c41 8,rem>ks & ,facts relative to ! ,am]ican ,pap] ,money10 #agfd4 #bf ,see 8,pap]s on ,am]ican ,politics2 ,rem>ks & ,facts relative to ! ,am]ican ,pap] ,money10 #agfd1 l4 c4 #bg ,see e4 g4 ,galiani1 8,della ,moneta10 9 vol4 #c ( ,scrittori ,classici italiani di ,economia politica 7,publi%$ by ,cu/odi74 ,p>te ,mod]na1 ,milano1 #ahjc4 8,la fatica1 he says1 l'unica *e d valore alla cosa0 78only ef=t c give value to any ?+074 ,! designation ( labor z 8fatica10 /ra91 ef=t1 is *>act]i/ic ( ! s\!rn]4 #bh ,/eu>t's "w1 8,an ,inquiry into ! ,pr9ciples ( ,political ,economy1 be+ an ,essay on ! ,sci5ce ( ,dome/ic ,policy 9 ,free ,nations10 appe>$ fir/ 9 ,london 9 two qu>to volumes 9 ! ye> #agfg1 t5 ye>s be=e ,adam ,smi?'s 8,weal? ( ,nations40 ,i quote f ! ,dubl9 edition ( #aggj4 7,! ref]5ces to pages are ! same = ! /&>d ,london edition ( #agfg1 except :]e o!rwise /at$4 ,translator47 #bi ,/eu>t1 l4 c41 vol4 ,i41 p4 #aha-ahc4 #cj ,/eu>t1 l4 c41 vol4 ,i41 p4 #cfa-cfb4 #ca ,see *apt] ,i41 book ,,ii41 vol4 ,i4 8( ! reciprocal connections betwe5 ,trade & ,indu/ry0 7,translator74 #cb ,he decl>es1 !re=e1 ! patri>*al =m ( agriculture :i* is devot$ to ! direct production ( use-values = ! own] ( ! l&1 to be an 8abuse10 n 9 ,sp>ta1 or ,rome1 or ev5 9 ,a!ns1 b 9 ! indu/rial c\ntries ( ! eighte5? c5tury4 ,?is 8abusive agriculture0 is n 8trade10 b a 8direct means ( subsi/+40 ,j z capitali/ic agriculture cle>s ! c\ntry ( sup]flu\s m\?s1 s does ! capitali/ic mode ( manufacture cle> ! factory ( sup]flu\s h&s4 #cc ,?us e4 g41 ,adam ,smi? says3 8,equal quantities ( lab\r1 at all times & places1 may be said to be ( equal value to ! lab\r]4 ,9 8 ord9>y /ate ( heal?1 /r5g? & spirits1 9 ! ord9>y degree ( 8 skill & dext]ity1 he mu/ always lay d[n ! same portion ( 8 ease1 8 lib]ty1 & 8 happ9ess4 ,! price :i* he pays mu/ always be ! same1 :atev] may be ! quantity ( goods :i* he receives 9 return = x4 ,( ^!1 inde$1 x may sometimes pur*ase a great] & sometimes a small] quantity2 b x is _! value :i* v>ies1 n t ( ! lab\r :i* pur*ases !m4444 ,lab\r alone1 !re=e1 nev] v>y+ 9 its own value 444 is _! commodities' real price1 etc4 ,adam ,smi? 7,book ,i41 *4 ,v41 p4 #cd1 ,ox=d1 #ahfi4 ,translator47 #cd ,david ,ric>do1 8,on ! ,pr9ciples ( ,political ,economy & ,taxation10 #crd edition1 ,london1 #ahba1 p4 #c4 #ce ,sismondi1 8,etudes sur l',economie ,politique10 t4 ,,ii41 ,bruxelles1 #ahcg4 8,c'e/ l'opposition entre la valeur usuelle 444 et la valeur *angeable laquelle le comm]ce a r$uit t\te *ose10 p4 #afa4 ,p>is edition1 p4 #bbi1 ,transl4 #cf ,sismondi l4 c41 p4 #afc-aff seq4 ,p>is edition1 #bcj etf4 ,transl4 #cg ,p]haps ! sillie/ to be f\nd are ! annotations ( ,j4 ,b4 ,say to ! ,fr5* translation ( ,ric>do1 made by ,con/ancio1 & ! mo/ p$antically arrogant are ! rem>ks ( ,mr4 ,mac,leod 9 8 newly publi%$ 8,!ory ( ,ex*ange10 ,london1 #aheh4 #ch ,?is objection rais$ aga9/ ,ric>do by b\rgeois economi/s 0 tak5 up lat] by ! sociali/s4 ,hav+ assum$ ! correctness ( ! =mula1 !y *>g$ ! practice ) contradiction to ! !ory & appeal$ to b\rgeois society to realize 9 practice ! conclusions :i* 7 suppos$ to foll[ f its !oretical pr9ciples4 ,t 0 at lea/ ! way 9 :i* ! ,engli% sociali/s turn$ ,ric>do's =mula ( ex*ange value aga9/ political economy4 ,x rema9$ = ,mr4 ,pr\dhon n only to proclaim ! fundam5tal pr9ciple ( old society z ! pr9ciple ( ! new1 b also to decl>e himself ! discov]] ( ! =mula 9 :i* ,ric>do summ$ up ! comb9$ results ( classical ,engli% political economy4 ,x has be5 prov5 t ! utopian int]pretation ( ! ,ric>dian =mula 0 ab\t =gott5 9 ,engl& :5 ,mr4 ,pr\dhon 8discov]$0 x on ! o!r side ( ! ,canal4 7,cf4 my "w3 8,misre de la ,philosophie10 etc41 ,p>is1 #ahdg1 p>agraph on la valeur con/itue47 #ci ,true1 ,ari/otle sees t ! ex*ange value ( commodities und]lies _! prices3 8 1 1 40 78,x is cle> t ex*ange exi/$ be=e co94 ,= x does n make any diff]5ce :e!r y give five b$s = a h\se1 or z mu* money z five b$s are wor?074 ,on ! o!r h&1 s9ce commodities acquire only 9 price ! =m ( ex*ange value ) respect to "o ano!r1 he makes !m comm5surable ?r\gh money4 8 1 1 4 1 1 ' '1 40 78,!re=e all has to be apprais$4 ,9 t way ex*ange may always take place1 &1 ) x1 society c exi/4 ,co91 l measure1 makes ev]y?+ comm5surable & equal1 = )\t ex*ange !re w\ld be no society1 )\t equality !re w\ld be no ex*ange1 & )\t comm5surability1 no equality407 ,he does n conceal f himself t ^! diff]5t objects measur$ by money are entirely incomm5surable quantities4 ,:at he is aft] is ! common unit ( commodities z ex*ange values1 :i* z an anci5t ,greek he 0 unable to f9d4 ,he gets out ( ! difficulty by mak+ comm5surable ?r\gh money :at is 9 itself incomm5surable1 s f> z x is necess>y = practical purposes4 8 1 40 78,9 tru? x is impossible to make ?+s t are s diff]5t1 comm5surable1 b = practical purposes x is p]missible407 ,ari/otle1 ,e?ica ,nicoma*ea4 l4 #e1 c4 #h1 edit4 ,bekk]i4 ,oxonii1 #ahcg4 #dj ,! peculi> circum/ance t1 :ile ! ounce ( gold s]ves 9 ,engl& z ! unit ( ! /&>d ( money1 x is n divid$ into aliquot p>ts has be5 expla9$ z foll[s3 8,our co9age 0 orig9ally adapt$ to ! employm5t ( silv] onlyh5ce an ounce ( silv] c always be divid$ into a c]ta9 adequate numb] ( pieces ( co92 b z gold 0 introduc$ at a lat] p]iod into a co9age adapt$ only to silv]1 an ounce ( gold _c be co9$ into an adequate numb] ( pieces40 ,macl>53 8,a ,sket* ( ! ,hi/ory ( ! ,curr5cy10 p4 #af1 ,london1 #aheh4 #da 8,money may cont9ually v>y 9 value & yet be z good a measure ( value z if x rema9$ p]fectly /ation>y4 ,suppose1 = in/ance1 x is r$uc$ 9 value4444 ,be=e ! r$uction1 a gu9ea w\ld pur*ase ?ree bu%els ( :eat or #f days' lab\r2 subsequ5tly x w\ld pur*ase only #b bu%els ( :eat1 or #d days' lab\r4 ,9 bo? cases1 ! relations ( :eat & lab\r to money be+ giv51 _! mutual relations c be inf]r$2 9 o!r words1 we c asc]ta9 t a bu%el ( :eat is wor? #b days' lab\r4 ,?is1 :i* is all t measur+ value implies1 is z readily done aft] ! r$uction z be=e4 ,! excell5ce ( a ?+ z a measure ( value is altoge!r indep5d5t ( its own v>iabl5ess 9 value0 7p4 #aa1 ,bailey1 8,money & its ,vicissitudes40 ,london1 #ahcg74 #db 8,le monete lequali oggi sono ideali sono le piu anti*e d'ogni nazione1 e tutte furono un tempo reali 7! latt] ass]tion is too sweep+71 e p]* erano reali con esse si contava40 ,galiani1 8,della ,moneta10 l4 c41 p4 #aec 78,co9s :i* are ideal to-day i4 e41 ^: names no long] correspond to _! value are among ! m anci5t ) e nation2 at "o "t !y 7 all real1 & = t reason s]v$ = ! purpose ( c\nt+407 #dc ,! romantic ,a4 ,mll] says3 8,accord+ to our idea e indep5d5t sov]eign has ! "r to "n ! metal money1 & to give x a nom9al social value1 rank1 /&+ & title 7p4 #bgf1 v4 ,,ii41 ,a4 ,h4 ,mll]1 8,die ,elem5te d] ,/aatskun/10 ,b]l91 #ahji74 ,z f> z title is conc]n$ ! ,hon4 ,h(ra? is "r2 b he =gets ! sub/ance4 ,h[ confus$ 8 8ideas0 71 may be se51 e4 g41 f ! foll[+ passage3 8,ev]ybody und]/&s h[ mu* dep5ds ^u ! "r det]m9ation ( ! m9t-price1 especially 9 a c\ntry l ,engl&1 :]e ! gov]nm5t ) magnific5t lib]ality co9s money gratuit\sly 7,h]r ,mll] seems to ?9k t ! memb]s ( ! ,engli% gov]nm5t defray ! m9t exp5ses out ( _! own pockets71 :]e x does n *>ge any m9tage1 etc41 & ?us if ! m9t-price ( gold 7 set consid]ably above its m>ket price1 if in/ead ( pay+ z n[ #c #ags4 #aj-a_/b;d4 p] #a oz4 ( gold1 x w\ld set ! price ( an ounce ( gold at #c #ais41 all money w\ld fl[ into ! m9t & ex*ang+ = ! silv] conta9$ !re br+ x into ! m>ket to be ex*ang$ !re = ! *eap] gold2 ! latt] w\ld 9 ! same mann] be br\ght aga9 to ! m9t & ! entire co9age sy/em w\ld be upset0 7l4 c41 p4 #bhj-bha74 ,to pres]ve ord] 9 ,engli% co9age1 ,mll] falls back on 8disord]40 ,:ile %ill+ & p5ce are m]e names ( c]ta9 p>ts ( an ounce ( gold repres5t$ by signs ( silv] & copp]1 he imag9es t an ounce ( gold is e/imat$ 9 gold1 silv] & copp] & ?us conf]s ^u ! ,engli%m5 ! bless+ ( a triple /&>d ( value4 ,silv] z a measure ( money1 next to gold1 0 =mally aboli%$ only 9 #ahaf by #ef ,george ,,iii41 c4 #fh4 ,z a matt] ( fact1 x 0 legally aboli%$ z e>ly z #agcd by #ad ,george ,,ii41 c4 #db1 & /ill e>li] by actual practice4 ,!re 7 two circum/ances t made ,a4 ,mll] capable ( a s-call$ high] conception ( political economy3 fir/1 8 wide ignorance ( economic facts2 second1 8 dilettanti-l vision>y attitude t[>d philosophy4 #dd 81 1 40 7,a!n4 ,deipn4 l4 ,,iv4 #di4 v4 #b1 ed4 ,s*weighus]1 #ahjb47 7,:5 ,ana*>sis 0 ask$ = :at purpose ! ,greeks us$ money1 he repli$1 8,= reckon+4#8'807 #de ,g4 ,g>ni]1 "o ( ! e>ly ,fr5* translators ( ,adam ,smi?1 conceiv$ ! que] notion ( fix+ a proportion betwe5 ! use ( money ( acc\nt & t ( actual money4 ,8 proportion is #aj to #a4 7,g4 ,g>ni]1 8,hi/oire de la ,monnaie depuis les temps de la plus haute antiquit10 etc41 t4 #a1 p4 #gh47 #df ,! act ( ,m>yl& 9 #agbc by :i* tobacco 0 made ! legal /&>d1 b its value r$uc$ to t]ms ( ,engli% gold money1 namely "o p5ny equal to "o p\nd ( tobacco1 rem9ds ( ! 8leges b>b>orum10 9 :i*1 inv]sely1 c]ta9 sums ( money 7 express$ 9 t]ms ( ox51 c[s1 etc4 ,9 t case nei!r gold nor silv]1 b ! ox & ! c[ 7 ! actual mat]ial ( ! money ( acc\nt4 #dg ,?us1 we read1 e4 g41 9 ! 8,famili> ,words0 ( ,mr4 ,david ,urquh>t3 8,! value ( gold is to be measur$ by itself2 h[ c any sub/ance be ! measure ( its own wor? 9 o!r ?+s8 ,! wor? ( gold is to be e/abli%$ by its own weight1 "u a false d5om9ation ( t weight& an ounce is to be wor? s _m p\nds & fractions ( p\nds4 ,?is is falsify+ a measure1 n e/abli%+ a /&>d4#8'80 #dh 8,money is ! measure ( ,comm]ce1 & ( ! rate ( ev]y?+1 & !re=e ought to be kept 7z all o!r measures7 z /eady & inv>iable z may be4 ,b ?is _c be1 if y\r money be made ( two ,metals1 ^: proportion 444 con/antly v>ies 9 respect ( "o ano!r40 ,john ,locke3 ,"s ,consid]ations on ! ,l[]+ ( ,int]e/1 etc41 #afia 7p4 #aff1 p4 #fe 9 8 ,works #g ed41 ,london1 #agfh1 vol4 ,,iii47 #di ,locke says among o!r ?+s3 8 444 call t a ,cr[n n[1 :i* be=e 444 0 b a "p ( a ,cr[n4444 ,an equal quantity ( ,silv] is always ! same ,value ) an equal quantity ( ,silv]4444 ,= if ! abat+ #a-bj ( ! quantity ( ,silv] ( any ,co9 does n less5 its ,value1 ! abat+ #ai-bj ( ! quantity ( ! ,silv] ( any ,co9 w n abate its ,value4 ,& s a s+le ,p5ny1 be+ call$ a ,cr[n1 w buy z mu* ,spice1 or ,silk1 or any o!r ,commodity1 z a ,cr[n-,piece1 :i* conta9s #bj times z mu* ,silv]4444 ,n[ all t may be done is giv+ a less quantity ( ,silv] ! ,/amp & ,d5om9ation ( a great]4444 ,b 'tis ,silv] & n ,names t pay ,debts & pur*ase ,commodities0 7l4 c41 p4 #ace-ade passim74 ,if to raise ! value ( money means no?+ b to give any desir$ "n to an aliquot "p ( a silv] co91 e4 g41 to call an eigh? "p ( an ounce ( silv] a p5ny1 !n money may really be rat$ z high z y please4 ,at ! same "t1 ,locke answ]$ ,l[ndes t ! rise ( ! m>ket price above ! m9t price 0 due n to ! rise ( ! value ( silv]1 b to ! light] silv] co9s4 ,sev5ty-sev5 clipp$ %ill+s d n weigh a p>ticle m ?an #fb full-weight$ ones4 ,f9ally he po9t$ out ) p]fect "r t1 aside f ! loss ( weight 9 ! circulat+ co91 ! m>ket price ( silv] bullion 9 ,engl& c\ld rise to "s ext5t above its m9t price1 s9ce ! export ( silv] bullion 0 all[$ :ile t ( silv] co9 0 prohibit$ 7l4 c41 p4 #ed-aaf passim74 ,locke 0 exce$+ly c>eful n to t\* ^u ! burn+ "q ( public debts1 & no less c>efully avoid$ ! discussion ( ! delicate economic "q1 viz41 ! depreciation ( ! curr5cy out ( proportion to its real loss ( silv]1 z 0 %[n by ! rate ( ex*ange & ! ratio ( silv] bullion to silv] co94 ,we %all return to ?is "q 9 its g5]al =m 9 ! *apt] on ! ,m$ium ( ,circulation4 ,ni*olas ,b>bon 9 8,a ,disc\rse ,conc]n+ ,co9+ ! ,new ,money ,light]1 9 ,answ] to ,mr4 ,locke's ,consid]ations1 etc410 ,london1 #afif1 tri$ 9 va9 to entice ,locke to difficult gr\nd4 #ej ,/eu>t1 l4 c41 v4 ,,ii41 p4 #aed4 #ea ,! ,qu]i/1 l4 c41 7p4 #e-f-g47 ,! 8,qu]ies on ,money0 are g5]ally clev]4 ,among o!r ?+s ,b]keley is p]fectly "r 9 say+ t by _! progress ! ,nor? ,am]ican colonies 8make x pla9 z daylight1 t gold & silv] are n s necess>y = ! weal? ( a nation1 z ! vulg> ( all ranks imag9e4#8'80 #eb ,price means "h real equival5t 9 ! s5se commonly employ$ by ,engli% economic writ]s 9 ! sev5te5? c5tury4 #ec ,/eu>t1 l4 c41 v4 ,,ii41 p4 #aed1 #bii #a/ ,london edition1 ( #agfg1 v4 ,i41 p4 #ebf-eca4 ,transl44 #ed ,on ! occasion ( ! la/ comm]cial crisis ! ideal ,african money receiv$ l\d praise f c]ta9 ,engli% qu>t]s1 aft] its seat 0 ?is "t mov$ f ! coa/ to ! he>t ( ,b>b>y4 ,! fre$om ( ! ,b]b]s f comm]cial & indu/rial crises 0 ascrib$ to ! ideal unit ( measure ( _! b>s4 ,w\ld x n h be5 simpl] to say t trade & indu/ry are ! conditio s9e qua non ( comm]cial & indu/rial crises8 #ee ,! ,curr5cy ,"q1 ,! ,gem9i ,lett]s1 ,london1 #ahdd1 p4 #bfj-bgb1 passim4 #ef ,john ,gray3 8,! ,social ,sy/em4 ,a ,treatise on ! ,pr9ciple ( ,ex*ange1 ,ed9burgh1 #ahca40 ,comp>e ) 8,lectures on ! ,nature & ,use ( ,money1 ,ed9burgh1 #ahdh10 by ! same au?or4 ,aft] ! ,febru>y revolution ,gray s5t a memorial to ! provisional ,fr5* gov]nm5t1 9 :i* he in/ructs ! latt] t ,france is n 9 ne$ ( an 8organization ( lab\r10 b ( an 8organization ( ex*ange0 ( :i* ! plan is fully work$ out 9 8 money sy/em4 ,hone/ ,john did n suspect t sixte5 ye>s aft] ! appe>ance ( 8 8,social ,sy/em0 a pat5t = ! same discov]y w\ld be tak5 out by ! +5i\s ,pr\dhon4 #eg ,gray1 8,! ,social ,sy/em10 etc41 p4 #fc3 8,money %\ld be m]ely a receipt1 an evid5ce t ! hold] ( x has ei!r contribut$ c]ta9 value to ! national /ock ( weal? or t he has acquir$ a "r to ! same value f "s "o :o has contribut$ to x4#8'80 #eh ,an e/imat$ value be+ previ\sly put ^u produce1 let x be lodg$ 9 a bank1 & drawn out aga91 :5ev] x is requir$1 m]ely /ipulat+1 by common cons5t1 t he :o lodges any k9d ( prop]ty 9 ! propos$ ,national ,bank1 may take out ( x an equal value ( :atev] x may conta91 in/ead ( be+ oblig$ to draw out ! self-same ?+ t he put 940 ,l4 c41 p4 #fh4 #ei ,l4 c41 p4 #af4 #fj ,gray3 8,lectures on ,money1 etc410 p4 #ahb4 #fa ,l4 c41 p4 #afi4 #fb 8,! bus9ess ( e c\ntry ought to be conduct$ on a national capital40 ,john ,gray1 8,! ,social ,sy/em10 etc41 p4 #aga4 #fc 8,! l& to be trans=m$ into national prop]ty40 ,l4 c41 p4 #bih4 #fd ,see e4 g4 ,w4 ,?ompson3 8,an ,inquiry into ! ,di/ribution ( ,weal?1 etc410 ,london1 #ahbg4 ,bray1 8,lab\r's ,wrongs & ,lab\r's ,rem$y10 ,le$s1 #ahci4 #fe ,alfr$ ,d>imont's 8,de la ,re=me des banques10 ,p>is1 #ahef1 may be consid]$ z a comp5dium ( ?is melodramatic !ory ( money4 #ff 8,di due sorte la moneta1 ideale e reale2 e a dui div]si usi adop]ata1 a valut>e le cose e a comp]>le4 ,p] valut>e buona la moneta ideale1 cosi come la reale e =se an*e pi4 ,l'altro uso della moneta di comp]>e quelle cose i/esse1 *'ella apprezza 444 i prezzi e i contratti si valutano 9 moneta ideale e si eseguiscono 9 moneta reale40 ,galiani1 l4 c41 p4 #aab sq4 78,money is ( two k9ds1 ideal & real2 & is adapt$ to two diff]5t uses3 to det]m9e ! value ( ?+s & to buy !m4 ,= ! purpose ( valuation ideal money is z good z real & p]haps ev5 bett]4 ,! o!r use ( money is to buy ! same ?+s :i* x appraises 444 prices & contracts are det]m9$ 9 ideal money & are execut$ 9 real money407 #fg ,?is1 ( c\rse1 does n prev5t ! m>ket price ( commodities to be above or bel[ _! value4 ,h[ev]1 ?is consid]ation is =eign to simple circulation & belongs to q ano!r sph]e to be consid]$ lat]1 :5 we %all inve/igate ! relation betwe5 value & m>ket price4 #fh ,h[ deeply "s beautiful s\ls are w\nd$ by ! m]ely sup]ficial aspect ( ! antagonism :i* ass]ts itself 9 buy+ & sell+1 may be se5 f ! foll[+ ab/ract f ,m4 ,isaac ,p]eire's3 8,leons sur l'indu/rie et les f9ances10 ,p>is1 #ahcb4 ,! fact t ! same ,isaac 9 8 capacity ( inv5tor & dictator ( ! 8,cr$it mobili]0 has acquir$ ! reputation ( ! wolf ( ! ,p>is ,b\rse %[s :at lurks beh9d ! s5tim5tal criticism ( economics4 ,says ,mr4 ,p]eire at ! "t an apo/le ( ,/4 ,simons3 8,c'e/ p>ceque t\s les individus sont isols1 sp>s les uns des autres1 soit dans leur travaux1 soit p\r la consommation1 qu'il y a e*ange entre eux des produits de leur indu/rie respective4 ,de la ncessit de l'*ange e/ d]ive la ncessit de det]m9] la valeur relative des objets4 ,les ides de la valeur et de l'*ange sont donc intimem5t lies1 et t\tes deux dans leur =me actuelle exprime l'individualisme et l'antagonisme4444 ,il n'y a lieu a fix] la valeur des produits que p>cequ'il y a v5te at a*at1 en d'autres t]mes1 antagonisme entre les div]s membres de la societ4 ,il n'y a lieu s'occup] du prix1 de valeur que l o il y avait v5te et e*at1 c'e/ dire1 o *aque individu tait oblig de lutt]1 p\r se procur] les object ncessaires a l'entreti5 de son exi/5ce0 7l4 c41 p4 #b1 #c passim74 78,s9ce individuals are isolat$ & sep>at$ f "o ano!r bo? 9 _! labors & 9 consumption1 ex*ange takes place betwe5 !m 9 ! products ( _! respective indu/ries4 ,f ! necessity ( ex*ange arises ! necessity ( det]m9+ ! relative value ( ?+s4 ,! ideas ( value & ex*ange are ?us intimately connect$ & bo? express 9 _! actual =m individualism & antagonism4444 ,! det]m9ation ( values ( products takes place only because !re are sales & pur*ases1 or1 to put x diff]5tly1 because !re is an antagonism betwe5 diff]5t memb]s ( society4 ,"o has to occupy himself ) price & value only :]e !re is sale & pur*ase1 t is to say1 :]e e individual is oblig$ to /ruggle to procure = himself ! objects necess>y = ! ma9t5ance ( 8 exi/5ce407 #fi 8,l'arg5t n'e/ que le moy5 et l'a*em9em5t1 au lieu que les d5res utiles la vie sont la f9 et le b40 78,money is b ! ways & means1 :ile ! ?+s useful 9 life are ! end & object407 ,boisguilleb]t3 8,le ,dtail de la ,france10 #afig1 9 ,eug5e ,daires' 8,economi/es f9anci]s du ,x,v,i,i,iieme sicle1 vol4 ,i41 ,p>is1 #ahdc1 p4 #baj4 #gj ,9 ,novemb]1 #ahjg1 ,william ,sp5ce publi%$ a pamphlet 9 ,engl& "u ! title3 8,brita9 ,indep5d5t ( ,comm]ce40 ,! pr9ciple set =? 9 ?is pamphlet 0 fur!r elaborat$ by ,william ,cobbet 9 8 8,political ,regi/]0 "u ! virul5t title1 8,p]i% ,comm]ce40 ,to ?is ,james ,mill repli$ 9 #ahjh 9 8 8,def5ce ( ,comm]ce0 :i* conta9s ! passage quot$ above f 8 8,elem5ts ( ,political ,economy0 7p4 #aij-aic1 ,transl474 ,9 8 controv]sy ) ,sismondi & ,mal?us on comm]cial crises1 ,j4 ,b4 ,say appropriat$ ?is clev] device1 & z x w\ld be difficult to po9t out ) :at new idea ?is comical 8pr9ce de la sci5ce0 _h enri*$ political economy1 8 cont95tal admir]s h trumpet$ him z ! man :o _h une>!d ! treasure ( ! metaphysical balance ( pur*ases & sales2 z a matt] ( fact1 8 m]its consi/$ r ( ! imp>tiality ) :i* he equally misund]/ood 8 contempor>ies1 ,mal?us1 ,sismondi & ,ric>do4 #ga ,! mann] 9 :i* economi/s expla9 ! diff]5t aspects ( ! commodity may be se5 f ! foll[+ examples3 8,) money 9 possession1 we h b "o ex*ange to make 9 ord] to secure ! object ( desire1 :ile ) o!r surplus products we h two1 ! fir/ ( :i* 7procur+ ! money7 is inf9itely m difficult ?an ! second40 7,g4 ,opdyke1 8,a ,treatise on ,political ,economy10 ,new ,york1 #ahea1 p4 #bgg-bgh47 8,! sup]ior saleabl5ess ( money is ! exact effect or natural consequ5ce ( ! less saleabl5ess ( commodities40 7,?4 ,corbet1 8,an ,inquiry into ! ,causes & ,modes ( ! ,weal? ( ,individuals40 etc41 ,london1 #ahda1 p4 #aag47 8,money has ! quality ( be+ always ex*angeable = :at x measures40 7,bosanquet1 8,metallic1 ,pap] & ,cr$it ,curr5cy10 etc41 ,london1 #ahdb1 p4 #ajj47 8,money c always buy o!r commodities1 :]eas o!r commodities c n always buy money40 7,?4 ,tooke1 8,an ,inquiry into ! ,curr5cy ,pr9ciple10 #b;d ed41 ,london1 #ahdd1 p4 #aj47 #gb ,! same commodity c be b\ght & resold _m times4 ,x circulates1 !n1 n m]ely z a commodity1 b 9 a capacity :i* does n exi/ f ! po9t ( view ( simple circulation1 ( ! simple contra/ ( commodity & money4 #gc ,! quantity ( money is immat]ial 8p\rvu qu'il y en ait assez p\r ma9t5ir les prix contracts p> les d5res0 7z long z x is suffici5t to ma9ta9 ! exi/+ prices ( commodities74 ,boisguilleb]t1 l4 c4 p4 #baj4 8,if ! circulation ( commodities ( f\r hundr$ millions requir$ a curr5cy ( =ty millions1 & 444 ?is proportion ( "o-t5? 0 ! due level1 e/imat+ bo? curr5cy & commodities 9 gold2 !n1 if ! value ( commodities to be circulat$ increas$ to f\r hundr$ & fifty millions1 f natural causes 444 ,i %\ld say ! curr5cy1 9 ord] to cont9ue at its level1 mu/ be increas$ to =ty-five millions40 7,william ,blake1 8,obs]vations on ! ,effects ,produc$ by ! ,exp5diture ( ,gov]nm5t1 etc410 ,london1 #ahbc1 p4 #hj47 #gd 8,e la velocit del giro del dan>o1 non la quantit dei metalli *e fa app>ir molto a poco il dan>o40 7,galiani1 l4 c4 p4 #ii47 78,x is ! rapidity ( ! circulation ( money & n ! quantity ( metals t causes a great] or small] am\nt ( money to appe>407 #ge ,an example ( an extraord9>y decl9e ( metallic circulation f its av]age level 0 furni%$ by ,engl& 9 #aheh1 z may be se5 f ! foll[+ extract f ! ,london ,economi/3 8,f ! nature ( ! case 7namely1 ! isolat$ nature ( simple circulation7 v exact data _c be procur$ z to ! am\nt ( ca% t is fluctuat+ 9 ! m>ket1 & 9 ! h&s ( ! n bank+ classes4 ,b1 p]haps1 ! activity or ! inactivity ( ! m9ts ( ! great comm]cial nations is "o ( ! mo/ likely indications 9 ! v>iations ( t am\nt4 ,mu* w be manufactur$ :5 x is want$2 & little :5 little is want$4444 ,at ! ,engli% m9t ! co9age 0 9 #ahee #i1bde1jjj2 #ahef1 #f1dgf1jjj2 #aheg1 #e1bic1hee4 ,dur+ #aheh ! m9t _h sc>cely any?+ to d40 7,economi/1 ,july #aj1 #aheh47 ,b at ! same "t ab\t eighte5 million p\nds /]l+ 7 ly+ 9 ! bank vaults4 #gf ,dodd1 8,curiosities ( ,indu/ry10 etc41 ,london1 #ahed4 #gg 8,! ,curr5cy ,"q ,review$1 etc41 by a ,bank]40 7,ed9burgh1 #ahde1 p4 #fi47 8,si un cu un peu u tait reput valoir quelque *ose de mo9s qu'un cu t\t neuf1 la circulation se tr\v]ait cont9uellem5t arrte1 et il n'y aurait pas un seul payem5t qui ne fut matire conte/ation40 7,g4 ,g>ni]1 l4 c4 t4 ,i41 p4 #bd47 78,if an ecu slightly us$ w\ld pass = a little less ?an an entirely new ecu1 circulation w\ld be cont9ually int]f]$ )1 & n a paym5t w\ld take place t w\ld n give rise to controv]sy407 #gh ,w4 ,jacob1 8,an ,inquiry ,into ! ,production & ,consumption ( ! ,preci\s ,metals40 7,london1 #ahca1 vol4 ,,ii41 *4 ,,xxvi47 #gi ,david ,bu*anan1 8,obs]vations on ! ,subjects ,treat$ ( 9 ,dr4 ,smi?'s ,inquiry on ! ,weal? ( ,nations10 etc4 7,ed9burgh1 #ahda1 p4 #c47 #hj ,h5ry ,/or*1 8,c\rs d',economic ,politique40 etc41 avec des notes p> ,j4 ,b ,say4 ,p>is1 #ahbc1 tom4 ,,iv41 p4 #agi4 ,/or* publi%$ 8 "w 9 ,fr5* at ,/4 ,pet]sburg4 ,j4 ,b4 ,say imm$iately issu$ a ,p>isian repr9t1 supplem5t$ ) alleg$ 8notes10 :i* z a matt] ( fact conta9 no?+ b commonplaces4 ,/or* 7see 8 8,consid]ations sur la ,nature du ,rev5ue ,national10 ,p>is1 #ahbd7 took by no means k9dly to ?is annexation ( 8 "w by ! 8pr9ce de la sci5ce40 #ha ,plato de ,rep4 ,l4 ,,ii 8 40 78,money symbol ( ex*ange407 ,op]a omnia1 etc41 ed4 ,g4 ,/allbumius1 ,london1 #ahej1 p4 #cjd4 ,plato develops money only 9 two capacitiesz a measure ( value & a tok5 ( value1 b dem&s1 9 addition to ! tok5 ( value s]v+ = home circulation1 ano!r "o = trade betwe5 ,greece & =eign c\ntries4 7,see also ,book ,v ( 8 ,laws47 #hb ,ari/otle1 ,e?ic4 ,nicom1 l4 #e41 *4 #h1 l4 c43 ' 4 1 ' 40 78,9 ! satisfaction ( wants money became ! m$ium ( ex*ange by agreem5t4 ,& = t reason x be>s ! "n 1 because x owes its exi/5ce1 n to nature1 b to law 771 & x is 9 our p[] to *ange x & make x void407 ,ari/otle _h a f> m compreh5sive & deep view ( money ?an ,plato4 ,9 ! foll[+ passage he beautifully %[s h[ b>t] betwe5 diff]5t communities creates ! necessity ( assign+ ! "* ( money to a specific commodity1 i4 e41 "o :i* has itself an intr9sic value4 8 h 1 1 ' 444 04 7,ari/4 ,de ,republica1 l4 i4 p4 #i1 secs4 #g1 #h l4 c47 78,:5 ! inhabitants ( "o c\ntry became m dep5d5t on ^? ( ano!r1 & !y import$ :at !y ne$$ & export$ ! surplus1 money necess>ily came into use 444 & h5ce m5 agre$ to employ 9 _! deal+s ) ea* o!r some?+ :i* 0 intr9sically useful & easily applicable to ! purposes ( life1 = example1 iron1 silv] & ! l40 ,trans1 by ,b4 ,j[ett1 8,! ,politics ( ,ari/otle1 ,ox=d1 #ahhe1 p4 #af74 ,?is passage is quot$ by ,mi*el ,*evali]1 :o ei!r has n read ,ari/otle or did n und]/& him1 to prove t 9 ,ari/otle's op9ion curr5cy mu/ consi/ ( a sub/ance hav+ intr9sic value4 ,on ! contr>y1 ,ari/otle says expressly t money z a m]e m$ium ( circulation seems to owe its exi/5ce to agreem5t or law1 z is %[n by its "n 1 & t 9 reality x owes its utility z co9 to its function & n to any intr9sic use-value ( its own4 1 ' ' 78,o!rs ma9ta9 t co9$ money is a m]e %am1 a ?+ n natural1 b conv5tional only1 :i* w\ld h no value or use = any ( ! purposes ( daily life if ano!r commodity 7 sub/itut$ by ! us]s407 7l4 c4 sec4 #aa47 #hc ,m&eville1 ,sir ,john1 8,voyages & ,travels10 ,london1 #agje1 p4 #aje3 8,?is ,emp]or 7( ,cattay or ,*9a7 may disp5de ols mu*e z he wile )\t5 e/ymacion4 ,= he desp5de! n1 nor make! no money1 b ( le!r empr$e?1 or ( papyre4 ,& :5 t money ba! ronne s longe t x begyne! to wa/e1 ?an m5 b]5 x to ! ,emp]\re ,tresorye1 & !n !y tak5 newe ,money = ! old4 ,& t money go! ?orghe out all ! contree1 & ?orge out all 8 ,provynces4444 ,!y make no money nei!r ( ,gold nor ( ,sylv]10 & 8!re=e10 ?9ks ,m&eville1 8he may desp5de ynew & outrage\sly40 #hd ,b5jam9 ,frankl91 8,rem>ks & ,facts ,relative to ! ,am]ican ,pap] ,money10 #agfd1 p4 #cdh1 l4 c4 8,at ?is v "t1 ev5 ! silv] money 9 ,engl& is oblig$ to ! legal t5d] = "p ( its value2 t "p :i* is ! diff]5ce betwe5 its real weight & its d5om9ation4 ,great "p ( ! %ill+s & sixp5ces n[ curr5t are by we>+ become #e1 #aj1 #bj1 & "s ( ! sixp5ces ev5 #ej p] c5t41 too light4 ,= ?is diff]5ce betwe5 ! real & ! nom9al y h no intr9sic value4 ,y h n s mu* z pap]1 y h no?+4 ,x is ! legal t5d]1 ) ! k t x c easily be repass$ = ! same value1 t makes ?ree-p5nywor? ( silv] pass = a sixp5ce40 #he ,b]keley1 l4 c41 p4 #e-f4 8,:e!r ! d5om9ations be+ reta9$1 al?\gh ! bullion 7 gone 444 might n nev]!less 444 a circulation ( comm]ce 7be7 ma9ta9$80 #hf 8,non solo i metalli ric*i son segni delle cose 4442 ma vic5devolm5te le cose 444 sono segni dell'oro e dell'arg5to40 7,a4 ,g5ovesi1 8,lezioni di ,economia ,civile10 #agfe4 p4 #bha 9 ,cu/odi1 ,p>te ,mod4 #a4 ,,viii47 78,n only are preci\s metals tok5s ( ?+s1 b vice v]sa1 ?+s are tok5s ( gold & silv]407 #hg ,petty4 8,gold & silv] are univ]sal weal?40 7,political ,ari?metic1 l4 c41 p4 #bdb47 #hh ,e4 ,misseld54 8,free ,trade1 or ! ,means to ,make ,trade ,fl\ri%10 etc41 ,london1 #afbb4 8,! natural matt] ( ,comm]ce is ,m]*&ise1 :i* ,m]*ants f ! end ( ,trade h /il$ ,commodities4 ,! ,artificiall matt] ( ,comm]ce is ,money1 :i* ha? obta9$ ! title ( s9ewes ( w>re & ( ,/ate4444 ,money1 ?\gh x be 9 nature & "t aft] ,m]*&ise1 yet =asmu* z x is n[ 9 use become ! *iefe40 7p4 #g47 ,he comp>es 8 own treatm5t ( m]*&ise & money ) ! mann] ( 8,old ,jacob1 :o1 bless+ 8 ,gr&*ildr51 cro/ 8 h&s1 & laide 8 "r h& on ! yong]1 & 8 left h& on ! eld]40 7l4 c47 ,boisguilleb]t1 8,diss]t4 sur la ,nature ,des ,ri*esses10 etc4 8,voil donc l'esclave du comm]ce dev5u son matre4444 ,la misre des peuples ne vi5t que de ce qu'on a fait un matre1 ou plutt un tyran de ce qui tait un esclave40 7p4 #cie1 #cii47 #hi ,boisguilleb]t1 l4 c4 8,on a fait une idole de ces mtaux 7l'or et l'arg5t7 et laissant l1 l'objet et l'int5tion p\r lesquels ils avai5t t appels dans le comm]ce1 savoir1 p\r y s]vir de gages dans l'*ange et la tradition rciproque1 on les a presque quitts de ce s]vice p\r en =m] des div9its1 aux quelles on a sacrifi et sacrifie t\j\rs plus de bi5s et de beso9s prcieux et mme d'hommes1 que jamais l'aveugle antiquit n'en immola ces fausses div9its10 etc4 7l4 c41 p4 #cie47 #ij ,9 ! fir/ halt ( ! p]petuum mobile1 i4 e41 9 ! susp5sion ( ! function ( money z a m$ium ( circulation1 ,boisguilleb]t at once suspects its indep5d5t exi/5ce f commodities4 ,money1 he says1 mu/ be 89 con/ant motion1 x c be money only by be+ mobile1 b z soon z x becomes motionless all is lo/40 78,dans un m\vem5t cont9uel1 ce qui ne peut tre que tant qu'il e/ meuble1 mais sitt qu'il devi5t immeuble t\t e/ p]du40 8,le ,dtail de la ,france10 p4 #bca47 ,:at he ov]looks is t ?is halt con/itutes ! condition ( its movem5t4 ,:at he really wants is t ! value =m ( commodities %\ld appe> m]ely 9 ! transitory =m ( _! *ange ( matt]1 b %\ld nev] become an end 9 itself4 #ia 8 444 ,! m ! /ock 444 is 444 encreas$ 9 w>es1 ! m x decrease? 9 treasure40 7,e4 ,misseld51 l4 c41 p4 #bc47 #ib l4 c41 p4 #aa-ac passim4 #ic ,petty1 8,political ,ari?410 l4 c41 p4 #aif 7#ahii edition1 v4 ,i1 p4 #bfi4 ,transl47 #id ,francois ,b]ni]1 8,voyage cont5ant la description des tats du ,gr& ,mogul40 7,p>is edition1 #ahcj1 t4 l41 conf41 p4 #cab-cad47 #ie ,dr4 ,m>t9 ,lu!r1 8,b*] vom ,kaufh&el und ,wu*]10 #aebd4 ,9 ! same passage ,lu!r says3 8,gott hat uns ,deuts*e dah9 ges*leid]t1 dass wir uns] gold und silb] mss5 9 fremde ,lnd] /oss51 alle ,welt rei* ma*5 und selb/ ,bettl] ,bleib54 ,engl& sollte wohl w5ig] ,goldes hab51 w5n ,deuts*l& ihm se9 ,tu* liesse1 und d] ,knig von ,portugal sollte au* w5ig] hab51 w5n wir ihm die ,wrze liess54 ,re*ne ,du1 wie viel e9e ,messe zu ,frankfurt aus ,deuts*5 ,l&5 gefrt wird1 ohne ,n und ,ursa*e3 s wir/ ,du ,di* wund]n1 wie es zugehe1 dass no* e9 hell] 9 ,deuts*5 ,l&5 sei4 ,frankfurt i/ das ,silb]-und ,goldlo*1 dadur* aus ,deuts*em ,l&e fleis/1 0 nur guillet und w*/1 gemnzt od] ges*lag5 wird bei uns2 wre das ,lo* zuege/opft1 s drft man itzt d] ,klage ni*t hr51 die alle?alb5 eitel ,s*uld und ke9 ,geld1 alle ,l& und ,/dte ausgewu*]t s9d4 ,ab] lass geh51 es w do* also geh52 wir ,deuts*e mss5 ,deuts*e bleib56 wir lass5 ni*t ab1 wir mss5 d5n40 ,9 ! "w quot$ above ,misseld5 wi%es to reta9 ! gold & silv] at lea/ )9 ! conf9es ( ,*ri/5dom3 8,! o!r =re9e remote causes ( ! want ( money1 are ! ,trades ma9ta9$ out ( ,*ri/5dome to ,turky1 ,p]sia & ! ,ea/ ,indies1 :i* trades are ma9ta9$ = ! mo/ "p ) ready money1 yet 9 a diff]5t mann] f ! trades ( ,*ri/5dome )9 itselfe4 ,= al?\gh ! trades )9 ,*ri/5dome are driv5 ) ready monies1 yet ^? monies are /ill conta9$ & cont9u$ )9 ! b\nds ( ,*ri/5dome4 ,!re is inde$e a fluxus & refluxus1 a flood & ebbe ( ! monies ( ,*ri/5dome trad$ )9 x selfe2 = sometimes !re is m 9 "o "p ( ,*ri/5dome1 sometimes !re is lesse 9 ano!r1 z "o ,c\ntry wante? & ano!r ab\nde?3 ,x come? & goe?1 & :irle? ab\t ! ,circle ( ,*ri/5dome1 b is /ill conta9$ )9 ! compasse !re(4 ,b ! money t is trad$ out ( ,*ri/5dome into ! p>ts a=esaid is cont9ually issu$ out & nev] returne? aga9e40 7p4 #ai-bj47 #if 8,a nummo prima origo av>itiae 444 haec paulatim ex>sit rabie quadam1 non jam av>itia1 s$ fames auris40 7,pl941 ,hi/4 ,nat41 l4 ,,xxxiii41 c4 ,,xiv47 78,f money fir/ spr+s av>ice 444 ! latt] gradually gr[s into a k9d ( madness1 :i* is no m av>ice1 b a ?ir/ = gold407 #ig ,horace ?us und]/&s no?+ ( ! philosophy ( ho>d+ :5 he says 7,satir4 l4 ,,ii41 ,satir4 ,,iii73 8,siquis emat ci?>as1 emptas comportat 9 unum1 ,nec /udio ci?>ae nec musae d$itus ulli2 ,si scalpra et =mas non sutor2 nautica vela ,av]sus m]caturis2 delirus et am5s1 ,undique dicatur m]ito4 ,qui discrepat i/is1 ,qui nummos aurunque recondit nescius uti ,compositis metu5sque velut cont+]e sacrum80 8,if "o buys fiddles1 ho>ds !m up :5 b\ght1 ,?\gh music's /udy ne'er engag$ 8 ?\ght1 ,"o la/s & awls1 unv]s$ 9 cobbl]'s craft1 ,"o sails = %ips1 n kn[+ =e f aft1 ,y'd call !m mad3 b tell me1 if y please1 ,h[ t man's case is diff]5t f ^!1 ,:o z he gets x1 /[s away 8 ga91 ,& ?9ks to t\* a f>?+ 7 pr(ane80 7,transl4 by ,john ,cov+ton1 ,london1 #ahgd1 p4 #fj47 ,mr4 ,s5ior und]/&s ! "q mu* bett]3 8,l'arg5t p>at tre la seule *ose dont le dsir e/ univ]sel1 et il en e/ a9si p>ceque l'arg5t e/ une ri*esse ab/raite et p>ceque les hommes1 en la possdant peuv5t satisfaire t\s leur beso9s de quelque nature qu'ils soi5t40 78,pr9cipes ,fondam5taux de l',economie ,politique1 tirs de leons edites et in$ites de ,n4 ,w4 ,s5ior1 p> ,comte ,jean ,arrivab5e10 ,p>is1 #ahcf1 p4 #bba4 ,! correspond+ passage 9 ! ,engli% edition ( 8 ,political ,economy1 ,london1 #ahfc1 is to be f\nd on p4 #bg4 ,translator47 ,s does ,/or*3 8,s9ce money repres5ts all o!r =ms ( weal?1 x is only necess>y to accumulate x to provide = oneself all k9ds ( weal? exi/+ 9 ! _w40 7l4 c41 v4 #b1 p4 #acd47 #ih ,to :at ext5t ! inn] man ( ! commodity own] rema9s un*ang$1 ev5 :5 he has become civiliz$ & has develop$ into a capitali/1 is %[n by ! example ( a ,london repres5tative ( a cosmopolitan bank+ h\se :o adopt$ z a fitt+ coat ( arms = 8 family a #ajj1jjj bank note1 :i* he _h hung up 9 a glass frame4 ,! po9t "h is 9 ! mock+ contempt ( ! note = circulation4 #ii ,see ! passage f ,x5ophon1 quot$ bel[4 #ajj ,jacob1 l4 c41 v4 #b1 *4 #be & #bf4 #aja 8,9 times ( great agitation & insecurity1 especially dur+ int]nal commotions or invasions1 gold & silv] articles are rapidly conv]t$ into money2 :il/ dur+ p]iods ( tranquility & prosp]ity1 money is conv]t$ into plate & jewelry40 7l4 c41 v4 #b1 p4 #ceg47 #ajb ,9 ! foll[+ passage ,x5ophon develops money 9 its specific =ms ( money & ho>d3 8 444 1 1 444 1 1 ' 1 1 4 1 40 7,x54 de ,vectigalibus1 c4 ,,iv47 78,( all op]ations ) :i* ,i am acqua9t$1 ?is is ! only "o 9 :i* no sort ( jeal\sy is felt at a fur!r developm5t ( ! indu/ry 444 ! l>g] ! quantity ( ore discov]$ & ! great] ! am\nt ( silv] extract$1 ! great] ! numb] ( p]sons ready to engage 9 ! op]ation4444 ,no "o :5 he has got suffici5t furniture = 8 h\se dreams ( mak+ fur!r pur*ases on ?is head1 b ( silv] no "o ev] yet possess$ s mu* t he 0 =c$ to cry 8,en\gh40 ,on ! contr>y1 if ev] anybody does become possess$ ( an immod]ate am\nt he f9ds z mu* pleasure 9 digg+ a hole 9 ! gr\nd & ho>d+ x z an actual employm5t ( x4444 ,:5 a /ate is prosp]\s !re is no?+ :i* p s mu* desire z silv]4 ,! m5 want money to exp5d on beautiful armor & f9e horses1 & h\ses & sumptu\s p>aph]nalia ( all sorts4 ,! wom5 betake !mselves to exp5sive app>el & ornam5ts ( gold4 ,or :5 /ates are sick1 ei!r ?r\gh b>r5ness ( corn & o!r fruits1 or ?r\gh w>1 ! dem& = curr5t co9 is ev5 m imp]ative 7:il/ ! gr\nd lies unproductive71 to pay = necess>ies or milit>y aid40 ,transl4 by ,h4 ,g4 ,dakyns1 ,london1 #ahib1 v4 #b1 ,rev5ues1 p4 #cce-ccf47 ,ari/otle develops 9 ,book ,i41 *4 #i ( 8 ,politics ! two opposite movem5ts ( circulation4 ,c-,m-,c & ,m-,c-,m1 call+ !m 8economics0 & 8*remati/ics0 respectively4 ,! two =ms are repres5t$ by ! ,greek trag$ian ,euripides z ,sikn 7"r7 & ,keodos 7pr(it74 #ajc ,( c\rse1 capital also is advanc$ 9 ! %ape ( money1 & ! money ?us advanc$ may be advanc$ capital1 b ?is po9t ( view does n fall )9 ! horizon ( simple circulation4 #ajd 8,! diff]5ce betwe5 ! means ( pur*ase & ! means ( paym5t0 is emphasiz$ by ,lu!r4 #aje ,mr4 ,mac,leod1 9 spite ( 8 doctr9aire conceit ab\t def9itions1 fails s utt]ly to grasp ! mo/ elem5t>y economic relations t he tries to d$uce ! v orig9 ( money f its cr[n+ =m1 viz41 t ( a means ( paym5t4 ,he says among o!r ?+s t s9ce p d n always ne$ ea* o!r's s]vices at ! same "t1 & n to ! same ext5t1 8!re w\ld rema9 ov] a c]ta9 diff]5ce or am\nt ( s]vice due f ! fir/ to ! seconddebt40 ,! own] ( ?is debt ne$s ! s]vices ( a ?ird p]son1 :o does n directly ne$ ^? ( ! second1 & 8transf]s to ! ?ird ! debt due to him f ! fir/4 ,evid5ce ( debts *anges s h&scurr5cy4444 ,:5 a p]son receiv$ an obligation express$ by metallic curr5cy1 he is able to comm& ! s]vices n only ( ! orig9al debtor1 b ( ! :ole ( ! indu/ri\s community40 7,mac,leod1 8,!ory & ,practice ( ,bank+10 etc41 ,london1 #ahee1 v4 ,i41 *4 ,i47 #ajf ,bailey1 l4 c41 p4 #c4 8,money is ! g5]al commodity ( contracts1 or t 9 :i* ! majority ( b>ga9s ab\t prop]ty1 to be complet$ at a future "t1 are made40 #ajg ,says ,s5ior 79 8 ,lectures1 publi%$ by ,comte ,arrivab5e1 l4 c41 p4 #aag73 8,s9ce ! value ( ev]y?+ *anges )9 a c]ta9 p]iod ( "t1 p select z a means ( paym5t an article ^: value *anges lea/ & :i* reta9s longe/ a giv5 av]age ability to buy ?+s4 ,?us1 money becomes ! expression or repres5tative ( values40 ,on ! contr>y3 j because gold1 silv]1 etc41 h become money1 i4 e41 ! embodim5t ( indep5d5tly exi/+ ex*ange value1 !y become ! univ]sal means ( paym5t4 ,:5 ! consid]ation z to ! /ability ( ! value ( money m5tion$ by ,mr4 ,s5ior comes into play1 i4 e41 9 p]iods :5 money ass]ts itself z ! univ]sal means ( paym5t ?r\gh ! =ce ( circum/ances1 !n is j ! "t :5 fluctuations 9 ! value ( money are discov]$4 ,su* 0 ! "t ( ,elizabe? 9 ,engl&1 :5 ,"l ,burleigh & ,sir ,?omas ,smi?1 9 view ( ! manife/ depreciation ( ! preci\s metals1 put ?r\gh an act ( p>liam5t :i* oblig$ ! univ]sities ( ,ox=d & ,cambridge to /ipulate ! paym5t ( "o-?ird ( _! gr\nd r5ts 9 :eat & malt4 #ajh ,boisguilleb]t1 :o w\ld /em ! developm5t ( b\rgeois relations ( production & viol5tly attacks ! b\rgeois p]sonally1 has a s(t he>t = ^? =ms ( money 9 :i* x appe>s only ideally or transi5tly4 ,?us he speaks fir/ ( ! m$ium ( circulation & next ( ! means ( paym5t4 ,:at he does n see is ! direct transition ( money f its ideal to ! mat]ial =m1 s9ce ! h>d ca% is lat5tly pres5t 9 ! ideal measure ( value4 ,t money is b ano!r =m ( commodities1 he says1 is %[n by :olesale trade1 9 :i* ex*ange takes place )\t ! int]v5tion ( money1 aft] 8les m>*&ises sont apprecis40 78,le ,detail de la ,france10 l4 c4 p4 #baj47 #aji ,locke1 l4 c41 p4 #ag1 #ah4 #aaj 8,il dan>o ammassato supplisce a quella somma1 *e p] ess]e attualm5te 9 circolazione1 p] l'ev5tuale promiscuit de' comm]ci si allontana e sorte della sf]a della circolazione m$esima40 78,! accumulat$ money supplem5ts t am\nt :i*1 9 ord] to be actually 9 circulation & to meet all possible p]turbations ( trade1 retires f t sph]e ( circulation40 ,g4 ,r4 ,c>li1 note to ,b]ri's 8,m$itazioni sulla ,economia ,politica10 p4 #aif1 t4 ,,xv4 ( ,cu/odi's l4 c47 #aaa ,montan>i1 8,della ,moneta10 #afhc1 l4 c41 p4 #dj4 8 cosi fattam5te diffusa p] tutto il globo t]re/re la communicazione de' populi insieme1 *e puo quasi dirsi ess] il mondo tutto div9uto una sola citta 9 cui si fa p]petua fi]a d'ogni m]canzia1 e dove ogni uomo di tutto cio *e la t]ra1 gli animali e l'umana indu/ria altrove producono1 puo m$iante il dan>o /&o 9 sua casa prov$]si e god]e4 ,m>avigliosa inv5zione40 78,! communication ( nations among !mselves is s widely ext5d$ all ov] ! globe t x may be almo/ said t ! entire _w has become "o city 9 :i* a p]petual fair ( m]*&ise is held & :]e e man may by means ( money acquire & enjoy1 :ile /ay+ at home1 all t ! e>?1 ! animals & human indu/ry produce else:]e4 ,m>vel\s inv5tion407 #aab ,i metalli han que/o di proprio e s+ul>e *e 9 essi soli tutte le ragioni si riducono ad una *e la loro quantit1 non av5do ricevuto delle natura div]sa qualit n nell'int]na loro con/ituzione n nell'ext]na =ma e fattura40 7,galiani1 l4 c41 p4 #acj47 78,metals h ?is s+ul> prop]ty1 t ev]y?+ 9 !m is r$uc$ to "o consid]ation1 viz41 t ( quantity1 s9ce !y are n end[$ by nature ) any diff]5ces 9 quality ei!r 9 _! int]nal /ructure or 9 _! ext]nal =m & %ape407 #aac ,de ,orbe ,novo4 8,o1 happy co91 :i* furni%es mank9d ) a pleasant & useful bev]age & keeps its possessors immune f ! hell-born pe/ ( av>ice1 s9ce x c n be ei!r buri$ or pres]v$ long40 #aad ,9 #gfj a multitude ( poor p emigrat$ to ! s\? ( ,prague to wa% ! gold s& f\nd !re1 & ?ree m5 7 able to extract ?ree m>ks ( gold a day4 ,z a result ( t ! run on ! 8digg+s0 & ! numb] ( h&s tak5 away f agriculture became s great t ! c\ntry 0 visit$ by a fam9e ! foll[+ ye>4 ,see ,m4 ,g4 ,krn]1 8,abh&lung von dem ,alt]?um des ,bhmis*5 ,b]gw]ks10 ,s*neeb]g1 #ageh4 #aae ,s f> ! ,au/ralian & o!r discov]ies h n affect$ ! ratio ( ! values ( gold & silv]4 ,! ass]tions to ! contr>y ( ,mi*el ,*evali] are wor? z mu* z ! ,socialism ( ?is ex-,/4 ,simoni/4 ,! quotations ( silv] on ! ,london m>ket prove1 h[ev]1 t ! av]age gold price ( silv] dur+ #ahej-aheh is n q #c p] c5t4 high] ?an ! price dur+ #ahcj-ahej4 ,b ?is rise 9 price is acc\nt$ = simply by ! ,asiatic dem& = silv]4 ,9 ! c\rse ( ! ye>s #aheb-aheh ! price ( silv] 0 *ang+ 9 c]ta9 ye>s & mon?s only ) a *ange 9 ?is dem&1 & 9 no case ) ! importation ( gold f ! newly discov]$ s\rces4 ,! foll[+ is a summ>y ( ! gold prices ( silv] on ! ,london m>ket4 ,,price ,,( ,,silv] ,,p] ,,ounce4 ,ye> ,m>*4 ,july4 ,novemb]4 #aheb #fj-a_/h p5ce #fj-a_/d p5ce #fa-g_/h p5ce #ahec #fa-c_/h p5ce #fa-a_/b p5ce #fa-g_/h p5ce #ahed #fa-g_/h p5ce #fa-c_/d p5ce #fa-a_/b p5ce #ahee #fj-g_/h p5ce #fa-a_/b p5ce #fj-g_/h p5ce #ahef #fj p5ce #fa-a_/d p5ce #fb-a_/h p5ce #aheg #fa-c_/d p5ce #fa-e_/h p5ce #fa-a_/b p5ce #aheh #fa-e_/h p5ce #aaf 8,gold is a wond]ful ?+6 ,:oev] possesses x1 is ma/] ( all t he desires4 ,by means ( gold ev5 admission to ,heav5 may be ga9$ = s\ls40 7,columbus 9 a lett] f ,jamaica 9 #aejc74 #aag ,! sl[ness ( ! process 0 admitt$ by ,hume1 al?\gh x b little agrees ) 8 pr9ciple4 ,see ,david ,hume 8,essays & ,treatises on sev]al subjects40 ,london1 #aggg1 v4 ,i1 p4 #cjj4 #aah ,conf4 ,/eu>t1 l4 c4 v4 ,i1 p4 #cid-djj4 #aai ,david ,hume1 l4 c4 p4 #cjj4 #abj ,david ,hume1 l4 c4 p4 #cjc4 #aba ,david ,hume1 l4 c4 p4 #cjc4 #abb ,david ,hume1 l4 c4 p4 #cjg1 #cjh1 #cjc3 8,x is evid5t1 t ! prices d n s mu* dep5d on ! absolute quantity ( commodities1 & t ( money1 :i* are 9 a nation1 z on t ( ! commodities1 :i* c or may come to m>ket1 & ( ! money :i* circulates4 ,if ! co9 be lock$ up 9 *e/s1 x is ! same ?+ ) reg>d to prices1 z if x 7 annihilat$2 if ! commodities be ho>d$ 9 magaz9es & gran>ies1 a l effect foll[s4 ,z ! money & commodities 9 ^! cases1 nev] meet1 !y _c affect ea* o!r4 ,! :ole 7( prices7 at la/ rea*es a j proportion ) ! new quantity ( specie :i* is 9 ! k+dom40 #abc ,see ,law & ,frankl9 ab\t surplus value :i* gold & silv] are suppos$ to acquire f _! function ( money4 ,also ,=bonnais4 #abd ,?is fiction is lit]ally advanc$ by ,montesquieu4 ,! passage f ,montesquieu is quot$ by ,m>x 9 8 ,capital1 v4 ,i4 ,"p #a1 ,*4 ,,iii1 section #b1 b1 foot-note4 ,note by ,k4 ,kautsky to #bnd ,g]man edition4 #abe ,/eu>t1 l4 c4 v4 ,i41 p4 #cid seq4 #abf ,/eu>t1 l4 c41 v4 #b4 p4 #cgg-cgi passim 7n f\nd 9 ! #agfg ,london edition4 ,translator74 #abg ,/eu>t1 l4 c41 p4 #cgi-chj passim 7,london1 #agfg edition1 v4 l4 p4 #djj4 ,transl474 #abh 8,! additional co9 w be lock$ up1 or conv]t$ into plate4444 ,z = ! pap] money1 s soon z x has s]v$ ! fir/ purpose ( supply+ ! dem& ( him :o borr[$ x1 x w return ^u ! debtor 9 x & become realiz$4444 ,let ! specie ( a c\ntry1 !re=e1 be augm5t$ or dim9i%$ 9 ev] s great a proportion1 commodities w /ill rise & fall accord+ to ! pr9ciples ( dem& & competition1 & ^! w con/antly dep5d ^u ! incl9ations ( ^? :o h prop]ty or any k9d ( equival5t :atsoev] to give1 b nev] ^u ! quantity ( co9 !y are possess$ (4444 ,let x 7namely1 ! quantity ( specie 9 a c\ntry7 be ev] s l[1 :ile !re is real prop]ty ( any d5om9ation 9 ! c\ntry1 a competition to consume 9 ^? :o possess x1 prices w be high1 by ! means ( b>t]1 symbolical money1 mutual pre/ations & a ?\s& o!r inv5tions4444 ,if ?is c\ntry has a communication ) o!r nations1 !re mu/ be a proportion betwe5 ! prices ( _m k9ds ( m]*&ize !re & else:]e1 & a sudd5 augm5tation or dim9ution ( ! specie1 suppos+ x c\ld ( itself op]ate ! effects ( rais+ or s9k+ prices1 w\ld be re/ra9$ 9 its op]ation by =eign competition40 l4 c4 v4 #a1 p4 #djj-djb4 8,! circulation ( e c\ntry mu/ be 9 proportion to ! indu/ry ( ! inhabitants produc+ ! commodities :i* come to m>ket4444 ,if ! co9 ( a c\ntry1 !re=e1 falls bel[ ! proportion ( ! price ( indu/ry (f]$ to sale1 inv5tions1 l symbolical money1 w be fall5 ^u1 to provide = an equival5t = x4 ,b if ! specie be f\nd above ! proportion ( indu/ry1 x w h no effect 9 rais+ prices1 nor w x ent] into circulation3 x w be ho>d$ up 9 treasures4444 ,:atsoev] be ! quantity ( money 9 a nation1 9 correspond5ce ) ! re/ ( ! _w1 !re nev] c rema9 9 circulation1 b ! quantity ne>ly proportional to ! consumption ( ! ri* & to ! lab\r & indu/ry ( ! poor inhabitants10 & ?is proportion is n det]m9$ 8by ! quantity ( money actually 9 ! c\ntry0 7l4 c4 p4 #djc-djh passim47 8,all nations w endeavor to ?r[ _! ready money1 n necess>y = _! own circulation1 into t c\ntry :]e ! int]e/ ( money is high ) respect to _! own40 7l4 c4 v4 #b4 p4 #e74 8,! ri*e/ nation 9 ,europe may be ! poore/ 9 circulat+ specie40 l4 c41 v4 #b1 p4 #f4 ,= ! polemics aga9/ ,/eu>t see ,ar?ur ,"y4 ,9 8 foot-note 9 ,capital1 v4 #a1 ,"p #a1 *4 ,,iii41 section #b1 b4 p4 #fb1 ,humboldt ed41 ,m>x says3 ,! !ory ( ,hume 0 def5d$ aga9/ ! attacks ( ,j4 ,/eu>t & o!rs1 by ,a4 ,"y1 9 8 8,political ,ari?metic10 ,london1 #aggd1 9 :i* "w !re is a special *apt] entitl$ 8,prices dep5d on quantity ( money40 ,note by ,k4 ,kautsky to #bnd ,g]man edition4 #abi ,/eu>t1 l4 e41 v4 #b1 p4 #cgj4 ,l\is ,blanc translates ! expression 8money ( ! society0 :i* /&s = home or national money1 z sociali/ money1 :i* is p]fectly mean+less & makes a ,sociali/ ( ,john ,law4 7,see ! fir/ volume ( 8 ,hi/ory ( ! ,fr5* ,revolution74 #acj ,macl>51 l4 c4 p4 #dc seq4 ,patriotism l$ ,gu/av ,julius1 a ,g]man writ] :o met ) v e>ly dea?1 to hold up old ,bs* z an au?ority z aga9/ ! ,ric>dian s*ool4 ,hone/ ,bs* r5d]$ ,/eu>t's elegant ,engli% into ,hamburg ,platt & by try+ to improve ^u ! orig9al spoil$ x z (t5 z he c\ld4 #aca ,note to ! #bnd edition3 ,?is is n an exact /atem5t4 ,adam ,smi? expresses ! law correctly on _m occasions4 ,see ,capital1 ,humboldt edition1 p4 #fb1 ft-note #a1 :]e writ+ sev5 ye>s lat]1 ,m>x makes ! foll[+ qualification3 8,?is /atem5t applies only 9 s f> z ,adam ,smi?1 ex (ficio1 treats ( money4 ,n[ & !n1 h[ev]1 z 9 8 criticism ( ! e>li] sy/ems ( political economy1 he takes ! "r view4 #8,! quantity ( co9 9 e c\ntry is regulat$ by ! value ( ! commodities :i* are to be circulat$ by x4444 ,! value ( ! goods annually b\ght & sold 9 any c\ntry requires a c]ta9 quantity ( money to circulate & di/ribute !m to _! prop] consum]s1 & c give employm5t to no m4 ,! *annel ( circulation necess>ily draws to itself a sum suffici5t to fill x1 & nev] admits any m4' ,weal? ( ,nations1 ,book iv41 *4 ,i40 #acb ,! di/9ction betwe5 curr5cy & money is !re=e n f\nd 9 8,weal? ( ,nations40 ,deceiv$ by ! app>5t imp>tiality ( ,adam ,smi?1 :o knew 8 ,hume & ,/eu>t v well1 hone/ ,macl>5 rem>ks3 8,! !ory ( ! dep5d5ce ( prices on ! ext5t ( ! curr5cy _h n z yet1 attract$ att5tion2 & ,doctor ,smi?1 l ,mr4 ,locke 7,locke und]goes a *ange 9 8 view71 consid]s metallic money no?+ b a commodity40 ,macl>51 l4 c4 p4 #dd4 #acc ,david ,ric>do1 8,! ,high ,price ( ,bullion1 a ,pro( ( ! ,depreciation ( ,bank-notes40 #d? edition1 ,london1 #ahaa4 7,! fir/ edition appe>$ 9 #ahji74 ,fur!r1 8,reply to ,mr4 ,bosanquet's ,practical ,obs]vations on ! ,report ( ! ,bullion ,committee40 ,london1 #ahaa4 #acd ,david ,ric>do3 8,on ! ,pr9ciples ( ,political ,economy1 etc40 p4 #gg4 8,_! value ( metals l t ( all o!r commodities1 dep5ds on ! total quantity ( lab\r necess>y to obta9 ! metal1 & to br+ x to m>ket40 #ace #a p4 #gg1 #ahj1 #aha4 #acf ,ric>do1 l4 c4 p4 #dba4 8,! quantity ( money t c be employ$ 9 a c\ntry mu/ dep5d on its value3 if gold alone 7 employ$ = ! circulation ( commodities1 a quantity w\ld be requir$1 "o fifte5? only ( :at w\ld be necess>y1 if silv] 7 made use ( = ! same purpose40 ,see also ,ric>do's3 8,proposals = an ,economical & ,secure ,curr5cy10 ,london1 #ahaf1 p4 #hi1 :]e he says3 8,! am\nt ( notes 9 circulation dep5ds on ! am\nt requir$ = ! circulation ( ! c\ntry2 :i* is regulat$ 444 by ! value ( ! /&>d ( money1 ! am\nt ( paym5ts1 & ! economy practis$ 9 effect+ !m40 #acg ,ric>do1 8,pr9ciples ( ,political ,economy01 p4 #dcb4 #ach ,david ,ric>do1 8,reply to ,mr4 ,bosanquet's ,practical ,obs]vations1 etc40 p4 #di4 8,t commodities w\ld rise or fall 9 price1 9 proportion to ! increase or dim9ution ( money1 ,i assume z a fact :i* is incontrov]tible40 #aci ,david ,ric>do1 8,! ,high ,price ( ,bullion10 etc4 8,money w\ld h ! same value 9 all c\ntries40 p4 #d4 ,9 8 ,political ,economy ,ric>do modifi$ ?is /atem5t1 b n 9 a way to affect :at has be5 said "h4 #adj l4 c4 p4 #c-d4 #ada l4 c41 p4 #d4 #adb ,ric>do1 l4 c41 p4 #aa-ab4 #adc ,ric>do1 l4 c41 p4 #ad4 #add l4 c41 p4 #ag4 #ade ,ric>do1 l4 c41 p4 #gd-ge4 8,engl&1 9 consequ5ce ( a bad h>ve/1 w\ld come "u ! case ( a c\ntry hav+ be5 depriv$ ( a "p ( its commodities1 &1 !re=e1 requir+ a dim9i%$ am\nt ( circulat+ m$ium4 ,! curr5cy :i* 0 be=e equal to h] paym5ts w\ld n[ become sup]abundant & relatively *eap1 9 proportion 444 ( h] dim9i%$ production2 ! exportation ( ?is sum1 !re=e1 w\ld re/ore ! value ( h] curr5cy to ! value ( ! curr5cies ( o!r c\ntries40 ,8 confusion ( money & commodity1 & ( money & co9 bord]s on ! ludicr\s 9 ! foll[+ passage3 8,if we c suppose t aft] an unfavorable h>ve/1 :5 ,engl& has occasion = an unusual importation ( corn1 ano!r nation is possess$ ( a sup]abundance ( t article1 b has no wants = any commodity :atev]1 x w\ld unque/ionably foll[ t su* nation w\ld n export its corn 9 ex*ange = commodities3 b nei!r w\ld x export corn = money1 z t is a commodity :i* no nation ev] wants absolutely1 b relatively40 l4 c41 p4 #ge4 ,pu%k9 9 8 h]o poem makes ! fa!r ( 8 h]o incapable ( compreh5d+ t commodities are money4 ,b t money is a commodity1 ! ,russians h und]/ood f times ( yore z is prov5 n only by ! ,engli% corn imports 9 #ahch-ahdb1 b by ! entire hi/ory ( _! comm]ce4 #adf ,conf4 ,?omas ,tooke1 8,hi/ory ( ,prices10 & ,james ,wilson1 8,capital1 ,curr5cy & ,bank+40 7,! latt] "w is a repr9t ( a s]ies ( articles :i* appe>$ 9 ! ,london ,economi/ 9 #ahdd1 #ahde & #ahdg47 #adg ,james ,deacon ,hume3 8,lett]s on ! ,corn ,laws40 ,london1 #ahcd1 p4 #bi-ca4 ,lett] by ,h4 ,b4 ,t4 on ! ,corn ,laws & on ! ,rights ( ! ,work+ ,classes4 ,transl4 #adh ,?omas ,tooke1 8,hi/ory ( ,prices10 etc4 ,london1 #ahdh1 p4 #aaj4 #adi ,conf4 ,w4 ,blake's above quot$ 8,obs]vations etc40 #aej ,james ,mill3 8,elem5ts ( ,political ,economy40 ,london1 #ahba1 p4 #ie-aja passim4 ,transl4 #aea ,a few mon?s be=e ! outbreak ( ! comm]cial crisis ( #aheg1 a committee ( ! ,h\se ( ,commons 0 9 session to inquire into ! effect ( ! bank-laws ( #ahdd & #ahde4 ,"l ,ov]/one1 ! !oretical fa!r ( ^! laws1 deliv]$ himself ( ?is boa/ 9 8 te/imony be=e ! committee3 8,by /rict & prompt adh]5ce to ! pr9ciples ( ! act ( #ahdd1 ev]y?+ has pass$ (f ) regul>ity & ease2 ! monet>y sy/em is safe & un%ak51 ! prosp]ity ( ! c\ntry is undisput$1 ! public confid5ce 9 ! wisdom ( ! act ( #ahdd is daily ga9+ /r5g?2 & if ! committee wi% = fur!r practical illu/ration ( ! s\ndness ( ! pr9ciples on :i* x re/s1 or ( ! b5eficial results :i* x has assur$1 ! true & suffici5t answ] to ! committee is1 look ar\nd y2 look at ! pres5t /ate ( trade ( ! c\ntry1 look at ! cont5tm5t ( ! p2 look at ! weal? & prosp]ity :i* p]vades e class ( ! community2 & !n1 hav+ done s1 ! committee may be fairly call$ ^u to decide :e!r !y w int]f]e ) ! cont9uance ( an act "u :i* ^! results h be5 develop$40 ,?us did ,ov]/one bl[ 8 own horn on ! f\rte5? ( ,july1 #aheg2 on ! twelf? ( ,novemb] ( ! same ye> ! ,m9i/ry _h to susp5d on its own responsibility ! wond]ful law ( #ahdd4 #aeb ,tooke 0 entirely ignorant ( ,/eu>t's "w1 z may be se5 f 8 8,hi/ory ( ,prices = #ahci-ahdg10 ,london1 #ahdh4 :]e he reviews ! hi/ory ( ! !ories ( money4 #aec ,tooke's mo/ important "w besides ! 8,hi/ory ( ,prices0 :i* 8 co-work] ,newm>* publi%$ 9 six volumes1 is 8,an ,inquiry into ! ,curr5cy ,pr9ciple1 ! ,connection ( ! ,curr5cy ) ,prices0 etc41 #bnd edition1 ,london1 #ahdd4 ,wilson's book we h already quot$4 ,f9ally !re is to be m5tion$ ,john ,full>ton's 8,on ! ,regulation ( ,curr5cies10 #b;d edition1 ,london1 #ahde4 #aed 8,we ought to 444 di/+ui% 444 betwe5 gold 444 z m]*&ise1 i4 e4 z capital1 & gold 444 z curr5cy0 7,tooke1 8,an ,inquiry into ! ,curr5cy ,pr9ciple1 etc40 p4 #aj74 8,gold & silv] may be c\nt$ ^u to realize on _! arrival ne>ly ! exact sum requir$ to be provid$ 444 gold & silv] possess an inf9ite advantage ov] all o!r description ( m]*&ize 444 f ! circum/ance ( be+ univ]sally 9 use z money4444 ,x is n 9 tea1 c(fee1 sug> or indigo t debts1 :e!r =eign or dome/ic1 are usually contract$ to be paid1 b 9 co92 & ! remittance1 !re=e1 ei!r 9 ! id5tical co9 designat$1 or 9 bullion :i* c be promptly turn$ into t co9 ?r\gh ! m9t or m>ket ( ! c\ntry to :i* x is s5t1 mu/ always af=d to ! remitt]1 ! mo/ c]ta91 imm$iate1 & accurate means ( affect+ ?is object1 )\t risk ( disappo9tm5t f ! failure ( dem& or fluctuation ( price40 7,full]ton1 l4 c4 p4 #acb-acc47 8,any o!r article 7except gold or silv]7 might 9 quantity or k9d be beyond ! usual dem& ( ! c\ntry to :i* x is s5t40 7,tooke3 8,an ,inquiry1 etc407 #aee ,! trans=mation ( money into capital we %all consid] 9 ! ?ird *apt] :i* treats ( capital & =ms ! end ( ! fir/ book4 #aef ,?is introduction 0 fir/ publi%$ 9 ! ,neue ,zeit 7see ,translator's ,preface1 p4 #e7 ( ,m>* #g1 #ad & #ba1 #aijc1 by ,k>l ,kautsky1 ) ! foll[+ explanation3 8,?is article has be5 f\nd among ! po/hum\s pap]s ( ,k>l ,m>x4 ,x is a fragm5t>y sket* ( a treatise t 0 to h s]v$ z an introduction to 8 ma9 "w1 :i* he _h be5 writ+ = _m ye>s & ^: outl9e 0 cle>ly =m$ 9 8 m9d4 ,! manuscript is dat$ ,augu/ #bc1 #aheg4444 ,z ! idea is v (t5 indicat$ only 9 fragm5t>y s5t5ces1 ,i h tak5 ! lib]ty ( introduc+ "h & !re *anges 9 /yle1 ins]tions ( words1 etc4444 ,a m]e repr9t ( ! orig9al w\ld h made x un9telligible4444 ,n all ! words 9 ! manuscript are legible4444 8,:]ev] !re c\ld be no d\bt z to ! necessity ( corrections1 ,i did s )\t indicat+ !m 9 ! text2 9 o!r cases ,i put all ins]tions 9 brackets4 ,:]ev] ,i am n c]ta9 z to :e!r ,i h deciph]$ a ^w correctly1 ,i h put an int]rogation po9t aft] x2 o!r *anges are specially not$4 ,9 all o!r respects ?is is an exact repr9t ( ! orig9al1 ^: fragm5t>y & incomplete passages s]ve to rem9d u only too pa9fully ( ! _m treasures ( ?\ght :i* w5t d[n to ! grave ) ,m>x1 treasures :i* w\ld h suffic$ = g5]ations if ,m>x _h n s anxi\sly avoid$ giv+ to ! _w any ( 8 ideas until he _h te/$ !m repeat$ly f e conceivable po9t ( view & _h giv5 !m a word+ t w\ld be incontrov]tible4 ,9 spite ( its fragm5t>y "* x op5s be=e u a weal? ( new po9ts ( view40 #aeg ,! orig9al reads 8p]son40 #aeh ,! manuscript reads 8production40 #aei ,! manuscript reads 8production40 #afj ,! ,g]man text reads 8in/ruktiv10 :i* ,i take to be a mispr9t ( 8in/9ktiv40 ,translator4 #afa ,comp>e ?is ) foot-note #a1 on p4 #cd ( ,capital1 ,humboldt edition1 ,new ,york3 8,truly comical is ,m4 ,ba/iat1 :o imag9es t ! anci5t ,greeks & ,romans liv$ by plund] alone4 ,b :5 p plund] = c5turies1 !re mu/ always be some?+ at h& = !m to seize2 ! objects ( plund] mu/ be cont9ually reproduc$40 ,k4 ,kautsky4 #afb ,! ,engli% expression is us$ by ,m>x 9 8 ,g]man orig9al4 ,transl4 #afc ,m>x evid5tly has 9 m9d "h a passage 9 ,adam ,smi?'s ,weal? ( ,nations 7vol4 #b1 *4 #b7 9 :i* he speaks ( ! circulation ( a c\ntry z consi/+ ( two di/9ct p>ts3 circulation betwe5 deal]s & deal]s1 & t betwe5 deal]s & consum]s4 ,! ^w deal] signifies "h n only a m]*ant or %opkeep]1 b also a produc]4 ,k4 ,kautsky4 #afd ,"h two words 9 ! manuscript c n be deciph]$4 ,!y look l 8auss] si*0 78outside ( itself074 ,k4 ,kautsky4 #afe ,di/ribution 7,v]kehr7 is us$ "h 9 ! s5se ( physical di/ribution ( goods & n 9 s5se ( economic di/ribution ( ! %>es ( ! products betwe5 ! diff]5t factors ( production4 ,translator4 #aff ,z ! 8notes0 writt5 d[n by ,m>x 9 ! foll[+ eight p>agraphs are extremely fragm5t>y1 mak+ translation 9 "s cases impossible )\t a c]ta9 degree ( int]pretation1 & z ! orig9al is n accessible 9 book-=m1 !y are reproduc$ "h 9 ,g]man = ! b5efit ( ! /ud5t :o may feel int]e/$ 9 ! orig9al word+ z x _h be5 jott$ d[n by ,m>x4 #afg ,im ,orig9al i/ zu les5 ,va #afh ,im ,orig9al i/ zu les5 egtl4 #afi ,! site ( ! 8,times0 build+ 9 ,london4 ,k4 ,k4 ,,au?ors ,,quot$ ,,9 ,,zur ,,kritik ,arbu?not1 #beh4 ,ari/otle1 #ai1 #da1 #ec1 #gh-gi1 #aec1 #aed1 #ahd4 ,a!naeus1 #hg4 ,attwood1 #ajj4 ,bailey1 #hd4 ,b>bon1 #ie4 ,ba/iat1 #cd4 ,b]keley1 ,bis*op1 #cb1 #ie-if1 #aee4 ,b]ni]1 #agc4 ,blake1 #acc1 #bej4 ,blanc1 ,l\is1 #bca4 ,boisguilleb]t1 #ef1 #ei1 #aba1 #acc1 #aff1 #afh1 #aih4 ,bosanquet1 #abd1 #bce1 #bdb4 ,bray1 #ajf4 ,br\gham1 #gj4 ,bu*anan1 #adg4 ,bs*1 #bca4 ,c>li1 #bje4 ,ca/l]eagh1 ,"l1 #ajj4 ,cato1 #agj4 ,*evali]1 #aed1 #bae4 ,clay1 #beh4 ,cobbet1 #abc4 ,coop]1 #cb4 ,corbet1 #abd4 ,d>imont1 #ajg4 ,dodd1 #ada4 ,=bonnais1 #bbf4 ,frankl91 #fb-c1 #aee1 #bbf4 ,full>ton1 #bfj4 ,galiani1 #cj1 #fe1 #he1 #aaa1 #acd4 ,g>ni]1 #hg1 #ada4 ,g5ovesi1 #ea1 #afd4 ,glad/one1 #gc4 ,gray1 #ajc sq4 ,grim1 #baa4 ,hodgsk91 #ee4 ,horace1 #agh4 ,hume1 ,d41 #bai1 #bba sq1 #bca4 ,hume1 ,j4 ,d41 #bdi4 ,jakob1 #ada1 #aha4 ,jovellanos1 #fa4 ,julius1 #bca4 ,krn]1 #bab4 ,law1 #bbf1 #bca4 ,li/1 #cd4 ,locke1 #ia1 #ic sq41 #aii1 #bai1 #bbf1 #bcc4 ,l[ndes1 #id4 ,lu!r1 #agd-e1 #aij4 ,mc,culloch1 #ca1 #eg4 ,macl>51 #hb1 #bca1 #bcc4 ,macleod1 #ga1 #aic4 ,mal?us1 #cd4 ,m&eville1 ,sir ,j41 #aed4 ,mill1 ,james1 #abc-d1 #bej sqq4 ,misseld51 #afe1 #aga1 #agd-e4 ,montan>i1 #ch4 ,montesquieu1 #bai1 #bbg4 ,mll]1 #he4 ,norman1 #beh4 ,opdyke1 #abd4 ,ov]/one1 ,"l1 #bda1 #beh4 ,peel1 ,sir ,r41 #gc1 #ajj1 #bda1 #beh4 ,p]eire1 #abj4 ,pet] ,m>tyr1 #baj4 ,petty1 ,sir ,w41 #cb1 #ef sq41 #afe1 #agb-c4 ,plato1 #aec4 ,pl9y1 #agg4 ,pr\dhon1 #fa1 #gb1 #ajc1 #ajg4 ,ric>do1 #ef1 #fi sq41 #ga1 #bag1 #bca1 #bce1 #bej1 #bei4 ,say1 #cd1 #ga1 #abc1 #aec1 #bcc4 ,s5ior1 #agh1 #aid4 ,sismondi1 #ef1 #gg4 ,smi?1 #cd1 #eg1 #fa1 #fg-fh1 #hj1 #bca sq4 ,sp5ce1 #abc4 ,/e91 #ba1 #ca-b4 ,/eu>t1 ,sir ,james1 #fe sq41 #id sq41 #bbb1 #bbg sq41 #bfj4 ,/or*1 #aeb-c1 #agi4 ,?ompson1 #ajf4 ,tooke1 #abd1 #bdg1 #bdi1 #bfj sq4 ,torr5s1 #eh4 ,urquh>t1 #hi4 ,u/>iz1 #fa4 ,wilson1 #bfj4 ,x5ophon1 #aha1 #ahd4 ,"y1 #bca4