Why Read Marx Today? by Jonathan Wolff

Author:Jonathan Wolff
Language: eng
Format: mobi, pdf
ISBN: 0192805053
Publisher: Oxford University Press
Published: 2003-08-28T06:00:00+00:00

C–M–C

C here stands for commodity, and M for money. The worker makes a commodity, sells it for money and then buys and consumes other commodities. End of story.

Now consider the behaviour of the industrial capitalist. He or she buys commodities of various sorts. These tend to fall into the categories of labour, plant, and raw materials. These, in combination, produce a new commodity, which is then sold. But clearly there would be no point in going to all this trouble unless the money received at the end of the cycle is greater than the money advanced at the start. Thus Marx also presents what he calls the ‘circuit of capital’.

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