Explain the bookclub: We are reading Volumes 1, 2, and 3 in one year and discussing it in weekly threads. (Volume IV, often published under the title Theories of Surplus Value, will not be included in this particular reading club, but comrades are encouraged to do other solo and collaborative reading.) This bookclub will repeat yearly.

This week’s reading is shorter than most.

I’ll post the readings at the start of each week and @mention anybody interested. Let me know if you want to be added or removed.

Just joining us? You can use the archives below to help you reading up to where the group is. There is another reading group on a different schedule at https://lemmygrad.ml/c/genzhou (federated at !genzhou@lemmygrad.ml ) which may fit your schedule better. The idea is for the bookclub to repeat annually, so there’s always next year.

Archives: Week 1 – Week 2 – Week 3 – Week 4 – Week 5 – Week 6 – Week 7 – Week 8 – Week 9 – Week 10 – Week 11 – Week 12 – Week 13 – Week 14 – Week 15 – Week 16 – Week 17 – Week 18 – Week 19 – Week 20 – Week 21 – Week 22 – Week 23 – Week 24 – Week 25 – Week 26 – Week 27 – Week 28 – Week 29 – Week 30 – Week 31 – Week 32 – Week 33 – Week 34 – Week 35 – Week 36 – Week 37 – Week 38 – Week 39

Week 40, Sept 30-Oct 6 – Chapter 24 and Chapter 25 of Volume III

Chapter 24 is called ‘Externalisation of the Relations of Capital in the Form of Interest-Bearing Capital’

Chapter 25 is called ‘Credit and Fictitious Capital’

https://www.marxists.org/archive/marx/works/1894-c3/index.htm

Discuss the week’s reading in the comments.

  • Lemmygradwontallowme [he/him, comrade/them]@hexbear.netEnglish
    3·
    1 month ago

    Edit: the industrialist is using 100 percent of the loan, in our example, to do the whole labor process. So the variable and constant capital are all part of the original sum, the surplus on 100 loaned to him would be 140%, if he owes 5% on the loan he pockets the other 35% himself. The variable capital isn’t an additional sum on top, the loan can be used for constant and variable capital as money.

    Oooh… that explains the 5% interest

    So, overall, he borrows a serviced loan, possibly for constant and variable capital,

    whose net price is = 5 (100 - 105 -> borrowed money - {future principal + future interest} ), but that which can help form the 40% value/ surplus value of the full 140%/ commodities

    40 - 5 = 35 in profit

    • Doubledee [comrade/them]@hexbear.netEnglish
      3·
      1 month ago

      Right, what I hadn’t accounted for was that you were having him throw in 20 of his own capital as well, but the math works out the same from the perspective of the lender. He gets his split of the profit, and our industrial capitalist walks away with 15 even if he has to pay 20 into the process as well. He’s just using the loaned capital as a raw material in the process, capital has become a commodity through finance.