- Editor's Note to the First American Edition By Ernest Untermann
- Author's Prefaces to the First and Second Editions, By Karl Marx
- I.—TO The First Edition.
- II.—TO The Second Edition.
- Editor's Prefaces, to the First English Translation and Fourth German Edition By Frederick Engels
- Editor's Preface to the First English Translation.
- Editor's Preface to the Fourth German Edition.
- Volume I. The Process of Capitalist Production.
- Book I. Capitalist Production.
- Part I. Commodities and Money.
- Part I, Chapter I Commodities.
- Section 1.—THE Two Factors of a Commodity: Use-value and Value (the Substance of Value and the Magnitude of Value).
- Section 2.—THE Twofold Character of the Labour Embodied In Commodities.
- Section 3.—THE Form of Value Or Exchange Value.
- A. Elementary Or Accidental Form of Value.
- 1. the Two Poles of the Expression of Value: Relative Form and Equivalent Form.
- 2. the Relative Form of Value.
- (a.) the Nature and Import of This Form.
- (b.) Quantitative Determination of Relative Value.
- 3. the Equivalent Form of Value.
- 4. the Elementary Form of Value Considered As a Whole.
- B. Total Or Expanded Form of Value.
- 1. the Expanded Relative Form of Value.
- 2. the Particular Equivalent Form.
- 3. Defects of the Total Or Expanded Form of Value.
- C. the General Form of Value.
- 1. the Altered Character of the Form of Value.
- 2. the Interdependent Development of the Relative Form of Value, and of the Equivalent Form.
- 3. Transition From the General Form of Value to the Money Form.
- D. the Money Form.
- Section 4.—THE Fetishism of Commodities and the Secret Thereof.
- Part I, Chapter Ii Exchange.
- Part I, Chapter Iii Money, Or the Circulation of Commodities.
- Section 1. The Measure of Values.
- Section 2.—THE Medium of Circulation.
- A. the Metamorphosis of Commodities.
- B. the Currency 82 of Money.
- C. Coin and Symbols of Value.
- Section 3.—MONEY.
- A. Hoarding.
- B. Means of Payment.
- C. Universal Money.
- Part II. the Transformation of Money Into Capital.
- Part Ii, Chapter Iv the General Formula For Capital.
- Part Ii, Chapter V Contradictions In the General Formula of Capital.
- Part Ii, Chapter Vi the Buying and Selling of Labour-power.
- Part III. the Production of Absolute Surplus-value.
- Part Iii, Chapter Vii the Labour-process and the Process of Producing Surplus-value.
- Section 1.—THE Labour-process Or the Production of Use-values.
- Section 2.—THE Production of Surplus-value.
- Part Iii, Chapter Viii Constant Capital and Variable Capital
- Part Iii, Chapter Ix the Rate of Surplus-value.
- Section 1.—THE Degree of Exploitation of Labour-power.
- Section 2.—THE Representation of the Components of the Value of the Product By Corresponding Proportional Parts of the Product Itself.
- Section 3.—SENIOR'S "last Hour."
- Section 4.—SURPLUS Produce
- Part Iii, Chapter X the Working Day
- Section 1—the Limits of the Working Day
- Section 2.—THE Greed For Surplus Labor, Manufacturer and Boyard
- Section 3.—BRANCHES Of English Industry Without Legal Limits to Exploitation
- Section 4.—DAY And Night Work. the Relay System
- Section 5.—THE Struggle For a Normal Working Day. Compulsory Laws For the Extension of the Working Day From the Middle of the 14th to the End of the 17th Century
- Section 6.—THE Struggle For the Normal Working Day. Compulsory Limitation By Law of the Working Time. the English Factory Acts, 1833 to 1864.
- Section 7.—THE Struggle For the Normal Working-day. Re-action of the English Acts On Other Countries.
- Part Iii, Chapter Xi Rate and Mass of Surplus-value.
- Part IV. Production of Relative Surplus-value.
- Part Iv, Chapter Xii the Concept of Relative Surplus-value.
- Part Iv, Chapter Xiii Co-operation.
- Part Iv, Chapter Xiv Division of Labour and Manufacture.
- Section 1.—TWOFOLD Origin of Manufacture.
- Section 2.—THE Detail Labourer and His Implements.
- Section 3.—THE Two Fundamental Forms of Manufacture: Heterogeneous Manufacture, Serial Manufacture.
- Section 4.—DIVISION Of Labour In Manufacture, and Division of Labour In Society.
- Section 5.—THE Capitalistic Character of Manufacture.
- Part Iv, Chapter Xv Machinery and Modern Industry.
- Section 1.—THE Development of Machinery.
- Section 2.—THE Value Transferred By Machinery to the Product
- Section 3.—THE Approximate Effects of Machinery On the Workman.
- A. Appropriation of Supplementary Labour-power By Capital. the Employment of Women and Children.
- B. Prolongation of the Working-day.
- C. Intensification of Labour
- Section IV.—THE Factory
- Section 5.—THE Strife Between Workman and Machine
- Section 6.—THE Theory of Compensation As Regards the Workpeople Displaced By Machinery.
- Section 7.—REPULSION And Attraction of Workpeople By the Factory System. Crisis In the Cotton Trade.
- Section 8.—REVOLUTION Effected In Manufacture, Handicrafts. and Domestic Industry By Modern Industry.
- A. Overthrow of Co-operation Based On Handicraft and On the Division of Labour.
- B. Re-action of the Factory System On Manufacture and Domestic Industries.
- C. Modern Manufacture.
- D. Modern Domestic Industry.
- E. Passage of Modern Manufacture, and Domestic Industry Into Modern Mechanical Industry. the Hastening of This Revolution By the Application of the Factory Acts to Those Industries.
- Section 9.—THE Factory Acts. Sanitary and Education Clauses of the Same. Their General Extension In England.
- Section 10.—MODERN Industry and Agriculture.
- Part V. the Production of Absolute and of Relative Surplus-value.
- Part V, Chapter Xvi Absolute and Relative Surplus-value.
- Part V, Chapter Xvii Changes of Magnitude In the Price of Labour-power and In Surplus-value.
- 1. Length of the Working Day and Intensity of Labour Constant. Productiveness of Labour Variable.
- II. Working-day Constant. Productiveness of Labour Constant. Intensity of Labour Variable.
- III. Productiveness and Intensity of Labour Constant. Length of the Working-day Variable.
- IV.— Simultaneous Variations In the Duration, Productiveness, and Intensity of Labour.
- (1). Diminishing Productiveness of Labour With a Simultaneous Lengthening of the Working-day.
- (2) Increasing Intensity and Productiveness of Labour With Simultaneous Shortening of the Working-day.
- Part V, Chapter Xviii Various FormulÆ For the Rate of Surplus-value.
- Part VI. Wages.
- Part Vi, Chapter Xix the Transformation of the Value (and Respectively the Price) of Labour-power Into Wages.
- Part Vi, Chapter Xx Time-wages.
- Part Vi, Chapter Xxi Piece-wages.
- Part Vi, Chapter Xxii National Differences of Wages.
- Part VII. the Accumulation of Capital.
- Part Vii, Chapter Xxiii Simple Reproduction.
- Part Vii, Chapter Xxiv Conversion of Surplus-value Into Capital.
- Section I.—CAPITALIST Production On a Progressively Increasing Scale. Transition of the Laws of Property That Characterise Production of Commodities Into Laws of Capitalist Appropriation.
- Section 2.—ERRONEOUS Conception By Political Economy of Reproduction On a Progressively Increasing Scale.
- Section 3.—SEPARATION Of Surplus-value Into Capital and Revenue. the Abstinence Theory.
- Section 4.—CIRCUMSTANCES That, Independently of the Division of Surplus-value Into Capital and Revenue, Determine the Amount of Accumulation. Degree of Exploitation of Labour-power. Productivity of Labour. Growing Difference In Amount Between Capital Empl
- Section 5.—THE So-called Labour Fund.
- Part Vii, Chapter Xxv the General Law of Capitalist Accumulation.
- Section 1.—THE Increased Demand For Labour-power That Accompanies Accumulation, the Composition of Capital Remaining the Same.
- Section 2.—RELATIVE Diminution of the Variable Part of Capital Simultaneously With the Progress of Accumulation and of the Concentration That Accompanies It.
- Section 3.—PROGRESSIVE Production of a Relative Surplus-population Or Industrial Reserve Army.
- Section 4.—DIFFERENT Forms of the Relative Surplus-population. the General Law of Capitalistic Accumulation.
- Section 5.—ILLUSTRATIONS Of the General Law of Capitalist Accumulation.
- ( A. ) England From 1846-1866.
- (b). the Badly Paid Strata of the British Industrial Class.
- C. the Nomad Population.
- (d). Effect of Crises On the Best Paid Part of the Working Class.
- (e.) the British Agricultural Proletariat.
- (1.) Bedfordshire.
- (2.) Berkshire.
- (3.) Buckinghamshire.
- (4.) Cambridgeshire.
- (5.) Essex.
- (6.) Herefordshire.
- (7.) Huntingdon.
- (8.) Lincolnshire.
- (9.) Kent.
- (10.) Northamptonshire.
- (11.) Wiltshire.
- (12.) Worcestershire.
- (f.) Ireland.
- Part VIII. the So-called Primitive Accumulation.
- Part Viii, Chapter Xxvi the Secret of Primitive Accumulation.
- Part Viii, Chapter Xxvii Expropriation of the Agricultural Population From the Land.
- Part Viii, Chapter Xxviii Bloody Legislation Against the Expropriated, From the End of the 15th Century. Forcing Down of Wages By Acts of Parliament.
- Part Viii, Chapter Xxix Genesis of the Capitalist Farmer.
- Part Viii, Chapter Xxx Reaction of the Agricultural Revolution On Industry. Creation of the Home Market For Industrial Capital.
- Part Viii, Chapter Xxxi Genesis of the Industrial Capitalist.
- Part Viii, Chapter Xxxii Historical Tendency of Capitalist Accumulation.
- Part Viii, Chapter Xxxiii the Modern Theory of Colonisation. 70
- Works and Authors Quoted In "capital"
Part III, Chapter VIII
CONSTANT CAPITAL AND VARIABLE CAPITAL
THE various factors of the labour-process play different parts in forming the value of the product.
The labourer adds fresh value to the subject of his labour by expending upon it a given amount of additional labour, no matter what the specific character and utility of that labour may be. On the other hand, the values of the means of production used up in the process are preserved, and present themselves afresh as constituent parts of the value of the product; the values of the cotton and the spindle, for instance, reappear again in the value of the yarn. The value of the means of production is therefore preserved, by being transferred to the product. This transfer takes place during the conversion of those means into a product, or in other words, during the labour-process. It is brought about by labour; but how?
The labourer does not perform two operations at once, one in order to add value to the cotton, the other in order to preserve the value of the means of production, or, in what amounts to the same thing, to transfer to the yarn, to the product, the value of the cotton on which he works, and part of the value of the spindle with which he works. But, by the very act of adding new value, he preserves their former values. Since, however, the addition of new value to the subject of his labour, and the preservation of its former value, are two entirely distinct results, produced simultaneously by the labourer, during one operation, it is plain that this twofold nature of the result can be explained only by the twofold nature of his labour; at one and the same time, it must in one character create value, and in another character preserve or transfer value.
Now, in what manner does every labourer add new labour and consequently new value? Evidently, only by labouring productively in a particular way; the spinner by spinning, the weaver by weaving, the smith by forging. But, while thus incorporating labour generally, that is value, it is by the particular form alone of the labour, by the spinning, the weaving and the forging respectively, that the means of production, the cotton and spindle, the yarn and loom, and the iron and anvil become constituent elements of the product, of a new use-value. Each use-value disappears, but only to re-appear under a new form in a new use-value. Now, we saw, when we were considering the process of creating value, that, if a use-value be effectively consumed in the production of a new use-value, the quantity of labour expended in the production of the consumed article, forms a portion of the quantity of labour necessary to produce the new use-value; this portion is therefore labour transferred from the means of production to the new product. Hence, the labourer preserves the values of the consumed means of production, or transfers them as portions of its value to the product, not by virtue of his additional labour, abstractedly considered, but by virtue of the particular useful character of that labour, by virtue of its special productive form. In so far then as labour is such specific productive activity, in so far as it is spinning, weaving, or forging, it raises, by mere contact, the means of production from the dead, makes them living factors of the labour-process, and combines with them to form the new products.
If the special productive labour of the workman were not spinning, he could not convert the cotton into yarn, and therefore could not transfer the values of the cotton and spindle to the yarn. Suppose the same workman were to change his occupation to that of a joiner, he would still by a day's labour add value to the material he works upon. Consequently, we see, first, that the addition of new value takes place not by virtue of his labour being spinning in particular, or joinering in particular, but because it is labour in the abstract, a portion of the total labour of society; and we see next, that the value added is of a given definite amount, not because his labour has a special utility, but because it is exerted for a definite time. On the one hand, then, it is by virtue of its general character, as being expenditure of human labour-power in the abstract, that spinning adds new value to the values of the cotton and the spindle; and on the other hand, it is by virtue of its special character, as being a concrete, useful process, that the same labour of spinning both transfers the values of the means of production to the product, and preserves them in the product. Hence at one and the same time there is produced a twofold result.
By the simple addition of a certain quantity of labour, new value is added, and by the quality of this added labour, the original values of the means of production are preserved in the product. This twofold effect, resulting from the two-fold character of labour, may be traced in various phenomena.
Let us assume, that some invention enables the spinner to spin as much cotton in 6 hours as he was able to spin before in 36 hours. His labour is now six times as effective as it was, for the purposes of useful production. The product of 6 hours' work has increased sixfold, from 6 lbs. to 36 lbs. But now the 36 lbs. of cotton absorb only the same amount of labour as formerly did the 6 lbs. One-sixth as much new labour is absorbed by each pound of cotton, and consequently, the value added by the labour to each pound is only one-sixth of what it formerly was. On the other hand, in the product, in the 36 lbs. of yarn, the value transferred from the cotton is six times as great as before. By the 6 hours' spinning, the value of the raw material preserved and transferred to the product is six times as great as before, although the new value added by the labour of the spinner to each pound of the very same raw material is one-sixth what it was formerly. This shows that the two properties of labour, by virtue of which it is enabled in one case to preserve value, and in the other to create value, are essentially different. On the one hand, the longer the time necessary to spin a given weight of cotton into yarn, the greater is the new value added to the material; on the other hand, the greater the weight of the cotton spun in a given time, the greater is the value preserved, by being transferred from it to the product.
Let us now assume, that the productiveness of the spinner's labour, instead of varying, remains constant, that he therefore requires the same time as he formerly did, to convert one pound of cotton into yarn, but that the exchange value of the cotton varies, either by rising to six times its former value or falling to one-sixth of that value. In both these cases, the spinner puts the same quantity of labour into a pound of cotton, and therefore adds as much value, as he did before the change in the value: he also produces a given weight of yarn in the same time as he did before. Nevertheless, the value that he transfers from the cotton to the yarn is either one-sixth of what it was before the variation, or, as the case may be, six times as much as before. The same result occurs when the value of the instruments of labour rises or falls, while their useful efficacy in the process remains unaltered.
Again, if the technical conditions of the spinning process remain unchanged, and no change of value takes place in the means of production, the spinner continues to consume in equal working-times equal quantities of raw material, and equal quantities of machinery of unvarying value. The value that he preserves in the product is directly proportional to the new value that he adds to the product. In two weeks he incorporates twice as much labour, and therefore twice as much value, as in one week, and during the same time he consumes twice as much material, and wears out twice as much machinery, of double the value in each case; he therefore preserves, in the product of two weeks, twice as much value as in the product of one week. So long as the conditions of production remain the same, the more value the labourer adds by fresh labour, the more value he transfers and preserves; but he does so merely because this addition of new value takes place under conditions that have not varied and are independent of his own labour. Of course, it may be said in one sense, that the labourer preserves old value always in proportion to the quantity of new value that he adds. Whether the value of cotton rise from one shilling to two shillings, or fall to six-pence, the workman invariably preserves in the product of one hour only one half as much value as he preserves in two hours. In like manner, if the productiveness of his own labour varies by rising or falling, he will in one hour spin either more or less cotton, as the case may be, than he did before, and will consequently preserve in the product of one hour, more or less value of cotton; but, all the same, he will preserve by two hours' labour twice as much value as he will by one.
Value exists only in articles of utility, in objects: we leave out of consideration its purely symbolical representation by tokens. (Man himself, viewed as the impersonation of labour-power, is a natural object, a thing, although a living conscious thing, and labour is the manifestation of this power residing in him.) If therefore an article loses it utility, it also loses its value. The reason why means of production do not lose their value, at the same time that they lose their use-value, is this: they lose in the labour-process the original form of their use-value, only to assume in the product the form of a new use-value. But, however important it may be to value, that it should have some object of utility to embody itself in, yet it is a matter of complete indifference what particular object serves this purpose; this we saw when treating of the metamorphosis of commodities. Hence it follows that in the labour-process the means of production transfer their value to the product only so far as along with their use-value they lose also their exchange value. They give up to the product that value alone which they themselves lose as means of production. But in this respect the material factors of the labour-process do not all behave alike.
The coal burnt under the boiler vanishes without leaving a trace; so, too, the tallow with which the axles of wheels are greased. Dye stuffs and other auxiliary substances also vanish but re-appear as properties of the product. Raw material forms the substance of the product, but only after it has changed its form. Hence raw material and auxiliary substances lost the characteristic form with which they are clothed on entering the labour-process. It is otherwise with the instruments of labour. Tools, machines, workshops, and vessels, are of use in the labour-process, only so long as they retain their original shape, and are ready each morning to renew the process with their shape unchanged. And just as during their lifetime, that is to say, during the continued labour-process in which they serve, they retain their shape independent of the product, so, too, they do after their death. The corpses of machines, tools, workshops, 8c., are always separate and distinct from the product they helped to turn out. If we now consider the case of any instrument of labour during the whole period of its service, from the day of its entry into the workshop, till the day of its banishment into the lumber room, we find that during this period its use-value has been completely consumed, and therefore its exchange value completely transferred to the product. For instance, if a spinning machine lasts for 10 years, it is plain that during that working period its total value is gradually transferred to the product of the 10 years. The lifetime of an instrument of labour, therefore, is spent in the repetition of a greater or less number of similar operations. Its life may be compared with that of a human being. Every day brings a man 24 hours nearer to his grave: but how many days he has still to travel on that road, no man can tell accurately by merely looking at him. This difficulty, however, does not prevent life insurance offices from drawing, by means of the theory of averages, very accurate, and at the same time very profitable conclusions. So it is with the instruments of labour. It is known by experience how long on the average a machine of a particular kind will last. Suppose its use-value in the labour-process to last only six days. Then, on the average, it loses each day one-sixth of its use-value, and therefore parts with one-sixth of its value to the daily product. The wear and tear of all instruments, their daily loss of use-value, and the corresponding quantity of value they part with to the product, are accordingly calculated upon this basis.
It is thus strikingly clear, that means of production never transfer more value to the product than they themselves lose during the labour-process by the destruction of their own use-value. If such an instrument has no value to lose, if, in other words, it is not the product of human labour, it transfers no value to the product. It helps to create use-value without contributing to the formation of exchange value. In this class are included all means of production supplied by Nature without human assistance, such as land, wind, water, metals in situ, and timber in virgin forests.
Yet another interesting phenomenon here presents itself. Suppose a machine to be worth £1000, and to wear out in 1000 days. Then one thousandth part of the value of the machine is daily transferred to the day's product. At the same time, though with diminishing vitality, the machine as a whole continues to take part in the labour-process. Thus it appears that one factor of the labour-process, a means of production, continually enters as a whole into that process, while it enters into the process of the formation of value by fractions only. The difference between the two processes is here reflected in their material factors, by the same instrument of production taking part as a whole in the labour-process, while at the same time as an element in the formation of value, it enters only by fractions.
On the other hand, a means of production may take part as a whole in the formation of value, while into the labour-process it enters only bit by bit. Suppose that in spinning cotton, the waste for every 115 lbs. used amounts to 15 lbs., which is converted, not into yarn, but into "devil's dust." Now, although this 15 lbs. of cotton never becomes a constituent element of the yarn, yet assuming this amount of waste to be normal and inevitable under average conditions of spinning, its value is just as surely transferred to the value of the yarn, as is the value of the 100 lbs. that form the substance of the yarn. The use-value of 15 lbs. of cotton must vanish into dust, before 100 lbs. of yarn can be made. The destruction of this cotton is therefore a necessary condition in the production of the yarn. And because it is a necessary condition, and for no other reason, the value of that cotton is transferred to the product. The same holds good for every kind of refuse resulting from a labour-process, so far at least as such refuse cannot be further employed as a means in the production of new and independent use-values. Such an employment of refuse may be seen in the large machine works at Manchester, where mountains of iron turnings are carted away to the foundry in the evening, in order the next morning to re-appear in the workshops as solid masses of iron.
We have seen that the means of production transfer value to the new product, so far only as during the labour-process they lose value in the shape of their old use-value. The maximum loss of value that they can suffer in the process, is plainly limited by the amount of the original value with which they came into the process, or in other words, by the labour-time necessary for their production. Therefore the means of production can never add more value to the product than they themselves possess independently of the process in which they assist. However useful a given kind of raw material, or a machine, or other means of production may be, though it may cost £150, or, say, 500 days' labour, yet it cannot, under any circumstances, add to the value of the product more than £150. Its value is determined not by the labour-process into which it enters as a means of production, but by that out of which it has issued as a product. In the labour-process it only serves as a mere use-value, a thing with useful properties, and could not, therefore, transfer any value to the product, unless it possessed such value previously.
While productive labour is changing the means of production into constituent elements of a new product, their value undergoes a metempsychosis. It deserts the consumed body, to occupy the newly created one. But this transmigration takes place, as it were, behind the back of the labourer. He is unable to add new labour, to create new value, without at the same time preserving old values, and this, because the labour he adds must be of a specific useful kind; and he cannot do work of a useful kind, without employing products as the means of production of a new product, and thereby transferring their value to the new product. The property therefore which labour-power in action, living labour, possesses of preserving value, at the same time that it adds it, is a gift of Nature which costs the labourer nothing, but which is very advantageous to the capitalist inasmuch as it preserves the existing value of his capital. So long as trade is good, the capitalist is too much absorbed in money-grubbing to take notice of this gratuitous gift of labour. A violent interruption of the labour-process by a crisis, makes him sensitively aware of it.
As regards the means of production, what is really consumed is their use-value, and the consumption of this use-value by labour results in the product. There is no consumption of their value, and it would therefore be inaccurate to say that it is reproduced. It is rather preserved; not by reason of any operation it undergoes itself in the process; but because the article in which it originally exists, vanishes, it is true, but vanishes into some other article. Hence, in the value of the product, there is a re-appearance of the value of the means of production, but there is, strictly speaking, no reproduction of that value. That which is produced is a new use-value in which the old exchange-value re-appears.
It is otherwise with the subjective factor of the labour-process, with labour-power in action. While the labourer, by virtue of his labour being of a specialised kind that has a special object, preserves and transfers to the product the value of the means of production, he at the same time, by the mere act of working, creates each instant an additional or new value. Suppose the process of production to be stopped just when the workman has produced an equivalent for the value of his own labour-power, when, for example, by six hours' labour, he has added a value of three shillings. This value is the surplus, of the total value of the product, over the portion of its value that is due to the means of production. It is the only original bit of value formed during this process, the only portion of the value of the product created by this process. Of course, we do not forget that this new value only replaces the money advanced by the capitalist in the purchase of the labour-power, and spent by the labourer on the necessaries of life. With regard to the money spent, the new value is merely a reproduction; but, nevertheless, it is an actual, and not, as in the case of the value of the means of production, only an apparent, reproduction. The substitution of one value for another, is here effected by the creation of new value.
We know, however, from what has gone before, that the labour-process may continue beyond the time necessary to reproduce and incorporate in the product a mere equivalent for the value of the labour-power. Instead of the six hours that are sufficient for the latter purpose, the process may continue for twelve hours. The action of labour-power, therefore, not only reproduces its own value, but produces value over and above it. This surplus-value is the difference between the value of the product and the value of the elements consumed in the formation of that product, in other words, of the means of production and the labour-power.
By our explanation of the different parts played by the various factors of the labour-process in the formation of the product's value, we have, in fact, disclosed the characters of the different functions allotted to the different elements of capital in the process of expanding its own value. The surplus of the total value of the product, over the sum of the values of its constituent factors, is the surplus of the expanded capital over the capital originally advanced. The means of production on the one hand, labour-power on the other, are merely the different modes of existence which the value of the original capital assumed when from being money it was transformed into the various factors of the labour-process. That part of capital then, which is represented by the means of production, by the raw material, auxiliary material and the instruments of labour, does not, in the process of production, undergo any quantitative alteration of value. I therefore call it the constant part of capital, or, more shortly, constant capital.
On the other hand, that part of capital, represented by labour-power, does, in the process of production, undergo an alteration of value. It both reproduces the equivalent of its own value, and also produces an excess, a surplus-value, which may itself vary, may be more or less according to circumstances. This part of capital is continually being transformed from a constant into a variable magnitude. I therefore call it the variable part of capital, or, shortly, variable capital. The same elements of capital which, from the point of view of the labour-process, present themselves respectively as the objective and subjective factors, as means of production and labour-power, present themselves, from the point of view of the process of creating surplus-value, as constant and variable capital.
The definition of constant capital given above by no means excludes the possibility of a change of value in its elements. Suppose the price of cotton to be one day sixpence a pound, and the next day, in consequence of a failure of the cotton crop, a shilling a pound. Each pound of the cotton bought at sixpence, and worked up after the rise in value, transfers to the product a value of one shilling; and the cotton already spun before the rise, and perhaps circulating in the markets as yarn, likewise transfers to the product twice its original value. It is plain, however, that these changes of value are independent of the increment or surplus-value added to the value of the cotton by the spinning itself. If the old cotton had never been spun, it could, after the rise, be resold at a shilling a pound instead of at sixpence. Further, the fewer the processes the cotton has gone through, the more certain is this result. We therefore find that speculators make it a rule when such sudden changes in value occur to speculate in that material on which the least possible quantity of labour has been spent: to speculate, therefore, in yarn rather than in cloth, in cotton itself, rather than in yarn. The change of value in the case we have been considering, originates, not in the process in which the cotton plays the part of a means of production, and in which it therefore functions as constant capital, but in the process in which the cotton itself is produced. The value of a commodity, it is true, is determined by the quantity of labour contained in it, but this quantity is itself limited by social conditions. If the time socially necessary for the production of any commodity alters—and a given weight of cotton represents, after a bad harvest, more labour than after a good one—all previously existing commodities of the same class are affected, because they are, as it were, only individuals of the species, and their value at any given time is measured by the labour socially necessary, i.e., by the labour necessary for their production under the then existing social conditions.
As the value of the raw material may change, so, too, may that of the instruments of labour, of the machinery, 8c., employed in the process; and consequently that portion of the value of the product transferred to it from them, may also change. If in consequence of a new invention, machinery of a particular kind can be produced by a diminished expenditure of labour, the old machinery becomes depreciated more or less and consequently transfers so much less value to the product. But here again, the change in value originates outside the process in which the machine is acting as a means of production. Once engaged in this process, the machine cannot transfer more value than it possesses apart from the process.
Just as a change in the value of the means of production, even after they have commenced to take a part in the labour process, does not alter their character as constant capital, so, too, a change in the proportion of constant to variable capital does not affect the respective functions of these two kinds of capital. The technical conditions of the labour process may be revolutionised to such an extent, that where formerly ten men using ten implements of small value worked up a relatively small quantity of raw material, one man may now, with the aid of one expensive machine, work up one hundred times as much raw material. In the latter case we have an enormous increase in the constant capital, that is represented by the total value of the means of production used, and at the same time a great reduction in the variable capital, invested in labour-power. Such a revolution, however, alters only the quantitave relation between the constant and the variable capital, or the proportions in which the total capital is split up into its constant and variable constituents; it has not in the least degree affected the essential difference between the two.