In our illustration we had a commodity-capital C' of 10,000 lbs. Therefore that part of M — C which is at the same time M — L appears now no longer as a mere advance of money by the purchase of labour-power, but as an advance by means of which the same 1,000 lbs. m — c represents a series of purchases by means of money which the capitalist spends either for commodities proper or for personal services to his cherished self or family. The increased P' acts as P on recommencing, just as P did in the simple reproduction P ... P. In the stage M' — C'

Summary and Analysis of Das Kapital by Karl Marx. In the case at hand money has the form of fallow, latent money-capital. In the present case, however, the hoard appears as a form of money-capital and the formation of a hoard as a process which temporarily accompanies the accumulation of capital because and so far as the money here figures as latent money-capital; because the formation of a hoard, the state of being a hoard, in which the surplus-value existing in money-form finds itself, is a functionally determined preparatory stage gone through outside of the circuit described by the capital and required for the transformation of the surplus-value into really functioning capital. Hence, if in the formula M ... M' the second circuit begins with M', M' functions as M, as an advanced money-capital of a definite magnitude. There it was: M — C — M (M — C. C — M), apart from the determination of value; here it is, again apart from the value determination: C — M — C (C — M. M — C), i.e., the form of the simple circulation of commodities.

The reserve fund however is a part of the £78 of surplus-value. It does not cease to be money, if it does not perform the functions of money-capital; but it does cease to be a commodity, or a use-value in general, if it is delayed too long in the exercise of its function of commodity-capital.

That surplus-value has been produced is depicted in the first-considered formula P ... P (see expanded formula, [M — C
The critique of political economy is well addressed through the capitalist mode of production where on one side capitalist dominates the other that is the wage labourer. Pages: 1 2.


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