2025 is the year I plan on reading Volumes 1-3 of Capital. I understand that Marxists.org has the Moore/Engels version, but most people seem to prefer the Fowkes translation in Penguin. Recently, there is the Reitter translation of Volume 1 that supposedly uses a later original German edition of Capital as the base than the widely beloved Fowkes translation, but I am not sure if anyone has any experience with it yet.
Which would you recommend for someone diving into Capital for the first time? I'd prefer a physical version (to take notes) but I am not too fussed if its an ebook, I'm not incapable of using a notebook or anything instead of direct annotation.
Volume 2, on circulation? Honestly, that was the book I didn't understand. What did you take away from that?
Oh no, I just meant the second part of the first volume. Regarding circulation, my understanding was that capitalism requires a continuous, uninterrupted circulation process to realize surplus value in order to reproduce itself. However, this process contains inherent contradictions making it prone to crises due to the varying time it takes for capital to flow through its different phases of production, circulation, and consumption.
Marx argues that surplus value, created in production, can only be realized through circulation. Capitalists must sell the commodities they produce to get back their initial investment and to make profit. The money must then reinvested to restart the cycle, allowing the system to reproduce itself.
Since there is time and cost involved in commodities being transported, stored, and marketed, capital ends up being tied up and can't generate new value during that period. Effectively, these costs reduce the overall surplus value that's realized. Different forms of capital have different turnover times. Fixed capital such as machinery or buildings is invested for long periods, while circulating capital like raw materials and labor power turns over quickly. The disparity creates unevenness in the accumulation process.
Discrepancies between production and consumption, changes in demand, difficulties in selling, and variations in turnover times can disrupt the flow of capital introducing instabilities. These disruptions can lead to overproduction or devaluation of capital that culminate in recurring economic crises.
Capitalism seeks to overcome these problems either through optimization of supply chains or use of credit and financial systems to help accelerate the flow of capital. However, these solutions can also exacerbate the system's inherent contradictions.
The core argument, if I understand it correctly, is that smooth circulation of capital is necessary for the survival of the capitalist system. Yet, circulation itself a source of instability and crises, as the pursuit of profit constantly pushes against the limitations of time and the unpredictability of the market.