Karl Marx was born in 1818 in Trier, Germany and studied in Bonn and Berlin. Influenced by Hegel, he later reacted against idealist philosophy and began to develop his own theory of historical materialism. He related the state of society to its economic foundations and mode of production, and recommended armed revolution on the part of the proletariat. Together with Engels, who he met in Paris, he wrote the Manifesto of the Communist Party. He lived in England as a refugee until his death in 1888, after participating in an unsuccessful revolution in Germany.Ernst Mandel was a member of the Belgian TUV from 1954 to 1963 and was chosen for the annual Alfred Marshall Lectures by Cambridge University in 1978. He died in 1995 and the Guardian described him as 'one of the most creative and independent-minded revolutionary Marxist thinkers of the post-war world.'Translated by David Fernbach with an introduction by Ernest Mandel

• Introduction by Ernest MandelPreface (Frederick Engels)BOOK III: THE PROCESS OF CAPITALIST PRODUCTION AS A WHOLEPART ONE: THE TRANSFORMATION OF SURPLUS-VALUE INTO PROFIT, AND OF THE RATE OF SURPLUS-VALUE INTO THE RATE OF PROFITChapter 1: Cost Price and ProfitChapter 2: The Rate of ProfitChapter 3: The Relationship between Rate of Profit and Rate of Surplus-ValueChapter 4: The Effect of the Turnover on the Rate of ProfitChapter 5: Economy in the Use of Constant Capital1. General Considerations2. Saving on the Conditions of Work at the Workers' Expense3. Economy in the Generation and Transmission of Power, and on Buildings4. Utilization of the Refuse of Production5. Economy through InventionsChapter 6: The Effect of Changes in Price 1. Fluctuations in the Price of Raw Material; Their Direct Effects on the Rate of Profit2. Revaluation and Devaluation of Capital; Release and Tying-Up of Capital3. General Illustration: The Cotton Crisis 1861-5Chapter 7: Supplementary Remarks PART TWO: THE TRANSFORMATION OF PROFIT INTO AVERAGE PROFITChapter 8: Different Compositions of Capital in Different Branches of Production, and the Resulting Variation in Rates of ProfitChapter 9: Formation of a General Rate of Profit (Average Rate of Profit), and Transformation of Commodity Values into Prices of ProductionChapter 10: The Equalization of the General Rate of Profit through Competition. Market Prices and Market Values. Surplus ProfitChapter 11: The Effects of General Fluctuations in Wages on the Prices of ProductionChapter 12: Supplementary Remarks1. The Causes of a Change in the Price of Production2. The Production Price of Commodities of Average Composition3. The Capitalist's Grounds for CompensationPART THREE: THE LAW OF THE TENDENTIAL FALL IN THE RATE OF PROFIT Chapter 13: The Law ItselfChapter 14: Counteracting Factors1. More Intense Exploitation of Labour2. Reduction of Wages below their Value3. Cheapening of the Elements of Constant Capital4. The Relative Surplus Population5. Foreign Trade6. The Increase in Share CapitalChapter 15: Development of the Law's Internal Contradictions 1. General Considerations2. The Conflict between the Extension of Production and Valorization3. Surplus Capital alongside Surplus Population4. Supplementary RemarksPART FOUR: THE TRANSFORMATION OF COMMODITY CAPITAL AND MONEY CAPITAL INTO COMMERCIAL CAPITAL AND MONEY-DEALING CAPITAL (MERCHANT'S CAPITAL) Chapter 16: Commercial CapitalChapter 17: Commercial ProfitChapter 18: The Turnover of Commercial Capital. PricesChapter 19. Money-Dealing CapitalChapter 20: Historical Material on Merchant's CapitalPART FIVE: THE DIVISION OF PROFIT INTO INTEREST AND PROFIT OF ENTERPRISEChapter 21: Interest-Bearing CapitalChapter 22: Division of Profit. Rate of Interest. "Natural" Rate of InterestChapter 23: Interest and Profit of EnterpriseChapter 24: Interest-Bearing Capital as the Superficial Form of the Capital RelationChapter 25: Credit and Fictitious CapitalChapter 26: Accumulation of Money Capital, and its Influence on the Rate of InterestChapter 27: The Role of Credit in Capitalist ProductionChapter 28: Means of Circulation and CApital. The Views of Tooke and FullartonChapter 29: Banking Capital's Component PartsChapter 30: Money Capital and Real Capital: IChapter 31: Money Capital and Real Capital: II (Continuation)1. Transformation of Money into Loan Capital2. Transformation of Capital or Revenue into Money that is Transformed into Loan CapitalChapter 32: Money Capital and Real Capital: III (Conclusion) Chapter 33: The Means of Circulation under the Credit SystemChapter 34: The Currency Principle and the English Bank Legislation of 1844Chapter 35: Precious Metal and Rate of Exchange1. The Movement of the Gold Reserve2. The Exchange RateChapter 36: Pre-Capitalist Relations PART SIX: THE TRANSFORMATION OF SURPLUS PROFIT INTO GROUND-RENTChapter 37: IntroductionChapter 38: Differential Rent in GeneralChapter 39: The First Form of Differential Rent (Differential Rent I)Chapter 40: The Second Form of Differential Rent (Differential Rent II)Chapter 41: Differential Rent II - First Case: Price of Production ConstantChapter 42: Differential Rent II - Second Case: Price of Production Falling1. With the Productivity of the Extra Capital Investment Remaining Constant2. A Falling Rate of Productivity for the Extra Capital3. A Rising Rate of Productivity for the Extra CapitalChapter 43: Differential Rent II - Third Case: Rising Price of Production. Results Chapter 44: Differential Rent Even on the Poorest Land CultivatedChapter 45: Absolute Ground-RentChapter 46: Rent of Buildings. Rent of Mines. Price of LandChapter 47: The Genesis of Capitalist Ground-Rent1. Introduction2. Labour Rent3. Rent in Kind4. Money Rent5. Share-Cropping and Small-Scale Peasant OwnershipPART SEVEN: THE REVENUES AND THEIR SOURCES Chapter 48: The Trinity FormulaChapter 49: On the Analysis of the Production ProcessChapter 50: The Illusion Created by CompetitionChapter 51: Relations of Distribution and Relations of ProductionChapter 52: ClassesSupplement and Addendum to Volume 3 of Capital (Frederick Engels) 1. Law of Value and Rate of Profit2. The Stock ExchangeQuotations in Languages Other than English and GermanIndex of Authorities QuotedGeneral IndexNote on Previous Editions of the Works of Marx and EngelsChronology of Works by Marx and Engels

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Karl Marx was born in 1818 in Trier, Germany and studied in Bonn and Berlin. Influenced by Hegel, he later reacted against idealist philosophy and began to develop his own theory of historical materialism. He related the state of society to its economic foundations and mode of production, and recommended armed revolution on the part of the proletariat. Together with Engels, who he met in Paris, he wrote the Manifesto of the Communist Party. He lived in England as a refugee until his death in 1888, after participating in an unsuccessful revolution in Germany.Ernst Mandel was a member of the Belgian TUV from 1954 to 1963 and was chosen for the annual Alfred Marshall Lectures by Cambridge University in 1978. He died in 1995 and the Guardian described him as 'one of the most creative and independent-minded revolutionary Marxist thinkers of the post-war world.'Translated by David Fernbach with an introduction by Ernest Mandel

• Introduction by Ernest MandelPreface (Frederick Engels)BOOK III: THE PROCESS OF CAPITALIST PRODUCTION AS A WHOLEPART ONE: THE TRANSFORMATION OF SURPLUS-VALUE INTO PROFIT, AND OF THE RATE OF SURPLUS-VALUE INTO THE RATE OF PROFITChapter 1: Cost Price and ProfitChapter 2: The Rate of ProfitChapter 3: The Relationship between Rate of Profit and Rate of Surplus-ValueChapter 4: The Effect of the Turnover on the Rate of ProfitChapter 5: Economy in the Use of Constant Capital1. General Considerations2. Saving on the Conditions of Work at the Workers' Expense3. Economy in the Generation and Transmission of Power, and on Buildings4. Utilization of the Refuse of Production5. Economy through InventionsChapter 6: The Effect of Changes in Price 1. Fluctuations in the Price of Raw Material; Their Direct Effects on the Rate of Profit2. Revaluation and Devaluation of Capital; Release and Tying-Up of Capital3. General Illustration: The Cotton Crisis 1861-5Chapter 7: Supplementary Remarks PART TWO: THE TRANSFORMATION OF PROFIT INTO AVERAGE PROFITChapter 8: Different Compositions of Capital in Different Branches of Production, and the Resulting Variation in Rates of ProfitChapter 9: Formation of a General Rate of Profit (Average Rate of Profit), and Transformation of Commodity Values into Prices of ProductionChapter 10: The Equalization of the General Rate of Profit through Competition. Market Prices and Market Values. Surplus ProfitChapter 11: The Effects of General Fluctuations in Wages on the Prices of ProductionChapter 12: Supplementary Remarks1. The Causes of a Change in the Price of Production2. The Production Price of Commodities of Average Composition3. The Capitalist's Grounds for CompensationPART THREE: THE LAW OF THE TENDENTIAL FALL IN THE RATE OF PROFIT Chapter 13: The Law ItselfChapter 14: Counteracting Factors1. More Intense Exploitation of Labour2. Reduction of Wages below their Value3. Cheapening of the Elements of Constant Capital4. The Relative Surplus Population5. Foreign Trade6. The Increase in Share CapitalChapter 15: Development of the Law's Internal Contradictions 1. General Considerations2. The Conflict between the Extension of Production and Valorization3. Surplus Capital alongside Surplus Population4. Supplementary RemarksPART FOUR: THE TRANSFORMATION OF COMMODITY CAPITAL AND MONEY CAPITAL INTO COMMERCIAL CAPITAL AND MONEY-DEALING CAPITAL (MERCHANT'S CAPITAL) Chapter 16: Commercial CapitalChapter 17: Commercial ProfitChapter 18: The Turnover of Commercial Capital. PricesChapter 19. Money-Dealing CapitalChapter 20: Historical Material on Merchant's CapitalPART FIVE: THE DIVISION OF PROFIT INTO INTEREST AND PROFIT OF ENTERPRISEChapter 21: Interest-Bearing CapitalChapter 22: Division of Profit. Rate of Interest. "Natural" Rate of InterestChapter 23: Interest and Profit of EnterpriseChapter 24: Interest-Bearing Capital as the Superficial Form of the Capital RelationChapter 25: Credit and Fictitious CapitalChapter 26: Accumulation of Money Capital, and its Influence on the Rate of InterestChapter 27: The Role of Credit in Capitalist ProductionChapter 28: Means of Circulation and CApital. The Views of Tooke and FullartonChapter 29: Banking Capital's Component PartsChapter 30: Money Capital and Real Capital: IChapter 31: Money Capital and Real Capital: II (Continuation)1. Transformation of Money into Loan Capital2. Transformation of Capital or Revenue into Money that is Transformed into Loan CapitalChapter 32: Money Capital and Real Capital: III (Conclusion) Chapter 33: The Means of Circulation under the Credit SystemChapter 34: The Currency Principle and the English Bank Legislation of 1844Chapter 35: Precious Metal and Rate of Exchange1. The Movement of the Gold Reserve2. The Exchange RateChapter 36: Pre-Capitalist Relations PART SIX: THE TRANSFORMATION OF SURPLUS PROFIT INTO GROUND-RENTChapter 37: IntroductionChapter 38: Differential Rent in GeneralChapter 39: The First Form of Differential Rent (Differential Rent I)Chapter 40: The Second Form of Differential Rent (Differential Rent II)Chapter 41: Differential Rent II - First Case: Price of Production ConstantChapter 42: Differential Rent II - Second Case: Price of Production Falling1. With the Productivity of the Extra Capital Investment Remaining Constant2. A Falling Rate of Productivity for the Extra Capital3. A Rising Rate of Productivity for the Extra CapitalChapter 43: Differential Rent II - Third Case: Rising Price of Production. Results Chapter 44: Differential Rent Even on the Poorest Land CultivatedChapter 45: Absolute Ground-RentChapter 46: Rent of Buildings. Rent of Mines. Price of LandChapter 47: The Genesis of Capitalist Ground-Rent1. Introduction2. Labour Rent3. Rent in Kind4. Money Rent5. Share-Cropping and Small-Scale Peasant OwnershipPART SEVEN: THE REVENUES AND THEIR SOURCES Chapter 48: The Trinity FormulaChapter 49: On the Analysis of the Production ProcessChapter 50: The Illusion Created by CompetitionChapter 51: Relations of Distribution and Relations of ProductionChapter 52: ClassesSupplement and Addendum to Volume 3 of Capital (Frederick Engels) 1. Law of Value and Rate of Profit2. The Stock ExchangeQuotations in Languages Other than English and GermanIndex of Authorities QuotedGeneral IndexNote on Previous Editions of the Works of Marx and EngelsChronology of Works by Marx and Engels

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Karl Marx was born in 1818 in Trier, Germany and studied in Bonn and Berlin. Influenced by Hegel, he later reacted against idealist philosophy and began to develop his own theory of historical materialism. He related the state of society to its economic foundations and mode of production, and recommended armed revolution on the part of the proletariat. Together with Engels, who he met in Paris, he wrote the Manifesto of the Communist Party. He lived in England as a refugee until his death in 1888, after participating in an unsuccessful revolution in Germany.Ernst Mandel was a member of the Belgian TUV from 1954 to 1963 and was chosen for the annual Alfred Marshall Lectures by Cambridge University in 1978. He died in 1995 and the Guardian described him as 'one of the most creative and independent-minded revolutionary Marxist thinkers of the post-war world.'Translated by David Fernbach with an introduction by Ernest Mandel

• Introduction by Ernest MandelPreface (Frederick Engels)BOOK III: THE PROCESS OF CAPITALIST PRODUCTION AS A WHOLEPART ONE: THE TRANSFORMATION OF SURPLUS-VALUE INTO PROFIT, AND OF THE RATE OF SURPLUS-VALUE INTO THE RATE OF PROFITChapter 1: Cost Price and ProfitChapter 2: The Rate of ProfitChapter 3: The Relationship between Rate of Profit and Rate of Surplus-ValueChapter 4: The Effect of the Turnover on the Rate of ProfitChapter 5: Economy in the Use of Constant Capital1. General Considerations2. Saving on the Conditions of Work at the Workers' Expense3. Economy in the Generation and Transmission of Power, and on Buildings4. Utilization of the Refuse of Production5. Economy through InventionsChapter 6: The Effect of Changes in Price 1. Fluctuations in the Price of Raw Material; Their Direct Effects on the Rate of Profit2. Revaluation and Devaluation of Capital; Release and Tying-Up of Capital3. General Illustration: The Cotton Crisis 1861-5Chapter 7: Supplementary Remarks PART TWO: THE TRANSFORMATION OF PROFIT INTO AVERAGE PROFITChapter 8: Different Compositions of Capital in Different Branches of Production, and the Resulting Variation in Rates of ProfitChapter 9: Formation of a General Rate of Profit (Average Rate of Profit), and Transformation of Commodity Values into Prices of ProductionChapter 10: The Equalization of the General Rate of Profit through Competition. Market Prices and Market Values. Surplus ProfitChapter 11: The Effects of General Fluctuations in Wages on the Prices of ProductionChapter 12: Supplementary Remarks1. The Causes of a Change in the Price of Production2. The Production Price of Commodities of Average Composition3. The Capitalist's Grounds for CompensationPART THREE: THE LAW OF THE TENDENTIAL FALL IN THE RATE OF PROFIT Chapter 13: The Law ItselfChapter 14: Counteracting Factors1. More Intense Exploitation of Labour2. Reduction of Wages below their Value3. Cheapening of the Elements of Constant Capital4. The Relative Surplus Population5. Foreign Trade6. The Increase in Share CapitalChapter 15: Development of the Law's Internal Contradictions 1. General Considerations2. The Conflict between the Extension of Production and Valorization3. Surplus Capital alongside Surplus Population4. Supplementary RemarksPART FOUR: THE TRANSFORMATION OF COMMODITY CAPITAL AND MONEY CAPITAL INTO COMMERCIAL CAPITAL AND MONEY-DEALING CAPITAL (MERCHANT'S CAPITAL) Chapter 16: Commercial CapitalChapter 17: Commercial ProfitChapter 18: The Turnover of Commercial Capital. PricesChapter 19. Money-Dealing CapitalChapter 20: Historical Material on Merchant's CapitalPART FIVE: THE DIVISION OF PROFIT INTO INTEREST AND PROFIT OF ENTERPRISEChapter 21: Interest-Bearing CapitalChapter 22: Division of Profit. Rate of Interest. "Natural" Rate of InterestChapter 23: Interest and Profit of EnterpriseChapter 24: Interest-Bearing Capital as the Superficial Form of the Capital RelationChapter 25: Credit and Fictitious CapitalChapter 26: Accumulation of Money Capital, and its Influence on the Rate of InterestChapter 27: The Role of Credit in Capitalist ProductionChapter 28: Means of Circulation and CApital. The Views of Tooke and FullartonChapter 29: Banking Capital's Component PartsChapter 30: Money Capital and Real Capital: IChapter 31: Money Capital and Real Capital: II (Continuation)1. Transformation of Money into Loan Capital2. Transformation of Capital or Revenue into Money that is Transformed into Loan CapitalChapter 32: Money Capital and Real Capital: III (Conclusion) Chapter 33: The Means of Circulation under the Credit SystemChapter 34: The Currency Principle and the English Bank Legislation of 1844Chapter 35: Precious Metal and Rate of Exchange1. The Movement of the Gold Reserve2. The Exchange RateChapter 36: Pre-Capitalist Relations PART SIX: THE TRANSFORMATION OF SURPLUS PROFIT INTO GROUND-RENTChapter 37: IntroductionChapter 38: Differential Rent in GeneralChapter 39: The First Form of Differential Rent (Differential Rent I)Chapter 40: The Second Form of Differential Rent (Differential Rent II)Chapter 41: Differential Rent II - First Case: Price of Production ConstantChapter 42: Differential Rent II - Second Case: Price of Production Falling1. With the Productivity of the Extra Capital Investment Remaining Constant2. A Falling Rate of Productivity for the Extra Capital3. A Rising Rate of Productivity for the Extra CapitalChapter 43: Differential Rent II - Third Case: Rising Price of Production. Results Chapter 44: Differential Rent Even on the Poorest Land CultivatedChapter 45: Absolute Ground-RentChapter 46: Rent of Buildings. Rent of Mines. Price of LandChapter 47: The Genesis of Capitalist Ground-Rent1. Introduction2. Labour Rent3. Rent in Kind4. Money Rent5. Share-Cropping and Small-Scale Peasant OwnershipPART SEVEN: THE REVENUES AND THEIR SOURCES Chapter 48: The Trinity FormulaChapter 49: On the Analysis of the Production ProcessChapter 50: The Illusion Created by CompetitionChapter 51: Relations of Distribution and Relations of ProductionChapter 52: ClassesSupplement and Addendum to Volume 3 of Capital (Frederick Engels) 1. Law of Value and Rate of Profit2. The Stock ExchangeQuotations in Languages Other than English and GermanIndex of Authorities QuotedGeneral IndexNote on Previous Editions of the Works of Marx and EngelsChronology of Works by Marx and Engels

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