Marxian Political Economy PART ELEVEN IN our exposition of Marx's economic analysis in this series, we have not vet discussed the process of circulation in capitalist production. As will be recalled, Marx deals in Volume I of CAPITAL with the process of capitalist production as such, that is, the process of production of value and surplus value. The analysis brought out the fundamental nature of capitalist exploitation, and uncovered some of the basic tendencies of the capitalist accumulation process namely, centralisation and concentration of capital, relative surplus valip production, creation of a reseive army of labour and so on. However^, it was necessarily incomplete as an analysis of the capitalist mode of production, because the latter includes the process of capitalist circulation as well. It is to the analysis of capitalist circulation that Marx turns in Volume II of CAPITAL. Finally in Volume III, he completes the edifice by analysing "the process of capitalist production as a whole', that is, as the unity of the production process and the circulation process. In tlie present article, we shall summarise Marx's observations on the process of capitalist circulation. The Circuit of Capital The process of capitalist circulation involves not merely the circulation of commodities but the circulation and reprodaction of capital. Ea':'h individual capital in its movement, assumes various forms.