38 SOCIAL SCIENTIST Bin it is different in the case of a socialist society. If we conceive society as being not capitalistic but communistic, there will be no money capital at all in the first place, nor the disguises cloaking the transactions arising on account of it. The question then comes down to the need of society to calculate beforehand how much labour, means of production, and means of subsistence it can invest, without detriment, in such lines of business as for instance the building of railways, which do not furnish any means of production or subsistence, nor produce any useful effect for a long time, a year or more, while they extract labour, means of production and means of subsistence from the total annual production20 Concluding Comment In this article, we have dealt with various individual or partial aspects of the process of reproduction of capital such as the forms of circuit of industrial capital, costs of circulation and turnover of capital. But Marx's theory concerning economic crises in capitalism is based on the analysis of the process of reproduction of social capital as a whole. It is to this that we shall turn in the next article. A V BALU (To be continued) 1 Karl Marx, Capital, Vol II Moscow, 1967, p 48. 2 Ibid., p 56. ?• Ibid.,p 101. 4 Karl Marx in this discussion of the circuits of capital, makes a number of other points which we have omitted. Particularly useful are his comments on the relation between capitalist and non-capitalist modes of production and those between 'natural', money and credit economies, see especially pp 109-111, and pp 116-117 of volume II of Capital. 5 Capital, Vol II Moscow, 1967, p 121. 6 Ibid., p 124. 7 At one extreme, one could visualise the time of circulation going down to zero. Karl Marx cites an example: "...If a capitalist executes an order by the terms of which he receives payment on delivery of the product, and if this payment is made in his own means of production, the time of circulation approaches zero." See CAPITAL Vol II, p 128. At the other extreme, a perishable cammodity will be worthless if its circulation time is too long. 8 Ibid., p 131. • . 9 Ibid., p 150. 10 Ibid., p 150. Storage, by contrast, is unproductive, since it involves no act of production, direct or indirect. Generally speaking "...all costs of circulation which are only from changes in the forms of commodities do not add to their value." 11 Ibid., p 155. 12 Ibid., p 158. is Ibid., p 167. 14 But there are some branches of production where nature imposes limits on the extent to which such reduction can be carried. Marx cites the example of forestry, "The long production time...and the great length of the periods of turnover entailed, make forestry an industry of little attraction to private and, therefore,