Social Scientist. v 6, no. 63 (Oct 1977) p. 29.

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At one time it is in the form of money. Subsequently it is embodied in means of production and labour-power. Later it appears as a stock o newly produced commodities awaiting sale. When the sale hcis been effected, it reappears in the money form. Further., each individual capital exists., at any given point in time, partly as money, partly as means of production and labour-power, and partly as stocks of finished commodities to be'sold. The circulation process of social capital, which is nothing but the totality of the circulation processes of individual capitals, exhibits these features in a more developed form.

Specifically, the forms in which capital exists, are three fold:

a) Money Capital or Capital in the money form.

b) Productive Capital, consisting of the material mean? of production and the labour-power purchased by the capitalist w^ith a view to production of surplus value, and

c) Commodity capital, consisting of the produced commodities, by the sale of which reconversion of capital into money form is to be effected.

Symbolically, we ma\ represent the gercial eiicuit of capital as follows:

/-LP ......MC' ... P.. ...C'.. M'......


where M stands for money, LP for labour power, MP for means of production, P for the production process and C' for the produced commodity to be sold for M'ssM+VM, VM being surplus value. It can be seen from the general circuit of capital that capital assumes the forms of money-capital and commodity capital in the sphere of circulation wherein commodities are exchanged for money and vice versa. In the sphere of production or the labour-process, capital assumes the form of productive capital. In Marx's words,, ^The two forms assumed by capital value at the various stages of its circulation are those of money-capital and commodity-capital. The form pertaining to the stage of production is that of productive-capital. The capital which assumes these forms in the course of its total circuit and then discards them and in each of them performs the function corresponding to the particular form, is industrial capital, industrial here in the sense that it comprises every branch of industry run on a capitalist basis.'51

Money-capital, productive capital and commodity-capital are thus forms assumed by industrial capital in the process of performing its relevant function to serve its basic objective of self expansion of value, The circuit of industrial capital may therefore be examined from the point of view of each of these forms.

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