another two weeks, so time for a thread discussing these chapters. for any new people, discussion of aspects of the book unconnected to this chapter is here, discussion of the discussion is here, and an index of all threads to do with the reading group is here.
these chapters were fairly straightforward and more exciting after all the more abstract stuff. i did write my usual notes, but unfortunately they're on my computer which is broken, so i might have to wait a week or two to post them. here's an extra condensed version:
chapter 4:
capital is money thrown into circulation in order to get more money out, M-C-M, rather than C-M-C. obviously this is pointless if the first m is the same as the 2nd, so really it's M-C-M' where M' is the original M plus surplus value. value becomes self-expanding, enters into relations with itself etc.
chapter 5:
where does surplus value come from? assuming exchange of equivalents, no value is added. if everything sells above or below its value, the buyer loses or gains only what they gain or lose in sale, so no surplus value is being created. if A sells $40 dollars of wine to B for $50, surplus value only exists for A, since the same amount of alue is there before and after. so it can't come from exchange. outside of exchange, the owner is only in relation to their own commodity - if they add value to it by working on it, that still isn't self expanding value. so surplus value comes neither within nor without circulation. going to find where whilst still assuming real value paid for.
chapter 6:
need a commodity who's use-value is the production of value: labour power, which is the abilities, physical and mental, humans exercise each time produce a use value.
to be available for sale as a commodity labour power must legally belong to owner, be for sale for a deffinite period of time, and the owner have no other commodities to sell.
the value of labour power is the value of the commodities required to maintain and reproduce the labour power (and the labourer when they die). if the value in all these commodities averages to say 6hr social labour time for each day of labour-power, and is $3, then $3 is the value of one days labour.
that's all i have time to summarise now. i'll do my best to find time later in the week to contribute to any discussion.
Just to send some words of encouragement. I'm reading vol2 at the moment but your notes are providing me with a good refresher on the first volume,
For the global co-operative commonwealth.