Chapter II.- Exchange
It is plain that commodities cannot go to market and make exchanges of their own account. We must, therefore, have recourse to their guardians, who are also their owners. Commodities are things, and therefore without power of resistance against man. If they are wanting in docility he can use force [83]; in other words, he can take posses-
" Observations on certain verbal disputes in Pol. Econ., particularly relating to value and to demand and supply, London, 1821, p. 16.
'-' S. Bailey, I.e., p. 165. [31] The author of Observations and S. Bailey accuse Ricardo of converting exchange value from something relative into something absolute. The opposite is the fact. He has explained the apparent relation between objects, such as diamonds and pearls, in which relation they appear as exchange values, and disclosed the true relation hidden sion of them.[11] In order that these objects may enter into relation with each other as commodities, their guardians must place themselves in relation to one another, as persons whose will resides in those objects, and must behave in such a way that each does not appropriate the commodity of the other, and part with his own, except by means of an act done by mutual consent. They must, therefore, mutually recognise in each other the rights of private proprietors. This juridical relation, which thus expresses itself in a contract, whether such contract be part of a developed legal system or not, is a relation between two wills, and is but the reflex of the real economic relation between the two. It is this economic relation that determines the subject-matter comprised in each such juridical act.[2]' The persons exist for one another merely as representatives of, and, therefore, as owners of, commodities. In the course of our investigation we shall find, in general, that the characters who appear on the economic stage are but the personifications of the economic relations that exist between them. What chiefly distinguishes a commodity from its owner is the fact, that it looks upon every other commodity as but the form of appearance of its own value. A born leveller[85] and a cynic, it is always ready to exchange not only soul, but body, with any and every other commodity, be the same more repulsive than Maritornes herself.[86] The owner makes up for this lack in the commodity of a sense of the concrete, by his own five and more senses. His commodity possesses for himself no immediate use value. Otherwise, he would not bring it to the market. It has use value for others; but for himself its only direct use value is that of being a depository of exchange value, and, conse-behind the appearances, namely, their relation to each other as mere expressions of human labour. If the followers of Ricardo answer Bailey somewhat rudely, and by no means convincingly, the reason is to be sought in this, that they were unable to find in Ricardo's own works any key to the hidden relations existing between value and its form, exchange value.
'•' In the 12th century, so renowned for its piety, they included amongst commodities some very delicate things. Thus a French poet of the period enumerates amongst the goods to be found in the market of Landit, not only clothing, shoes, leather, agricultural implements, &c, but also "femmes folles de leur corps" ["wanton women"]. [8 4]
[2] Proudhon begins by taking his ideal of justice, of "justice éternelle", from the juridical relations that correspond to the production of commodities: thereby, it may be noted, he proves, to the consolation of all good citizens, that the production of commodities is a form of production as everlasting as justice. Then he turns round and seeks to reform the actual production of commodities, and the actual legal system corresponding thereto, in accordance with this ideal. What opinion should we have of a chemist, quently, a means of exchange.(1) Therefore, he makes up his mind to part with it for commodities whose value in use is of service to him. All commodities are non-use values for their owners, and use values for their non-owners. Consequently, they must all change hands. But this change of hands is what constitutes their exchange, and the latter puts them in relation with each other as values, and realises them as values. Hence commodities must be realised as values before they can be realised as use values.
On the other hand, they must show that they are use values before they can be realised as values. For the labour spent upon them counts effectively, only in so far as it is spent in a form that is useful for others. Whether that labour is useful for others, and its product consequently capable of satisfying the wants of others, can be proved only by the act of exchange.
Every owner of a commodity wishes to part with it in exchange only for those commodities whose use value satisfies some want of his. Looked at in this way, exchange is for him simply a private transaction. On the other hand, he desires to realise the value of his commodity, to convert it into any other suitable commodity of equal value, irrespective of whether his own commodity has or has not any use value for the owner of the other. From this point of view, exchange is for him a social transaction of a general character. But one and the same set of transactions cannot be simultaneously for all owners of commodities both exclusively private and exclusively social and general.
Let us look at the matter a little closer. To the owner of a commodity, every other commodity is, in regard to his own, a particular equivalent, and consequently his own commodity is the universal equivalent for all the others. But since this applies to every owner,
who, instead of studying the actual laws of the molecular changes in the composition and decomposition of matter, and on that foundation solving definite problems, claimed to regulate the composition and decomposition of matter by means of the "eternal ideas", of "naturalité" and "affinité"? Do we really know any more about "usury", when we say it contradicts "justice éternelle", "équité éternelle", "mutualité éternelle", and other "vérités éternelles" than the fathers of the church [7 5] did when they said it was incompatible with "grâce éternelle", "foi éternelle", and "la volonté éternelle de Dieu"?
there is, in fact, no commodity acting as universal equivalent, and the relative value of commodities possesses no general form under which they can be equated as values and have the magnitude of their values compared. So far, therefore, they do not confront each other as commodities, but only as products or use values. In their difficulties our commodity-owners think like Faust: "Im Anfang war die That." [87]
They therefore acted and transacted before they thought. Instinctively they conform to the laws imposed by the nature of commodities. They cannot bring their commodities into relation as values, and therefore as commodities, except by comparing them with some one other commodity as the universal equivalent. That we saw from the analysis of a commodity. But a particular commodity cannot become the universal equivalent except by a social act. The social action therefore of all other commodities, sets apart the particular commodity in which they all represent their values. Thereby the bodily form of this commodity becomes the form of the socially recognised universal equivalent. To be the universal equivalent, becomes, by this social process, the specific function of the commodity thus excluded by the rest. Thus it becomes — money.
"Uli unum consilium habent et virtutem et potestatem suam bestiae tradunt. Et ne quis possit emere aut vendere, nisi qui habet characterem aut nomen bestiae, aut nume-rum nominis ejus" (Apocalypse)."*
Money is a crystal formed of necessity in the course of the exchanges, whereby different products of labour are practically equated to one another and thus by practice converted into commodities. The historical progress and extension of exchanges develops the contrast, latent in commodities, between use value and value. The necessity for giving an external expression to this contrast for the purposes of commercial intercourse, urges on the establishment of an independent form of value, and finds no rest until it is once for all satisfied by the differentiation of commodities into commodities and money. At the same rate, then, as the conversion of products into commodities is being accomplished, so also is the conversion of one special commodity into money.I!
The direct barter of products attains the elementary form of the relative expression of value in one respect, but not in another. That form is x Commodity A = y Commodity B. The form of direct barter is x use value A = y use value B.[1]' The articles A and B in this case are not as yet commodities, but become so only by the act of barter. The first step made by an object of utility towards acquiring exchange value is when it forms a non-use value for its owner, and that happens when it forms a superfluous portion of some article required for his immediate wants. Objects in themselves are external to man, and consequently alienable by him. In order that this alienation may be reciprocal, it is only necessary for men, by a tacit understanding, to treat each other as private owners of those alienable objects, and by implication as independent individuals. But such a state of reciprocal independence has no existence in a primitive society based on property in common, whether such a society takes the form of a patriarchal family, an ancient Indian community,[53] or a Peruvian Inca State.[90] The exchange of commodities, therefore, first begins on the boundaries of such communities, at their points of contact with other similar communities, or with members of the latter. So soon, however, as products once become commodities in the external relations of a community, they also, by reaction, become so in its internal intercourse. The proportions in which they are exchangeable are at first quite a matter of chance. What makes them exchangeable is the mutual desire of their owners to alienate them. Meantime the need for foreign objects of utility gradually establishes itself. The constant repetition of exchange makes it a normal social act. In the course of time, therefore, some portion at least of the products of labour must be produced with a special view to exchange. From that moment the distinction becomes firmly established between the utility of an object for the purposes of consumption, and its utility for the purposes of exchange. Its use value becomes distinguished from its exchange value. On the other hand, the quantitative proportion in which the articles are exchangeable, becomes dependent on their production itself. Custom stamps them as values with definite magnitudes.
In the direct barter of products, each commodity is directly a means of exchange to its owner, and to all other persons an equivalent, but that only in so far as it has use value for them. At this stage, therefore, the articles exchanged do not acquire a value form independent of their own use value, or of the individual needs of the exchangers. The necessity for a value form grows with the increasing number and variety of the commodities exchanged. The problem and the means of solution arise simultaneously. Commodity-owners never equate their own commodities to those of others, and exchange them on a large scale, without different kinds of commodities belonging to different owners being exchangeable for, and equated as values to, one and the same special article. Such last-mentioned article, by becoming the equivalent of various other commodities, acquires at once, though within narrow limits, the character of a general social equivalent. This character comes and goes with the momentary social acts that called it into life. In turns and transiently it attaches itself first to this and then to that commodity. But with the development of exchange it fixes itself firmly and exclusively to particular sorts of commodities, and becomes crystallised by assuming the money form. The particular kind of commodity to which it sticks is at first a matter of accident. Nevertheless there are two circumstances whose influence is decisive. The money form attaches itself either to the most important articles of exchange from outside, and these in fact are primitive and natural forms in which the exchange value of home products finds expression; or else it attaches itself to the object of utility that forms, like cattle, the chief portion of indigenous alienable wealth. Nomad races are the first to develop the money form, because all their worldly goods consist of moveable objects and are therefore directly alienable; and because their mode of life, by continually bringing them into contact with foreign communities, solicits the exchange of products. Man has often made man himself, under the form of slaves, serve as the primitive material of money, but has never used land for that purpose. Such an idea could only spring up in a bourgeois society already well developed. It dates from the last third of the 17th century, and the first attempt to put it in practice on a national scale was made a century afterwards, during the French bourgeois revolution.[91]
In proportion as exchange bursts its local bonds, and the value of commodities more and more expands into an embodiment of human labour in the abstract, in the same proportion the character of money attaches itself to commodities that are by nature fitted to perform the social function of a universal equivalent. Those commodities are the precious metals.
The truth of the proposition that, "although gold and silver are not by nature money, money is by nature gold and silver",[11] is shown by the fitness of the physical properties of these metals for the functions of money.[2] Up to this point, however, we are acquainted only with one function of money, namely, to serve as the form of manifestation of the value of commodities, or as the material in which the magnitudes of their values are socially expressed. An adequate form of manifestation of value, a fit embodiment of abstract, undifferentiated, and therefore equal human labour, that material alone can be whose every sample exhibits the same uniform qualities. On the other hand, since the difference between the magnitudes of value is purely quantitative, the money commodity must be susceptible of merely quantitative differences, must therefore be divisible at will, and equally capable of being reunited. Gold and silver possess these properties by Nature.
The use value of the money commodity becomes twofold. In addition to its special use value as a commodity (gold, for instance, serving to stop teeth, to form the raw material of articles of luxury, &c), it acquires a formal use value, originating in its specific social function.
Since all commodities are merely particular equivalents of money, the latter being their universal equivalent, they, with regard to the latter as the universal commodity, play the parts of particular commodities.[3]
We have seen that the money form is but the reflex, thrown upon one single commodity, of the value relations between all the rest. That money is a commodity[4]' is therefore a new discovery only for
[1] Karl Marx, 1. c , p. 135 [present edition, Vol. 29, p. 387]. "The metals ... are by their nature money" (Galiani, Delia moneta in Custodi's Collection: Parte Modcrna, t. iii [p. 137]).
[2] For further details on this subject see in my work cited above, the chapter on "The precious metals" [present edition, Vol. 29, pp. 385-88].
' "Money is the universal commodity" (Verri, 1. c, p. 16). [4] "Silver and gold themselves (which we may call by the general name of bullion) are ... commodities ... rising and falling in ... value ... Bullion, then, may be reckoned to be of higher value where the smaller weight will purchase the greater quantity of the product or manufacture of the countrey," &c. ([S. Clement,] A Discourse of the General Notions of Money, Trade, and Exchanges, as They Stand in Relation each to other. By a Merchant, Lond., 1695, p. 7). "Silver and gold, coined or uncoined, though they are used for a measure of all other things, are no less a commodity than wine, oil, tobacco, cloth, or stuffs" ([J. Child,] A Discourse concerning Trade, and that in particular of the East Indies, &c. London, 1689, p. 2). "The stock and riches of the kingdom cannot properly be those who, when they analyse it, start from its fully developed shape. The act of exchange gives to the commodity converted into money, not its value, but its specific value form. By confounding these two distinct things some writers have been led to hold that the value of gold and silver is imaginary." The fact that money can, in certain functions, be replaced by mere symbols of itself, gave rise to that other mistaken notion, that it is itself a mere symbol. Nevertheless under this error lurked a presentiment that the money form of an object is not an inseparable part ofthat object, but is simply the form under which certain social relations manifest themselves. In this sense every commodity is a symbol, since, in so far as it is value, it is only the material envelope of the human labour spent upon it.2: But if it be de-confined to money, nor ought gold and silver to be excluded from being merchandise"
([Th. Papillon,] A Treatise concerning the East-India Trade being a Most Profitable Trade,
London, 1680, Reprint 1696,[92] p. 4).
[11] "Gold and silver have value as metals before they are money" (Galiani, 1. c, [p. 72]). Locke says, "The universal consent of mankind gave to silver, on account of its qualities which made it suitable for money, an imaginary value." [93] Law, on the other hand, "How could different nations give an imaginary value to any single thing ... or how could this imaginary value have maintained itself?" But the following shows how little he himself understood about the matter: "Silver was exchanged in proportion to the value in use it possessed, consequently in proportion to its real value. By its adoption as money it received an additional value (une valeur additionnelle)" (Jean Law, Considérations sur le numéraire et le commerce in E. Daire's Edit, of Economistes Financiers du XVIII siècle, [p]p. [469J-70).
[2] "Money is their (the commodities') symbol" (V. de Forbonnais, Elémens du Commerce, Nouv. edit., Leyde, 1766, t. II, p. 143). "As a symbol it is attracted by the commodities" (1. c, p. 155). "Money is a symbol of a thing and represents it" (Montesquieu, Esprit des Lois [Œuvres, London, 1767, t. II, p. 3). "Money is not a mere symbol, for it is itself wealth; it does not represent the values, it is their equivalents" (Le Trosne, 1. c , p. 910). "The notion of value contemplates the valuable article as a mere symbol; the article counts not for what it is, but for what it is worth" (Hegel, 1. c, p. 100). Lawyers started long before economists the idea that money is a mere symbol, and that the value of the precious metals is purely imaginary. This they did in the syc-ophantic service of the crowned heads, supporting the right of the latter to debase the coinage, during the whole of the Middle Ages, by the traditions of the Roman Empire and the conceptions of money to be found in the Pandects.[94] "Let no one call into question," says an apt scholar of theirs, Philip of Valois, in a decree of 1346, "that the trade, the composition, the supply and the power of issuing ordinances on the currency ... belongs exclusively to us and to our royal majesty, to fix such a rate and at such a price as it shall please us and seem good to us" [G. F. Pagnini, 1. c., p. 205]. It was a maxim of the Roman Law that the value of money was fixed by decree of the emperor. It was expressly forbidden to treat money as a commodity. "Pecunias vero nulli emere fas erit, nam in usu publico constitutas oportet non esse mercem." [95] Some good work on this question has been done by G. F. Pagnini, Saggio sopra il giusto pregio del-clared that the social characters assumed by objects, or the material forms assumed by the social qualities of labour under the régime of a definite mode of production, are mere symbols, it is in the same breath also declared that these characteristics are arbitrary fictions sanctioned by the so-called universal consent of mankind. This suited the mode of explanation in favour during the 18th century. Unable to account for the origin of the puzzling forms assumed by social relations between man and man, people sought to denude them of their strange appearance by ascribing to them a conventional origin.
It has already been remarked above that the equivalent form of a commodity does not imply the determination of the magnitude of its value. Therefore, although we may be aware that gold is money, and consequently directly exchangeable for all other commodities, yet that fact by no means tells how much 10 lbs, for instance, of gold is worth. Money, like every other commodity, cannot express the magnitude of its value except relatively in other commodities. This value is determined by the labour time required for its production, and is expressed by the quantity of any other commodity that costs the same amount of labour-time.[1]' Such quantitative determination of its relative value takes place at the source of its production by means of barter. When it steps into circulation as money, its value is already given. In the last decades of the 17th century it had already been shown that money is a commodity, but this step marks only the infancy of the analysis. The difficulty lies, not in comprehending that money is a commodity, but in discovering how, why, and by what means a commodity becomes money.[2]'
le cose, 1751; Custodi Parte Moderna, t. II. In the second part of his work Pagnini di-rects his polemics especially against the lawyers.
[1] "If a man can bring to London an ounce of Silver out of the Earth in Peru, in the same time that he can produce a bushel of Corn, then the one is the natural price of the other; now, if by reason of new or more easie mines a man can procure two ounces of silver as easily as he formerly did one, the corn will be as cheap at ten shillings the bushel as it was before at five shillings, caeteris paribus.* William Petty, A Treatise of Taxes and Contributions, London, 1667, p. 31.
Endnotes
[83] See J. W. von Goethe, Erlkönig.— 94
[31] See K. Marx, Contribution to the Critique of Hegel's Philosophy of Law (present edition, Vol. 3, pp. 3-129).—19
[85] Levellers—representatives of a radical-democratic trend during the English revolution of the mid-17th century. Here Marx hints at the circumstance that commodities as values are equal and in that sense reflect the ideal of the Levellers, who wanted to remove all social inequalities.— 95
[86] Maritornes — a character from Cervantes' Don Quixote.— 95
[84] A reference to a satirical poem by the medieval French poet Guillot de Paris, Dit du Lendit, in which the ways of the Market of Landit (or Lendit) (a big fair which took place every year not far from Paris in the 12th-19th centuries) were described.— 95
[75] "Fathers of the Church" — writers of the Christian church in the 2nd-6th centuries who wrote in Greek and Latin. Their works were permeated with hostility towards "pagan" religion and classical materialism.— 92, 96
[87] "In the beginning was the deed" (J. W. von Goethe, Faust, Part I, Scene 3, "Faust's Study").— 97
[53] Marx writes about the Indian community for the first time in his. article "The British Rule in India" (present edition, Vol. 12, pp. 125-33), and also in his letter to Engels of 14 June 1853 (present edition, Vol. 39, pp. 346-48). In the '50s Marx made numerous extracts from various books on the history of India.— 52, 98, 339
[90] The Inca State — a state which existed at the beginning of the 15th-the middle of the 16th centuries on the territories of present-day Peru, Ecuador, Bolivia and the northern part of Chile, where the primitive communal order was considerably preserved. The predominant tribe of Incas was subdivided into 100 clan communes {ayllu), which gradually developed into village communes.— 98
[91] Assignats — paper money, issued in France in 1789-96 by the Constituent Assembly during the French Revolution as bonds on the security of property confiscated from landowning aristocrats, counter-revolutionary nobles and the Church, and proclaimed "national property". By 1796 they had greatly depreciated.— 99
[3] A reference to Lassalle's work Herr Bastiat-Schulze von Delitzsch der ökonomische Julian, oder: Capital und Arbeit, Berlin, 1864, Drittes Kapitel: "III. Tausch, Werth und freie Concurrenz", especially p. 149.— 8
[92] On the title page of the 1696 edition, 1680 is indicated as the year of the issue of the first edition of this book. In actual fact the book was published in 1677 anony-mously under the title The East-India-Trade, a Most Profitable Trade to the Kingdom. Marx used this edition to prepare German editions of Capital.—101
[93] J. Locke, Some Considerations of the Consequences of the Lowering of Interest, and Raising the Value of Money, in: The Works, Vol. II, 1777, p. 15.—101
[94] Pandects — compendium in 50 books of Roman civil law compiled by order of Justinian in the 6th century; a complete body of laws that expressed the interests of slave-owners.—101
[95] "However, it shall not be lawful to anyone to buy money, for, as it was created for public use, it is not permissible for it to be a commodity" {Codex Theodosianus, IX, 23:2). Codex Theodosianus—a legislative collection of the Constitutions of the Roman emperors, which was published by Emperor Theodosius II on 15 February 438 and came into force from 1 January 439. Here the decree of Emperor Constantine II (356) is quoted.—101
[11] 1 ' The plan outlined here was not realised by Marx. The work referred to here as Book II, was published by Engels as Volume II of Capital (1885) after Marx's death, and Book III as Volume III of Capital (1894). Book IV was not published in Marx's or Engels' lifetime. See also Note 2.— 11, 565
[2] Marx is referring to the sections "Historical Notes on the Analysis of Commodities" and "Theories of the Medium of Circulation and of Money" in A Contribution to the Critique of Political Economy. Part One (present edition, Vol. 29, pp. 292-302, 389-417), which he later abandoned as he intended to prepare a special historico-critical concluding volume of Capital (see Note 1).— 7, 532
[1] Capital—Marx's major work to which he devoted four decades (from the early 1840s till the end of his life). Marx started studying political economy at the end of 1843 in Paris. His aim was to write a treatise containing a critical analysis of political economy. As a result of his research in this field appeared such works as the Economic and Philosophic Manuscripts of 1844, The German Ideology, The Poverty of Philosophy, Wage Labour and Capital, Manifesto of the Communist Party and others. After an interval caused by the 1848-49 revolution, Marx continued his economic studies in London, where he lived as a refugee from August 1849. Here he studied the works of different economists, the history of economic development and the economics of his time in various countries, especially in England which was then a classic example of a capitalist country. He investigated theories of money, credit and the causes of economic crises, the history of landownership and the theory of ground rent, the socio-economic condition of the working class and questions of population, the history of technology and other problems. -By 1857 he had completed his enormous preparatory work and then proceeded to the final stage — the systématisation and generalisation of the collected material. From January 1857 to June 1858, Marx wrote a manuscript containing 50 signatures, which was, in fact, the first rough draft of Capital. In the present edition it was published in vols 28 and 29. At first Marx intended to publish his work in separate instalments, and the first instalment, as he wrote, "should form a relative whole" (see present edition, Vol. 40, p. 287), which embraces only the first section of Book I — the section consisting of 3 chapters: 1) The Commodity; 2) Money or Simple Circulation and 3) Capital. However, the final variant of the first instalment — A Contribution to the Critique of Political Economy — does not contain the third chapter. Marx wrote the chapter on commodity especially. He wrote the chapter on money for "the first instalment" on the basis of the manuscript of 1857-58. A Contribution to the Critique of Political Economy. Part One was published in 1859 (present edition, Vol. 29). It was to be followed by "the second instalment", i. e. by the chapter on capital. However, soon afterwards, Marx had to postpone this work for a year and a half as he was occupied in writing the pamphlet Herr Vogt (present edition, Vol. 17) and in other urgent matters. Only in August 1861, did he begin work on "the second instalment". By the middle of 1863, he had written a new rough draft which was considerably longer than the manuscript of 1857-58 — 23 notebooks, having a total volume of about 200 signatures. The complete manuscript of 1861-63, which is considered to be the second rough draft of Capital, is reproduced in vols 30-34 of the present edition. Later on Marx decided to divide the theoretical part of the work on capital into 3 parts. The historico-critical section was to be the fourth and concluding part, and was to be based on the part of the 1861-63 manuscript entitled "Theories of Surplus Value". In his letter to Kugelmann dated October 13, 1866, Marx writes, "The whole work is thus divided into the following parts: Book I. The Process of Production of Capital. Book II. The Process of Circulation of Capital. Book III. Structure of the Process as a Whole. Book IV. On the History of the Theory" (see present edition, Vol. 42, p. 328). Marx also gave up his plan to publish the work in separate instalments and decided first to complete the whole work and then to publish it. Marx continued his work, concentrating mainly on those parts that were not sufficiently elaborated in the 1861-63 manuscript. He studied an enormous quantity of economic and technical literature, including books on agriculture, on credit and money and turnover. He also studied statistical material, various parliamentary documents, official reports on child labour in industry, on housing conditions of the British working class, etc. Marx then wrote a new manuscript (from August 1863 to the end of 1865), which constituted a more detailed variant of the three theoretical volumes of Capital. Only after the whole work was completed (January 1866), did Marx begin preparing it for the press, having decided, on Engels' advice, not to prepare the whole work but only Volume I of Capital. The final touches were made by Marx with great thoroughness and, in fact, became yet another recasting of Volume I of Capital as a whole. To ensure the integrity, completeness and clarity of the exposition, Marx thought it necessary to reproduce in a comparatively short form the major problems dealt with in A Contribution to the Critique of Political Economy (published in 1859) at the beginning of Volume I of Capital—they now constitute the whole of the first part "Commodities and Money" (in the first edition which was not yet subdivided into parts the first chapter bore this title). After the publication of Volume I of Capital (September 1867), Marx continued work on it in preparation for publication in German and translation into foreign lan-guages. For the second edition (1872) he made more subdivisions and also a lot of changes in the text (see this volume, pp. 12-13), gave important instructions for the Russian edition, published in Petersburg in 1872 and the first foreign translation of Capital, once more changed the book's structure and thoroughly edited the French edition (1872-75). Marx intended to take into consideration most of the changes made in the French edition when preparing the third German edition of Volume I. At the same time, after the publication of Volume I of Capital Marx continued his work on the subsequent volumes, intending to finish the whole edition as soon as possible. However, he was unable to do so. A lot of time was taken up by his activities in the General Council of the First International, and his work was increasingly hampered by poor health. After Marx's death, Engels finished preparing the third (1883) German edition of Volume I of Capital for press, which was taken as the basis for the translation into English made by Samuel Moore and Eduard Aveling and edited by Engels (1887).— 1,311
[4] Mutato nomine de te fabula narratur! (It is of you that the story is told) — Horace, Satires, Bk. I, Satire 1.— 8, 272