第50章

As regards his demand for labour-power, it is determined in point of value by the relation of his variable capital to his total capital, hence equals v:C. In capitalist production this demand thereby grows smaller than his demand for means of production. His purchases of MP steadily rise above his purchases of L.

Since the labourer generally converts his wages into means of subsistence, and for the overwhelmingly larger part into absolute necessities, the demand of the capitalist for labour-power is indirectly also a demand for the articles of consumption essential to the working-class. But this demand is equal to v and not one iota greater (if the labourer saves a part of his wages -- we necessarily discard here all credit relations --he converts part of his wages into a hoard and to that extent does not act as a bidder, a purchaser). The upper limit of a capitalist's demand is C, equal to c + v, but his supply is equal to c + v + s. Consequently if the composition of his commodity-capital is 80 c + 20 v + 20 s , his demand is equal to 80c + 20v, hence, considered from the angle of the value it contains, one-fifth smaller than his supply.

The greater the percentage of the mass of surplus-value produced by him (his rate of profit) the smaller becomes his demand in relation to his supply. Although with the further development of production the demand of the capitalist for labour-power, and thus indirectly for necessary means of subsistence, steadily decreases compared with his demand for means of production, it must not be forgotten on the other hand that his demand for MP is always smaller than his capital. His demand for means of production must therefore always be smaller In value than the commodity-product of the capitalist who, working with a capital of equal value and under equal conditions, furnishes him with those means of production. That many capitalists and not only one do the furnishing does not alter the case. Take it that his capital is £1,000, and its constant part £800; then his demand on all these capitalists is equal to £800. Together they supply means of production worth £1,200 for each £1,000 (regardless of what share in each £1,000 may fall to each one of them and of the fraction of his total capital which the share of each may represent), assuming that the rate of profit is the same. Consequently his demand covers only two-thirds of their supply, while his own total demand amounts to only four-fifths of his own supply, measured in value.

It still remains for us, incidentally, to investigate the problem of turnover. Let the total capital of the capitalist be £5,000, of which £4,000 is fixed and £1,000 circulating capital; let this 1,000 be composed of 800 c plus 200 v , as assumed above.

His circulating capital must be turned over five times a year for his total capital to turn over once. His commodity-product is then equal to £6,000, i.e., £1,000 more than his advanced capital, which results in the same ratio of surplus-value as above:

5,000C : 1,000 (c + v) : 20 sThis turnover therefore does not change anything in the ratio of his total demand to his total supply. The former remains one-fifth smaller than the latter.