The Capital Marx Book Volume 1 - Part 1

Marx Capital divided into three volume. It is a big books on economics. Its 1^st part explain historical aspect of commodities and Money. He has written in part wise in its all three books. In 1^st book there are 8 part in this book. I will explain its 1^st part.

In 1^st part of this book there are 3 chapter – Commodities, Exchange and Money or the circulation of commodities.

In its commodities chapter he explain it is the object who exist outside us. In his word, “A commodity is, in the first place, an object outside us, a thing that by its properties satisfies human wants of some sort or another.” He explain very frequently and easily on the scientific basis that commodities has two aspect one is – use value and second is – exchange value.

He writes a commodity can be any things which is in nature and made by us after investing our labour.

In the second chapter – exchange, he writes exchange is the necessary part of our society. Any commodities which are produce that should be exchange. About exchange he writes, “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.”

He explain exchange as a legal process also. Exchange of commodities is the exchange value. It is like that if you have a commodity A, you can exchange it with commodity B.

Like it he writes its 3^rd chapter in this part. In the 3^rd chapter he writes about money. About money he believes it is the circulation of commodities. He writes about money, “Money as a measure of value, is the phenomenal form that must of necessity be assumed by that measure of value which is immanent in commodities, labour-time.”

In this chapter he has explained very clearly about money. He has clear also that money is expression of commodities. If a product value is $5 then it is the expression of that product. He as also explained about that thing which is used by capitalist.