Karl Marx 
                                              Capital 
                          A Critique of Political Economy 
                                              Volume III 
         The Process of Capitalist Production as a Whole 
                                  Edited by Friedrich Engels 
Written: Karl Marx, 1863-1883, edited by Friedrick Engels and completed by him 11 years after  
Marx's death; 
Source: Institute of Marxism-Leninism, USSR, 1959; 
Publisher: International Publishers, NY, [n.d.] 
First Published: 1894; 
On-Line Version: Marx.org 1996, Marxists.org 1999; 
Transcribed: in 1996 by Hinrich Kuhls, Dave Walters and Zodiac, and by Tim Delaney and M. Griffin  
in 1999;HTML Markup: Zodiac 1996, Tim Delaney and M. Griffin in 1999; 
Proofed and Corrected: by Chris Clayton 2006-7, Mark Harris 2010. 
                                     Table of Contents 
Preface (Engels, 1894)...................................................................................................................5 
Part I. The Conversion of Surplus-Value into Profit and of the Rate of Surplus-Value into  
the Rate of Profit......................................................................................................................... 19 
   Chapter 1. Cost-Price and Profit............................................................................................... 19 
   Chapter 2. The Rate of Profit....................................................................................................27 
   Chapter 3. The Relation of the Rate of Profit to the Rate of Surplus-Value..............................32 
   Chapter 4. The Effect of the Turnover on the Rate of Profit.....................................................45 
   Chapter 5. Economy in the Employment of Constant Capital...................................................49 
      I. In General..........................................................................................................................49 
      II. Savings In Labour Conditions At The Expense Of The Labourers...................................55 
      III. Economy In The Generation And Transmission Of Power, And In Buildings................64 
      IV. Utilisation Of The Excretions Of Production..................................................................70 
      V. Economy Through Inventions..........................................................................................73 
   Chapter 6. The Effect of Price Fluctuation................................................................................74 
      I. Fluctuations in the Price of Raw Materials, and their Direct Effects on the Rate of Profit 74 
      II. Appreciation, Depreciation, Release And Tie-Up Of Capital...........................................77 
      III. General Illustration. The Cotton Crisis Of 1861-65........................................................86 
  

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