Chapter 5: Circulation Time

Easy peasy.

Production time= time in production sphere

Circulation time= time in circulation sphere

Production time: comprised of period of labour process and periodic interruptions of labour process. Therefore, there is production time and its functioning time. Non-functioning time includes interruptions and reserve time. Production process is just part of production sphere. There is always an excess of production time over working time. Excess is based on the fact that sometimes productive capital is in a latent state while in the production sphere or because it is functioning w/o labour process.

Three examples:
1. Part of latent capital is held in readiness as a condition for production process. Idle capital. Does not valorize anything, although its existence is necessary for production process.
2. Interruptions of labor process are similar to this.
3. Labor process might be interrupted, but production continues.

No valorization in these cases. Capitalist wants production time to equal working time. Its tendency is to shorten the excess. However, the excess is necessary.

In circulation sphere, capital is either commodity capital or money capital. Goes back and forth in the two circulation processes (C–M and M–C).

Circulation time and production time are mutually exclusive. Capitalist also wants to get circulation time down to zero.
Political economy, however, misunderstands this. It believes in the illusion that capital valorizes itself not from the exploitation of labor but rather in the circulation process.

Circulation time is broken down into two parts: C–M and M–C.
C–M is the most difficult part. They are separated in time and often in space. C′–M′ is a little different b/c it is the realization of surplus-value. M–C is not.

Use-value plays a role in circulation time. If circ time gets too long, use-values spoil and lose their ability to be sold. They are no longer bearers of exchange-value. Need to be renewed and replaced. “They must change their old use form within a certain time, and continue their existence in a new one. It is only through this constant renewal of its body that the exchange-value maintains itself” (206). Typically, gotta sell perishable things close to home. If it’s really perishable, it’s a bad item for capitalist production.