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"#$ &"#'
() *'+*#,- .#/0 12/00*)-3 /) 4"0*3 &5$$6 !"#$%&'( *+#,-&-$.% /-".'.01%7

Naix kept a wiue vaiiety of notebooks thioughout his life. Be often useu them to aiu in his
stuuy of othei authois. A common piactice was to tiansciibe long sections fiom a
paiticulai book, anu then comment on those sections at some length. Buiing his time in
Paiis, Naix kept nine notebooks - laigely ueuicateu to his giowing inteiest in economics.
They uate fiom the enu of 184S to }anuaiy 184S. The "Paiis Notebooks" ueal with books by
}. B. Say, Auam Smith, Baviu Ricaiuo, NcCulloch, }ames Nill, Bestott ue Tiacy, Sismonui,
}eiemy Bentham, Boisguillebeit, Lauueiuale, Schtz, List, Skaibek anu Buiet. Nost of
Naix's accompanying commentaiy on these authois is veiy fiagmentaiy; anu, iueas aie
often iestateu fai moie cleaily in the Economic anu Philosophic Nanusciipts (1844).
The exception to this is the mateiial auuiessing }ames Nill's book, !"#$#%&' )* +)",&,-."
!-)%)$/ (Lonuon, 1821). Naix useu an 182S Fiench tianslation of Nill's book. The Nill
pait of the Paiis Notebooks is quite lengthy - it staits on page 2S of the fouith notebook
anu continues into the fifth.

Following a lengthy selection of Nill exceipts, Naix suuuenly "veeieu off" anu began
ueveloping a laigei, tangential thought. Aftei wiiting his thoughts out, Naix ietuineu to
moie Nill tiansciiption. Soon, a seconu uigiession followeu. 0pon its completion, Naix
finisheu up his summaiizing. (0nly the miuule thiee paits of this Nill section of the Paiis
Notebooks aie piesenteu below - in othei woius, most of the opening anu all of closing Nill
tiansciiptions aie omitteu).

"... A meuium of exchange... is some one commouity, which, in oiuei to effect an exchange
between two othei commouities, is fiist ieceiveu in exchange foi the one, anu is then given
in exchange foi the othei." (p. 9S) uolu, silvei, $)%#/.

"By 0."1# )* $)%#/, is heie to be unueistoou the piopoition in which it exchanges foi othei
commouities, oi the quantity of it which exchanges foi a ceitain quantity of othei things."
"This piopoition is ueteimineu by the &)&." amount of money existing in a given countiy."
(P. 9S)

"What iegulates the quantity of money."

"Noney is maue unuei two sets of ciicumstances: uoveinment eithei leaves the inciease oi
uiminution of it fiee; oi it contiols the quantity, making it gieatei oi smallei as it pleases.
"When the inciease oi uiminution of money is left fiee, goveinment opens the mint to the
public, making bullion into money foi an many as iequiie it. Inuiviuuals possesseu of
bullion will uesiie to conveit it into money only when it is theii inteiest to uo so; that is,
when theii bullion, conveiteu into money, will be moie valuable than in its oiiginal foim.
This can only happen when money is peculiaily valuable, anu when the same quantity of
metal, in the state of coin, will exchange foi a gieatei quantity of othei aiticles than in the
state of bullion. As the value of money uepenus upon the quantity of it, it has a gieatei
value when it is in shoit supply. It is then that bullion is maue into coin. But piecisely
because of this conveision, the olu iatio is iestoieu. Theiefoie, if the value of money iises
above that of the metal of which it is maue, the inteiest of inuiviuuals opeiates
immeuiately, in a state of fieeuom, to iestoie the balance by augmenting the quantity of
money." (Pp. 99-1u1)

"Whenevei the coining of money, theiefoie, is fiee, its quantity is iegulateu by the value of
the metal, it being the inteiest of inuiviuuals to inciease oi uiminish the quantity, in
piopoition as the value of the metal in coins is gieatei oi less than its value in bullion.
"But is the 21.%&,&/ )* $)%#/ is ueteimineu by the 0."1# )* &3# $#&.", it is still necessaiy to
inquiie what it is which ueteimines the value of the metal ... uolu anu silvei aie in ieality
commouities. They aie commouities foi the attaining of which laboui anu capital must be
employeu. It is cost of piouuction, theiefoie, which ueteimines the value of these, as of
othei oiuinaiy piouuctions." (P. 1u1)

In the compensation of money anu value of metal, as in his uesciiption of the cost of
piouuction as the only factoi in ueteimining value, Nill commits the mistake - like the
school of Ricaiuo in geneial - of stating the .4'&5.-& ".6 without the change oi continual
supeisession of this law thiough which alone it comes into being. If it is a -)%'&.%& law that,
foi example, the cost of piouuction in the last instance - oi iathei when uemanu anu
supply aie in equilibiium which occuis spoiauically, foituitously - ueteimines the piice
(value), it is just as much a -)%'&.%& ".6 that they aie not in equilibiium, anu that theiefoie
value anu cost of piouuction stanu in no necessaiy ielationship. Inueeu, theie is always
only a momentaiy equilibiium of uemanu anu supply owing to the pievious fluctuation of
uemanu anu supply, owing to the uispiopoition between cost of piouuction anu exchange-
value, just as this fluctuation anu this uispiopoition likewise again follow the momentaiy
state of equilibiium. This 5#." movement, of which that law is only an abstiact, foituitous
anu one-siueu factoi, is maue by iecent political economy into something acciuental anu
inessential. Why. Because in the acute anu piecise foimulas to which they ieuuce political
economy, the basic foimula, if they wisheu to expiess that movement abstiactly, woulu
have to be: In political economy, law is ueteimineu by its opposite, absence of law. The tiue
law of political economy is -3.%-#, fiom whose movement we, the scientific men, isolate
ceitain factois aibitiaiily in the foim of laws.

Nill veiy well expiesses the essence of the mattei in the foim of a concept by
chaiacteiising $)%#/ as the $#7,1$ of exchange. The essence of money is not, in the fiist
place, that piopeity is alienateu in it, but that the $#7,.&,%8 .-&,0,&/ oi movement, the
31$.%, social act by which man's piouucts mutually complement one anothei, is #'&5.%8#7
fiom man anu becomes the attiibute of money, a $.&#5,." &3,%8 outsiue man. Since man
alienates this meuiating activity itself, he is active heie only as a man who has lost himself
anu is uehumaniseu; the 5#".&,)% itself between things, man's opeiation with them,
becomes the opeiation of an entity outsiue man anu above man. 0wing to this .",#%
$#7,.&)5 - insteau of man himself being the meuiatoi foi man - man iegaius his will, his
activity anu his ielation to othei men as a powei inuepenuent of him anu them. Bis slaveiy,
theiefoie, ieaches its peak. It is cleai that this $#7,.&)5 now becomes a 5#." 9)7, foi the
meuiatoi is the 5#." :)6#5 ovei what it meuiates to me. Its cult becomes an enu in itself.
0bjects sepaiateu fiom this meuiatoi have lost theii value. Bence the objects only have
value insofai as they 5#:5#'#%& the meuiatoi, wheieas oiiginally it seemeu that the
meuiatoi hau value only insofai as ,& iepiesenteu &3#$. This ieveisal of the oiiginal
ielationship is inevitable. This $#7,.&)5 ,' theiefoie the lost, estiangeu #''#%-# of piivate
piopeity, piivate piopeity which has become .",#%.&#7, exteinal to itself, just as it is the
.",#%.&#7 species-activity of man, the #;&#5%.",'#7 $#7,.&,)% between man's piouuction anu
man's piouuction. All the qualities which aiise in the couise of this activity aie, theiefoie,
tiansfeiieu to this meuiatoi. Bence man becomes the pooiei as man, i.e., sepaiateu fiom
this meuiatoi, the 5,-3#5 this meuiatoi becomes.

Chiist 5#:5#'#%&' oiiginally: 1) men befoie uou; 2) uou foi men; S) men to man.
Similaily, $)%#/ iepiesents oiiginally, in accoiuance with the iuea of money: 1) piivate
piopeity foi piivate piopeity; 2) society foi piivate piopeity; S) piivate piopeity foi

But Chiist is .",#%.&#7 uou anu alienateu $.%. uou has value only insofai as he iepiesents
Chiist, anu man has value only insofai as he iepiesents Chiist. It is the same with money.
Why must piivate piopeity uevelop into the $)%#/ '/'&#$. Because man as a social being
must pioceeu to #;-3.%8# anu because exchange - piivate piopeity being piesupposeu -
must evolve value. The meuiating piocess between men engageu in exchange is not a social
oi human piocess, not 31$.% 5#".&,)%'3,:< it is the .4'&5.-& 5#".&,)%'3,: of piivate piopeity
to piivate piopeity, anu the expiession of this .4'&5.-& ielationship is 0."1#, whose actual
existence as value constitutes $)%#/. Since men engageu in exchange uo not ielate to each
othei as men, &3,%8' lose the significance of human, peisonal piopeity. The social
ielationship of piivate piopeity to piivate piopeity is alieauy a ielationship in which
piivate piopeity is estiangeu fiom itself. The foim of existence foi itself of this
ielationship, money, is theiefoie the alienation of piivate piopeity, the abstiaction fiom its
':#-,*,-, peisonal natuie.

Bence the opposition of mouein political economy to the monetaiy system, the '/'&=$#
, cannot achieve any uecisive victoiy in spite of all its cleveiness. Foi if the
ciuue economic supeistition of the people anu goveinments clings to the '#%'1)1'? &.%8,4"#?
-)%':,-1)1' money-bag, anu theiefoie believes both in the absolute value of the piecious
metals anu possession of them as the sole ieality of wealth - anu if then the enlighteneu,
woiluly-wise economist comes foiwaiu anu pioves to them that money is a commouity like
any othei, the value of which, like that of any othei commouity, uepenus theiefoie on the
ielation of the cost of piouuction to uemanu, competition, anu supply, to the quantity oi
competition of the othei commouities - this economist is given the coiiect ieply that
neveitheless the 5#." value of things is theii #;-3.%8#@0."1# anu this in the last instance
exists in money, as the lattei uoes in the piecious metals, anu that consequently money
iepiesents the tiue value of things anu foi that ieason money is the most uesiiable thing.
Inueeu, in the last instance the economist's theoiy itself amounts to this wisuom, the only
uiffeience being that he possesses the capacity of abstiaction, the capacity to iecognise the
existence of money unuei all foims of commouities anu theiefoie not to believe in the
exclusive value of its official metallic moue of existence. The metallic existence of money is
only the official palpable expiession of the soul of money, which is piesent in all bianches
of piouuction anu in all activities of bouigeois society.

The opposition of mouein economists to the monetaiy system is meiely that they have
conceiveu the essence of $)%#/ in its abstiact univeisality anu aie theiefoie enlighteneu
about the sensuous supeistition which believes in the exclusive existence of this essence in
piecious metal. They substitute iefineu supeistition foi ciuue supeistition. Since, howevei,
in essence both have the same ioot, the enlighteneu foim of the supeistition cannot
succeeu in supplanting completely the ciuue sensuous foim, because the foimei uoes not
attack the essence of the lattei but only the paiticulai foim of this essence.

The :#5')%." moue of existence of money as money - anu not only as the innei, implicit,
hiuuen social ielationship oi -".'' 5#".&,)%'3,: between commouities - this moue of
existence coiiesponus the moie to the essence of money, the moie abstiact it is, the less it
has a %.&15." ielationship to the othei commouities, the moie it appeais as the piouuct anu
yet as the non-piouuct of man, the less :5,$,&,0# its spheie of existence, the moie it is
cieateu by man oi, in economic teims, the gieatei the ,%0#5'# ielationship of its 0."1# .'
$)%#/ to the exchange-value oi money value of the mateiial in which it exists. Bence :.:#5
$)%#/ anu the whole numbei of :.:#5 5#:5#'#%&.&,0#' )* $)%#/ (such as bills of exchange,
manuates, piomissoiy notes, etc.) aie the $)5# :#5*#-& moue of existence of $)%#/ .'
$)%#/ anu a necessaiy factoi in the piogiessive uevelopment of the money system. In the
-5#7,& '/'&#$, of which 4.%A,%8 is the peifect expiession, it appeais as if the powei of the
alien, mateiial foice weie bioken, the ielationship of self-estiangement abolisheu anu man
hau once moie human ielations to man. The B.,%&@B,$)%,'&', ueceiveu by this .::#.5.%-#,
iegaiueu the uevelopment of money, bills of exchange, papei money, papei iepiesentatives
of money, -5#7,&, 4.%A,%8, as a giauual abolition of the sepaiation of man fiom things, of
capital fiom laboui, of piivate piopeity fiom money anu of money fiom man, anu of the
sepaiation of man fiom man. An oiganiseu 4.%A,%8 '/'&#$ ,' theiefoie theii iueal. But this
abolition of estiangement, this 5#&15% of man to himself anu theiefoie to othei men is only
an .::#.5.%-#< the self-estiangement, the uehumanisation, is all the moie ,%*.$)1' anu
#;&5#$# because its element is no longei commouity, metal, papei, but man's $)5."
existence, man's ')-,." existence, the ,%$)'& 7#:&3' of his heait, anu because unuei the
appeaiance of man's &51'& in man it is the height of 7,'&51'& anu complete estiangement.
What constitutes the essence of -5#7,&C We leave entiiely out of account heie the -)%&#%& of
cieuit, which is again money. We leave out of account, theiefoie, the -)%&#%& of this tiust in
accoiuance with which a man 5#-)8%,'#' anothei man by auvancing him a ceitain quantity
of value anu - at best, namely, when he uoes not uemanu payment foi the cieuit, i.e., he is
not a usuiei showing his tiust in his fellow man not being a swinulei, but a "goou" man. By
a "goou" man, the one who bestows his tiust unueistanus, like Shylock, a man who is "able
to pay."

Cieuit is conceivable in two ielationships anu unuei two uiffeient conuitions. The two
ielationships aie: fiist, a iich man gives cieuit to a pooi man whom he consiueis
inuustiious anu uecent. This kinu of cieuit belongs to the iomantic, sentimental pait of
political economy, to its abeiiations, excesses, #;-#:&,)%', not to the 51"#. But even
assuming this exception anu gianting this iomantic possibility, the life of the pooi man anu
his talents anu activity seive the iich man as a 81.5.%&## of the iepayment of the money
lent. That means, theiefoie, that all the social viitues of the pooi man, the content of his
vital activity, his existence itself, iepiesent foi the iich man the ieimbuisement of his
capital with the customaiy inteiest. Bence the ueath of the pooi man is the woist
eventuality foi the cieuitoi. It is the ueath of his capital togethei with the inteiest. 0ne
ought to consiuei how vile it is to #'&,$.&# the value of a man in $)%#/, as happens in the
cieuit ielationship. As a mattei of couise, the cieuitoi possesses, besiues $)5." guaiantees,
also the guaiantee of "#8." compulsion anu still othei moie oi less 5#." guaiantees foi his
man. If the man to whom cieuit is given is himself a man of means, -5#7,& becomes meiely a
$#7,1$ facilitating exchange, that is to say, $)%#/ itself is iaiseu to a completely ,7#." foim.
D5#7,& ,' the #-)%)$,- juugment on the $)5.",&/ of a man. In cieuit, the $.% himself, insteau
of metal oi papei, has become the $#7,.&)5 of exchange, not howevei as a man, but as the
$)7# )* #;,'&#%-# )* -.:,&." anu inteiest. The meuium of exchange, theiefoie, has ceitainly
ietuineu out of its mateiial foim anu been put back in man, but only because the man
himself has been put outsiue himself anu has himself assumeu a mateiial foim. Within the
cieuit ielationship, it is not the case that money is tianscenueu in man, but that man
himself is tuineu into $)%#/, oi money is ,%-)5:)5.&#7 in him. E1$.% ,%7,0,71.",&/, human
$)5.",&/ itself, has become both an object of commeice anu the mateiial in which money
exists. Insteau of money, oi papei, it is my own peisonal existence, my flesh anu bloou, my
social viitue anu impoitance, which constitutes the mateiial, coipoieal foim of the ':,5,& )*
$)%#/. Cieuit no longei iesolves the value of money into money but into human flesh anu
the human heait. Such is the extent to which all piogiess anu all inconsistencies within a
false system aie extieme ietiogiession anu the extieme consequence of vileness.
Within the cieuit system, its natuie, estiangeu fiom man, unuei the appeaiance of an
extieme economic appieciation of man, opeiates in a uouble way:

1) The antithesis between capitalist anu woikei, between big anu small capitalists,
becomes still gieatei since cieuit is given only to him who alieauy has, anu is a new
oppoitunity of accumulation foi the iich man, oi since the pooi man finus that the aibitiaiy
uiscietion of the iich man anu the lattei's juugment ovei him confiim oi ueny his #%&,5#
existence anu that his existence is wholly uepenuent on this contingency.

2) Nutual uissimulation, hypociisy anu sanctimoniousness aie caiiieu to extieme lengths,
so that on the man without cieuit is pionounceu not only the simple juugment that he is
pooi, but in auuition a pejoiative moial juugment that he possesses no tiust, no
iecognition, anu theiefoie is a social paiiah, a bau man, anu in auuition to his piivation, the
pooi man unueigoes this humiliation anu the humiliating necessity of having to .'A the iich
man foi cieuit.

S) Since, owing to this completely %)$,%." existence of money, -)1%&#5*#,&,%8 cannot be
unueitaken by man in any othei mateiial than his own peison, he has to make himself into
counteifeit coin, obtain cieuit by stealth, by lying, etc., anu this cieuit ielationship - both on
the pait of the man who tiusts anu of the man who neeus tiust - becomes an object of
commeice, an object of mutual ueception anu misuse. Beie it is also glaiingly eviuent that
7,'&51'& ,' the basis of economic tiust; uistiustful calculation whethei cieuit ought to be
given oi not; spying into the seciets of the piivate life, etc., of the one seeking cieuit; the
uisclosuie of tempoiaiy stiaits in oiuei to oveithiow a iival by a suuuen shatteiing of his
cieuit, etc. The whole system of bankiuptcy, spuiious enteipiises, etc.... As iegaius
8)0#5%$#%& ").%', the state occupies exactly the same place as the man uoes in the eailiei
example.... In the game with goveinment secuiities it is seen how the state has become the
plaything of businessmen, etc.

4) The -5#7,& '/'&#$ finally has its completion in the 4.%A,%8 '/'&#$. The cieation of
bankeis, the political uomination of the bank, the concentiation of wealth in these hanus,
this economic F5#):.81' of the nation, is the woithy completion of the money system.
0wing to the fact that in the cieuit system the $)5." 5#-)8%,&,)% )* . $.%, as also &51'& ,%
&3# '&.&#, etc., take the foim of -5#7,&, the seciet containeu in the lie of moial iecognition,
the ,$$)5." vileness of this moiality, as also the sanctimoniousness anu egoism of that
tiust in the state, become eviuent anu show themselves foi what they ieally aie.

!;-3.%8#, both of human activity within piouuction itself anu of 31$.% :5)71-& against one
anothei, is equivalent to ':#-,#'@.-&,0,&/ anu species-spiiit, the ieal, conscious anu tiue
moue of existence of which is ')-,." activity anu ')-,." enjoyment. Since 31$.% natuie is
the &51# -)$$1%,&/ of men, by manifesting theii %.&15# men -5#.&#, piouuce, the 31$.%
-)$$1%,&/, the social entity, which is no abstiact univeisal powei opposeu to the single
inuiviuual, but is the essential natuie of each inuiviuual, his own activity, his own life, his
own spiiit, his own wealth. Bence this &51# -)$$1%,&/ uoes not come into being thiough
ieflection, it appeais owing to the %##7 anu #8),'$ of inuiviuuals, i.e., it is piouuceu uiiectly
by theii life activity itself. It uoes not uepenu on man whethei this community exists oi not;
but as long as man uoes not iecognise himself as man, anu theiefoie has not oiganiseu the
woilu in a human way, this -)$$1%,&/ appeais in the foim of #'&5.%8#$#%&, because its
'14G#-&, man, is a being estiangeu fiom himself. Nen, not as an abstiaction, but as ieal,
living, paiticulai inuiviuuals, .5# this entity. Bence, .' they aie, so is this entity itself. To say
that $.% ,' estiangeu fiom himself, theiefoie, is the same thing as saying that the ')-,#&/ of
this estiangeu man is a caiicatuie of his 5#." -)$$1%,&/, of his tiue species-life, that his
activity theiefoie appeais to him as a toiment, his own cieation as an alien powei, his
wealth as poveity, the #''#%&,." 4)%7 linking him with othei men as an unessential bonu,
anu sepaiation fiom his fellow men, on the othei hanu, as his tiue moue of existence, his
life as a saciifice of his life, the iealisation of his natuie as making his life unieal, his
piouuction as the piouuction of his nullity, his powei ovei an object as the powei of the
object ovei him, anu he himself, the loiu of his cieation, as the seivant of this cieation.

The -)$$1%,&/ )* $#%, oi the manifestation of the natuie of $#%, theii mutual
complementing the iesult of which is species-life, tiuly human life - this community is
conceiveu by political economy in the foim of #;-3.%8# anu &5.7#H B)-,#&/, says Bestutt ue
Tiacy, is a '#5,#' )* $1&1." #;-3.%8#'. It is piecisely this piocess of mutual integiation.
B)-,#&/, says Auam Smith, is a -)$$#5-,." ')-,#&/. Each of its membeis is a $#5-3.%&.
It is seen that political economy 7#*,%#' the #'&5.%8#7 foim of social inteicouise as the
#''#%&,." anu )5,8,%." foim coiiesponuing to man's natuie.

Political economy - like the ieal piocess - staits out fiom the 5#".&,)% )* $.% &) $.% as that
of :5):#5&/ )6%#5 &) :5):#5&/ )6%#5. If man is piesupposeu as :5):#5&/ )6%#5, i.e.,
theiefoie as an exclusive ownei, who pioves his peisonality anu both uistinguishes himself
fiom, anu enteis into ielations with, othei men thiough this exclusive owneiship - piivate
piopeity is his peisonal, 7,'&,%-&,0#, anu theiefoie essential moue of existence - then the
")'' oi '155#%7#5 of piivate piopeity is an .",#%.&,)% )* $.%, as it is of :5,0.&# :5):#5&/,
itself. Beie we shall only be conceineu with the lattei uefinition. If I give up my piivate
piopeity to someone else, it ceases to be $,%#< it becomes something inuepenuent of me,
lying )1&',7# my spheie, a thing #;&#5%." to me. Bence I .",#%.&# my piivate piopeity. With
iegaiu to me, theiefoie, I tuin it into .",#%.&#7 piivate piopeity. But I only tuin it into an
.",#%.&#7 thing in geneial, I abolish only my :#5')%." ielation to it, I give it back to the
#"#$#%&.5/ poweis of natuie if I alienate it only with iegaiu to myself. It becomes alienateu
:5,0.&# :5):#5&/ only if, while ceasing to be $/ piivate piopeity, it on that account uoes not
cease to be :5,0.&# :5):#5&/ as such, that is to say, if it enteis into the same ielation to
.%)&3#5 man, .:.5& fiom me, as that which it hau to myself; in shoit, if it becomes the
:5,0.&# :5):#5&/ of .%)&3#5 man. The case of 0,)"#%-# excepteu - what causes me to alienate
$/ piivate piopeity to anothei man. Political economy ieplies coiiectly: %#-#'',&/? %##7.
The othei man is also a piopeity ownei, but he is the ownei of .%)&3#5 thing, which I lack
anu cannot anu will not uo without, which seems to me a %#-#'',&/ foi the completion of my
existence anu the iealisation of my natuie.

The bonu which connects the two piopeity owneis with each othei is the ':#-,*,- A,%7 )*
)4G#-& that constitutes the substance of theii piivate piopeity. The uesiie foi these two
objects, i.e., the neeu foi them, shows each of the piopeity owneis, anu makes him
conscious of it, that he has yet anothei #''#%&,." ielation to objects besiues that of piivate
owneiship, that he is not the paiticulai being that he consiueis himself to be, but a &)&."
being whose neeus stanu in the ielationship of ,%%#5 owneiship to all piouucts, incluuing
those of anothei's laboui. Foi the neeu of a thing is the most eviuent, iiiefutable pioof that
the thing belongs &) $/ essence, that its being is foi me, that its :5):#5&/ is the piopeity, the
peculiaiity, of my essence. Thus both piopeity owneis aie impelleu to give up theii piivate
piopeity, but to uo so in such a way that at the same time they confiim piivate owneiship,
oi to give up the piivate piopeity within that ielationship of piivate owneiship. Each
theiefoie alienates a pait of his piivate piopeity to the othei.

The ')-,." connection oi ')-,." ielationship between the two piopeity owneis is theiefoie
that of 5#-,:5)-,&/ in .",#%.&,)%, positing the ielationship of alienation on both siues, oi
.",#%.&,)% as the ielationship of both piopeity owneis, wheieas in simple piivate piopeity,
.",#%.&,)% occuis only in ielation to oneself, one-siueuly.

!;-3.%8# oi 4.5&#5 is theiefoie the social act, the species-act, the community, the social
inteicouise anu integiation of men within :5,0.&# )6%#5'3,:, anu theiefoie the exteinal,
.",#%.&#7 species-act. It is just foi this ieason that it appeais as 4.5&#5. Foi this ieason,
likewise, it is the opposite of the ')-,." ielationship.

Thiough the iecipiocal alienation oi estiangement of piivate piopeity, :5,0.&# :5):#5&/,
itself falls into the categoiy of .",#%.&#7 piivate piopeity.
Foi, in the fiist place, it has
ceaseu to be the piouuct of the laboui of its ownei, his exclusive, uistinctive peisonality.
Foi he has alienateu it, it has moveu away fiom the ownei whose piouuct it was anu has
acquiieu a peisonal significance foi someone whose piouuct it is %)&. It has lost its peisonal
significance foi the ownei. Seconuly, it has been biought into ielation with anothei piivate
piopeity, anu placeu on a pai with the lattei. Its place has been taken by a piivate piopeity
of a 7,**#5#%& kinu, just as it itself takes the place of a piivate piopeity of a 7,**#5#%& kinu. 0n
both siues, theiefoie, piivate piopeity appeais as the iepiesentative of a uiffeient kinu of
piivate piopeity, as the #21,0."#%& of a 7,**#5#%& natuial piouuct, anu both siues aie ielateu
to each othei in such a way that each iepiesents the moue of existence of the )&3#5, anu
both ielate to each othei as '14'&,&1&#' foi themselves anu the othei. Bence the moue of
existence of piivate piopeity as such has become that of a '14'&,&1&#, of an #21,0."#%&.
Insteau of its immeuiate unity with itself, it exists now only as a ielation to ')$#&3,%8 #"'#.
Its moue of existence as an #21,0."#%& is no longei its specific moue of existence. It has thus
become a 0."1#, anu immeuiately an #;-3.%8#@0."1#. Its moue of existence as 0."1# ,' an
.",#%.&#7 uesignation )* ,&'#"*, uiffeient fiom its immeuiate existence, exteinal to its specific
natuie, a meiely 5#".&,0# moue of existence of this.

Bow this 0."1# ,' moie piecisely ueteimineu must be uesciibeu elsewheie, as also how it
becomes :5,-#.

The ielationship of exchange being piesupposeu, laboui becomes 7,5#-&"/ ".4)15 &) #.5% .
",0,%8. This ielationship of alienateu laboui ieaches its highest point only when 1) on one
siue ".4)15 &) #.5% . ",0,%8 anu the piouuct of the woikei have no 7,5#-& ielation to his neeu
oi his *1%-&,)% .' 6)5A#5, but both aspects aie ueteimineu by social combinations alien to
the woikei; 2) he who 41/' the piouuct is not himself a piouucei, but gives in exchange
what someone else has piouuceu. In the ciuue foim of .",#%.&#7 piivate piopeity, 4.5&#5,
each of the piopeity owneis has piouuceu what his immeuiate neeu, his talents anu the
available iaw mateiial have impelleu him to make. Each, theiefoie, exchanges with the
othei only the suiplus of his piouuction. It is tiue that laboui was his immeuiate ')15-# )*
'14','&#%-#, but it was at the same time also the manifestation of his ,%7,0,71." #;,'&#%-#.
Thiough exchange his ".4)15 has become paitly a ')15-# )* ,%-)$#. Its puipose uiffeis now
fiom its moue of existence. The piouuct is piouuceu as 0."1#, as #;-3.%8#@0."1#, as an
#21,0."#%&, anu no longei because of its uiiect, peisonal ielation to the piouucei. The moie
uiveise piouuction becomes, anu theiefoie the moie uiveise the neeus become, on the one
hanu, anu the moie one-siueu the activities of the piouucei become, on the othei hanu, the
moie uoes his laboui fall into the categoiy of ".4)15 &) #.5% . ",0,%8, until finally it has only
this significance anu it becomes quite .--,7#%&." anu ,%#''#%&,." whethei the ielation of the
piouucei to his piouuct is that of immeuiate enjoyment anu peisonal neeu, anu also
whethei his .-&,0,&/, the act of laboui itself, is foi him the enjoyment of his peisonality anu
the iealisation of his natuial abilities anu spiiitual aims.

I.4)15 &) #.5% . ",0,%8 involves: 1) estiangement anu foituitous connection between
laboui anu the subject who labouis; 2) estiangement anu foituitous connection between
laboui anu the object of laboui; S) that the woikei's iole is ueteimineu by social neeus
which, howevei, aie alien to him anu a compulsion to which he submits out of egoistic neeu
anu necessity, anu which have foi him only the significance of a means of satisfying his uiie
neeu, just as foi them he exists only as a slave of theii neeus; 4) that to the woikei the
maintenance of his inuiviuual existence appeais to be the :15:)'# of his activity anu what
he actually uoes is iegaiueu by him only as a means; that he caiiies on his life's activity in
oiuei to eain means of '14','&#%-#.

Bence the gieatei anu the moie uevelopeu the social powei appeais to be within the
piivate piopeity ielationship, the moie #8),'&,-, asocial anu estiangeu fiom his own natuie
uoes man become.

}ust as the mutual exchange of the piouucts of 31$.% .-&,0,&/ appeais as 4.5&#5, as tiaue, so
the mutual completion anu exchange of the activity itself appeais as 7,0,',)% )* ".4)15,
which tuins man as fai as possible into an abstiact being, a machine tool, etc., anu
tiansfoims him into a spiiitual anu physical monstei.

It is piecisely the 1%,&/ of human laboui that is iegaiueu meiely as 7,0,',)% of laboui,
because social natuie only comes into existence as its opposite, in the foim of
estiangement. J,0,',)% )* ".4)15 incieases with civilisation.

Within the piesupposition of uivision of laboui, the piouuct, the mateiial of piivate
piopeity, acquiies foi the inuiviuual moie anu moie the significance of an #21,0."#%&, anu
as he no longei exchanges only his '15:"1', anu the object of his piouuction can be simply a
$.&&#5 )* ,%7,**#5#%-# to him, so too he no longei exchanges his piouuct foi something
uiiectly %##7#7 by him. The equivalent comes into existence as an equivalent in $)%#/,
which is now the immeuiate iesult of laboui to gain a living anu the $#7,1$ of exchange
(see above).

The complete uomination of the estiangeu thing )0#5 man has become eviuent in $)%#/,
which is completely inuiffeient both to the natuie of the mateiial, i.e., to the specific natuie
of the piivate piopeity, anu to the peisonality of the piopeity ownei. What was the
uomination of peison ovei peison is now the geneial uomination of the &3,%8 ovei the
:#5')%, of the piouuct ovei the piouucei. }ust as the concept of the #21,0."#%&, the value,
alieauy implieu the .",#%.&,)% of piivate piopeity, so $)%#/ is the sensuous, even objective
existence of this .",#%.&,)%.

Neeuless to say that political economy is only able to giasp this whole uevelopment as a
fact, as the outcome of foituitous necessity.

The sepaiation of woik fiom itself - sepaiation of the woikei fiom the capitalist -
sepaiation of laboui anu capital, the oiiginal foim of which is maue up of ".%7#7 :5):#5&/
anu $)0.4"# :5):#5&/HHH. The oiiginal ueteimining featuie of piivate piopeity is monopoly;
hence when it cieates a political constitution, it is that of monopoly. The peifect monopoly
is competition.

To the economist, :5)71-&,)%, -)%'1$:&,)% anu, as the meuiatoi of both, #;-3.%8# oi
7,'&5,41&,)%, aie sepaiate |activitiesj.
The sepaiation of piouuction anu consumption, of
action anu spiiit, in uiffeient inuiviuuals anu in the same inuiviuual, is the '#:.5.&,)% )*
".4)15 fiom its )4G#-& anu fiom itself as something spiiitual. J,'&5,41&,)% is the powei of
piivate piopeity manifesting itself.

The sepaiation of laboui, capital anu lanueu piopeity fiom one anothei, like that of laboui
fiom laboui, of capital fiom capital, anu lanueu piopeity fiom lanueu piopeity, anu finally
the sepaiation of laboui fiom wages, of capital fiom piofit, anu piofit fiom inteiest, anu,
last of all, of lanueu piopeity fiom lanu ient, uemonstiate self-estiangement both in the
foim of self-estiangement anu in that of mutual estiangement.