In the first place he tries to prove that in Marx's own work the theory of profits is in itself independent of that of value. Profits he says, consist in surplus-value, _i.e._ in the difference between total labour and necessary labour. Hence it can be made to originate in surplus-value without starting from the form value itself. But he himself destroys the argument when further on (p. 10) he objects that if labour is not productive labour it does not give rise to profits. Precisely for that reason--we answer--in order to be in a position to speak of labour which is productive, Marx must start from value, and precisely for that reason, in Marx's thought, the theory of profits and the theory of value are inseparably connected. As to the construction, on his own account, of a theory of profits which is independent of that of value, Graziadei accomplishes this in a very curious way: viz. by carefully avoiding the words _value_ and _labour_, and by speaking instead only of _product_. Profits, according to him, do not arise out of surplus-labour or surplus-value, but out of surplus-product; hence we can, and ought, in theory, to start from the concept of product and not concern ourselves with value, which is a superficial growth of the final stage of the market. Surplus product! But surplus-product, in so far as it is an _economic_ surplus-product, is _value_. Certainly, the capitalist who pays wages in kind, and in getting back again the goods advanced by him, also appropriates the other part of the product (surplus-product), can, instead of taking this to market, consume it himself directly (as in Graziadei's hypothesis). But this does not alter the matter at all, because the fact that the product is not taken to market does not mean that it has no value in exchange: since it is true that the capitalist has obtained it by means of an exchange between himself and the labourer; which means that he has always assessed its value in some manner. And here we are again at the theory of value, from which we have vainly attempted to escape. Moreover, since Graziadei is essentially concerned with the economics of labour, here we are again at Marx's exact concept of labour value. _Tamen usque recurrit!_[87] Graziadei's book includes also some _corrections_ of Marx's special theories on profits and wages. But I may be allowed to remark that the corrections to be called such ought to refer to the governing principles. New facts do not weaken a theory firmly established on fundamentals; and it is natural that, with a change in the actual conditions, a new casuistry will arise which Marx could not discuss. Whatever forecasts he may have made in his long career as author and politician, which the event has proved fallacious--I do not believe he ever pretended: 'Sguaiato Giosué ... Fermare il sole.'[88] _April, 1899._ FOOTNOTES: