This paper builds upon the analysis of constant capital as a social relation. It begins by developing the relationship between constant capital and the social divi sion of labor. Next, it investigates the manner in which Marx has treated this subject. To do so, it discusses the alternative perspectives of commodity production as a se quence of processes and as a composite of parallel pro cesses. Based on this discussion, it attempts to reconstruct Marx's use of these two approaches. Then it discusses why the category of constant capital cannot be aggregated and why the theory of the deterministic falling rate of profit must be rejected. The following section introduces Marx's theory of the devalorization of capital in order to show its relationship with the theory of the falling rate of profit. Finally, the paper discusses the relationship between cons tant capital and primitive accumulation.
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