Every fixed capital is both originally derived from, and requires to be continually supported by, a circulating capital.
The position is different with regard to circulating capital.
Tools, for example, in the hands of him who has manufactured them for sale is circulating capital.
For that last labour there was circulating capital ready to be exchanged.
In proportion as fixed capital is less durable, it approaches to the nature of circulating capital.
The capital of a merchant, for example, is altogether a circulating capital.
It is the circulating capital which furnishes the materials and wages of labour, and puts industry into motion.
No fixed capital can yield any revenue but by means of a circulating capital.
The only part of the circulating capital of a society, of which the maintenance can diminish their neat revenue, 116.
Still less is any light thrown on the question by the nature of circulating capital, as Adam Smith understands it.