circulating capital

Still less is any light thrown on the question by the nature of circulating capital, as Adam Smith understands it.

The circulating capital, which is in the country now, is not the same circulating capital which was in the country two years ago.

A greater proportion of its circulating capital, which forms the wages fund, must be converted into fixed capital.

What is circulating capital for one person is not capital for another, but revenue, as for instance capital advances for wages.

This part is called circulating capital and it comprises seed, raw materials for manufacture, and wages.