ABSTRACT
Circulation is a particular phase of exchange or exchange regarded in its totality. Since exchange is an intermediate phase between production, distribution, which is determined by production, and consumption; since consumption is moreover itself an aspect of production, the latter obviously comprises also exchange as one of its aspects. The negation of the socialist circulation process is not merely a result of subjective judgment. Nor is it merely a result of the influence of foreign economic thought. In order to study the circulation process, and in order to explain the objective existence of the circulation process, it is necessary to distinguish between the two entirely different categories of "distribution" and "exchange" in political economy. Since exchange realizes or finally completes production and distribution, and circulation is exchange in general, then we can say that production and distribution are finally completed through the circulation process.
