In this session of Yale instructor Paul North's chapter by chapter study of Marx's Capital, Volume 1, the lecture continues the close reading of Chapter 1 by focusing on Marx's concept of value. North examines how Marx distinguishes value from price and use, working through the text's dense opening argument about what gives a commodity its economic significance. Published in 1872, Capital remains, in North's framing, a foundational analysis of capitalist economic and social relations, and this lecture builds directly on the introductory session by deepening the course's engagement with Marx's definitions before the analysis moves on to exchange and money in later classes.