This session continues Yale instructor Paul North's chapter by chapter study of Marx's Capital, Volume 1, returning to the question of what money is and extending the analysis into how circulation transforms economic relations. North traces Marx's argument that once money begins circulating as capital, it changes the basic character of exchange, moving the discussion from simple commodity trade toward the dynamics of capital accumulation. As in earlier sessions, North stays close to the text of Capital, first published in 1872, using it to build the conceptual groundwork for the course's later chapters on surplus value and the working day.