1. The competing theories -- Political economy -- Economics -- 2. A framework of analysis -- The general relation of production to consumption, distribution, and exchange -- The definition of particular economies -- 3. Gifts and commodities: circulation -- The direct exchange of things -- The circulation of things -- The circulation of people -- Circulation and distribution -- 4. Gifts and commodities: reproduction -- Production of commodities by means of commodities -- Consumption of gifts by means of gifts -- Summary -- 5. Traditional and modern goods: a critique -- The conceptual problem -- The perceptual problem -- The methodological problem -- 6. The transformation of gifts into commodities in colonial Papua New Guinea -- Theories of change in PNG -- The emergence of commodity production in PNG -- 7. The transformation of commodities into gifts in colonial Papua New Guinea -- Restricted reproduction in the Sepik District -- Delayed reproduction in the highlands -- The kula gift exchange system of Milne Bay District -- Gift exchange and capital accumulation in Central District -- Conclusion -- Mathematical appendix: A matrix approach to the calculus of kinship relations