Capitalism; Imperialism; Saving and investment; Socialism
[111] Here we can leave out of account instances of products capable in
part of entering the process of production without any exchange, such as
coal in the mines. Within capitalist production as a whole such cases
are rare (cf. Marx, _Theorien_ ..., vol. ii, part 2, pp. 255 ff.).
[112] _Capital_, vol. ii, p. 503.
_CHAPTER VIII_
MARX'S ATTEMPT TO RESOLVE THE DIFFICULTY
Complete abstraction from the circulation of money, though making the
process of accumulation so smooth and simple in the diagram of enlarged
reproduction, has great disadvantages of its own, we see. There was much
to be said for this method in the analysis of simple reproduction, where
consumption is the be-all and end-all of production. Money there had an
ephemeral part, mediating the distribution of the social product among
the various groups of consumers--the agent for the renewal of capital.
In the process of accumulation, however, the money form has an essential
function: it no longer serves as a mere agent in the circulation of
commodities--here it has come to be a feature of capital itself, an
element in the circulation of capital. Even if the transformation of the
surplus value is not essential to real reproduction, it is the economic
_sine qua non_ of capitalist accumulation. In the transition from
production to reproduction, the surplus product is thus subjected to two
metamorphoses: first it casts off its use-form and then it assumes a
natural form which is fit for the purpose of accumulation. The point
here is not that the different cycles of production are counted off in
units of years. It would be just as well to take the month; for that
matter, the successive transformation of individual portions of the
surplus value in Departments I and II may even intersect in time. Series
of years here do not mean units of time but really intend the sequence
of economic transformations. What matters is that this sequence must be
observed if accumulation is to keep its capitalist character, whether it
extends over a longer or a shorter period of time. This brings us back
to the old question: How, and by whom, is the accumulated surplus value
to be realised?
Marx was well aware that his seemingly water-tight scheme of
accumulation did not cover this point adequately, and he himself kept
reviewing the problem from various angles. What he says is this:
Public-domain text, read in full here on John Shaqi.
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