Capitalism; Imperialism; Saving and investment; Socialism
'This hoarding ... does not in any way imply an addition to the wealth
in precious metals, but only a change of function on the part of money
previously circulating. A while ago it served as a medium of
circulation, now it serves as a hoard, as a virtual additional
money-capital in process of formation.'[119]
And that is that! Yet this way out of the difficulty is open to us only
on one condition, and that is not far to seek: Marx here takes
accumulation in its first rudiments, _in statu nascendi_, as it begins
to evolve from simple reproduction. In respect of the amount of value,
production is not yet enlarged, it has only been rearranged so that its
material elements are grouped in a different way. That the sources of
money also seem adequate is therefore not surprising. This solution,
however, is only true for one specific moment, the period of transition
from simple reproduction to enlarged reproduction--in short, a moment
that has no reference to reality and can only be conceived
speculatively. Once accumulation has been established for some time,
when increasing amounts of value are thrown upon the market in every
period of production, buyers for these additional values cannot fail to
become a problem. And on this point the proffered solution breaks down.
For that matter, it was never more than a seeming solution, _not a real
one_. On closer scrutiny, it fails us even at the precise instant it
appears to have smoothed the way for us. For if we take accumulation
just at the very moment of its emergence from simple reproduction, the
prime condition it demands is a decrease in the consumption of the
capitalist class. No sooner have we discovered a way to expand
reproduction with the means of circulation already at hand, than we
find previous consumers trickling away at the same rate. What, then, is
the good of expanding production; who is there able to buy from B, B´
and B´´ this increased amount of products which they could turn out only
by denying themselves the money they need for buying new means of
production from A, A´ and A´´?
That solution, we see, was a mere illusion--the difficulty still
persists. Marx himself at once re-opens the question where B, B´ and B´´
get the money to buy the surplus product of A, A´ and A´´.
Public-domain text, read in full here on John Shaqi.
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