Capitalism; Imperialism; Saving and investment; Socialism
By now, hardly anybody could fail to be convinced that the difficulty is
real, but we have not taken a single step nearer a solution. This,
incidentally, is where Marx has to do penance for his ill-advised
continual recourse in an earlier over-simplification, to a fictitious
moment of transition--in order in elucidate the problem of
accumulation--from simple reproduction to enlarged reproduction, making
his major premise accumulation at its very inception, in its feeble
infancy instead its vigorous stride. There was something to be said, at
least, for this fiction, so long as it was just a question of
accumulation within Department I. The capitalists of Department I, who
denied themselves part of what they had been wont to consume, at once
had a new hoard of money in hand with which they could start
capitalisation. But when it comes to Department II, the same fiction
only piles on the difficulties. The 'abstinence' of the capitalists in
Department I here finds expression in a painful loss of consumers for
whose expected demand production had largely been calculated. Since the
capitalists of Department II, on whom we tried the experiment whether
they might not possibly be the long-sought buyers of the additional
product of accumulation in Department I, are themselves in sore
straits--not knowing as yet where to go with their own unsold
product--they are even less likely to be of any help to us. There is no
shutting our eyes to the fact that an attempt to make one group of
capitalists accumulate at the expense of the other is bound to get
involved in glaring inconsistencies.
Yet another attempt to get round the difficulty is subsequently
mentioned by Marx who at once rejects it as a subterfuge. The
unmarketable surplus value in Department II that is the result of
accumulation in Department I might be considered a reserve of
commodities the society is going to need in the course of the following
year. This interpretation Marx counters with his usual thoroughness:
Public-domain text, read in full here on John Shaqi.
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