Capitalism; Imperialism; Saving and investment; Socialism
And he was then quite uncompromising about getting to the root of the
matter: 'The circulating capital of 500 p.st. advanced in the form of
money-capital, whatever may be its period of turn-over, may now stand
for the total capital of society, that is to say, of the capitalist
class. Let the surplus-value be 100 p.st. How can the entire capitalist
class manage to draw continually 600 p.st. out of the circulation, when
they continually throw only 500 p.st. into it?'[135]
All that, mind you, refers to simple reproduction, where the entire
surplus value is used for the personal consumption of the capitalist
class. The question should therefore from the outset have been put more
precisely in this form: how can the capitalists secure for themselves
consumer goods to the amount of £100 surplus value on top of putting
£500 into circulation for constant and variable capital? It is
immediately obvious that those £500 which, in form of capital, always
serve to buy means of production and to pay the workers, cannot
simultaneously defray the expense of the capitalists' personal
consumption. Where, then, does the additional money come from?--the £100
the capitalists need to realise their own surplus value? Thus all
theoretical dodges one might devise for this point are summarily
disposed of by Marx right away:
'It should not be attempted to avoid this difficulty by plausible
subterfuges.
'For instance: So far as the constant circulating capital is concerned,
it is obvious that not all invest it simultaneously. While the
capitalist A sells his commodities so that his advanced capital assumes
the form of money, there is on the other hand, the available
money-capital of the buyer B which assumes the form of his means of
production which A is just producing. The same transaction, which
restores that of B to its productive form, transforms it from money into
materials of production and labour-power; the same amount of money
serves in the two-sided process as in every simple purchase C-M. On the
other hand, when A reconverts his money into means of production, he
buys from C, and this man pays B with it, etc., and thus the transaction
would be explained.
'But none of the laws referring to the quantity of the circulating
money, which have been analysed in the circulation of commodities (vol.
i, chap, iii), are in any way changed by the capitalist character of the
process of production.
'Hence, when we have said that the circulating capital of society, to be
advanced in the form of money, amounts to 500 p.st., we have already
accounted for the fact that this is on the one hand the sum
simultaneously advanced, and that, on the other hand, it sets in motion
more productive capital than 500 p.st., because it serves alternately as
the money fund of different productive capitals. This mode of
explanation, then, assumes that money as existing whose existence it is
called upon to explain.
Public-domain text, read in full here on John Shaqi.
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