Capitalism; Imperialism; Saving and investment; Socialism
'It may be furthermore said: Capitalist A produces articles which
capitalist B consumes unproductively, individually. The money of B
therefore monetises the commodity-capital of A, and thus the same amount
serves for the monetisation of the surplus-value of B and the
circulating constant capital of A. But in that case, the solution of the
question to be solved is still more directly assumed, the question:
Whence does B get the money for the payment of his revenue? How does he
himself monetise this surplus-portion of his product?
'It might also be answered that that portion of the circulating variable
capital, which A continually advances to his labourers, flows back to
him continually from the circulation, and only an alternating part stays
continually tied up for the payment of wages. But a certain time elapses
between the expenditure and the reflux, and meanwhile the money paid out
for wages might, among other uses, serve for the monetisation of
surplus-value. But we know, in the first place, that, the greater the
time, the greater must be the supply of money which the capitalist A
must keep continually in reserve. In the second place, the labourer
spends the money, buys commodities for it, and thus monetises to that
extent the surplus-value contained in them. Without penetrating any
further into the question at this point, it is sufficient to say that
the consumption of the entire capitalist class, and of the unproductive
persons dependent upon it, keeps step with that of the labouring class;
so that, simultaneously with the money thrown into circulation by the
labouring class, the capitalists must throw money into it, in order to
spend their surplus-value as revenue. Hence money must be withdrawn from
circulation for it. This explanation would merely reduce the quantity of
money required, but not do away with it.
'Finally it might be said: A large amount of money is continually thrown
into circulation when fixed capital is first invested, and it is not
recovered from the circulation until after the lapse of years, by him
who threw it into circulation. May not this sum suffice to monetise the
surplus-value? The answer to this is that the employment as fixed
capital, if not by him who threw it into circulation, then by some one
else, is probably implied in the sum of 500 p.st. (which includes the
formation of a hoard for needed reserve funds). Besides, it is already
assumed in the amount expended for the purchase of products serving as
fixed capital, that the surplus-value contained in them is also paid,
and the question is precisely, where the money for this purpose came
from.'[136]
Public-domain text, read in full here on John Shaqi.
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