Capitalism; Imperialism; Saving and investment; Socialism
'Now, there are only two points of departure: The capitalist and the
labourer. All third classes of persons must either receive money for
their services from these two classes, or, to the extent that they
receive it without any equivalent services, they are joint owners of the
surplus-value in the form of rent, interest, etc. The fact that the
surplus-value does not all stay in the pocket of the industrial
capitalist, but must be shared by him with other persons, has nothing to
do with the present question. The question is: How does he maintain his
surplus-value, not, how does he divide the money later after he has
secured it? For the present case, the capitalist may as well be regarded
as the sole owner of his surplus-value. As for the labourer it has
already been said that he is but the secondary point of departure, while
the capitalist is the primary starting point of the money thrown by the
labourer into circulation. The money first advanced as variable capital
is going through its second circulation, when the labourer spends it
for the payment of means of subsistence.
'The capitalist class, then, remains the sole point of departure of the
circulation of money. If they need 400 p.st. for the payment of means of
production, and 100 p.st. for the payment of labour-power, they throw
500 p.st. into circulation. But the surplus-value incorporated in the
product, with a rate of surplus-value of 100 per cent, is equal to the
value of 100 p.st. How can they continually draw 600 p.st. out of
circulation, when they continually throw only 500 p.st. into it? From
nothing comes nothing. The capitalist class as a whole cannot draw out
of circulation what was not previously in it.'[138]
Marx further explodes another device which might conceivably be thought
adequate to the problem, i.e. a more rapid turnover of money enabling a
larger amount of value to circulate by means of a smaller amount of
money. The dodge will not work, of course, since the velocity of money
in circulation is already taken into account by equating the aggregate
bulk of commodities with a certain number of pounds sterling. But then
at last we seem in sight of a proper solution:
'Indeed, paradoxical as it may appear at first sight, it is the
capitalist class itself that throws the money into circulation which
serves for the realisation of the surplus-value incorporated in the
commodities. But, mark well, it is not thrown into circulation as
advanced money, not as capital. The capitalist class spends it for their
individual consumption. The money is not advanced by them, although they
are the point of departure of its circulation.'[139]
Public-domain text, read in full here on John Shaqi.
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