Capitalism; Imperialism; Saving and investment; Socialism
This lucid and comprehensive account is the best evidence that the
problem is not just imaginary but very real. It provides a solution, not
by disclosing a new 'source of money' for the realisation of the surplus
value, but by pointing out at last the consumers of this surplus value.
We are still, on Marx's assumption, within the bounds of simple
reproduction; the capitalist class, that is to say, use the whole of
their surplus value for personal consumption. Since the capitalists are
the consumers of surplus value, it is not so much a paradox as a truism
that they must, in the nature of things, possess the money for
appropriating the objects of consumption, the natural form of this
surplus value. The circulatory transaction of exchange is the necessary
consequence of the fact that the individual capitalist cannot
immediately consume his individual surplus value, and accordingly the
individual surplus product, as could, for instance, the employer of
slave labour. As a rule the natural material form of the surplus product
tends to preclude such use. The aggregate surplus value of the
capitalists in general is, however, contained in the total social
product--as long as there is simple reproduction--as expressed by a
corresponding quantity of consumer goods for the capitalist class, just
as the sum total of variable capital has its corresponding equivalent in
the quantity of consumer goods for the working class, and as the
constant capital of all individual capitalists taken together is
represented by material means of production in an equivalent quantity.
In order to exchange the unconsumable individual surplus values for a
corresponding amount of consumer goods, a double transaction of
commodity exchange is needed: first, the sale of one's own surplus
product and then the purchase of consumer goods out of the surplus
product of society. These two transactions can only take place among
members of the capitalist class, among individual capitalists, which
means that their agent, the money, thereby merely changes hands as
between one capitalist and another without ever being alienated from the
capitalist class in general. Since simple reproduction inevitably
implies the exchange of equivalents, one and the same amount of money
can serve year by year for the circulation of the surplus value, and
only an excess of zeal will inspire the further query: where does the
money which mediates the capitalists' own consumption come from in the
first place? This, question, however, reduces to a more general one: how
did money capital initially come into the hands of the capitalists, that
money capital of which they always retain a certain part for their
personal consumption, apart from what they use for productive
investment? Put in this way, however, the question belongs in the
chapter of so-called 'primitive accumulation', i.e. the historical
genesis of capital, going beyond the framework of an analysis of the
Public-domain text, read in full here on John Shaqi.
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