Capitalism; Imperialism; Saving and investment; Socialism
Our investigation of the reproductive process has already made us
familiar with this explanation, and we are equally familiar with its
defects; for one thing, the answer rests on the moment of the first
transition from simple reproduction to accumulation. The capitalists
only yesterday consumed their entire surplus value, and thus had in hand
an appropriate amount of money for their circulation. To-day they decide
to 'save' part of the surplus value and to invest it productively
instead of squandering it. Provided that material means of production
were manufactured instead of luxury goods, they need only put part of
their personal money fund to a different use. But the transition from
simple reproduction to expanded reproduction is no less a theoretical
fiction than simple reproduction of capital itself, for which reason
Marx immediately goes on to say:
'Now, by means of the additional productive capital, its product, an
additional quantity of commodities, is thrown into circulation. Together
with this additional quantity of commodities, a portion of the
additional money required for its circulation is thrown into
circulation, so far as the value of this mass of commodities is equal to
that of the productive capital consumed in their production. This
additional quantity of money has precisely been advanced as an
additional money-capital, and therefore it flows back to the capitalist
through the turn-over of his capital. Here the same question reappears,
which we met previously. Where does the additional money come from, by
which the additional surplus-value now contained in the form of
commodities is to be realised?'[142]
The problem could not be put more precisely. But instead of a solution,
there follows the surprising conclusion:
'The general reply is again the same. The sum total of the prices of the
commodities has been increased, not because the prices of a given
quantity of commodities have risen, but because the mass of the
commodities now circulating is greater than that of the previously
circulating commodities, and because this increase has not been offset
by a fall in prices. The additional money required for the circulation
of this greater quantity of commodities of greater value must be
secured, either by greater economy in the circulating quantity of
money--whether by means of balancing payments, etc., or by some measure
which accelerates the circulation of the same coins,--or by the
transformation of money from the form of a hoard into that of a
circulating medium.'[143]
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account