Capitalism; Imperialism; Saving and investment; Socialism
All this amounts to an exposition along these lines: under conditions of
developing and growing accumulation, capitalist reproduction dumps ever
larger masses of commodity values on the market. To put this commodity
mass of a continually increasing value into circulation requires an ever
larger amount of money. This increasing amount of money must be found
somehow or other. All this is, no doubt, plausible and correct as far as
it goes, but our problem is not solved, it is merely wished away.
One thing or the other! Either we regard the aggregate social product in
a capitalist economy simply as a mass, a conglomeration of commodities
of a certain value, seeing under conditions of accumulation, a mere
increase in this undifferentiated mass of commodities and in the bulk of
its value. Then all we need say is that a corresponding quantity of
money is required for circulating this bulk of value, that with an
increasing bulk of value the quantity of money must also increase,
unless this growth of value is offset by acceleration of, and economy
in, the traffic. And the final question, where does all money originally
come from, could then be answered on Marx's recipe: from the gold mines.
This, of course, is one way of looking at things, that of simple
commodity circulation. But in that case there is no need to drag in
concepts such as constant and variable capital, or surplus value, which
have no place in simple commodity circulation, belonging essentially to
the circulation of capitals and to social reproduction; nor is there
need to inquire for sources of money for the realisation of the social
surplus value under conditions of first simple, and then enlarged,
reproduction. Under the aspect of simple commodity circulation puzzles
of this kind are without meaning or content. But once these questions
have been raised, once the course has been set for an investigation into
the circulation of capitals and social reproduction, there can be no
appealing to the sphere of simple commodity circulation, where there is
no such problem at all, and consequently no solution to it. There can be
no looking for the answer there, and then saying triumphantly that the
problem has long been solved and in fact never really existed.
Public-domain text, read in full here on John Shaqi.
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