Capitalism; Imperialism; Saving and investment; Socialism
All this time, it appears, Marx has been tackling the problem from a
wrong approach. No intelligent purpose can be served by asking for the
source of the money needed to realise the surplus value. The question is
rather where the demand can arise--to find an effective demand for the
surplus value. If the problem had been put in this way at the start, no
such long-winded detours would have been needed to show whether it can
be solved or not. On the basis of simple reproduction, the matter is
easy enough: since all surplus value is consumed by the capitalists,
they themselves are the buyers and provide the full demand for the
social surplus value, and by the same token they must also have the
requisite cash in hand for circulation of the surplus value. But in this
showing it is quite evident that under conditions of accumulation, i.e.
of capitalisation of part of the surplus value, it cannot, _ex
hypothesi_, be the capitalists themselves who buy the entire surplus
value, that they cannot possibly realise it. True, if the capitalised
surplus value is to be realised at all, money must be forthcoming in
adequate quantities for its realisation. But it is quite impossible that
this money should come from the purse of the capitalist class itself.
Just because accumulation is postulated, the capitalists cannot buy
their surplus value themselves, even though they might, _in abstracto_,
have the money to do so. But who else could provide the demand for the
commodities incorporating the capitalised surplus value?
'Apart from this class (the capitalists), there is, according to our
assumption--the general and exclusive domination of capitalist
production--no other class but the working class. All that the working
class buys is equal to the sum total of its wages, equal to the sum
total of the variable capital advanced by the entire capitalist
class.'[144]
The workers, then, are even less able than the capitalist class to
realise the capitalised surplus value. Somebody must buy it, if the
capitalists are still to be able to recover the capital they have
accumulated and advanced; and yet--we cannot think of any buyers other
than capitalists and workers. 'How can the entire capitalist class
accumulate money under such circumstances?'[144]
Realisation of the surplus value outside the only two existing classes
of society appears as indispensable as it looks impossible. The
accumulation of capital has been caught in a vicious circle. At any
rate, the second volume of _Capital_ offers no way out.
If we should now ask why Marx's _Capital_ affords no solution to this
important problem of the accumulation of capital, we must bear in mind
above all that this second volume is not a finished whole but a
manuscript that stops short half way through.
Public-domain text, read in full here on John Shaqi.
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