Capitalism; Imperialism; Saving and investment; Socialism
Besides this extraneous circumstance, we would suggest another point of
great influence. Marx's investigation of the social reproductive process
starts off, as we have seen, from the analysis of Adam Smith which came
to grief, among other reasons, because of the erroneous doctrine that
the price of all commodities is composed of _v + s_. Polemics against
this dogma dominated Marx's entire analysis of the reproductive process.
He devoted all his attention to proving that the total capital of
society must serve, not only for consumption to the full amount of the
various sources of revenue, but also for renewal of the constant
capital. And inasmuch as the purest theoretical form for this line of
reasoning is given, not by enlarged reproduction, but by simple
reproduction, Marx tends to consider reproduction mainly from a point of
view that is the very opposite of accumulation, from the assumption that
the entire surplus value is consumed by the capitalists. How greatly
these polemics influenced his analysis is proved by his returning time
and again in the course of his work to the attack on Adam Smith from the
most various angles. So already in volume i, the following pages are
devoted to it: vol. i, sect. 7, chap. 24, (2), pp. 588-602, and in vol.
ii, pp. 417-56, p. 473, pp. 504-8, and pp. 554 f.
Marx again takes up the question of total reproduction in volume iii but
from the start becomes once more involved with the problem set by Smith
to which he devotes the whole of his 49th chapter and most of chapter 50
(pp. 968-92 and 992-1022). Finally, in _Theorien ueber den Mehrwert_, we
again find detailed polemics against Smith's dogma: pp. 164-253 in vol.
i, and pp. 92, 95, 126, 233, and 262 in vol. ii, part 2. Marx repeatedly
stressed and emphasised the fact that he considered replacement of the
constant capital from the aggregate social product the most difficult
and important problem of reproduction.[146] The other problem, that of
accumulation, i.e. realisation of the surplus value for the purpose of
capitalisation, was thus pushed into the background, so that in the end
Marx hardly touched upon it.
This problem being of such paramount importance for capitalist economy,
it is not surprising that bourgeois economists have dealt with it again
and again. Attempts to grapple with this vital question for capitalist
economy, with the question whether capital accumulation is possible in
practice, come up time and again in the history of economic theory. To
these historical attempts, before and after Marx, at solving this
problem we shall now turn.
FOOTNOTES:
[133] _Capital_, vol. ii, p. 572.
[134] _Capital_, vol. ii, pp. 380-1.
[135] Ibid., p. 381.
[136] _Capital_, vol. ii, pp. 381-3.
[137] Ibid., p. 383.
[138] _Capital_, vol. ii, pp. 384-5.
[139] Ibid., p. 385.
[140] _Capital_, vol. ii, p. 387.
[141] Ibid., p. 397.
[142] Ibid., p. 397.
[143] Ibid., pp. 397-8.
[144] _Capital_, vol. ii, p. 401.
[145] _Capital_, vol. ii, pp. 8 ff.
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