Capitalism; Imperialism; Saving and investment; Socialism
'Demand and supply are truly correlative and convertible terms. The
supply of one set of commodities constitutes the demand for another.
Thus, there is a demand for a given quantity of agricultural produce,
when a quantity of wrought goods equal thereto in productive cost is
offered in exchange for it; and conversely, there is an effectual demand
for this quantity of wrought goods, when the supply of agricultural
produce which it required the same expense to raise, is presented as its
equivalent.'[180]
The Ricardian's dodge is obvious: he has chosen to ignore the
circulation of money and to pretend that commodities are immediately
bought and paid for by commodities.
From the conditions of highly developed capitalist production, we are
thus suddenly taken to a stage of primitive barter such as we might find
still flourishing at present in Central Africa. There is a distant
element of truth in this trick since money, in a simple circulation of
commodities, plays merely the part of an agent. But of course, it is
just the intervention of an agent which separates the two transactions
of circulation, sale and purchase, and makes them independent of one
another in respect of both time and place. That is why a further
purchase need not follow hard upon a sale for one thing; and secondly,
sale and purchase are by no means bound up with the same people: in
fact, they will involve the same performers only in rare and exceptional
cases. MacCulloch, however, makes just this baseless assumption by
confronting, as buyer and seller, industry on the one hand and
agriculture on the other. The universality of these categories, _qua_
total categories of exchange, obscures the actual splitting up of this
social division of labour which results in innumerable private exchange
transactions where the sale and purchase of two commodities rarely come
to the same thing. MacCulloch's simplified conception of commodity
exchange in general which immediately turns the commodity into money
and pretends that it can be directly exchanged, makes it impossible to
understand the economic significance of money, its historical
appearance.
Sismondi's answer to this is regrettably clumsy. In order to show that
MacCulloch's explanation of commodity exchange has no application for
capitalist production, he takes recourse to the Leipsic Book Fair.[181]
Public-domain text, read in full here on John Shaqi.
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