Capitalism; Imperialism; Saving and investment; Socialism
Sismondi now takes constant capital into account, not only in the
production of luxuries, but also in agriculture, and further raises the
following objection against Ricardo: 'We must abstract from time, if we
make the assumption that the cultivator, whom a mechanical discovery or
an invention of rural industry enables to treble the productive power of
his workers, will also find sufficient capital to treble his
exploitation, his agricultural implements, his equipment, his livestock,
his granaries: to treble the circulating capital which must serve him
while waiting for his harvest.'[207]
In this way Sismondi breaks with the superstition of the classical
school that with capital expanding all additional capital would be
exclusively spent on wages, on the variable capital. He clearly dissents
from Ricardo's doctrine--which did not, however, prevent his allowing
all the errors arising out of this doctrine three years later again to
creep into the second edition of his _Nouveaux Principes_. In opposition
to Ricardo's facile doctrine of harmony, Sismondi underlines two
decisive points: on the one hand, the objective difficulties of the
process of enlarged reproduction which works by no means so smoothly in
capitalist reality as it does in Ricardo's absurd hypothesis; on the
other hand, the fact that all technical progress in social labour
productivity is always achieved under capitalism at the expense of the
working class, bought with their suffering. Sismondi shows himself
superior to Ricardo in yet a third point: he represents the broad
horizon of the dialectical approach as against Ricardo's blunt
narrow-mindedness with its incapacity to conceive of any forms of
society other than those of bourgeois economics:
'Our eyes,' he exclaims, 'are so accustomed to this new organisation of
society, this universal competition, degenerating into hostility between
the rich and the working class, that we no longer conceive of any mode
of existence other than that whose ruins surround us on all sides. They
believe to prove me absurd by confronting me with the vices of preceding
systems. Indeed, as regards the organisation of the lower classes, two
or three systems have succeeded one another; yet, since they are not to
be regretted, since, after first doing some good, they then imposed
terrible disasters on mankind, may we conclude from this that we have
now entered the true one? May we conclude that we shall not discover the
besetting vice of the system of wage labour as we have discovered that
of slavery, of vassalage, and of the guilds? A time will come, no doubt,
when our descendants will condemn us as barbarians because we have left
the working classes without security, just as we already condemn, as
they also will, as barbarian the nations who have reduced those same
classes to slavery.'[208]
Public-domain text, read in full here on John Shaqi.
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