Capitalism; Imperialism; Saving and investment; Socialism
Summing up the general direction of this first battle of wits, we must
note two points:
(1) In spite of all the confusion in Sismondi's analysis, his
superiority to both Ricardo and his followers and to the self-styled
heir to the mantle of Adam Smith is quite unmistakable. Sismondi, in
taking things from the angle of reproduction, looks for concepts of
value (capital and income) and for factual elements (producer and
consumer goods) as best he can, in order to grasp how they are
interrelated within the total social process. In this he is nearest to
Adam Smith, with the difference only that the contradictions there
appearing as merely subjective and speculative, are deliberately
stressed as the keynote of Sismondi's analysis where the problem of
capital accumulation is treated as the crucial point and principal
difficulty.
Sismondi has therefore made obvious advances on Adam Smith, while
Ricardo and his followers as well as Say throughout the debate think
solely in terms of simple commodity production. They only see the
formula C--M--C, even reducing everything to barter, and believe that
such barren wisdom can cover all the problems specific to the process of
reproduction and accumulation. This is a regress even on Smith, and over
such myopic vision, Sismondi scores most decisively. He, the social
critic, evinces much more understanding for the categories of bourgeois
economics than their staunchest champions--just as, at a later date, the
socialist Marx was to grasp infinitely more keenly than all bourgeois
economists together the _differentia specifica_ of the mechanism of
capitalist economy. If Sismondi exclaims in the face of Ricardo's
doctrine: 'What, is wealth to be all, and man a mere nothing?'[217] it
is indicative not only of the vulnerable moral strain in his
petty-bourgeois approach compared to the stern, classical impartiality
of Ricardo, but also of a critical perception, sharpened by social
sensibilities for the living social connections of economy; an eye, that
is, for intrinsic contradictions and difficulties as against the rigid,
hidebound and abstract views of Ricardo and his school. The controversy
had only shown up the fact that Ricardo, just like the followers of Adam
Smith, was not even able to grasp, let alone solve the puzzle of
accumulation put by Sismondi.
Public-domain text, read in full here on John Shaqi.
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