Capitalism; Imperialism; Saving and investment; Socialism
(2) The clue to the problem, however, was already impossible of
discovery, because the whole argument had been side-tracked and
concentrated upon the problem of crises. It is only natural that the
outbreak of the first crisis should dominate the discussion, but no less
natural that this effectively prevented either side from recognising
that crises are far from constituting _the_ problem of accumulation,
being no more than its characteristic phenomenon: one element in the
cyclical form of capitalist reproduction. Consequently, the debate could
only result in a twofold _quid pro quo_: one party deducing from crises
that accumulation is impossible, and the other from barter that crises
are impossible. Subsequent developments of capitalism were to give the
lie to both conclusions alike.
And yet, Sismondi's criticism sounds the first alarm of economic theory
at the domination of capital, and for this reason its historical
importance is both great and lasting. It paves the way for the
disintegration of a classical economics unable to cope with the problem
of its own making. But for all Sismondi's terror of the consequences
attendant upon capitalism triumphant, he was certainly no reactionary in
the sense of yearning for pre-capitalistic conditions, even if on
occasion he delights in extolling the patriarchal forms of production in
agriculture and handicrafts in comparison with the domination of
capital. He repeatedly and most vigorously protests against such an
interpretation as e.g. in his polemic against Ricardo in the _Revue
Encyclopédique_:
'I can already hear the outcry that I jib at improvements in agriculture
and craftsmanship and at every progress man could make; that I doubtless
prefer a state of barbarism to a state of civilisation, since the plough
is a tool, the spade an even older one, and that, according to my
system, man ought no doubt to work the soil with his bare hands.
'I never said anything of the kind, and I crave indulgence to protest
once for all against all conclusions imputed to my system such as I
myself have never drawn. Neither those who attack me nor those who
defend me have really understood me, and more than once I have been put
to shame by my allies as much as by my opponents.'--'I beg you to
realise that it is not the machine, new discoveries and inventions, not
civilisation to which I object, but the modern organisation of society,
an organisation which despoils the man who works of all property other
than his arms, and denies him the least security in a reckless
over-bidding that makes for his harm and to which he is bound to fall a
prey.'[218]
There can be no question that the interests of the proletariat were at
the core of Sismondi's criticism, and he is making no false claims when
he formulates his main tendency as follows:
'I am only working for means to secure the fruits of labour to those who
do the work, to make the machine benefit the man who puts it in
motion.'[219]
Public-domain text, read in full here on John Shaqi.
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