Capitalism; Imperialism; Saving and investment; Socialism
These remarks suggest far-reaching agreement, a brotherhood in arms of
Sismondi and Malthus, at least in their opposition against Ricardo and
his school. Marx considers the _Principles of Political Economy_, which
Malthus published in 1820, an outright plagiarism of the _Nouveaux
Principes_ which had been published the year before. Yet Sismondi and
Malthus are frequently at odds regarding the problem with which we are
here concerned.
Sismondi is critical of capitalist production, he attacks it sharply,
even denounces it, while Malthus stands for the defence. This does not
mean that he denies its inherent contradictions, as Say or MacCulloch
had done. On the contrary he raises them quite unmercifully to the
status of a natural law and asserts their absolute sanctity. Sismondi's
guiding principle is the interests of the workers. He aspires, though
rather generally and vaguely, towards a thoroughgoing reform of
distribution in favour of the proletariat. Malthus provides the ideology
for those strata who are the parasites of capitalist exploitation, who
live on ground rent and draw upon the common wealth, and advocates the
allocation of the greatest possible portion of the surplus value to
these 'unproductive consumers'. Sismondi's general approach is
predominantly ethical, it is the approach of the social reformer.
Improving upon the classics, he stresses, in opposition to them, that
'consumption is the only end of accumulation', and pleads for restricted
accumulation. Malthus, on the contrary, bluntly declares that production
has no other purpose than accumulation and advocates unlimited
accumulation by the capitalists, to be supplemented and assured by the
unlimited consumption of their parasites. Finally, Sismondi starts off
with a critical analysis of the reproductive process, of the relation
between capital and income from the point of view of society; while
Malthus, opposing Ricardo, begins with an absurd theory of value from
which he derives an equally absurd theory of surplus value, attempting
to explain capitalist profits as an addition to the price over and above
the value of commodities.[223]
Malthus opposes the postulate that supply and demand are identical with
a detailed critique in chapter vi of his _Definitions in Political
Economy_.[224] In his _Elements of Political Economy_, James Mill had
declared:
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