Capitalism; Imperialism; Saving and investment; Socialism
'The entrepreneurs', he holds forth, 'are essentially civil servants of
economy. By the institution of property, they are once and for all
entrusted with the nation's means of production. If they set them to
work and strain all their energies in the process, they do but their
duty, since capital--let me repeat--exists entirely for the sake of
production.' And a further, factual argument: 'Or would you have them
(the entrepreneurs) turn acute attacks of suffering into a chronic state
by working persistently and from the first with fewer forces than are
given by the means of production; are they to pay for a less severe form
of the evil with its permanent duration? Even if we were silly enough to
give them this advice, they would not be able to follow it. How could
the entrepreneurs of the world recognise the limits beyond which the
market would cease to be healthy? They engage in production without
knowing the one of the other, they are producing in the most distant
corners of the earth for a market hundreds of miles away, they
produce with such vast forces that a month's production may already
overstep the limit. How could production--so divided and yet so
powerful--conceivably estimate in good time what will be enough? Where,
for instance, are the organisations, the up-to-date statistical bureaux
and the like to help them in this task? What is worse, the price alone,
its rise and fall, indicates the position of the market, and this is not
like a barometer which predicts the temperature of the market, but more
like a thermometer which only registers it. If the price falls, the
limit has been passed already, and the evil is with us.'[256]
These thrusts, obviously aimed at Sismondi, exhibit quite fundamental
differences between the two opponents. If Engels then says in his
_Anti-Duehring_ that Sismondi first explained the crises as resulting
from under-consumption, and that Rodbertus borrowed this view from him,
he is not strictly accurate. All that Rodbertus and Sismondi have in
common is their opposition against the classical school and the general
explanation of crises as the result of the distribution of incomes. Even
in this connection Rodbertus mounts his own particular hobby horse:
over-production is not caused by the low level of working class incomes,
nor yet, as Sismondi maintains, by the capitalists' limited capacity for
consumption, but solely by the fact that with a growing productivity of
labour, the workers' income, in terms of value, represents an ever
smaller share of the product. Rodbertus takes pains to convince the
opposition that it is not the small volume of the workers' share which
causes the crises.
Public-domain text, read in full here on John Shaqi.
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