Capitalism; Imperialism; Saving and investment; Socialism
Societies which produce according to capitalist methods present a
different picture. We observe that in certain periods all the
ingredients of reproduction may be available, both labour and means of
production, and yet some vital needs of society for consumer goods may
be left unfulfilled. We find that in spite of these resources
reproduction may in part be completely suspended and in part curtailed.
Here it is no despotic interference with the economic plan that is
responsible for the difficulties in the process of production. Quite
apart from all technical conditions, reproduction here depends on purely
social considerations: only those goods are produced which can with
certainty be expected to sell, and not merely to sell, but to sell at
the customary profit. Thus profit becomes an end in itself, the decisive
factor which determines not only production but also reproduction. Not
only does it decide in each case what work is to be undertaken, how it
is to be carried out, and how the products are to be distributed; what
is more, profit decides, also, at the end of every working period,
whether the labour process is to be resumed, and, if so, to what extent
and in what direction it should be made to operate.[58]
In capitalist society, therefore, the process of reproduction as a
whole, constitutes a peculiar and most complicated problem, in
consequence of these purely historical and social factors. There is, as
we shall see, an external characteristic which shows clearly this
specific historical peculiarity of the capitalist process of
reproduction. Comprising not only production but also circulation (the
process of exchange), it unites these two elements. Capitalist
production is primarily production by innumerable private producers
without any planned regulation. The only social link between these
producers is the act of exchange. In taking account of social
requirements reproduction has no clue to go on other than the
experiences of the preceding labour period. These experiences, however,
remain the private experiences of individual producers and are not
integrated into a comprehensive and social form. Moreover, they do not
always refer positively and directly to the needs of society. They are
often rather indirect and negative, for it is only on the basis of price
fluctuations that they indicate whether the aggregate of produced
commodities falls short of the effective demand or exceeds it. Yet the
individual private producers make recurrent use of these experiences of
the preceding labour period when they re-engage in reproduction, so that
glut or shortage are bound to occur again in the following period.
Individual branches of production may develop independently, so that
there may be a surplus in one branch and a deficiency in another. But as
nearly all individual branches of production are interdependent
technically, glut or shortage in some of the larger branches of
production lead to the same phenomenon in most of the others.
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