Capitalism; Imperialism; Saving and investment; Socialism
capitalist mind conceives of it as the summation of _c_, _v_ and _s_.
These, in addition, also appear to him from a distorted perspective and
in a secondary form, as (1) the wear and tear of his fixed capital, (2)
his advances on circulating capital, including workers' wages, and (3)
the current profits, i.e. the average rate of profit on his entire
capital. How, then, is the capitalist to be compelled by a law, say of
the kind envisaged by Rodbertus, to maintain a 'fixed wage rate' in the
face of the aggregate value of the product? It would be quite as
brilliant to stipulate by law for exactly one-third, no more, no less,
of the total price of the product to be payable for the raw materials
employed in the manufacture of any commodity. Obviously, Rodbertus'
supreme notion, of which he was so proud, on which he built as if it
were a new Archimedean discovery, which was to be the specific for all
the ills of capitalist production, is arrant nonsense from all aspects
of the capitalist mode of production. It could only result from the
muddle in the theory of value which is brought to a head in Rodbertus'
inimitable phrase: that 'now, in a capitalist society, the product must
have value-in-exchange just as it had to have value-in-use in ancient
economy'.[267] People in ancient society had to eat bread and meat in
order to live, but we of to-day are already satisfied with knowing the
price of bread and of meat. The most obvious inference from Rodbertus'
monomania about a 'fixed wage rate' is that he is quite incapable of
understanding capitalist accumulation.
Public-domain text, read in full here on John Shaqi.
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