Capitalism; Imperialism; Saving and investment; Socialism
Previous quotations have already shown that Rodbertus thinks solely of
simple commodity production, quite in keeping with his mistaken doctrine
that the purpose of capitalist production is the manufacture of consumer
goods for the satisfaction of 'human wants'. For he always talks of
'capital replacements', of the need to enable the capitalists to
'continue their enterprise on the previous scale'. His principal
argument, however, is directly opposed to the accumulation of capital.
To fix the rate of the surplus value, to prevent its growth, is
tantamount to paralysing the accumulation of capital. Both Sismondi and
v. Kirchmann had recognised the problem of balancing production and
consumption to be indeed a problem of accumulation, that is to say of
enlarged capitalist reproduction. Both traced the disturbances in the
equilibrium of reproduction to accumulative tendencies denying the
possibility of accumulation, with the only difference that the one
recommended a damper on the productive forces as a remedy, while the
other favoured their increasing employment to produce luxuries, the
entire surplus value to be consumed. In this field, too, Rodbertus
follows his own solitary path. The others might try with more or less
success to comprehend the _fact_ of capitalist accumulation, but
Rodbertus prefers to fight the very concept. 'Economists since Adam
Smith have one after the other echoed the principle, setting it up as a
universal and absolute truth, that capital could only come about by
saving and accumulating.'[268]
Rodbertus is up in arms against this 'deluded judgment'. Over sixty
pages of print he sets out in detail that (_a_) it is not saving which
is the source of capital but labour, that (_b_) the economists'
'delusion' about 'saving' hails from the extravagant view that capital
is itself productive, and that (_c_) this delusion is ultimately due to
another: the error that capital is--capital.
v. Kirchmann for his part understood quite well what is at the bottom of
capitalist 'savings'. He had the pretty argument: 'Everyone knows that
the accumulation of capital is not a mere hoarding of reserves, an
amassing of metal and monies to remain idle in the owners' vaults.
Those who want to save do it for the sake of re-employing their savings
either personally or through the agency of others as capital, in order
to yield them revenue. That is only possible if these capitals are used
in new enterprises which can produce so as to provide the required
interest. One may build a ship, another a barn, a third may reclaim a
desolate swamp, a fourth may order a new spinning frame, while a fifth,
in order to enlarge his shoe-making business, would buy more leather and
employ more hands--and so on. Only if the capital that has been saved is
employed in this way, can it yield interest (meaning profit), and the
latter is the ultimate object of all saving.'[269]
Public-domain text, read in full here on John Shaqi.
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