Capitalism; Imperialism; Saving and investment; Socialism
That is how v. Kirchmann described somewhat clumsily, but on the whole
correctly, what is in fact the capitalisation of surplus value, the
process of capitalist accumulation, which constitutes the whole
significance of saving, advocated by classical economists 'since Adam
Smith' with unerring instinct. Declaring war on saving and accumulation
was quite in keeping with v. Kirchmann's premises, considering that he,
like Sismondi, saw the immediate cause of the crises in accumulation.
Here, too, Rodbertus is more 'thorough'. Having learned from Ricardo's
theory of value that labour is the source of all value, and consequently
of capital, too, he is completely blinded by this elementary piece of
knowledge to the entire complexity of capitalist production and capital
movements. Since capital is generated by labour, both the accumulation
of capital, i.e. 'saving', and the capitalisation of the surplus value
are nothing but eyewash.
In order to untangle this intricate network of errors by 'economists
since Adam Smith', he takes, as we might expect, the example of the
'isolated husbandman' and proves all that he needs by a long-drawn
vivisection of the unhappy creature. Here already he discovers
'capital', that is to say, of course, that famous 'original stick' with
which 'economists since Adam Smith' have hooked the fruits of a theory
of capital from the tree of knowledge. 'Would saving be able to produce
this stick?' is his query. And since every normal person will understand
that 'saving' cannot produce any stick, that Robinson [Crusoe] must have
made it of wood, we have already proved that the 'savings' theory is
quite mistaken. Presently, the 'isolated husbandman' hooks a fruit from
the tree with the stick, and this fruit is his 'income'.
'If capital were the source of income, already this most elementary and
primitive event would have to give evidence of this relation. Would it
be true to say, then, without doing violence to facts and concepts, that
the stick is a _source_ of income or of part of the income consisting in
the fruit brought down? can we trace income, wholly or in part, back to
the stick as its _cause_, may we consider it, wholly or in parts, as a
_product_ of the stick?'[270]
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account