Capitalism; Imperialism; Saving and investment; Socialism
The third controversy about capitalist accumulation takes place in an
historical setting quite different from that of the two earlier ones.
The time now is the period from the beginning of the eighties to the
middle of the nineties, the scene Russia. In Western Europe, capitalism
had already attained maturity. The rose-coloured classical view of Smith
and Ricardo in a budding bourgeois economy had long since vanished ...
the self-interested optimism of the vulgarian Manchester doctrine of
harmony had been silenced by the devastating impact of the world
collapse in the seventies, and under the heavy blows of a violent class
struggle that blazed up in all capitalist countries after the sixties.
Even that harmony patched up with social reformism which had its hey-day
after the early eighties, especially in Germany, soon ended in a
hangover. The trial of twelve years' special legislation against the
Social Democratic Party had brought about bitter disillusionment, and
ultimately destroyed all the veils of harmony, revealing the cruel
capitalist contradictions in their naked reality. Since then, optimism
had only been possible in the camp of the rising working class and its
theorists. This was admittedly not optimism about a natural, or
artificially established equilibrium of capitalist economy, or about the
eternal duration of capitalism, but rather the conviction that
capitalism, by mightily furthering the development of the productive
forces, and in virtue of its inherent contradictions, would provide an
excellent soil for the historical progress of society towards new
economic and social forms. The negative, depressing tendency of the
first stage of capitalism, at one time realised by Sismondi alone and
still observed by Rodbertus as late as the forties and fifties, is
compensated by a tendency towards elation: the hopeful and victorious
striving of the workers for ascendancy in their trade-union movement and
by political action.
Public-domain text, read in full here on John Shaqi.
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