Capitalism; Imperialism; Saving and investment; Socialism
In volume iii, Marx says quite explicitly, when demonstrating the
process of capitalist production as a whole: 'Let us suppose that the
whole society is composed only of industrial capitalists and wage
workers. Let us furthermore make exceptions of fluctuations of prices
which prevent large portions of the total capital from reproducing
themselves under average conditions and which, owing to the general
interrelations of the entire process of reproduction, such as are
developed particularly by credit, must always call forth general
stoppages of a transient nature. Let us also make abstraction of the
bogus transactions and speculations, which the credit system favours. In
that case, a crisis could be explained only by a disproportion of
production in various branches, and by a disproportion of the
consumption of the capitalists and the accumulation of their capitals.
But as matters stand, the reproduction of the capitals invested in
production depends largely upon the consuming power of the non-producing
classes; while the consuming power of the labourers is handicapped
partly by the laws of wages, partly by the fact that it can be exerted
only so long as the labourers can be employed at a profit for the
capitalist class.'[337]
This last quotation refers to the question of crises with which we are
not here concerned. It can leave no doubt, however, that the movement of
the total capital, 'as matters stand', depends in Marx's view on three
categories of consumers only: the capitalists, the workers and the
'non-productive classes', i.e. the hangers-on of the capitalist class
(king, parson, professor, prostitute, mercenary), of whom he quite
rightly disposes in volume ii as the mere representatives of a
derivative purchasing power, and thus the parasitic joint consumers of
the surplus value or of the wage of labour.
Finally, in _Theories of Surplus Value_,[338] Marx formulates his
general presuppositions with regard to accumulation as follows: 'Here we
have only to consider the forms through which capital passes during the
various stages of its development. Thus we do not set out the actual
conditions of the real process of production, but always assume that the
commodity is sold for what it is worth. We ignore the competition of
capitalists and the credit system; we also leave out of account the
actual constitution of society which never consists exclusively of the
classes of workers and industrial capitalists, and where there is
accordingly no strict division between producers and consumers. The
first category (of consumers, whose revenues are partly of a secondary,
not a primitive nature, derived from profits and the wage of labour) is
much wider than the second category (of producers). Therefore the
manner in which it spends its income, and the extent of such income,
effects very large modifications in the economic household, and
especially so in the process of circulation and reproduction of
capital.'
Public-domain text, read in full here on John Shaqi.
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